Good morning, and welcome to ArcticZymes Q2 2026 report. My name is Michael Akoh. I am the CEO of ArcticZymes, and I am, as usual, joined by our CFO, Børge Sørvoll, as well as our CCO, Paul Blackburn. Let us take a look at our agenda today. We are going to start off by looking into the Q2 highlights, as well as a recap of our strategy. Paul is going to go through an interesting commercial update. He is going to look at the numbers for our two segments, but he is also going to focus on a couple of customer cases.
Børge is going to go through our financial performance, and I am going to come back and look a bit into the future, recap our ambition, and do a general summary of today's presentation. Last but not least, we are going to look into the questions that you might have after today's presentation.
Let us get started. We had a good, strong start to the year. We have had a good first half, and the business is, in general, in a good place today. We had a total revenue for the quarter, just shy of NOK 34 million , up 17%, and we had sales revenues just shy of NOK 32 million . That is up 19% year-over-year.
We had a bit of currency headwind, so the constant exchange rate growth was at 29%. Our profitability came in with an EBITDA of NOK 7.4 million, up significantly compared to last year. Looking at the first half, as mentioned, we have had a strong start to the year. We are executing on our strategy, and we had NOK 69 million , which is an increase of 28%. Looking at the sales revenue number, we had NOK 63.7 million . That is up 27%. Again, the currency headwind was significant.
The constant exchange rate growth rate was 39%. Profitability for the first six months came in at NOK 9 million , significantly better than last year. I would also like to talk just a bit about some of the milestones in the quarter. We have had a clear strategy to penetrate more CDMOs. We believe that that is going to be a clear path towards further growth with our SAN enzymes. In this quarter, we saw the onboarding of a new CDMO, and this new CDMO started to use M-SAN HQ GMP. We have been talking to them for a long time. Paul is going to go more into details, but they did not want to start with using SAN before we had a GMP version. We now have that, as you know, and now they have been onboarding, and we expect growth from this CDMO going forward.
Paul is, as mentioned, going to give more details in regards to this customer case. Another interesting event that happened just after the end of the quarter was that one of our customers that we have been working with for a long time got their cancer screening test FDA PMA approved. We believe that this is going to be a significant growth driver for especially our molecular tools segment, as we have the proteinase embedded in their workflow, and there are also other opportunities with this customer. Paul is going to allude more to this very interesting customer case. In regards to innovation, you all know that we have a strategy of building a pillar within the RNA IVT workflow space, and we have started all the prelaunch activities in regards to the enzymes that we will be launching.
Right now, we are doing global beta testing of two enzymes, and we are getting some really encouraging results. We got a quote here that showcases what an impact that our ET-N1 can have on the sample preparation step. We are seeing that they have a step today, which is six hours, and with our ET-N1, they can cut that downtime down to 30 minutes. Really impactful for the customers. There is going to be a lot more in regards to that going forward. Next slide. I just also want to do a quick recap of our strategy, which was also highlighted on our Capital Markets Day in March. We have a number of strategic pillars that are going to enable us to accelerate growth over time, but also create more resilience for the business.
As you all have heard a number of times, we are really working on getting closer to the customer. We are really getting closer to the customer today than we were just 12 months ago. Something that is impacting us across the value chain, we are going from being a more transactional company to becoming a more customer-centric and application-led solutions provider. In regards to creating more resilience and also growing the business, we are creating a wider base, we are diversifying, and we are increasing the number of markets that we are addressing and the products that are being sold. We are already seeing the impact of that in regards to metagenomics, where we are using the SAN enzymes for a new application, and we are going to see the same thing within the RNA space.
We have enzymes that we are selling today into a different application space that can also be used within the RNA IVT workflow. So we have a good base. The strategic pillars, molecular tools, viral vectors, and the new one, RNA therapeutics. Then we also have a focus on increasing our business through some of our channel partners. Two weeks ago, I was in Japan, and I saw firsthand that we have a lot of opportunities by, first of all, selecting the right partners and motivating those partners. In the long term, this is going to also generate new business for the company. With that, I would like to hand the word to Paul Blackburn, our Chief Commercial Officer. Go ahead, Paul.
Thank you, Michael. Good morning, and thank you all for joining us. It is a real pleasure to take you through our commercial performance for the second quarter of 2026, because this is a quarter I have been really looking forward to presenting. The headline is a simple one, and it is a really good one. The commercial engine is working. Growth is broad based rather than resting on any single product of any single customer. Several of the strategic programs we have been patiently building for years are now converting into real, repeatable orders. Over the next few minutes, I am going to walk you through four things. First, the headline number for the quarter and what sits beneath them. Second, how each of our two portfolios performed by manufacturing molecular tools.
