Good morning, and welcome to this investor presentation from Observe Medical and a trading update. We have come a long way since we last had a presentation in August last year, and we would like to give you all some transparency on how far we've come and also, looking into the immediate future in terms of our ambitions and plans. We are going to do this as a presentation. Our CFO, Johan, and I are here, and we'll do this presentation. If there are any questions, please state them in the, in, on the platform, and we will pick them up at the end of this presentation.
We might not be able to answer all questions, but we will try to manage as much as possible, and the rest will be answered in writing after this presentation. Thank you for joining, and let's go into the presentation here. This one is relevant but probably known to most. The important thing also is that this presentation will be shared afterwards, so you will be able to find the details if you need to refresh or share or whatever. In terms of strategic vision, some of you, or maybe a lot, have already been part of the Observe Medical universe for some time and know who we are, and also a little bit about our ambitions. We would like to give you an update on how we see this. We are playing on two major strings.
We are looking at the one strategic string with being our sales of proprietary products, meaning products that are within our own complete control, under our own trademarks, under our own regulatory umbrella. This is where we have come the furthest at the moment, and we are going to show you a little bit about how far we've come. We have also another leg of our strategy, which is to become a preferred partner of innovative companies within the Nordic ecosystems of companies that has ambitions of bringing in new and innovative products into the global platform for MedTech devices. We are working with several companies on that journey. We have not lost any product yet, but that is also an ambition to build that part of our strategy.
What you will see shortly is that there are certain decisions and certain things we have done that has facilitated this ambition to be that we are able to implement this, this ambition. And it has had a lot of impact on our decisions in the last two years. M&A opportunities, yeah, we definitely see that there are opportunities to join parties with some of these companies that we will meet, and we are meeting already. We do not want to dilute the share, but we do see that by combining forces, also from an ownership perspective, will strengthen both companies, both us and the companies we work with. Commercial strategy, progress, and plans. This is the recent past of our company.
We were created in 2019 as a spinoff from the Norwegian pharmaceutical company, Navamedic. In the backpack, we got Sippi, which is an innovative and one-of-a-kind digital urine output measurement system. In the first years, the focus was on that product, launching that product into a global market. We took a lot of steps to go in that direction. Conditions were a bit difficult in the context of COVID, getting access to intensive care units proved to be rather difficult during a COVID situation or actually rather impossible, you could say, because no one was allowed in. We also have to say that we struggled in the context of bringing one product into one country at a time. The journey was long and hard.
Therefore, when the opportunity came later on to bring in the Convatec portfolio to become the platform that we could build our business on, that was our preferred strategy. Before we came to the Convatec journey, we did also make another acquisition on the Biim Ultrasound device, back in 2022. We have been working on that for some time, and we still believe we have a good product. It's still completely, fully commercial, in the context of it is regulatory approved. We are still having conversations with Fresenius Medical Care in terms of them scaling this product. We also have to say progress has been slow and difficult. Therefore, this is not our main priority at the moment.
Coming back to the Convatec acquisition that we made in 2023. Convatec it was, at that point, the global leader within urine output measurement, under the trademark of UnoMeter. They had a number of products in their portfolio. They were doing more or less the same thing as Sippi, but in a mechanical way, where Sippi offers a digital version of the same functionality. The decision was made, let's enter this space because getting access to the trademark, to the product portfolio would actually not only establish a basis for revenue and profit, but also a platform that Sippi could be launched on. Since then, we have launched a number of products. Firstly, two products, the portfolio consisted of three products. We have launched all of them now.
Firstly, the two product, UnoMeter 500 and Abdo-Pressure. They were launched in late 2023. Just recently, in November 2024, we launched the most important product in that portfolio, being the UnoMeter Safeti Plus. Right now, we are driving that product on a global scale into the distribution base that we have established. We do actually see a lot of progress, a lot of positive market feedback that I'll give you more detailed input to in the next slides. This is where we are. Coming back to our two-string strategy, the bottom half here where you see what we define as our scalable platform, we do now have a manufacturing platform established in China with a third party, and they are completely integrated in our quality system.
