Welcome to ContextVision and to the presentation of our Q3 results. Today, with Richard, the CFO, and myself, Gerald, the CEO. On the agenda today, we'll have a brief overview on the business, go into the financial developments, and round off with a summary and outlook. Let's have a look into the overview of the Q3 2024. We continue integration journeys with our customers. We're full steam ahead in our image quality business in sustaining product developments, but also expanding our product portfolio. We've executed a reorganization mainly to strengthen our marketing and product management teams. And in Data Quality and Focus, we're executing our roadmap towards the new product pipeline. The financial results for the third quarter, net sales came in at SEK 30.1 million, which is an 8.1% decrease compared to last year.
Adjusted EBITDA, so that's adjusted for our investments into the Focus business, came in at SEK 11.4 million , or 37.9% EBITDA. The operating result came in at 9.3 million SEK and the respective margin of 31.6%. For year to date, so nine months in summary, we're doing pretty well on net sales with SEK 96.5 million compared to 99 last year. Adjusted EBITDA came in at SEK 34.4 million , or 35.7% adjusted EBITDA. In summary, those numbers reflect quite a continuation of our top-line growth, now trailing at our target of SEK 130 million top line and 32% Adjusted EBITDA. Keep in mind that we started investing into our Focus venture in Q4 2023, and figures shown are adjusted as of Q4 2023, respectively. The second significant event in the long run to keep in mind is the spin-off of Inify Laboratories in Q1 2022.
So overall, both on top and bottom line, very positive developments. And again, the decrease in EBITDA in the last two quarters is as expected as we invested in both our Data Quality as well as our Image Quality business. Now let's go a little bit deeper into operational highlights for the third quarter. As mentioned, the collaboration with customers both in the U.S. and in North America is continuing. I'm actually just back from a trip to Asia, and it was pretty impressive to see the market dynamics, especially in China despite economic headwinds and despite increasing competition in the Western market. Pretty impressive the feedback also both from existing customers as well as new customers on our plans to expand our Image Quality portfolio along the image chain. And also the step into Data Quality has been much appreciated.
So a pretty interesting outlook from that side of the world. More internally, we have executed a reorganization in the third quarter. We have reduced the leadership team to five executives, including myself, and we have strengthened both our product management as well as our marketing organization, now with product marketing emphasized and closer to sales, and product marketing strengthened under the leadership of our Service and Product, Chief Officer. Looking into Data Quality and Focus, we execute the product development along the roadmap. As you know, those are going to be a series of products for organ-specific applications, and we're also having pretty good progress on the partnership agreement. We're in contracting phase. As I mentioned in the last webcast, we've skipped the letter of intent phase and jumped right into contracting, and we're seeing pretty good progress on that aspect as well.
Now, having that said, I think it's good to dive deeper into the financials.
Thank you, Gerald. Looking at our sales development, it was a decline of 8% compared to quarter three of last year. We reached SEK 30.1 million this quarter, and the decrease is mainly explained by non-recurring sales of services and licenses of a product last year we decided not to market. The total of this non-recurring sale was SEK 4.7 million, and SEK 2.9 million of these were attributable to quarter three of last year. The FX effect in this quarter was a positive 1.6%. As Gerald mentioned previously, revenues from new customers take time, but we are expecting initial revenues from newly signed customers by the end of this year. Year to date, we're slightly down from the same period of last year, but last year was in many aspects a very favorable year.
Even though market dynamics may fluctuate during the way forward in the long run, we are definitely on the right track. Now, looking at our profitability, our EBITDA adjusted for investment and Focus came in at SEK 11.4 million with an Adjusted EBITDA margin of 37.9%. The main reason for the decline in profitability compared to quarter three of last year is due to generally higher cost structure in terms of personnel, consultant, and admin costs. This is also a result of our ramp-up to reach higher growth in the future. Other factors to keep in mind is that the transactional FX affected us with a negative SEK 0.4 million this quarter and that we did not capitalize any costs either this quarter.
To refer to Gerald again, we are working hard on product development, doing investment that we do believe will take us to both higher growth and profitability in the long run. Now, looking at our cash flow and financial position, our cash flow came in at SEK 0.4 million, a lot lower this quarter compared to quarter three of last year due to several reasons. Partly, it is because of our lower operating result, but it can also be explained by supplementary tax paid in quarter three, as well as an advanced rent payment for an office relocation summing up to SEK 4.9 million. As you can see, there was a dividend of SEK 23.2 million last year. However, our net cash position is strong at SEK 77 million, giving us a good potential to keep investing in growth in both Image and Data Quality.
Cash flow going forward, we have a good cash position of SEK 77 million. This gives us room to continue investing in both Image Quality and Data Quality , as well as to look for other growth opportunities. To increase shareholder value in the short run, however, a share buyback program is proposed for the upcoming AGM. We see this as a good alternative at this point, and going forward, we will have a flexible but not static approach in this matter. To sum up, we have a strong cash position that makes it possible to distribute shareholder value in the short run while also investing heavily into our future growth.
Thank you, Richard. Let's round off with a summary and a brief outlook ahead. We continue integrating our software with new customers as we continue winning new customers. We continue investing into our product portfolio, both in sustainable as well as into new features and products in image quality and Data Quality . We're building the right organization to be fit for growth, and we're expecting a key partnership to be signed before the end of the year regarding our Focus efforts. So we'll continue to invest and leverage the growth potential that we see. Thank you for today.
Thank you.