Third, the first half of the year taken as a whole, because two consecutive quarters of growth tells a really convincing story compared to one. Finally, I am going to talk about three customer programs that I think are the clearest signal of where our business is heading over the next two to five years. The theme running through all of this is quality of growth. We are not chasing volume for its own sake. We are winning positions inside customer workflows, and these are difficult to replace in markets that are expanding with partners who are moving from evaluation into clinical and commercial manufacture. That is the kind of growth that compounds. Now that, of course, is the very definition of momentum. Let us start with the quarter itself. This is a slide I am really pleased to show you.
Revenue for the second quarter came in at NOK 31.9 million . This is a growth of 19% year-on-year and an increase of NOK 5.1 million against the same quarter last year. In plain terms, this is the largest second quarter the company has delivered outside the exceptional COVID period, which is a genuine milestone. I would also like to draw your attention to the 12-month trailing average on the right of the slide. Quarterly numbers can, of course, move around with order timing, showing volatility. This 12-month rolling view is an honest one. As you can see, it is pointing firmly upwards. That line is a turnaround made visible, and it tells you that this is not a single fortunate quarter, it is a trend that has been building steadily through the past year as our commercial strategy has taken hold.
It is also worth noting that we achieved this despite meaningful currency headwinds of between 5% and 10% year-on-year. On a constant currency basis, our figure is actually NOK 34.6 million . The underlying commercial performance is therefore stronger than reported, and it shows strong demand. It also shows a broad customer base and a growth path that we can clearly see ahead of us. Let me now break that down by portfolio, starting with biomanufacturing. Biomanufacturing delivered NOK 15.9 million in the quarter. That is 6% up sequentially on the first quarter, although it is 12% down against a very strong comparative quarter last year. I want to be really straightforward about that year-on-year number, because the story behind it is still genuinely encouraging.
The comparison is against an unusually strong second quarter in 2025, and this softness is concentrated around a very small number of accounts and one territory, rather than being a broad market signal. Across the rest of the world, the picture is one of solid, broad-based demand, with particularly strong demand across APAC. The headline for me on this slide, though, is GMP. This was a record quarter for our GMP products, and they rebounded strongly after a slightly quieter first quarter. That matters more than this absolute number because GMP is the gateway to clinical manufacture. When a customer moves to GMP grade, they are committing our enzyme into a regulated process, and that is a decision that is really expensive and time-consuming for them to reverse. GMP revenue is therefore some of the highest quality revenue that we can generate.
We're also seeing strong adoption still among CDMOs, alongside established pharma accounts and biotechs. Put simply, this portfolio is being designed into clinical manufacturing processes at an encouraging rate. That's exactly, of course, the kind of position we want to hold as these programs progress. There has been a change in some CDMO behaviors. I've spent some time recently with some senior employees in these places. What they're seeing is their primary producers are introducing more milestones closer together. The consequence of that is that they're perhaps a little less free with their spend. Now to Molecular Tools, where the growth story is really quite striking. Molecular Tools delivered NOK 16 million in the quarter, which is up 84% year-on-year, and that is, of course, a remarkable number. But I want to give you the texture behind it rather than simply letting it sit there.
A significant part of that step up comes from our large partner returning after an ordering pattern that had a reset, and we always said that that would come back. But what's more important is what's happening underneath that account. The rest of the portfolio with other customers still grew by a healthy amount, and there is now a widening base of accounts doing between NOK 500,000 and NOK 2 million a year. That base is growing across the board. That broadening is our strategic prize. Application diversity is what turns our portfolio from a small number of large relationships into a resilient business. We're seeing our enzymes being adopted across diagnostics, life science, research, food safety, and other industrial applications, and each new application makes the next one easier to win.
The strategy that we set out is working, and the growth path here is one we expect to keep building on. Next slide. Let me now step back and look at the first half of the year as a whole, because this is where the picture becomes really compelling. Total revenue for the first six months was NOK 63.7 million . That is a growth of 27% against the first half of 2025, and 39% on a constant currency basis. Two consecutive quarters of strong revenue growth is not a coincidence of timing, it's a trend. If we look at the split, Molecular Tools contributed NOK 32.5 million , up 78% year-on-year, and Biomanufacturing contributed NOK 31.2 million , which is essentially flat at -2% against a strong comparative period.