This is our choice of creating a platform that can bring us into a strong profitability position, and certainly also someone who can deal with many technologies. That is the platform we have created. We have now a competence within product development. We have launched the product that you see there on the top. We do feel that we are capable of bringing in more products, and we have a pipeline that I will show you in a minute that we believe is a strong pipeline that will bring us to the level we need in terms of revenue and profit. Sales and distribution, yes, we have worked with that quite intensively since two years now, two and a half years. We now have sales and distribution in more than 35 countries.
We are building our business on a distribution setup. The status of that is that we are now represented, as I mentioned, in 35 countries. This platform was built on the basis of the Convatec portfolio. Very important for us. That distribution base will definitely also be capable of bringing products from our second leg of our strategy, the, you know, the innovative ecosystem string into a commercial position. Last but absolutely not least, we have now our UnoMeter products under our own regulatory umbrella. All products are listed with Observe Medical as the legal manufacturer, meaning that we are fully in control of these products. We have our own quality system that is managing these products, and therefore we also have that capacity to bring other products under the same quality system. Very important things for us.
We could have chosen sometimes a simpler route, but then we would not have been potentially and expectedly the preferred partner for the second string of our leg of our strategy. In terms of portfolio, we now have a rather complete portfolio and without any comparison, I would say, the strongest portfolio within urine output measurement on a global scale. We have several competitors, obviously, in some of these segments, but none of them having a portfolio like ours and none of them having it as a strategic focus. We are very happy about that position. We are the strongest by far, and the next step for us is definitely to exploit that position. We also have the Biim product, which is still completely regulatory approved.
If we get orders going forward, we could basically execute them. Right now, this is a rather dormant product as we are still in conversations with Fresenius. Our main focus, as we have earlier communicated, is urine output measurement, as we are speaking now. If you look at the market potential that we are reaching out for, we are looking at this one here. You would see on the top here that the market for what we call mechanical urine output system, which is the Convatec portfolio. We are looking at a market size of around NOK 1.5 billion on a global scale.
They consist of two segments, one segment being the product you see on the left there, on the top, which is the way we design our product. A Top Mounted system is, it's often referred to as, we have a market size of around NOK 680 million. The lower part is a product that is the preferred model for the US market and certain Asian markets. Definitely also something we are looking into, but focus right now is on the top one. Totally, we are talking about around NOK 1.5 billion. If you zoom in to the Top Mounted system, the ones that we have, you see that market is around NOK 680 million.
Our part of that, so to speak, that if you take the revenue that Convatec had in 2021 and then adjust that for currency and market pricing, that market was NOK 360 million. Short term, that is our ambition to retake that position that Convatec had of NOK 360 million. The other NOK 319 million as listed here is then competitors. That is definitely also within our scope, obviously. First step is, and has a great potential for us, is to retake the position that Convatec had. Next step for us is definitely still Sippi. Sippi has been on the table for some years, as most of you will know. It was put a little bit on the back burner when the Convatec portfolio became available to us.
We are still having it, part of our, part of our pipeline, and we do intend to launch that product within the next year. The reason why this is important for us is that this product has just a totally different portfolio, sorry, port, opportunity than the mechanical ones are. Let's put it like this. The mechanicals can grow into the usage of mechanical, which has a value of NOK 1.5 billion. If you transfer that into Sippi, fully transferred will have a market potential of NOK 4 billion. That is driven by two things, mostly pricing, because that product offers just much more value, but also because the product consists of a disposable part and a console and an electronic part. Together they form a portfolio of 4 million.
Sippi being extremely strategic for us, and we still have that in clear sight in terms of getting that on the market. This is our journey in taking the position as the global leader within urine output measurement. This is how far we have come on the portfolio side. The three products that we have now launched that you will see, they are the complete Convatec portfolio. When I was referring to the NOK 360 million market that they had in 2021, they represent that opportunity. The latest development here is that we launched the Safeti Plus product. It was launched in November, but first deliveries happened in January. We are now seeing an order intake that is growing by the day or by the week. We are happy with the progress. It is still early times.
