Good morning and welcome, everyone, to the AddLife Fourth Quarter Presentation. We will take you through today an overview of the quarter and the outlook for the future. And then, after, of course, the presentation, we will have a Q&A session. But as usual, we have recorded a great video of a company within the group, and this time around it's Triolab. So I encourage you all to stay on to watch that video of a fantastic company within the Labtech business area. AddLife was able to finish 2024 in a very strong way. The companies performed really well, driven by healthy customer demand, but also a diligent work on the business fundamentals, improving efficiency and profitability continuously. And this is, again, an important piece of the AddLife DNA. Sales increased by 11%, quite healthy development. Organic and currency adjusted, the growth was 9%.
In Labtech, we saw strong instrument sales after a bit of a weakness in Q3 2024, and also a very healthy invoicing and sales development in Eastern Europe. On the Medtech side, we saw strong development in multiple countries, and the positive margin trend really continues in a very good way. This means that we were able to increase the EBITDA by 24%, reaching 12.3% EBITDA margin, which represents a significant improvement over last year. The profitability improvements initiatives that we have ongoing in multiple parts of the group and in multiple companies are progressing very, very well, and we can see the results of that in the numbers in this quarter. The cash flow improved significantly by almost 50%, reaching almost SEK 700 million in cash flow in the fourth quarter, enabling us to reduce debt in a significant way.
So with that, we will move on, and Christina, I will take you through a summary of the company financials. So welcome, Christina.
Thank you, Fredrik. So sales growth was 11%, with strong organic growth of 9%. Acquired growth was 1%. Medtech organic growth was 11%, and Labtech was 6%. The acquired growth comes from Labtech and acquisition of Bonsai Lab. Our company has, throughout this year, worked diligently with defending the gross margins. This has been done via price increases, but also by working with the product mix. And the addition of new advanced high-margin products is one component when working with the product mix. OpEx increased slightly, 1.5%, impacted positively by the closure of Camanio. This quarter, we had less capitalized R&D in the other income and expenses compared to last year. Financial net, and looking specifically at the interest cost, that has gone down. So it's now SEK 30 million compared to SEK 77 million last year. We did have a negative impact in the financial net by currency.
Last year, we had a gain while we had a loss this year. Looking at last year's EBITDA, that included some extraordinary items. We had a reversal of contingent consideration that was a positive thing, but also we had restructuring costs related to Camanio and AddVision. When we talk about adjusted EBITDA, we have excluded those two. Also, last year included a write-down of intangible assets. So summarizing and looking at adjusted EBITDA, we saw a growth of 33%. The EBITDA margin was 12.3% compared to 10.2% last year. We ended the year with a very strong EBITDA margin, 12.3% in the fourth quarter. Looking at the full year, the EBITDA margin was 11.3% compared to 10.5% last year. Also, the profit expansion, or the EBITDA growth, was 14%.
That is just below our financial target of 15%, and that is despite the fact that we have only done limited acquisitions, one, this year. Fourth quarter is normally the strongest when it comes to operating cash flow. This year was not an exception. We had almost SEK 700 million in operating cash flow. If you look at the accumulated operating cash flow, we achieved about SEK 1 billion in 2024, which is higher compared to last year. Also, looking at the cash conversion, that has improved, and right now, we are at the highest level excluding the COVID years. This has been done via a continued focus on inventory reduction and working capital efficiency in general. With that strong operating cash flow, that, of course, comes from the increased EBITDA, but also via positive working capital, and this was achieved even though we had strong organic growth.
The companies worked hard with collecting account receivables and also lowering the inventory. With a strong operating cash flow, we could pay off debt with SEK 450 million in the quarter. Net debt decreased in the quarter, of course, with the repayment of the net debt of the bank debts, but we had the negative impact from FX since the majority of the loans are in euro. With the strong EBITDA development and also a decrease of net debt, the leverage was 3.2% in the quarter. Net debt to equity ratio was just below the internal guidance and ended on 0.9. As said previously, debt is to be reduced via self-generated cash flow. The interest rate in the quarter was 5.3%, lower than last quarter, which was 5.7%.
Interest cost is expected to continue to come down with the recent interest rate cuts that have been communicated by ECB. For the coming two quarters now, we will see the interest rate going down. We have two caveats. Interest coverage ratio should be above 4%. It was 5.5% in the quarter, increased since last quarter. Equity ratio should be about 25%, and that was 41% in the quarter. With that, I hand over to Fredrik again.
