Good morning, and welcome to Aiforia's first half earnings announcement event. Today we have actually two presenters, myself and our CFO, Antti Ojala. We start first with the business highlights, what happened in the past six months, and after that, we go to the numbers side of the event. After that, of course, there's a room for questions- and- answers after that. It has been an interesting first half, I would say. So that okay, we have been moving forward gaining new customers. As you may know and remember, we already have a contract with the AP-HP. The Paris Hospital region, which is the biggest one in Europe, it has 38 hospitals, and they are already kind of successfully using in a production our prostate models.
In the first half of the year, we got an additional five hospitals from that group, which is a really good achievement on that side. France as a market is also interesting in that sense, that they have this program in place from a government to fund the first two years' use. It's for AI models and Aiforia is the only solution, AI solution, for diagnostics that has been accepted on that one. That's why we have been fairly successful in the French market and expect that that will be a major market in the coming months and years to go. The other kind of significant deal, what we make was in Spain. We already have in Spain, Castilla y León region, which is a quite significant one, and now we got an additional kind of a healthcare region in the country.
That's moving forward nicely. Of course, there has been some smaller deals happening. But I think these were the kind of clinical side, the major achievements from the first half. Then the partner network, because this is an ecosystem play. Because we do AI solution to support the diagnostic decision-making in a pathology. Kind of analyzing those cancer samples and supporting the decisions and a diagnosis on that. But there are plenty of other kind of components, software vendors and hardware vendors that we need to partner with. We are collaborating already with all the major scanner manufacturers. Then there are also image management vendors like Proscia. Proscia is one of those new partnerships what we have, and it's a logical one because already last year, when Siemens chose us to be part of their program, Proscia was already there.
Proscia is providing the image management part, and we are providing the AI-assisted diagnostic part on that offering. But Proscia was one of the meaningful partnerships in the first half. Of course, we did the IPO, as you remember, back in 2021. When we did it, we promised that, okay, so we start building a portfolio for clinical side, and we start focusing on getting the first referenceable customers on a clinical market. I come back to the customer side in the next slide. But also on a product side, we've been moving forward nicely. I think we have the best portfolio, most competitive portfolio in this market. We have currently 12 CE-IVD mark solutions, and in the first half of the year, we added additional two models on a portfolio.
And one of our targets was that we have a kind of portfolio of AI tools that covers more or less 80% of the typical clinical workflow. And that target was by the end of the decade. We are in a good speed on that. We are clearly over 50% of the kind of workflow coverage. From a solution side, we are moving forward nicely, and also we are adapting new technologies as well. Foundation engines, foundation models, and upgrading the kind of offerings in today's standards. That is moving forward really nicely. Of course, as we are a growth company and investing heavily on R&D, investing heavily on building the market, we need funding. We have done two major activities in the first half of year. First of all, negotiating with the EIB, the loan arrangement with them.
Antti will cover that a little bit more in detail later on this presentation. Then we did this direct share issue in June. All in all, our financial position getting much better by doing these two activities. It also kind of tells that the market still trusts the industry and us on performing in this market. All right. I would say that this is probably the most meaningful slide on my presentation. The customer. Because this is a new industry and some companies, some competitors have some solutions for one particular problem, prostate or breast, but we have that wide portfolio. Very few companies have all the regulatory part sorted out, so that having the CE-IVD, having all the kind of security-related certification is in place so that you can actually sell to this market.
The last point is that, okay, so you have been actually selling and delivering, and the customers are using it. You see on the right-hand side that- Barometer or a volume button. We just listed the customers what we have because now the complexity here is that we have close really nice deals, but then who has been starting to use the solution. Not all are in a full production. None of them are actually in a full production. With the Mayo Clinic, we are really successful. Four years ago, we already made a deal. We have delivered the Aiforia Breast Cancer Suite, and it has been in production for multiple years. There is a lot of upsell opportunity in the Mayo Clinic as well. Same with couple of others. I would mention the NHS, already three years ago done deal. Now it is implemented.
We have got the money from the deal and customer starts using it now, but it is not in a production yet, which is interesting. There are multiple reasons why the customers are not starting to use it immediately. Our delivery is fairly fast, so we can deliver our software piece in a month, more or less. Then you have a complexity of all the other solutions. Some customers are upgrading their LIS systems, and we need to wait until that is done. Some customers have not yet invested enough scanners so that they would have a digital images enough, so to ramp up the volume. All are moving forward on that track because scanners are quite an expensive investment, image management systems as well. The gains are coming from AI and digital and AI-assisted diagnostics.