We've only been active for two months, but we still have seen a very nice and very satisfying order intake and also deliveries of these products. Our pipeline is also very clear. First priority is to launch an upgrade of the UnoMeter Safeti product, which we call UnoMeter Safeti Max. What that does is actually it takes patent tech technology that was developed when Sippi was developed. It is a solution that can, expectedly, reduce the risk of infections in a patient. That is the key element when you talk about urine output measurement, when you need to protect an intensive care patient from the risk of infection. That product speaks directly into that opportunity.
What you could say here is that if you look at the left side here, the UnoMeter Up, the UnoMeter 500 product that we launched in late 2023, that has, let's say, 10 competitors. If you look at the UnoMeter Safeti Plus, we have one competitor. We would even say that we don't have a competitor because we have a number of elements, both clinical documentation, but also specific features that no one else has. Therefore, we are very confident of this journey. Of course, when we move into the next steps, we are outside of any competition. There is no one out there right now with an electronic urinator that has the same strategic focus as us. No one can offer the same benefits as the Safeti Max. That is a very nice position that we are looking into.
We are talking about a launch of Safeti Max definitely within the year. The same ambitions with Sippi. We are still looking into how much money we can put into the accelerated market launch of Sippi, but that's something we are working on on a daily basis. Far right, you would see what we call also a Safeti Max version, but that is actually the, let's call it the US design. It is the front mounted one. If you remember the presentation or slides a couple of slides back, you would see that there was around a $700 million market for front mounted systems, mechanical systems on U.S., Asian markets. We, of course, want to reach out for that as well. In order to do that, we need the front mounted system.
We have said this is not our first priority because it needs competitive edge. What we see we can give is by adding the ZipCode technology, the infection controlling technology, we can position ourselves well also for that particular market. This is an overview of what are the markets that we are playing into specifically related to the Convatec business that we have taken over now. What you see on the left side here is the market size. It is the actual revenue corrected for currency and market pricing that Convatec had in 2021. They had a revenue, a net sales of NOK 160 million of UnoMeter 500 and Abdo-Pressure. What we are now launching with Safeti Plus is what you see on the right hand side, the NOK 200 million extra market.
If you had the same picture in terms of margin and profitability, that would be even more dominant, the value of the UnoMeter Safeti Plus. Now we have, as I've said a few times, we have full, full, full portfolio to address this NOK 360 million and retake that position that Convatec had only a couple of years ago. Comments on this one here, this is basically what you need when you launch a MedTech device. We have, based on, of course, the knowledge and the experience and the work that Convatec has done in the last 30 years in building the position they had, we are now continuing that journey, basically with the same messages because also, a number of clinical documentation has been created to support those positions that we are building on.
As I mentioned before, when you look at Safeti Plus, that product has clinical documentation and no one else in the market has any clinical documentation. We have clinical documentation that shows how well UnoMeter Safeti performs both in terms of infection control, but also in terms of managing low volume so it can be used for pediatric. There are a number of elements that set us aside compared to the competitors. We definitely have high ambitions to position us back basically to where Convatec was. No one has taken that position. It has also been confirmed now. When you look at how far we've come, the situation is that we, on the 4th of January, received the first shipments of UnoMeter Safeti Plus into Europe, to our warehouse in Gothenburg. Since then, we have started supplying these products.
A number of customers that you will see here, a number of countries with distributors have placed orders for the Safeti Plus, and you will see them here on the left, left hand side. We are quite happy with the reach that we have already made. Actually, we showed the product first in November, but only here in January, we made the first deliveries. We now have an order intake of more than NOK 10 million. That is growing continuously. In the last, since we've made the last announcement, on the last press release on the Norwegian Stock Exchange, we have had the first ever order from France. We've never sold to a French distributor because UnoMeter 500 was historically not a strong product in that market. Safeti Plus was. Now we are back in France.