Thank you, Christina, for taking us through a nice set of financials. Now we dive into a little bit of an overview of what happened in the different business areas, starting with Labtech, of course. Organic currency adjusted growth was 6% in this business area, and acquired growth was 3%. This is, of course, linked to the Bonsai Lab acquisition, which we did in the third quarter of 2024. This remains a very successful acquisition, growing very healthily with strong margins. Very pleased with that. The activity in diagnostics and pharma, as previously communicated, that remains very high and very healthy. We have also seen a slight weakness or hesitation, perhaps, in the academic research field. That seems to have improved somewhat in the fourth quarter. A healthy, positive development there.
This led to we had really good instrument sales in the quarter, a significant improvement over Q3. So very healthy development there. We saw a lot of deliveries related to recently won tenders that we talked about in Q3, and also finally completing a number of customer projects that we have been working on for multiple quarters now. We also saw a very nice and healthy growth in Eastern Europe, similar to what we saw in last year. So that meant that we were able to finish the year at 14.1% EBITDA margin, very high, but not quite as high as the fantastic fourth quarter of 2023. So moving on to the Medtech business area, we had a very nice growth of 11%. So this is driven really by a broad, strong performance across all the companies within the group. This was driven by expanding product portfolios.
Multiple companies have been taking initiatives to grow into new segments, and successfully so. And now we're seeing the results of that. We are also able to take market share driven by this strong product portfolio, of course, in combination, as always, with our very strong service provision. Patient waiting lists have not really come down in the fourth quarter. This can be a driver for us, but in this fourth quarter, they didn't really come down. So that means there's still a lot of patients waiting for surgical procedures, and this is expected to have a positive effect for us in 2025. And the reason is probably mostly because of the staffing shortage that we see in the healthcare system, really across all the countries in Europe.
Also important to note that in December, of course, we had fewer operating days compared to last year because of the Christmas holidays. The EBITDA strengthened to 11.6%, which is a significant improvement over last year. And this is driven by healthy development in high-margin segments, but also, of course, efficiency improvement initiatives that we have been taking on, and that are ongoing in multiple companies. Most notably, of course, in AddVision, where we have taken some important steps during the quarter. And I feel confident in saying that we are on the right track here. We have taken probably all the major steps that we need to make. And now, since a couple of quarters, the main focus is indeed on commercial development, driving the right product portfolio, training our teams, training our customers, and focusing on the segments where we can make a difference. So positive development there.
Camanio was indeed closed in the fourth quarter as planned. So now, as we had expected, costs are completely out in the fourth quarter. And this is a significant improvement for us. As many of you know, this represents about SEK 60 million on an annual basis on the cost line, but also SEK 90 million, roughly, in improvement in cash flow on an annual basis. So significant improvement there. So moving forward, the priorities we established back in 2023 will remain in 2025 again. And that is to protect and improve profit, to drive organic growth, to improve cash flow, and finally, to drive acquisition in a selective way. I think it's fair to say that we have made solid improvements in all these areas, meaning that we can now increase the activity when it comes to acquisitions, in line with our updated strategy and our evolved processes.
So a little bit of a look on market trends might be useful as we enter a new year. We talked about significant waiting lists, and that will mean increased demand for surgical procedures. So this needs to happen. The people and patients waiting for surgical procedures are often in pain. So this needs to be addressed, and we think it will be, but it will take time. And we will be able to support the healthcare system with that, and this will help our growth going forward. But again, a long-term effect. Staffing shortage is an issue in the healthcare systems across Europe. And here we can actually contribute by offering time and resource-saving products combined with a strong service offering as well. So this can really help the healthcare system to become more efficient.
We'll talk more about that when it comes to the technology side of it. In 2024, we saw some healthcare budget constraints, I guess, as the healthcare systems were adjusting after COVID and so on. We do think that this situation will improve in 2025. We see in multiple countries very targeted and clearly communicated improvement efforts, new resources and funding being put into the healthcare systems. And again, value and productivity to get the most out of these resources will be critical. And here we can certainly help as a company. Finally, large companies in the Medtech and Labtech space are indeed updating their go-to-market strategies and focusing more on narrowing the portfolios and even pulling back from some markets. This offers opportunities for us where we can take on new product portfolios and increase the market share.