In a way, we are in a good position, but unfortunately, there's a certain time lag from closing the contract when the customer starts using it. On that parameter, the green ones are the ones who are actually in the production. The yellow ones are that has been delivered and the production routine use is just starting. Then you have a list of customers that contract has been done, and they will start using it. There's a little bit of delay when it happens. But all in all, we have roughly about 20 clinical customers today, and when everything is up and running in the right volume, there's already a significant revenues coming from that side. But there's this kind of a time issue on a place so that when it happens. But these are all happening for sure, but the timing is the thing.
A positive thing is that, like in Paris, we have already multiple hospitals, and we have a few of them in a production already. When we now sign up with those additional five hospitals, it means that the core software and all the surrounding system have been implemented and all the integrations done. When they start using it actually happen much faster than in a greenfield customer. If you work with a customer that goes first to digital pathology, then goes to AI-assisted diagnostic. Then there's a time lag. So when they transform the organization, get all the tools in place, and then they start using it. But when we sell to these customers who already have something in a production and we upsell, then it happens really fast. There's a different type of customers in play.
That links a little bit back to the previous slide. We have two different type of revenue generation models in place. We have right to access, right to use. The difference is that if we implement the software on a customer's cloud or on-premise, then it's a right to use. When the software is implemented on Aiforia hosted cloud, then the revenue recognition will happen a different way. We used to have a little bit more on these right-to-use customers, and it will show a little on our numbers as well that you could recognize when the usage started, the whole block, and when it's in Aiforia's environment, then the recognition will happen over the years.
It's a Software as a Service type of model that we are going more and more, but in a long run, I think that's really sustainable and a good model to go forward. There are different type of models in place, plus then two types of a customer. If it's a totally a new greenfield customer or is it already an existing customer. I can give another example. Paris was one, but we have this big deal in Lombardia. We have implemented the software, and we could recognize something last year. But there's 32 hospitals, and there's a certain plan. So when they start hospital by hospital start using it, and it's a three-year plan, so that when they ramp up the production in that organization. Eventually it will be really good, profitable, large customer for us, but it happens step- by- step.
Maybe sometimes when we say that we close a deal with a customer who has one million slides, then somebody calculates that immediately it is a revenue like that. It will be, but it needs to go through those steps step by step. We can, of course, answer some questions on this topic on a Q&A spot. The other positive thing is that the market is there. The demand, need for these solutions has not changed. It is growing. There are a couple of drivers for that. Cancer cases, unfortunately, going up, and the demand is there. On the other hand, the number of pathologists is staying the same or going down. There was a statistics from U.S. but applies all over the world quite well.
40% of the pathologists are over 60 years old, meaning that, on the other side, the volume is picking up, so you need to do more, and at the same time, in the next coming years, most of these, or at least some of these people are going on a retirement. Then the kind of people who can actually handle that manually, it is disappearing. I told last time this example already, but like in that Lombardia case, they have 409 pathologists, 100 is retiring in the next two years, and only nine new one is coming in. They roughly lose over 25% or 20% of the workforce, and that is the reason that they have to go on modernization and start using the latest technology. The demand is there, need is there, so that is for sure.
Then, of course, the expectations for the diagnostics and diagnosis is getting more and more kind of higher. It is more complex. You test multiple things, so you want to give the patient the better treatment and more precise treatment. In a way, the complexity is growing up, and then the kind of capabilities to eyeball those samples with the human eye, it does not give the results or precise results that you need for the next steps for the treatment or medication decisions. All of these drivers are kind of moving in on that direction that the market is there, market is growing, and on that topic, a little bit modified, or we modified the slide on the workflow because we have been always talking about the taking the physical samples in preparing the kind of slides, putting the staining, doing the scanning.
But then if you look at the digital pathology market and AI-assisted diagnostics market, that is one part, and this area, there is a lot of interest in the ecosystem. There has been a lot of partnering happening already, some really nice big acquisitions happening. But the thing is that, okay, when you sell scanners, when you sell the image management, you cannot sell it without having an AI story top of that because AI is bringing the value on this whole play, and that is the position where Aiforia is. On our market, it is going to grow nicely, +17% on an annual basis going forward. Yes, and it is a new market, so we need to get in. We have a fantastic offering, so we have the references. We are in a good position on that.
