Good morning, w elcome to the Q2 presentation. Both Børge Sørvoll, our CFO, and I, Jethro Holter, will walk you through the presentation today. This is a virtual meeting, as we've done the last few quarters, we will kindly ask you to stay on mute during the presentation. You can unmute the microphones during the Q&A session at the end of the presentation. We'll also kindly ask that you switch off the videos as well. This way, we can maximize the bandwidth for the call. For those calling in by phone, you can toggle off mute, unmute using star six. We also want to let you know we're also recording this meeting, what we will do is we'll post it onto our website afterwards. That's far away in the usual fashion.
The agenda for today is we will start with the highlights, where we go through the Q2 highlights. We will go a little bit deeper into the business update. Børge will walk you through the financials, for the outlook, we want to give you some updated financial guidance. For the highlights. What we've seen is in the last few quarters, we have seen there's certainly a changing environment with respect to coronavirus, that certainly created some volatility in the sales. In Q1, we had a spike, an extraordinary spike in sales, and we had the expectation that Q2 sales would come in lower. We came in at NOK 21.4 million for the quarter. It's slightly lower than we originally anticipated.
When you take into account Q1 and Q2 sales, for the first six months, we're actually slightly ahead of the sales plan we set out at the beginning of the year. So far, when you look at the first six months, we're on NOK 61.9 million. Actually, even though we see the volatility between Q1 and Q2, we are very much on track with our sales and our expectations. What we did not expect was the kind of volatility that we're seeing at the moment in quarterly sales, and we'll come back to that, the reasons for that in a bit. Despite the volatility we're seeing in sales, profitability continues. We've achieved NOK 6 million in EBITDA for the quarter. We've also reached a new milestone; w e've actually achieved NOK 100 million in revenue sales when you take into consideration the last 12 months in sales.
I'll come back to that with respect to guidance at the end of the presentation. New innovations are important for future growth of the business. At the end of the quarter, we launched a new product. We launched our second-generation Salt Active Nuclease enzyme, which we call SAN HQ 2.0. We also conducted an internal innovation review, and what we plan to do now is actually start investing more and expand activities in serving the therapeutics segment. We'll come back to some of these things in a moment in the business update. For the business update, starting the usual fashion, and we'd like to go through the segment sales numbers. For sales in all three market areas we serve, sales were lower for Q2 than for Q1, and that was expected because of the extraordinary performance we had in Q1.
When it comes to therapeutics, quarterly sales were down 26% compared to Q2 last year. When it comes to contribution, therapeutics made a 40% contribution to total Q2 sales. Part of the reason for the in the therapeutics space, and we sort of saw this as well to some degree in the first quarter as well, is that several of the Contract Manufacturing Organizations, which are some of our largest customers we've been working with, have been prioritizing the manufacturing of third-party COVID-19 vaccines, such as the RNA vaccines. What that means is they've deprioritized some of the other projects they're working on, particularly like gene therapy and other vaccine projects using SAN products. We have been in discussions with these customers, and they have indicated they are working on expanding the capacity to get those projects back on track.
What's really interesting is actually one of those customers have actually indicated to us that they've actually made a strategic decision to develop their own COVID virus vaccine. They are looking to evaluate and incorporate our SAN enzyme into the manufacturing process as they develop that vaccine. Beyond that, we're also experiencing some new early opportunities have arisen with new customers. This is for utilization of SAN in the coronavirus development programs. What is really interesting here is that we're seeing opportunities extending to new geographical territories such as Russia and focus on the provision of vaccines for developing nations. I think we're all aware vaccination programs are going on really well in Western nations. However, when you look at the world, it is far from vaccinated.
In order to vaccinate the whole world, it's estimated that 14 billion vaccine doses are needed to vaccinate the world population. In order to achieve that massive undertaking, more vaccines are needed. That presents opportunities for ArcticZymes and to expand to new customers it hasn't worked with before in new geographies. Beyond the SAN products, we're seeing interest now for utility of our other enzymes in other areas such as cell therapy, in particular for the isolation and preparation of cells associated with gene therapy applications. For instance, we're seeing that our proteinases now are getting interest in that area. We are working with some opportunities in that. In research and diagnostics, we had a 40% reduction in quarterly sales compared to Q2 last year. When you look at contribution of research and diagnostics, research contributed 20% to total Q2 sales. Diagnostics contributed 40%.