We took the first order very, very recently. We have taken the first order in Chile. Chile, being a South American country, maybe not seen as the biggest potential, but actually Chile is a, was and will become again a very significant country for us. We are happy about the representation we have now in Chile. We also now have the first Safeti Plus order from the Benelux countries, meaning that right now we are looking at a situation where we have orders on Safeti Plus from 24 countries. Out of those 24, 10 have already placed repeat orders. Why repeat orders is so important is that the common sales process we are looking at here is that our distributors will place orders, normally not major orders in the first steps.
Some of our distributors have done that because they know us from the quality of safety of, of the UnoMeter 500 and the Abdo-Pressure, but most of them will place relatively small orders to start with to go out and test the quality of our product and to start the conversion of customers. What has happened in the market in the last two and a half years is many players have been trying to take the position that Convatec had. No one has succeeded. That is mainly due to functionality. The products have not really performed. I'm talking about the competitor products now. The market for us seems to be still very open. We are getting that confirmed every day because products are being tested with very good results.
We have not yet seen a situation where a distributor has not progressed and are not happy with the results that they are seeing when the products are being tested in the market. Very importantly for us is that when you sell a first order, you get the market confirmation and that drives the next order that is then of a reasonable size. That obviously depends on the size of the country and the distributor. That again gives access to bidding on tenders and it will also give access to converting more and more customers. This is a snowball effect that we are looking into and having an order intake of NOK 10 million after only two months, 2.5 months after we actually were able to show the first final products of the Safeti Plus, we are happy with, very happy with.
What we are looking at right now is that the countries that we are now having received orders from represent 83% of the historic opportunity that Convatec had, or specifically saying that in of the NOK 360 million that Convatec was selling, we are now selling in the geography that covers 83% of that. We have a number of areas or countries that are still in our scope. Australia, New Zealand, and Argentina are the countries that we right now are focusing on. When we take them on, we are getting very close to 10% of the historic market that we have not yet reached out to. These are the countries that we have in focus.
You will see very easily on the donut here on the right hand side that only missing now 17% after 2.5 months is quite satisfying. It is also relatively easy to see which countries are the main focus of our work. U.K., Spain, Germany, and Italy represent the very large majority. Nordics, very important also because it is our home base, but also because they are better positioned in terms of profit on our side. This is our roadmap for further growth. I mentioned already a little bit about what are the challenges that our products are solving at a hospital and patient level. These are the challenges that are listed here.
If you look at infection, for one of them, you're looking at a situation where catheter-associated urinary tract infection is the most common hospital-acquired infection in hospitals. What our product is speaking into is specifically that because when a patient is catheterized and using a urimeter, they are in a high risk of getting such an infection. If you are a ICU intensive care patient, you are vulnerable to additional complications. As you will see on the right hand side, what are the complications if you get a catheter-associated urinary tract? There are some lighter ones, but actually there is increased morbidity and mortality when you're talking about infections of this sort. This is definitely something that is speaking into the users and focus areas.
That is why we have developed the Safeti Max. Actually, also Sippi, that is coming has potential and has specific features that speak into the infection controlling element. In terms of nursing safety and time optimization, using a urimeter is one of the last, if not the last, manual process on an intensive care ward. On an hourly basis, the nurse will go and read the urine output of every patient in the intensive care unit. If your product is able to speak into that and make that process more effective, you would definitely be able to position yourself better, claim market share, but definitely also claim higher prices because that is of course our ambition. If you combine these two elements and look into our portfolio, you would see exactly what Safeti Max and Sippi are speaking into.
Safeti Max is, as I said, an upgrade of the UnoMeter Safeti Plus that we have just launched. We are taking the technology that has been developed, which is patented. It's a coating technology that you will see some indications of here on the right hand side, that has where a PhD has been written on the infection controlling elements on that technology. Right now we are in a situation where this product is actually something we could start manufacturing tomorrow. We have all the manufacturing equipment established. Now we will use the next months to build our claims. We will build our ability to communicate increased value to the end users through the infection controlling journey.