But we also thinking that, okay, we also want to expand our footprint in a customer and making Aiforia more strategic in that sense. If we talk about the image management and workflow, we work with all the major companies on that side and having an integration. But every single one of these 20 + customers on a clinical side, what we have, when they get an AI-driven results, they look at the images, look at the reports, everything from an Aiforia viewer. Basically, we are there already on an image management side. What we are missing is a little bit on a workflow management, little bit on storing the images, the back side of that market. But we are already heavily in on the image management side.
As said, we are kind of focusing on getting a solution which is an AI native diagnostic tool for these kind of samples. That includes some of the functionality from an image management side. Meaning that, okay, our addressable market is growing on that direction. Then to the other side, we already have a predictive model done with the Mayo Clinic for the colorectal cancer so that you can predict the patient outcome and link the treatment on that information. But we also, this week, some of you may have noticed, we announced a partnership with the Swedish company who's doing prognostic models as well, and that's the next step. So when the AI has done the diagnosis for the H&E slide and IHC slides, they can now order a report through the Aiforia viewer.
Just one click, and it gives a risk assessment for the breast cancer cases. So that's additional business. But this is a kind of a market that it's only available when the AI is in place. But it's definitely going to that direction, and the value add it's getting higher and higher for the AI on that side. My point here is that we are in an interesting market in a key position on that. Plus, we are a little bit expanding our addressable market that we are having a more complete solution to offer and a bigger part and being more strategic for our end customers. So that's a big picture. On a product side, this is a really competitive offering, what we have. And typically, when we go to head-to-head comparison, we win. So that's a really good news.
Our idea when we started to build this one was that we are not just focusing on one algorithm, but we actually providing a platform and enough solutions so that you can cover majority of the workflow, and giving one user experience and solid results for the users. But then tactical things as well because, of course, we recognize what was the financial results and, of course, telling those reasons why the revenue recognition is a little bit delayed. But we have done some changes on a tactical level. We will actually have a new Chief Commercial Officer. He starts next week. We've been recruiting more direct salespeople, and really shifting the company on focusing on scaling up phase.
So on a scaling up, we have these elements so that we have the direct sales that needs to be really strong, and I expect that that will perform most of the deals, what we will get going forward. But at the same time, we invested on building up the channel. And we have actually a loose reselling channel network globally, over 30 companies. But I would say that handful are really relevant. But we set up an organization so that we can support and train the partners and scaling up the business through the channel. So that was one of the concrete actions, what we did now. And we have certain markets like Nordics, we have France, we have U.S., and Italy, where we have a good direct salespeople in place. But then we have markets that, okay, so we need to address through the partner network.
We want to scale up this and put it in a more professional level how we manage this. The other concrete thing what we did, so we have also a separate team for customer success management in that sense. So now when we start having enough customers, so plus 20 clinical customers, really important thing is that they actually start using it in a real-life production and we want, of course, to find new opportunities how to expand the footprint, how do we add more AI models in a portfolio and so on. But being with the customer and seeing where the bottlenecks are, what issues they have, sort those issues and then upsell and make sure that the customers are happy and they're using our solution. But those two concrete organizational changes. Plus then, of course, in sales and marketing overall, so we've been looking at new ways.
How do we find potential customers, those ones that fits our ideal customer profile? Then we set up all the basic things that, okay, so you qualify those and see that, okay, where do we actually invest? Where do we have a good opportunity to close and win? So then we put in our investment. But I don't want to go too much on the tactical here, but I just wanted to show that we have been taking and continuously follow up this so that, okay, what works, what doesn't work, and then try to improve the activities, what we have on a go-to-market side. Then business targets midterm. Nothing has changed since the last time, but we are looking for the financial independence by the end of 2027. And so we can cover this on the next part and questions as well.
But it means that we, of course, expect the sales going up, and we need to control the costs what we have, and see that the financing is in a good shape so that we can continue. But we see this market picking up, and we are ready to invest, we are ready to capture the opportunities. And I mentioned this portfolio, 80%, we are well on track on that side. So the offering is good. And we will add few more models, but already we have enough to sell. So having a good solid quality product is not any more a problem. So we have the portfolio, and now it's time to monetize that, I would say. Then achieve 50 key accounts. So we have 20, and we aim to go to 50 or even more.