As mentioned earlier, lower sales were expected following the strong Q1 2021 performance. We talk a little bit about research, I think when you look at the research market and our sales there, we need to take a step back because when you look at how things were pre-pandemic, we had molecular research sales. It's kind of a fluctuating business. We always had 1 dominating quarter for a calendar year. This dominant quarter has always been related to our largest customer, where we had one large annual shipment. We had a large annual shipment of Shrimp Alkaline Phosphatase to our main customer. That was always in one quarter and not the other quarters, that size shipment. Effectively, that shipment came in Q1 this year. We've already taken that large shipment.
It was anticipated that research sales would be lower for subsequent quarters and return to pre-pandemic sales levels. What we're seeing here, and we also see that with our other customers who are purchasing research products, that those sales have reestablished. Now for two consecutive quarters, we see that the sales patterns we're seeing from the research base confirms that our research sales established with our customers in all regions here. That's good news for us in terms of research sales coming back online. Of course, it's about driving new opportunities too, and we're seeing new opportunities now emerge here in this area with new opportunities in the next-generation sequencing markets for our polymerases in research and clinical applications.
When it comes to molecular diagnostic sales, we had an extraordinary performance in Q1. That's due to customer stocking up, and it really mirrors what we experienced last year between Q2 and Q3 last year. We saw a stocking effect in Q2 and then lower sales in Q3. It is exactly what we see now between Q1 and Q2 this quarter. We've had some tailwinds as well here in India. India has actually struggled hard with the corona outbreak. We think we had it hard here in Europe. India, it's been much tougher for them. Consequently, that's had an impact on our business and the business we have, those companies, they just have not been able to operate during the corona outbreak there. However, I think we do expect these sales to gradually return during the second half.
The majority of sales there are related to the use of Cod UNG in tuberculosis testing. What's also interesting, that there is interest now to even to expand the Cod UNG into domestic corona testing, and that will certainly be demanded in the future in India as well. Okay. I want to move on to corona-related sales. When it comes to corona-related sales, they had a 21% contribution to total sales. For the reasons mentioned before, Q2 sales were lower compared to Q1 sales. What we see is the majority of sales we're seeing is recurring business from our main customers, from a core customer base. On top of that, we are seeing new customer opportunities come in as well.
That's reassuring and that's good to hear because it shows that there's still a demand for new corona tests, and that's in different shapes and forms as well in terms of different technology and that lot. We are supporting those customers who want to develop new corona test technologies. What we are seeing is also some competition within our own customer base for China. We have several of our customers who actually stocked up in Q1, are actually competing against each other for selling corona tests into Asia. This has had an impact on us and certainly lowering the demand between those customers when it comes to Cod UNG. Some of those pushed sales very well, others haven't. That comes back down the supply chain to us. A bit more looking into the future.
In terms of corona test-related sales, where we sell our SAN enzymes for diagnostic tests, what we do expect is the demand here to level off over the next 12 months. I think we all see that the peak of corona testing is slowing down. It will reach a new steady state, and there will be a kind of new normal post-pandemic. What that level is, that's to be determined yet. We know that that will level off, and there'll be some steady state sales that will materialize there over time. When it comes to vaccine-related sales, we do expect these to increase, particularly with customers like ReiThera. Actually, they're progressing very nicely.
I think it was recently published on the 12th of July that the phase II clinical trials they started back in March had a positive outcome. Now they are progressing now to stage three clinical trials. Of course, we're there to support them along the way. I'd like to talk about innovation and operations. We launched our Salt Active Nuclease 2, as mentioned at the end of the quarter, and this represents the second generation of the enzyme. What we've done, we've really optimized this enzyme so it has a wider and broader compatibility with downstream biomanufacturing processes. That's important because when our customers manufacture viruses, their processes are slightly different, and if they use SAN, the processes can be different. What we've really done is really looked into that and made sure we have an enzyme that supports all those different processes.
What does that do for us? Well, it increases our commercial reach within the viral vector market. Beyond that, it also broadens the utility into recombinant protein production, for instance, in production of antibodies, antigens, enzymes, all these kind of different protein products. In fact, prior to launch, ArcticZymes has been working and developing an opportunity with a large international life science company who are looking to potentially integrate the SAN HQ 2.0 enzyme into their routine manufacturing processes for all their recombinant protein production. It's a very exciting opportunity and a significant opportunity for us. However, that will take time. To integrate our enzyme into their processes is a mammoth undertaking. It doesn't happen in weeks, it doesn't happen in months. It is something that will take a year or two to do.