The two portfolios are now almost exactly balanced in size, and that gives us a really healthy shape. When one portfolio faces a tough comparative, the other can carry the momentum. The title of this slide is deliberate. This is growth from quality. It comes from having more customers, more applications, more geographies, and a rising proportion of GMP-grade material heading into those regulated manufacturing environments. Those are durable foundations. They set us up well for the second half, where we've got visibility of several programs moving from evaluation into supply. I'd like to spend the rest of my time on three of those because they show you what the next few years can look like. The first is a multi-year diagnostic partnership in cancer screening, and it's one of the most exciting positions that we hold.
Our proteinase is embedded inside a high-growth liquid biopsy workflow, and I want to be really precise about the word embedded. Our enzyme is an enabler of the kit, not an accessory to it, and our enzyme was selected because it is the only one on the market that performed reliably in their assay. That is a real technical advantage that is going to be genuinely difficult for anyone to displace. If you look at the timeline along the bottom of the slide, it shows a story of steady, methodical progress. Validation of our enzyme happened in 2021. Clinical trials ran from 2022 until the results were submitted in 2025. This company audited our facility in August 2024 and had no major deviations. Then the milestone that they have been working for for the last five years, PMA or pre-market approval, was granted in July 2026.
That approval moves our partnership into the commercial stage. A scale-up order has already been placed for autumn of 2026, and we hold a two-year forecast from the partner. We have initiated a formal scale-up project on our side, of course, to meet this. The impact is twofold. Firstly, it is a revenue driver in its own right, but also the approval of this first kit opens the door to inclusion in future kits, which address other cancer types. This is a broader commercial partnership, and this is exactly the compounding we are looking for. Next slide. The second program shows how quickly our GMP launch is opening doors. A Southern European CDMO evaluated our nuclease for an in vivo CAR-T clinical trial in the first quarter of this year.
They told us plainly that consideration and inclusion depended on our M-SAN HQ GMP launch, which is a very direct validation of that investment. From evaluation, the program moved through audit and tech transfer within the second quarter, and again, our audit passed with no major deviations. From there, it has moved very fast, and we have already signed an 18-month worldwide supply agreement with this partner, which runs to the end of 2027. The first purchase order was placed right at the close of the second quarter. Our forecast for the second half indicates revenue growth from this relationship. From first evaluation to signed worldwide supply agreement in two quarters is genuinely a fast cycle in this industry. What makes this strategically important is, of course, we can repeat this playbook. Audit agreement, reoccurring orders, and we are going to run with this, of course, with other manufacturers.
We are already doing so, which extends our footprint for GMP across EMEA, the U.S., and APAC. The in vivo CAR-T market is, of course, very hot at the moment, and we are establishing a position so that we can be ahead of the wave rather than simply chasing it. The third example is perhaps my favorite, because it shows long-term compounding value of being designed in early and honestly, the way that we work within the ecosystem of cell and gene therapy companies. Our nuclease was specified and designed in pre-clinically by a small innovative company, and validated and scaled up in their processes over several years from 2019. That company was then acquired by a global pharma group, and crucially, our enzyme was retained through the acquisition and revalidated by this new parent in 2025.
When a large pharma revalidates and keeps a component like an enzyme through integration, this is about as strong a technical endorsement as you can receive. This program is now progressing into GMP clinical manufacture, which will run through 2026 to 2028, and there is an estimated market launch in the 2028 to 2029 window. Order value has already doubled since the acquisition, and this relationship has given us access to a global pharma organization and visibility of their other programs. This is an example of a relationship that began with a startup and design in, and it's opened the door to one of the largest players in the industry. That's the pattern that I'd like to leave you with. Designed-in demand compounds as programs advance towards commercial supply.
Across these three examples, we've got a diagnostic platform entering commercial launch, a manufacturing partner scaling with GMP through a signed agreement, and a large pharma program heading into late-stage clinical manufacture. Add to that a record, outside COVID, second quarter, two consecutive quarters of strong growth and a broadening customer and application base, and I hope you can see why we're optimistic about what comes next. Thank you. I'd like to move to Børge for the financials.
You are muted.
Sorry. Thank you, Paul and Michael, for that introduction on the good things that we've seen now to the start of the year. I am going to take you through some of the financial highlights, a little bit about our financial position and some of how the expenses have been in the second quarter and in the first half of the year. A large part of our reported top line is, as both Michael and Paul alluded to, influenced by currency. I want to start by isolating that effect. In the second quarter, the Norwegian krone weakened against both the US dollar and the euro compared to the start of the year, where we saw a different effect here.