50 is a number, but it just tells you that, okay, we want to get the bigger organizations where we have significant volumes. 500, they should all have more than a half a million annual revenue potential in place. It does not happen immediately, but it has to be a sizable organization that we can grow in that level. Then it is a good profitable business for us, and it is a good business and good acquisition for the customer as well. Then, of course, the technology. I told you about the markets and how do we expand and what type of ideas we have there. A little bit on the image management side and the prognostic side, but playing the major role as a leading AI diagnostic platform in the diagnostic area. That is it from my side, and I will be back answering your questions.
Now I will hand it over to Antti to continue.
Okay. Thank you, Jukka, and good morning, everybody, also on my behalf. Like already mentioned, my name is Antti Ojala. I am the new CFO in Aiforia. It is my pleasure and honor to be here giving a presentation first time in the earnings call. Before starting, just want to remind that the numbers in the parenthesis in the financial part are from the reference period H1 2025. The group revenue was EUR 753,000. Last year, during the same period, the revenue was close to EUR 1.4 million. From geographical perspective, 43% of the revenue came from Europe and other regions, 1/3 of the revenue came from North America, and 24% came from Finland. As a Finnish company, we are happy that we have good Finnish customers, and it is also important that we can show good presence in the domestic market. The investments during the period were EUR 2.9 million.
Last year, same period, the investments were EUR 3.7 million. The investments were mainly capitalized R&D expenses. EBITDA of the reported period was EUR -4.7 million. Last year, on the same period, the EBITDA was EUR -3 million. The EBITDA was impacted obviously by decrease in revenue, but there was also one large, one-off non-cash item of 1.1 million that was related to decision to extend the subscription period of employee stock option plans. The EBIT was further impacted by increase in the depreciations and amortizations in accordance with the plan. The number of employees stayed almost on the same level as last year on the average basis, and our number of employees on average was 68 employees during the first half. The cash at banks was EUR 9.9 million at the end of June 2026. Last year, end of June, the cash at banks was close to EUR 12 million.
The order book was EUR 3.5 million at the end of June 2026. The order book stayed actually on the same level where it was at the end of December last year. However, the order book decreased by 32% from H1 2025. Like you can see from this graph, the decrease already happened during H2 2025, when part of the H1 order book was recognized as revenue. It is now important to actually note, like Jukka already also mentioned, that we have different kind of agreements in the order book. Some orders are short-term, but there is also orders related to multi-year agreements. In those multi-year agreements, the revenue will be recognized more or less evenly throughout the agreement period, and actually on monthly installments in case of right to access customers. The revenue decreased by 46% from last year, H1.
The decrease was driven by a decrease in clinical revenue. The clinical revenue decreased by 57%. However, it is important now to actually go back to the previous slide and remember that the order book of EUR 3.5 million included EUR 2.8 million of order book for clinical business. The H1 2026 revenue was negatively impacted by delays in some customer cases. When we look at the H1 of last year and H1 of this year, like Jukka already indicated, there is different kind of revenue recognition happening between these two year halves. This year half, we can see that almost entirely the revenue is annually repeatable, meaning that it either comes from annually recurring license fees or it is based on the usage during the period.
On the other hand, when we look at last year H1, we had the revenue recognized from multi-year agreements on a single point of time. Today, when we look at the agreements that we have and also agreements that we are negotiating with the customers, we are clearly seeing that the market is more evolving towards right to access type of agreements, where the revenue is recognized more evenly over the agreement period. Lastly, about financing. Like Jukka already mentioned, we had the equity financing round, but this time we are also happy to discuss other news in the financing space. We have signed a venture debt loan agreement with European Investment Bank for up to EUR 20 million. The agreements were signed one month ago at the end of July.
The loan agreement includes three different tranches, EUR 5 million, EUR 7 million, and EUR 8 million, and each of these tranches has their own availability period. The longest availability period is 36 months from signing the agreement. EIB made a thorough due diligence on Aiforia during the negotiation phase and decided to commit to us. We see that this is a very valuable external validation on Aiforia case. The loan financing complements equity financing while it limits immediate dilution, as the related warrants are synthetic and will be settled in cash. The company intends to use the loan financing to accelerate the product development, and it also supports the commercial expansion. The contract has been signed, but none of the tranches has yet been raised. Each of the tranche is conditional on certain milestones, for example, related on revenue.