Of course, we're there and excited to support, and hence why we developed SAN HQ to extend its utility into these other areas. The innovation pipeline is progressing with our products that we anticipate launching this year. This includes the M-SAN ELISA kit. We're working on DNA Taq polymerases, reverse transcriptase, and other products that we want to bring to the market. We also had two customer audits during the year, and we really welcome customer audits. Here we were audited by a prominent U.K.-based cell and gene therapy company who audited us, did a cGMP audit. The other was our main customer who performed a routine audit for several of the products that it purchases from us.
In both cases, ArcticZymes Technologies successfully achieved and retained its critical raw material supplier status. That's what it's all about, and that's about securing the long-term business with our customers, and that's what audits are all about at the end of the day. What we did was an innovation review during Q2, and some of this you've heard before, some of this is new. When it comes to molecular research and diagnostics, our efforts are very much underway to build a complete offering so we can serve our customers with any enzymes they need for their workflow and technologies, and we're doing this via organic and inorganic growth initiatives. We communicated that many times, what we're doing there. In therapeutics, however, our current product offering and innovation efforts have mostly been focused on expanding the Salt Active Nuclease product line.
Moving forward, we plan to expand those activities beyond innovating the SAN products. As part of future investments, the company now wants to integrate into its organic and inorganic growth plan innovative enzymes to support three different areas. First, DNA/RNA therapeutics. Here, this ties in very nicely with synthetic biology, DNA synthesis, RNA synthesis technologies as well, which we have been working on as well. There's a lot more we can do there as well. We're going to look more into the gene editing technologies and start bringing in enzymes to market that really will fit very nicely with those technologies. Also other cell and gene therapy applications. I talked about a bit earlier where we're working with customers now with our proteinase to fit into cell biology, sorry, cell therapy applications. The timing is perfect for this.
Since ArcticZymes has now developed the required GMP capabilities, and that's important, you need those GMP capabilities in order to go down this space. We're there now, we've built up that competence skill set, and that's going to be very important as we build out enzymes for the therapeutic space. Of course, we're well positioned to leverage the greater market opportunity there. How do we do this? Two things, s everal things there. One is about bringing more innovation projects into the R&D pipeline, more than what we've already had on the map. We're going to start exploring in-licensing opportunities. We haven't really explored that avenue earlier, but I think this is a new avenue for us and look at in-licensing opportunities there. Then also, as we're doing in the molecular space, we will expand M&A efforts in this direction, too.
With that, I'm going to hand over to Børge, and he will walk you through the financials.
Thank you, Jethro. As Jethro talked about in his introduction, the second quarter this year never managed to achieve kind of the same level of revenues and profitability as we experienced in the first quarter this year and in the second quarter last year. Of course, after the first six months of 2021, revenues, profitability, and cash are all improved compared to the same period last year. Also looking at the sales here, in the second quarter this year, we saw our sales declined by 36% compared to the same period last year, from NOK 33 million- NOK 21.4 million. Q2 2021 is actually on the same level now as we've seen in four of the last six quarters, with the exception of second quarter last year and first quarter this year.
It is important to consider that second quarter last year was actually the first quarter where we experienced the full effect of the pandemic when we are comparing quarters- to- quarters. Also, as Jethro talked about, we saw a lot of stocking effect in the second quarter last year and also in the first quarter this year. As you can see, especially last year, the market and our customers were uncertain about the supplier's ability to deliver products when the world went into a lockdown situation. For therapeutic segment, in the second quarter, sales declined by NOK 3 million, from NOK 11.3 million- NOK 8.4 million, which is also on the same level as we have seen over the last year. We are also still waiting kind of for a solid push in this market.
We are experiencing, as Jethro also talked about, that potential and existing customers are prioritizing vaccine production rather than new projects. In the research and diagnostic segment, sales declined by 41% from NOK 22 million- NOK 11 million, no, to NOK 13.1 million in this quarter. As most of you have suspected, this decline is primarily driven by lower sales associated with COVID-19. If we take into consideration the first six months of the year, sales in this segment is actually up by NOK 10 million, from NOK 33 million- NOK 43 million. This is, of course, explained by a very strong first quarter this year, where we experienced solid sales within the research segment. Combined sales in the therapeutics and the research and diagnostic segment for the first six months are also up by NOK 10 million compared to the same period last year.