We are now already in process of showing and doing a process that will prove this infection controlling element. We also need to do the regulatory side. It's not been done yet. We've just launched Safeti Plus, which was a tremendous journey for us in terms of resources. We are quite proud that we've done it in such a short time. Now our focus is turning towards the Safeti Max. We expect the launch of this product in the late part of this year. Mainly it is going to be regulatory and clinical claims that will drive the timing of this. As I said, we can launch the product from a physical perspective already tomorrow. We already have products sterilized and everything.
We are starting that clinical test journey very, very shortly. In terms of Sippi, that was actually the product that originally established the foundation for this company. The idea of Sippi is that, as I mentioned before, urine output measurement is one of the last, if not the last, manual processes done in an ICU. Resources are scarce. Resources are very expensive in an intensive care unit. There is an increasing demand, generally speaking, within the clinical world that you are documenting your numbers and the patient journey. More and more hospitals have electronic patients journal that they are, and their demand in terms of documentation on the patient journey is just increasing.
As I mentioned, infection is this, the infection that you can get if you do not use the right urimeter is the most common and potentially fatally for an ICU patient. If you look at Sippi, that product speaks into all three of these elements: data accuracy, risk of infection, and definitely time consuming or time reducing time spent on reading the urine output on an hourly basis. Very important for us to get Sippi back on the road. I would say on a weekly or at least biweekly level, we get the mails and phone calls from hospitals around the world who are very interested in getting access to Sippi because they find it on the net. We have not seen any competitor yet positioning themselves into particularly this segment.
There are a number of companies out there that want to make a urine output measurement device, but that is for more niche kind strategies. Our journey, our ambition is to position this product as a product that will convert the mechanical urimeters to a digital urimeter. That is a different story altogether compared to the competitors we have seen so far. In terms of Biim, already informed during the rights issue out of 2023, this product is a second priority compared to the urine output measurement portfolio.
We are still in a process with Fresenius Medical Care that we've also been for some time, to where they are having a program that will show, hopefully will show seen from our perspective that the benefits of Biim will actually be able to carry a business case that will enable Fresenius Medical Care to scale the use of Biim. Biim is on a daily basis today and tomorrow and whatever is being used on around 270 clinics-280 clinics, from Fresenius on Fresenius clinics in the U.S. They are very happy with the use of it. They have not scaled it yet into the remaining 2,500 clinics they have because they have not seen the data.
Right now they have just completed a pilot study here in December that showed, that indicated that there are a number of positive drivers of such a decision. Nevertheless, not strong enough for them to make a short-term decision on implementing it. They are continuing that journey into the next six months where they will be continuing to lock data to see if that development continues to increase and thereby creating the foundation for a scaling. We have been on that journey for quite some time and we have had only very limited investments within this portfolio. As you will also have seen in the interim report that we published on the 18th of March, we have taken down the value of Biim quite significantly due to that situation we are looking into.
It is still fully regulatory approved. We can establish or reestablish the manufacturing if we want to, within a reasonable timeframe. Right now this is not the scope of our short-term business strategy. That can change of course if Fresenius gets into a position that they will accelerate. That is not what we see right now. All right, I'll leave the floor to Johan, our CFO. There you are.
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Thank you, thank you, Johan. Yes, rounding this off, we will, I'll try to do a summary of how we see, the how far we've come on our journey and what we've been able to create, in the last, two years. And, also give you a little bit, a summary in terms of, our vision, our summary of on our vision side, ambition side.
Repeating, we are now in a situation where we have a fully scalable platform. That means we have a, fully integrated third-party manufacturing platform placed in , on a platform that is extremely effective, supporting our ambition to become cash positive, strongly, have a strong bottom line. That is, has been established now. It has not been an easy journey, and we've spent time that we could have, we could have cut some corners, if we had not had the strategy we have of, of also bringing in third-party products in our portfolio, and, and through our distribution. We've taken the, taken the time to do this right, basically to, to have the right platform to move, to move us forward.
We are also having a situation where we have capabilities and also a history of our ability to launch, a lot to do product development. We have taken several products now to market, and we do feel that this is a capacity that we have going forward. Absolutely a strong point for us now is our distribution platform. We are selling our products. You may remember 24 countries I mentioned on Safeti Plus. Remember that is specifically on Safeti Plus. If you then add where we are already selling UnoMeter 500 and Abdo-Pressure, we are above 35 countries where we are selling the UnoMeter branded products. This is a platform that very few companies have after only two years of commercial operation.