The Norwegian krone was still stronger, and it continues to create headwind on reported sales, because most of our revenues are invoiced in both EUR and USD. As Michael and Paul stated, on a constant currency basis, our second quarter sales would have been NOK 34.6 million rather than NOK 31.9 million. That is a difference of NOK 2.7 million or around 8%, if we are using the same currency in 2026 as we did in 2025 in the second quarter. For the first half of the year, our reported sales would have been NOK 69.3 million versus NOK 63.7 million, or a NOK 5.7 million difference or an 8% difference there as well if we use the same currency. The key message by this is that the underlying commercial performance is stronger than the reported revenue line, what it indicates.
But also currency works in both directions, and we do see some cost benefit from a stronger NOK. Because our revenue exposure is larger than our FX-exposed cost base, the net effect of a stronger NOK remains negative for our profitability. We will, of course, continue to monitor this close, and we are evaluating how to reduce the volatility on the currency side moving forward. Looking at the operating cost base for the second quarter, it shows a good balance between investing for growth and maintaining discipline. Our sales revenue increased by 19% year-on-year to NOK 31.9 million, whereas our operating cost only increased by 6% to NOK 26.5 million. This is the operating leverage that we've been talking about. Revenue growth is increasingly converting into EBITDA because the cost base is largely fixed.
You can also see that our personnel expenses were NOK 16.2 million, up 18% from the second quarter last year. This is in line with our plan, and it also reflects the full effect of the commercial hires we made through 2025. It also reflects that we have had normal salary adjustments, and we have that continued reduction in capitalization of personnel expenses. We have also accrued a higher bonus compared to the second quarter last year. This is also important because this is not a new structural step-up in our cost base. This reflects the resources that we've already put in place to drive the top line that we did at the end of last year. Our operating expenses were NOK 8.8 million. It is actually lower than what we had last year, even though we have increased external support for growth opportunities, but the overall spend remains controlled.
We also had a currency tailwind in the second quarter of close to NOK 2.5 million, which has reduced our operating expenses a little bit. The message here is simple. We are continuing to invest behind the commercial execution and the strategic opportunities that we are working on. The business is starting to see the operating leverage expected from this platform. Growth in revenue is clearly outpacing growth in cost. Of course, the challenge will be to continue to grow the top line on a steady basis while we keep our expenses in control. We will, of course, invest in our expenses and personnel, but we expect the top line to grow with a larger percentage here. Looking into the profitability, of course, the second quarter shows a strong continuation of the margin improvement that we've seen over the last year.
EBITDA was NOK 7.4 million in the quarter, as Michael stated in the beginning, compared to NOK 3.9 million in the second quarter last year. This represents an increase of 19% or a doubling of the number. EBITDA margin improved to 23% compared to 15% in the second quarter last year and the 5% that we saw in the first quarter this year. Of course, this improvement is driven primarily by higher sales revenue, high gross margins, and also that we have a disciplined cost development. Gross margin still remains strong at approximately 95%, and that is important because it means that incremental revenue has a meaningful impact on the profitability of the company when the fixed cost base is already in place. For the first six months of the year, EBITDA was NOK 9 million compared to a close break-even at the first half of 2025.
And of course, this gives us a stronger earning base going into the second half of the year. Finally, turning into our cash and financial position. At the end of the second quarter, our cash and short-term investments totaled NOK 269 million, consisting of NOK 190 million in cash and close to NOK 80 million in short-term investments, which is mutual funds and interest rate funds with a low risk. And of course, this puts us in a robust financial position and continues to give us the flexibility we need to execute on our strategy. For the first six months, cash has increased by NOK 2.5 million. And of course, this is also supported by a positive operating cash flow of NOK 8.1 million. But we have also continued to invest in the business with NOK 3.6 million in investing activities primarily related to machines and equipment.
And we have some financing activities of NOK 2 million that is related to lease payments here. So to summarize the financial section here, Q2 demonstrates a strong revenue quality. We have improved our profitability, and we have a solid financial position. And the commercial investments we made through 2025 are now starting to show through the numbers, and we are well-positioned to execute on our strategy. And with that, I will hand it over to Michael, who will take us through the last part of this presentation and the Q&A.