We have moved from NOK 52 million- NOK 62 million this year. Moving into the COVID-19 sales, and as Jethro has also talked about, this quarter gave us an estimated NOK 4.5 million in sales, and this is also primarily within the diagnostics area. Comparing it to the second quarter last year, we had NOK 11 million, and the first quarter this year, we had NOK 16.5 million in revenues. It is, of course, significantly lower. Also, as you can see on the graph above here, it is hard to predict future sales as we experience a lot of fluctuations from quarter- to- quarter. It is also important to emphasize that we do expect that the sales to the diagnostics area will level off over the next 12 months as more and more people becomes vaccinated.
On the other hand, we do believe that sales within the therapeutic segment will grow moving forward, as Jethro also mentioned a little bit earlier in his presentation. In the first quarter this year, we introduced a graph showing 12 months rolling average sales to eliminate so many quarterly fluctuations that we see now, and also to say a little bit more about how the company is trending and how we are performing on the sales side. As you can see on the graph above here, we've had a continuous positive trend over the last three years where sales have grown constantly in basically every quarter.
From a low end in 2018 where we had NOK 7.5 million in quarterly sales, we are now averaging in excess of NOK 25 million for the quarter when we are looking at the combined sales with underlying and COVID-19 sales. We also see that the trending sales in the second quarter this year was a little bit lower compared to the strong first quarter this year. We are still on really high levels. Also, I think with Jethro's guidance a little bit later on now, we do expect to see this trend to grow moving forward as well. Moving into the profitability side of the business. Second quarter was not as strong as the first quarter this year, and of course, as expected as well, and it gave us an EBITDA of NOK 6 million.
This is also lower than the NOK 22.5 million we had in the second quarter last year. Of course, the reduction is explained by lower sales, of course, but also because we have some higher expense during the quarter compared to the same time last year. Our expense for the quarter grew by NOK 5.7 million, whereas NOK 4.2 million of this increase is explained by an accrual related to employer's national insurance contribution, or in Norwegian, [Foreign language], associated with earned options for the second quarter. Our personnel expenses on a general basis has also increased, as we are investing in organic growth through new positions, and especially within the R&D side of the business here. Considering the first half of the year, EBITDA is on NOK 31.8 million, which is similar to what we have experienced the last year.
Also, as with previous cash flow, our cash flow position remains positive, with a change in cash of NOK 13.6 million for the quarter, and we have NOK 36.8 million for the first six months of the year, giving us now a cash balance of NOK 176 million per end of June. As you can see from the graph here, we had a major spike in our cash during the fourth quarter last year. For those of you who don't remember, this is associated with divestment of Biotec BetaGlucans, where we received NOK 70 million at the end of 2020, plus an additional NOK 16 million at the end of first quarter this year. Also, as we have talked about in earlier presentations, we are investing in new premises for the production department.
After the first six months of the year, we have spent around NOK 3.3 million on this project, which includes new equipment and a rebuild of existing premises. I think with this, I will hand it over to Jethro, who will tell us a little bit more about what to expect for the remainder of the year.
Thank you, Børge. Thank you for walking through the financials there and for the outlook. What we want to do is give you some financial guidance here. I think especially with the recent volatility we're seeing in quarterly numbers, it is a bit difficult sometimes for everybody to see where we're going. What we want to do is to give you some context here, to give you some financial expectations and some forward visibility here. Last time we came with financial guidance was back in December 2019, and at the time, we had a goal to reach NOK 100 million in sales revenues by 2023. What we've actually achieved over the last two quarters, we've achieved that NOK 100 million milestone when you take into consideration the last 12 month's sales on a quarterly rolling basis.
If you look to the graph to the right, the two green bars show this. For Q1, when you look at the last 12 months, we achieved NOK 115 million. For Q2, we achieved NOK 103 million for the last 12 months. We're proud that we've managed to achieve that milestone two years earlier than we originally set out to do. Of course, it's also about the future too. For the future, what do we expect? We expect to maintain the last 12 month's revenues above that NOK 100 million on a quarterly rolling basis. This takes into account foreseeing quarterly fluctuations in the business [audio distortion]. Those fluctuations are unavoidable. We're going to see that as part of the business, part of operating as a component supplier and as a B2B supplier.