Of course, when you look at these, you know, our future platform, but definitely also the second string of our strategy, this is something very few companies have. They normally are looking at a situation where they have to bring their products into a distribution platform country by country, a standalone product. That is a very difficult, very expensive, very slow progress. We can offer a much faster and much more direct approach on that. Quality and regulatory is also a capability that is absolutely key within our industry. If you do not manage or master this particular competency, you are not really in the game. As we have done also there, taking some, or say not taking some shortcuts. Most of our competitors are not the legal manufacturer of these products. They use their manufacturing platform, which are always in China, their regulatory platform.
We have chosen not to take that journey. We want to be able to manage regulatory and quality. Otherwise, we will not be able to deliver on our strategy. We have launched the products and we have launched them within a short, within a narrow frame, within the timeline. We have communicated, and we have now reestablished the full Convatec portfolio that in 2021 had a revenue of NOK 360 million in today's currency and price. We are now chewing into that market opportunity and have come some way, some way after two and a half months. We are happy with the progress. We want to accelerate that in the next year and years, as you saw from the numbers Johan showed you a minute ago. We are in this ongoing market penetration.
As I said, we are now represented in 83% of the countries that generated the NOK 360 million. We have delivered products to many, many of these because first products arrived on the 4th of January. We've taken in orders of more than NOK 10 million. We've seen even smaller countries delivering significant orders that reflects the market potential. This is an accelerating journey we're looking into. Not least, we do see that we have a very specific and patented, or a pipeline where we are speaking into the most significant challenges within this market segment, the infection controlling elements, but also time effectiveness elements with this pipeline we have. Short term, as we put it here, we are launching a product that will take us into a position with no competition.
Price is always a competition, and that is what we need to build our claims on, on the fact that we have to be able to communicate the value to our, our end users that, that this product offers superior value compared to our competitors. Otherwise, we would not, of course, be able to communicate and take the price we want on the Safeti Max. We do believe that we have the foundation to do that. With that, I conclude here by the presentation and we can take a number of questions. Let's do that.
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Yeah, I think that's the million dollar question these days, isn't it? Difficult to answer. I think everyone will appreciate, in terms of what exactly is going to happen in the future. I think that I would use history as a guide here. The fact is that, even under the sanctions of the Ukraine-Russia war, MedTech devices were not included in those sanctions. MedTech devices like this one here, where you are treating terminally or, you know, critically ill patients are normally not included.
That's also what we saw when Trump implemented his newest tariffs. They did not include MedTech devices. In that context, and as most costs within our MedTech world are paid by the systems of the countries, meaning the governments' budgets, they are normally not a part of the scope of those tariffs. Obviously, this is not a guarantee or anything, but I think that if you want to be anywhere in the world that we're looking at right now, I would be in the MedTech world.
We have a question about if Convatec is still in business or have competitors taken market share.
Yeah, the short version about the Convatec world is that they , Convatec, in 2022, transferred the manufacturing of this portfolio and a lot of other products in what is called within their intensive care range, to a manufacturing platform in Belarus. As we all know, shortly after, in the early, early parts of 2023, the Ukraine-Russia war broke out and that led to Convatec being forced into closing down the manufacturing plant. No raw materials, no, no ability to operate that manufacturing plant. That meant that they stopped completely manufacturing within only a few months. Therefore, Convatec is not part of this game anymore. They transferred that to us and they are not in the game. They are not competing and they can't compete either because that's the agreement we have.
We have, of course, when a 50+% market share holder like Convatec steps out, an element of chaos erupts. In this case, it was a more or less complete chaos because that was more than, it was like 55% of the volume that were sold into this particular segment. That has meant a number of competitors have stepped in and there are basically two segments here. There are the larger industrial players out there that already had products, similar, or at least you measuring your input. They have scaled up their manufacturing and a number of smaller players have come in, because the opportunity was there. What we have seen and have now confirmed also is that none of these have, first of all, this as a strategic focus.