So we can conclude on this that the capital is available as soon as we deliver results to EIB. That would be all from my side. Thank you very much. We can move to Q&A.
Okay. Thank you, Antti. Any questions?
Hey, Antti Luiro from Inderes. Maybe starting from the kind of feeling among your clinical customers, looking at the market, there seems to be still a clear need for the efficiency solutions and changes the way pathology is done. In a certain sense, it just feels that the sense of urgency hasn't been as high so far. Have you seen any change in that, given that the kind of customers that are taking time to take the solutions into use, are they kind of feeling the pressure mounting in the background? How do you see the sentiment changing?
I think the timing is getting better and better on this topic. We have those few customers who are in a production, one in Finland, which is kind of moving forward really nicely. They are actually kind of consuming more than they originally planned. The thing is that once they start using our solution, they are not going to go back. The challenge is, as I mentioned before, you need to have all the components in place. You need to do the organization. I think some organizations are underestimating all the transformation in the human side, so that you change the organization habits. But once they start using it, they are not going to go back, and they are really happy. That's a positive and really comforting news for us. The other one is Paris.
They have this prostate in a production, and they told also publicly that they are extremely happy on this. They would never go back to the old habits. We have some customers as well, and because that tells me the concrete with the market sentiment. We have a big customer in Italy what we delivered already a couple of years ago. They didn't have the scanners. It took for them actually three years to get finalized the scanner purchase. Now they are coming next week according to yesterday's information, but they are getting it finally. Meaning that, okay, everything is implemented. Once they get the scanners in place, they get the digital slides, then there's an opportunity to kind of pick up the volume. It has been taking far too long, but okay, it's happening.
A positive thing was also I was visiting U.S. customers couple of weeks back, and they are very large organizations. Now it's totally different than it was couple of years ago. They didn't have the scanners. We visited the one that has bought already 36 scanners, the full new laboratory. They bought an image management system, and now the next step is to kind of finalize the whole project with the AI. You need to have those steps in place, and you always a little bit underestimate the time, how long it will take from one point to another. Because already three, four years ago, it was obvious that this market will be the driver and it will happen. Now it seems that when you get all the components in place, then it starts happening, and it can start happening quickly.
The other thing is obviously that, okay, the demand is there. As I mentioned that 40% of the pathologists are over 60 years old. Meaning that, okay, eventually it has to happen because the case volume is there, it's growing, and then the capacity how to handle it's going down. All the drivers are there, but we'll see.
Yeah. Maybe continuing on what you just said there, with some customers investing in scanners before they start talking to you about AI. Is it fair to say that in the past, it's been a little bit the other way around? That they get excited about AI, and then they realize the scanner needs and what they need to build. Now that they're more focusing on infrastructure first and then coming to you. Do you see a shift of that sort in the market?
Yeah. Okay. We have some customers, and I still believe that logic. When we negotiate, we said, "Okay, once you implement the laboratory information system and image management system, it makes sense to implement all the AI components." That's what they did. But then they were delayed on actually getting the hardware in.
The good thing is that now everything is implemented. But then it goes the other way around with some customers. I don't see the big shift on that. The scanners are good today. You have a multiple choice with the high-quality scanners. You get the high-quality images. That's not a problem at all. Also all the technology, software technology components are in a solid level, so that you can actually do, and you start having referenceable customers, which is really important, so that we have people who are willing to talk about Aiforia implementation, how they're using it, how they are happy, and that speed up the adaptation for the next customers to come.
Yeah. Maybe going to geographies a little bit. Europe has obviously been the strong market so far, with most customers coming from there.
U.S. has taken longer time. How does that market feel to you right now? Are there more movements happening there? Is the regulatory landscape going to a good direction? How do you see it?
Meaning U.S.?
U.S., yes.
Oh.
Yeah.
Well, yeah. I spent three days. I visited three very large customers, and I think they are all ready to move forward. The regulatory part is not the problem, so they use the LDT, Laboratory Developed Test process, so that they can qualify themselves. So there is no competition. There are a couple of companies having something on FDA-approved.