Thanks a lot, Børge and Paul. I'm going to give you an outlook and also a summary, before we, as mentioned, go to our questions and answers. Just want to recap again our ambition and our execution priorities. We are working to build a scalable, profitable growth platform, and we're seeing the first results that we are doing that successfully. Our ambition is sustainable double-digit growth, targeting outperformance of the markets that we serve. And that was clearly what we also delivered during the first half of the year. This is going to lead to profitability margin expansion through the operating leverage that we've also seen during the first half year, stronger cash generation, and the financial flexibility to fund both organic and inorganic growth activities. The core priorities that we have, it is to continue to invest in scaling a high-performance commercial engine.
We've seen that it's working, so we're going to invest more in the commercial organization going forward, both in form of headcount as well as the activity level in general. Innovation is, of course, also crucial. We're focusing a lot on the RNA space at the moment, and we're both doing it internally as well as partnering up with partners in regards to generating application data for our enzymes. We already had a great example in Paul's presentation in regards to how we are expanding our penetration in the viral vector market through onboarding more CDMOs. That is going to continue in the coming quarters. Diversity— not diversity, diversification in regards to finding new application areas for our existing enzymes is also a key focus. Here we're talking about the metagenomic space.
A key priority is, as we have also talked about since the start of this presentation, to establish ourselves as a player within the RNA IVT workflow. There is a lot of potential within this space. I also just want to take one moment to reflect about the fact that as a listed company, you very often focus on the next quarter, so it can become rather short-term. I was really pleased that I had the opportunity to attend a number of our business reviews with the business developers this week, where we had the opportunity also to look further into the future. There I saw one thing, I saw opportunities. We have a number of opportunities that are of significant magnitude, not just in the coming quarters, but actually in the coming years.
Paul has already talked about a couple of them, and that really gives me a lot of confidence in our ability to grow this business significantly going forward. That was great to see. It is opportunities that can meaningfully create growth and transform the company in the coming years, not just within the viral vector space, but also within the molecular tool space. One of the things that you do as CEO sometimes is that you make mistakes. I believe that one of the mistakes that I have done is to underestimate what was left in terms of growth for our molecular tools portfolio. We have a lot of opportunity within that space.
There is a lot more that can be done to generate growth, and we have excellent opportunities that can become significantly big, not just in regards to the cancer screening platform that Paul talked about, but also a number of other great opportunities that we are currently working with. That is important because that means that we have a more balanced view on the business, and the diversification is going to create a more resilient growth case going forward. The next slide, Børge, is a summary of the quarter. We delivered significant growth both in the quarter and in the first half of 2026. We also had a significant improvement in our profitability, and we also saw that the operating leverage that we have in our platform is starting to kick in regards to 19% growth against the 6% increase in our operating expense in the second quarter.
We have strength. We have the strength to do the right things, both in terms of organic growth activities as well as inorganic growth activities. So we have a profitable, self-funded platform where the opportunities of growth compound as the customers scale. The business is, in summary, in a very good place now, and we are ready to execute on our strategy as we have done so far. With that, I would like to thank you for your attention today and open up for the Q&A session.
All right. Thank you for that, Michael. We have received quite a few questions online, and I will try and take you to the majority of these questions here. We have one question. China CDMOs and biotech are still in a great recovery phase. There is a lot of funding and financing available. Are there any success for ArcticZymes in penetrating this market here?
I think that, Paul, you can answer that.
I can take that one. Absolutely. Yes. At the beginning of this year, we put in a dedicated channel manager whose main focus is working in APAC. That person has been incredibly successful working with our established distributors, one of which we have in China. He is running a sampling program with that distributor. China is, of course, a difficult market from a price and a competitive and patent perspective. But we are making some inroads there. I think possibly what is more interesting is some of the success that we are seeing in Japan, early stage success. The Japanese market kind of respects the values that ArcticZymes delivers in terms of the quality and the reputation, the auditability, and things like this. So yeah, I completely agree that China is a great market, although it is a difficult market.
In the short term and medium term, we see more potential in Japan. Thank you.
All right. Thank you. You have highlighted that there was some timing effects on the sales and that biomanufacturing orders fell out of the quarter. Can you elaborate a little bit on the size of these orders?
Yes, certainly. I can take that one as well. It wasn't so much that orders fell out of this quarter, sorry, Q2. It was more that we had a couple, and it really was a couple of large orders in Q2 2025. The year-over-year just it's very difficult to make that look positive when you have a business like ours. We know exactly why they didn't repeat. It's a simple phase-in issue. It was more that than something not happening in Q2, where actually we were delighted with the performance of biomanufacturing across a lot of customers that are adopting.
Okay. Thank you for that one. You have also highlighted that you onboarded a new European CDMO in the second quarter. It seems as if the inclusion is mainly related to one specific customer growth program. Do you see potential for this CDMO to also include SAN in their other customer programs, similar to what Oxford Biomedica now is using SAN in general biomanufacturing protocol, or how do you see this one?