It is always going to be fluctuations quarterly in our sales. That is unavoidable. Of course, we have factored in also what we expect from the corona situation as that progresses. Long term, when it comes to revenues, we expect the growth to continue in sales. This is leveraged by the inherent momentum we have within the business already. It's also about developing the ongoing customer opportunities also will drive that, as well as new products that we will bring into the mix and all the other initiatives that we have ongoing. The growth trajectory is set already. With that, with annual revenue expectations and our goal for 2021, our goal is to achieve NOK 120 million this year, and that's shown by the gray bar here. For the first six months, we've already had a good start.
We're just over halfway there, with NOK 61.9 million in sales for the first half of the year. I think that is a good place to stop, and we're certainly happy to open up for questions here. Anybody calling in by phone, you can unmute using star six, t hank you.
Hello, Børge and Jethro. It's Peter Östling from Pareto. Can I start with two quick ones?
Please do.
Yep, j ust going back to the last thing that you went through. Firstly, okay, you have reached your 2023 goal already. Why don't you release a new 2023 target? That's my first question. How confident are you with the NOK 120 million in 2021?
Well, we are confident in that, and that's why we're putting that guidance out for 2021. I think the good question is why don't we come out with a new target for 2023? I think what we want to do here, corona situation does make that a little bit difficult. We want to see how that pans out before we come out with something there. I think that's the best answer I can get. We want to see how that levels off and how things are going to be there before we come out with something there.
Okay, j ust a quick follow-up. COVID-related sales was NOK 4.5 million in this quarter. Do you expect it to be on this level or lower going forwards? You don't expect these spikes that you saw in Q2 and Q1, Q2 last year and Q1 this year, if we don't get a new resurgence-
Yes.
... of the pandemic.
Yeah, I think everybody's staring into the crystal ball. As far as we sort of see, it will continue to fluctuate. If you think over the last six months, there's been a rapid change. With what's going on, you're going from lots of testing to people being vaccinated. There's a lot of shifting going on there right now. I think here, as a supplier, we're at the front end of the supply chain. Then we have the people who, the companies that sell the kits and that to the hospitals and clinics and that. I think here, it is a little bit difficult to predict, but we do expect them to continue to fluctuate.
I think through discussions with customers, we see that people are expecting that it will, our customers expect it to flatten off and reach that kind of steady state in about 12 months. With that as well, but what that level is, as mentioned earlier, that is difficult to determine, and hence why I think any guidance we give on COVID would probably end up being wrong. That's why I think the pandemic is an unprecedented thing, and I think it is difficult to predict what that's going to be, i t will reach a steady state.
Yeah, o kay. I jump back in the queue then, t hank you.
Any other questions?
Okay, i t's Peter Östling here again, if it's there. Do you mind if I ask?
Please, fire away, w e appreciate that.
Within therapeutics, this reprioritization that we have seen from your main customers, when it comes to going back to what they did before or more focusing on products related to your products, if you look in the crystal ball, how opaque is that, or what can you say when that sales could come back, or they go back to focusing on the products that they used to do?
We see that sort of starting to come back online. You appreciate these companies, they've had tough decisions to make. Third-party manufacturers have been very important to get some of the vaccines out, particularly RNA vaccines as well, getting those out. Of course, these CMOs have worked and helped get that out. That's the right thing to do. Of course, they've deprioritized things, o f course, they cannot do that. They can't just push away all their work; t hey've got a lot of other customers that they need to support. Of course, they really want to get those projects back online. Certainly, they are building up capacity. Capacity is equipment and people, t hat's what they're working on. They continue manufacturing those vaccines, o f course, that demand will not be there forever.
Of course, they have to protect their other business. Certainly, they're picking those things back up. As mentioned in the presentation we had, one of them is very interesting, because they're manufacturing a third-party virus. Well, actually we can make our own virus. That's what they're doing, and of course, they're interested in using SAN there. It has opened up opportunities for us. Of course, we're also looking at working with new opportunities as well outside of those customers. We are getting new customers in as well for the COVID vaccines. That's just part of the business, so I don't want to just get carried away around COVID. I think that in terms of our business, remember Q2, only 21% of sales was COVID related.
There's 79%, which was non-COVID, and that's important business for us, which we are really wanting to drive as well. I think it's important to put that in perspective as well.
Yeah, o kay. I agree. Let's leave COVID for now and focus on, you released a new version of your SAN enzyme just recently, opening up the market more broadly towards biologicals in general, outside viral vectors. What's the customer interest been within the antibodies or other biologics outside viral vectors so far?