Maybe the viewer or something, but not the solution. So there is no competition that would have an FDA-approved offering in place. Everybody use the LDT. Those are different than the European ones, so they are a private organization, non-profit organization. The decision-making is different comparing the European public sector, heavy tendering processes and so on. In the U.S., they want to test, they want to take a pilot, so they evaluate themselves, and when they are ready to go, they go. I see that the U.S. is picking up as well. For Aiforia, the question is that, okay, so where we should focus? We definitely keep our presence in the U.S., but European market is really the one that we have a biggest advantage at the moment.
Mm. Yeah. Going to the sales topic in general, you did mention that you have a pretty long list of partners that you're working with and are working with you on sales. What's your feeling of that channel's importance going forward? You did mention there's a few that have more weight in your mind on that channel. Do you think that channel is going to pick up, or is that something that is a slower, longer tail off?
Yeah. Okay. When we talk about the ecosystem in play. We have, of course, these big partnerships. We have the partnership with all the cloud providers. We have the partnerships with the scanner and image management vendors on a technology side. There we have some co-selling. They find an opportunity, or we find an opportunity. Both sell their own things, and that works nicely. What I was mentioning on a presentation, I was referring the reselling partners that actively find opportunities, actively drive sales cycles.
On that one, we want to take the learnings from the software industry, other industries of how to manage the channel so that we need to little bit focus on the ones who are willing to invest on a topic, maybe train some people who have an access to a customer, who have the skills to sell it. We can provide them support on that activity. What we need to a little bit categorize, so that, okay, so where do we invest? If we invest on some partnerships, then the partner needs to put something on the table their side as well. Honestly, I believe that, okay, so the channel is the way to scale up. If you look at the very large software companies, like Okay, totally different category. I'll mention SAP.
If SAP has their own professional services with the 10,000 people, but they have 40,000, 50,000 from Accenture, they have a Deloitte. All the big guys having tens of thousands of people working on SAP practice. I think that is the way to scale up that company. But when you are entering the market, then you need to build it yourself. You cannot build trust on a partners. But when we start getting more volume then it attracts more partners and speeds up the scaling up. But that is something that we need to start investing on now and make it in the next level. But we have actually 39 partners globally. As I said, maybe five are really meaningful, that they bring opportunities for us and we work together.
But a lot of companies want to partner.
Yeah, for sure. Going back to revenue a little bit, I think you commented on this quite a bit already, how your customers' usage of Aiforia has been developing. As you said, the diagnostics volumes, they are going up very nicely. But just to go there because the clinical revenue came down quite a bit. Was there any influence of a clinical customer reducing or backtracking their intended Aiforia use, or was it simply just the revenue recognition that was playing into it?
Okay. Thanks for asking this question because I really wanted to comment. I read from some comments in different places saying that, "Okay, have we lost customers?" We have not lost, and that is why we have this customer success team in place now as well. The target is that, okay, so the logo churn is zero and the revenue churn is zero, but none of the customers on a clinical side who started to use have stopped using or decreased the usage. So everything is going up and the same way that we have not lost any logos on those clinical customers. It probably will happen someday, but so far all good in that sense. Our biggest challenge is that we get it in a routine use. Once the first applications are in a routine use, then it is easy to expand from that. But all good on that side.
Okay. Thanks all from me.
We have two questions from the chat, and these are actually in Finnish. Let's take these and maybe you also can answer in Finnish as I believe we have partially at least answered to these in English.
Okay.
First one is: [Non-English content]
[Non-English content]
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[Nom-English content] . Thank you. Now we actually got in one more question in English. "Describe your understanding of FDA regulation possible changes. Is your company involved in discussions with FDA and timetables?
I can start from that. We have a regular contact with the FDA. We've been visiting them. We've been discussing on this topic, how it should be done and how it's evolving. Of course, within the FDA, there has been a lot of changes within the new administration in the U.S. But the earlier challenge was that they were talking about the digital pathology, so that once you take an FDA approval for a certain AI model, you need to have in the same process or same kind of approval, you need to have the scanner, you need to have the image management system, you need to have the screen, you need to have the AI model. And the challenge on this approach was that if one of those components, let's say that the scanner is going obsolete, then the whole process is obsolete at once.
It is quite a significant investment for companies. That is why the companies, not just us, but everybody else, they are hesitant to invest on that process because it is not a sustainable model. The discussion what we have with them is that, can we decouple these components. If that is happening, then it opens up the path to get an FDA approval for the diagnostic AI models as well.
Thank you. I believe those were all the questions for today.
Thank you.
Thank you.