Yeah. Again, sorry, I don't want to dominate, but I'll take that one. Yeah. Absolutely. We've got a really nice relationship with this CDMO. In vivo customers are particularly sensitive to quality. I mean, all cell and gene therapy is of course sensitive, but in vivo customers are particularly sensitive and we believe that they will be adopting us into and suggesting us, and genuinely platforming us into more in vivo therapies as they go through clinical stages.
All right. You said that on the large OEM customer that you have, you seem to have better visibility now on the ordering patterns here. Can you say something about their underlying demand excluding kind of the inventory facts? Is it higher or lower than the last year, or is it kind of same as you've seen before?
I would describe it as broadly the same as we've seen before. Slightly more. One of the three enzymes, they are using a little more of. So it's not drastically more than we've seen in previous years, but it's more consistent across the quarters.
A little bit on the quarter-on-quarters here is on how do you see the fluctuations on the quarters-to-quarters in the future? Will it be less than we see in the last year due to more customers, and therefore are you therefore less dependent on a few big customers, or how do you see this moving forward now?
Okay. That's our aim. I would say we're nearly there. The issue is if we take a 2, 3, 4 million NOK order, it can have a massive sway in the quarter. Because what we do is project-based, and there are various sort of pauses and hesitation steps that customers have, even when we've been adopted, those 2, 3, 4, 5, 6 million NOK orders make a massive difference. So we're heading in the right direction. I would say we're not quite out of the woods, which is why we show the trailing 12 months, for example. But in general, the direction is a very positive one because of the diversity.
Yeah, I fully agree, Paul. We are still going to see some fluctuation on the quarterly numbers going forward, but of course, as the company grows, that is going to be less of a thing. The 12 months rolling sales is a good indicator to watch.
Paul, you also said something about the CDMOs working with more milestones and not having as much freedom in their spending anymore. How does this affect ArcticZymes now and in the future?
Yeah. I spent some time with some of the major CDMOs in the U.S., as well as in Europe. And the message that I am getting is that it is the producers working with CDMOs are being far more strict about what constitutes a milestone. Previously, maybe a milestone would be six, nine, 12 months apart, and the CDMO living up to that milestone would unlock sort of the next spend, and the next payment from the producer to the CDMO, the next commitment from the producer to the CDMO. What we are seeing is now those milestones, in many cases, are quite close together. And the consequence of that is the work still progresses as you would expect, but there is a little bit more hesitation from the CDMOs to release large orders and to stock up. They are more difficult to persuade.
Now, the important thing here is that we have good relationships with these CDMOs so that we can understand what is happening, and we can work with them in different ways to satisfy them. We are not being surprised often by such things because of the relationships that we are gaining.
Okay. Thank you. In the numbers, there's a change of inventory of NOK 700,000 in both the first and the second quarter. Can you explain a little bit about the reason for this, and also do you expect the same levels in the second half of the year as well? I think I can probably answer it. The answer is that this depends on what we are producing, and it also depends on the product sales that we have. If we are producing a lot of goods, that will also impact our inventory, and we will have more in our inventory as well. To say that this is a trend is probably not correct to say. I don't think we should expect kind of the same levels in the second half of the year. I think that's probably the right thing to say here.
It will also depend a little bit on our production and the products that we are selling throughout the quarter here. I think we have one final question here. It's probably to you, Paul, as well. On the cancer screening customer, the order that they placed after the quarter, can you elaborate a bit on this one? Is it a material effect on the sales, or does this cover their needs for multiple quarters? What can you say a little bit more about it?
Yeah. We are really excited about this opportunity, and as you would expect that we are. Our success, of course, is based around their successful commercialization of this product. So, we have a forecast from them, and over the last few years, they've always purchased slightly more than their forecast. I would say it's not going to make a material difference in the short term. Over the next five years, it will make a material difference. Again, as they build inventory and they go to market through their commercial partners and the kits are adopted, we expect to see a significant transformation of our revenues if they are successful. We're already working with them on other cancer screening tests for other types of cancer. As I said during the presentation, we are embedded into their technology. There is no other enzyme that can perform in their hands.
Thank you. I think that concluded all the questions that we had online. I don't know any final remarks from your side, Michael, before we round up this presentation and second quarter Q&A?
No, I don't have any further remarks. Just want to thank all the shareholders for their continued support.
Okay. Thank you all, and have a great day.