Secondly, the products they have brought into this segment have not performed. It has not performed at all at the same level as the Convatec product, the UnoMeter Safeti Plus, particularly because that offers both significantly better practical usage and also infection protection. Even though two and a half years has passed, no one has taken that position on the high quality segment. That is where we are going in. We are seeing continuously that the comments are coming back. The products that are out there are not performing as the markets are expecting based on the previous performance of UnoMeter Safeti Plus.
We have a question about Biim. Why are we only focusing on Fresenius Medical Care? What's the backup plan if Fresenius will not continue the cooperation?
The reason why Fresenius has been in particular focus is because the technology of Biim means that it has perfect application performance within this particular market segment. This is the dialysis segment and the technology that Biim is offering fits perfectly into the use of this particular segment. That was the starting point of focusing on that segment. Why has it not been expanded into other areas? I think the reason is because Fresenius had, we, a contract was made, progress was made, a lot of lights were green, everything was going in the right direction. At a certain point, Fresenius came into a situation during COVID where they lost a small portion of their patients. They simply died, unfortunately.
That meant that the clinics in the U.S., went from profit creating to losing money. That journey for Fresenius meant that their, let's say, scrutiny in terms of what they wanted to do and what they had money to do in terms of investment, changed. That perspective changed quite radically during that. Since then, they've changed the management, top management, but also the management team that is managing this. Starting point, perfect match in terms of usage, very good progress with Fresenius. Then suddenly Fresenius took a turn and we were sort of left a little bit on the wrong foot also from a financial position, of scaling this into other areas.
Okay. We have a question about today's stock exchange notice. Could you elaborate more on the debt restructuring negotiations?
Yeah, as the announcement said, we are now in a situation where we have agreements made with the two major parties that, that where we have a debt being Navamedic and Convatec. They have certain conditions on them in terms of how much money that can be raised in going forward in order to secure a viable platform. Those agreements are now, have been made in full agreement and have been completed. There are conditions attached to them. That is where we are. We have other debt in our balance sheet. We are, let's say, next step for us, as also the announcement said, will be to address our situation on debt with the remaining parties where we have debt.
I think the first focus for us has been we need to manage the big ones, then we can drive those results into the smaller depth holders for us. That is where we are. Maybe a comment there on the Convatec agreement also. This is a detail, but an extremely deep, important detail for us. The original plan or the original agreement with Convatec was that the full ownership and rights of the UnoMeter trademarks were transferred to us when the full payment was completed. We have been very much focused on the fact that we need to be in control of our own destiny also on that point.
In the new agreement we have with Convatec, it is now clear that when the first installment of the debt is paid, which expectedly will happen in the near future, full rights of all the intellectual properties that is part of that deal is transferred to us. Important for us in terms of creating value within the company, but also being fully in control of our own destiny.
There is also a question about a potential new equity issue. Jørgen, I don't know, you can elaborate a bit on that.
Yes, we can. I think the announcement was also alluding to a little bit on that point. I think that what we are saying here is that our situation is that we are now with our board, discussing intensively what the next steps are to establish a capital situation that will enable us to execute on our growth ambitions. Those conversations are ongoing and have not been concluded at the current time. That will have to wait a little while before we can be a 100% clear on that.
Okay. I think that is what we can manage today. If there are any more questions, you are welcome to send them in and we will answer them by email or phone.
Yes. Do not hesitate to reach out, mailwise or phonewise if there are additional questions or comments. We would definitely try to answer all of them. Finally, we would like to thank you for joining this session. Thank you for your support in the times before and also hopefully in the time ahead of us. I think, as I said, we've taken some very tough decisions. We've really worked hard in establishing where we are now. Our position here, Johan and mine, is that the very difficult part of the journey has been now completed. We have products in the markets. We have a platform that we can launch additional products on. We are quite optimistic in terms of the fact that we can now scale this business. Hopefully, we'll be seeing you also in the future, with your support going forward.
Thank you very much again for joining and talk to you soon.