Moving on, of course, we are all seeing a bit of a turbulence in the world market right now and the risk of global trade disruptions. This is something that we are keenly aware of, but also something that we feel we are well positioned to handle. As many of you know, our business is primarily in Europe. Actually, more than 90% of our sales are in Europe. When it comes to supply, more than 80% of our products are indeed sourced within Europe, 9% in North America, and 7% from Asia. This means that we have limited exposure to the disruptions that we are seeing happening right now. In addition to these general market trends that we have discussed, I also want to highlight three quite exciting technology trends that we stand to benefit from.
The first one is next-generation sequencing, a technology that's been around for some time in the area of research, but now increasingly moving forward into diagnostics, also an area of strength for us. This market is growing at around 20% per year. We have a fantastic range of suppliers in this field, and we can build on that to drive that business further and also grow it through acquisition like we did with Bonsai Lab. Another area, which is quite exciting, is robotic surgery. Here we expect the growth of around 15%-20% going forward, and we are right now building our portfolio of products and in discussions with a broad range of very competent technology suppliers. This is an area where new technology is rapidly being brought to market, offering to improve clinical outcomes and reduce reliance on staffing.
So this is very exciting, and I think we are well positioned to benefit from this technology trend. And finally, artificial intelligence, which is an interesting area for the healthcare system as a whole. Here we have seen proven improvements in diagnostic accuracy and healthcare efficiency. We have a number of collaboration partners in this field already, and we can base that on our strong customer relationships, on our thorough understanding of hospital procurement systems and the unique combination of software products and services. So to wrap up this presentation, I think it's fair to say that the companies in the group finished the year in a strong way. And I really want to congratulate all our team members to a tremendous job. You have done a fantastic job throughout the year and finished it in a very strong way. So well done. Thank you, team.
Profitability improvement initiatives are progressing well, and we are seeing the effects in the numbers, which is great. The cash flow improvement initiatives are also yielding results. And this is the effect of diligent work across many companies to really improve the processes that we have in a very, very structured way. So with this, that we have improved profitability and also been able to increase the cash flow, we have been able to reduce debt. And this gives us the confidence to continue with the acquisition activities that we have been planning for quite some time now. So we will gradually increase our acquisition activity during 2025 in line with the previously communicated strategy. And I also want to say that during the month of January, I've been able to travel quite a bit and meet with many companies within the group.
I'm really impressed with everyone that we have in the team, fantastic customer relationships, and solid plans for 2025. With this, I can confidently say that we look forward with confidence to a strong 2025. Thank you very much for listening into this presentation. Now we open up for the Q&A.
All right. Hello and good morning, everyone. I think we are ready now for questions. Please raise your hand, and then don't forget to unmute as we move forward. I guess we start with Charles here, right? Hello, Charles. Can you hear us?
Hi. Yes. Yes, I can. Thank you very much. It took a while to unmute. Sorry about that. Thank you for the presentation. A few questions, if I can, just touching on the various different divisions.
First of all, on the laboratory side, it has been reasonably widely reported that the larger equipment or demand for larger equipment, sort of CapEx rather than consumables, has been quite weak over the last year or two. You've obviously reported a strong result. Do you see that environment changing, or is that remaining an area of pressure?
Well, I think the large investment, there might be a little bit of a subdued sentiment there. But it's also important to note that our equipment oftentimes is not the biggest in terms of size and price, so to speak. So this may be worse for larger types of investments. We have seen a little bit of hesitancy, as we talked about in the past, in primarily academic research. I think it's fair to say that it has eased a little bit.
The challenges are not over, but it's eased a little bit. I think we saw signs of in the fourth quarter here, and also the instrument sales that we saw was quite healthy for us in the quarter. That was also linked to what we talked about in the third quarter, new tenders that we won and projects that we had been working on for some time now and that we were expecting to finish before the end of the year, and that also happened to a large extent, as expected, so maybe a little bit lighter environment there. Not a dramatic shift, but a little bit lighter, but I think you probably need to differentiate a little bit between the really, really big production-oriented investments versus the smaller, more research-oriented ones.
Okay. Helpful. Thank you.
On the Medtech side, you said it was, I mean, it was a really good growth number. You said it was very broad-based. It's difficult, therefore, to obviously pick out areas of strength, but you said it was broad-based across portfolios. Is there any way that you can sort of highlight areas that are stronger, for example, sort of bigger ticket items or smaller or particular countries? Anything to give us a flavor of what's happening there?