No, w hat we've seen here is, the reason why we developed it is based on feedback from existing customers already, or people who tried it, and it worked for that stage of the workflow, but for downstream processing, that they would like to see some improvements, t hat's what we did. SAN is used to remove contaminating DNA from protein productions at the end of the day, or biomolecules such as viruses, things like that. You can imagine there's many downstream processes that you have, chromatography techniques. That's what we've focused on, is to optimize the enzyme so it can be dropped in any kind of biomanufacturing process for protein production. It fits with all the chromatography, different chromatography things such as HisTrap, ion exchange, size exclusion chromatography, all those different techniques, we made it, so it fits into.
One thing that we've been told a lot; they want a detergent-free solution as well. That's important, we made a formulation of it's detergent-free as well. We made some modifications to the enzyme as well, and of course, that's our trade secrets. We're not going to share what those are. What we've done is we've missed out on; we haven't been able to tap into the broader opportunity that is like the antibodies and the antigen-type business and general enzyme production as well. Certainly, that's what we're reaching now. As mentioned, we're working with a large life science company who are looking to integrate it into all their processes for their protein production, and that includes enzymes and other molecules, antibodies, those types of things as well.
There has been a good publication recently on the use of SAN for cleaning up antigens that are used in diagnostic setting as well. There is a need for these nucleases, and at the end of the day, that's why we have worked on making SAN HQ 2.0, so we can tap into the broader market opportunity there. Hopefully that puts a bit more kind of granularity on some of the technical advantages of this and the broader utility out there and interest.
Okay, thanks, Jethro. I jump back into the queue and let somebody else ask questions.
Can you hear me, Jethro?
Yes, I can, y es.
It's Kenneth Eilersen calling. I heard for the first time you talking about in licensing this time. Can you talk a little bit more about that? I think you mentioned it in connection with therapeutics and gene editing. Can you also talk more about that? Thank you.
Yes, I would. In-licensing is kind of an angle we have not explored before. Yeah, we've gone to look at doing M&A or developing our own, but I think in-licensing another road that we can look at. There are some companies that are sitting there with kind of technologies which we can potentially in-license. When we mean in-licensing, we want to in-license and own the manufacturing and certain rights to how that product is taken to the markets. I think for many other companies out there, that could be a nice win-win situation for us to do that. That's what we want to do in therapeutics, and what we want to do is we want to get to the therapeutics faster. If we try and develop everything from scratch ourselves, that takes a long time.
I think here you have to do things in different ways. Things you develop from scratch yourself, that takes time. In-licensing is one way as well, because sometimes M&A isn't the right option, because there's some companies, it may be one thing you're interested in and not the rest. In-licensing is another good way to get access to those technologies. Of course, M&A is 1/3 approach where the majority of the company is interesting, or there's certain assets that you're interested in. I think we need to open our minds a bit more and explore the different avenues there. I think in the molecular space, for molecular research, molecular diagnostics, that's much more black and white. I think that's much easier to go out and do M&A and do organic growth.
The therapeutics, certainly in-licensing is certainly much more important in that area to use the in-licensing route as well. Hopefully that helps give you some reasons why we want to look at that and why it's come on the table now.
Is there an acquisition on the table for the foreseeable future?
It's certainly something. It's a very good question, and one of the things we are now in what I call going into acquisition mode and that's part of why we did the innovation review is that we want to now go expand the kind of scope for also M&A. We said for a long time we're going to do it, and now we've done that. What we will do now is really go out and ramp up our efforts in the M&A area. We're looking at two areas. One will be the molecular research, molecular diagnostics, and there are kind of targets there that we've had and we've been talking to already. Of course, we want to expand that even further. The therapeutics is something we haven't started to explore until now.
That's something we will now start working on and look in the therapeutic space as well. Now it really is we're going to increase activities and now in that area and really be fully focused in doing something there. The timing's right now. It certainly is. We can now soon be getting on planes and seeing people, and that does really help. If you want to buy some high technology out there, you need to go and see it, and we can start doing that now. We are also going to open our scope into other geographies we weren't looking at before for acquisitions as well. Basically, our scope is going to be much more open than it was before.
I see, i t certainly is exciting to watch.
Yeah.
Thank you for your time.
Thank you, l ikewise.
Oh, unless there are any last questions now, I think we'll basically wrap it up now. Okay, I think we just then we wrap it up, and I think we thank everyone for your participation at this second quarter presentation, and we wish you all a great day.
Okay, t hank you.
Have a great day.
Have a great day, a s mentioned, after we process the video, we will put it on the website as well. Thank you, h ave a great day.