Yeah, I think we can say something around that. It was a broad-based improvement. Pretty much all our companies did really well this quarter. Some things stand out. U.K., Ireland, Spain, Portugal doing extremely well. We're quite happy with that.
These are our new home markets right since a couple of years and where we made some significant acquisitions that have done a fantastic job growing the business. Very impressive. It is broad-based. Orthopedics and surgery stand out perhaps a little bit extra. I'm also pleased to note that we were growing very strongly in Germany thanks to the companies we have active there that are taking market share. So that's very good. It's not an easy market, Germany, per se, but I think our team has done a tremendous job there. So that's another highlight and in Scandinavia, I think we have fantastic positions and continuing to grow in a steady way and strengthening the margins as well.
Thank you.
Christina?
No, I think you mentioned the strongest countries.
Yeah.
Thank you. Just one more, if I can squeeze it in.
On the sequencing side, you highlighted that as a potential growth driver. Can I just check? Is it more on the sort of sample prep and consumables side that you operate, or do you have any relationships with any of the sequencing companies themselves?
It's all of the above. So it's sample prep, these reagents, but we also provide instruments. We have a relationship with a few key instrument suppliers.
Sorry, is that in the automation phase or the actual NGS?
The actual NGS. Yeah. Yeah.
Can you say which ones?
Yeah. Well, we prefer not to. We have a lot of suppliers, but many of the big names that you will recognize.
Okay. Thank you.
Thank you. Okay. So thanks, Charles. So we'll move on with the list here. So we have Karl raising your hand. So please don't forget to unmute. Hi, Karl. Can you hear us?
Hi. Yes.
Can you hear me now?
Yes. Yes. Perfect. So I have a question on the organic growth within med tech. I mean, it's been quite strong here in Q4. And you say that you expect continued improvement of the, what do you say, of the surgery activity going into 2025. And I think for the full year, med tech grew 7% organically this year. I mean, should we expect kind of similar growth for 2025, or how do you see it within the med tech side?
Yeah. We're always cautious when it comes to outlook and put numbers to it. But I think the message here, I think we don't see a major shift or change in the trends. The trends that we have been seeing throughout 2024 remain.
What we can say is that these waiting lists that have been not really moving in the fourth quarter, they should be addressed. They will be addressed most likely because we have seen quite clear statements from many governments and also with the funds attached to those strong statements of ambition to reduce the waiting list. So I think there will be investments made during 2025. I think that's fair to say. But I don't want to give kind of a number or a range, but the trends persist. And I think our companies are doing a good job. They're well positioned.
Yeah. Clear. And just on the U.K. there, I mean, it came back here in the fourth quarter after a weaker Q3. I mean, new budgets are going into 2025 for the NHS.
So I was wondering what you're hearing and maybe what do you expect in your largest market?
Yeah. I mean, it's a big market, and we have a fantastic team there. And of course, with the new government, it's becoming a little bit more detailed now, only recently, exactly what the initiatives will be. And there is an investment in new capacity. There is also the commitment to use the private sector to handle certain types of surgical procedures. So that is getting more firm how it's going to happen. So I think we will start to see some effects of that in 2025. I think that's reasonable. And then, of course, we have the final quarter of the fiscal year with NHS here in Q1. So that will be also normally a positive for us.
Yeah. That's good.
Then just a question on the number of employees or the cost base, I guess, because I noticed that you have around 100 less employees going out of Q4 versus when you enter the quarter. And I guess some of that relates to the winding down of Camanio. But I'm wondering, is there anything else there that is impacting or?
Yeah. No, you're absolutely right, Karl. And Camanio, of course, is one factor. Then AddVision and the fact that we closed down the headquarters last year as well. But then it's more, I would say, shifts between the companies. Some leave, some come, and there might be just between the quarters that there are differences.
Yeah. And then a final one from me before I jump in the queue is on the working capital side.
I mean, it looks like working capital to sales has come down a bit now. I mean, is it fair or can you improve that even more going forward, do you think, or what should we expect?
Want to answer that?
I think that we are at a good level, I think, right now. And looking at the cash conversion, that is an all-time high. So we've done a great job with that. But that is also part of our business model to work with that continuously. So the work will continue, of course. And there's always things to be done on that area.
Yeah. Well, we will say that the companies have done a fantastic job here. They've taken on this challenge, which is for some companies represent a different way of working, but they've taken it on in a diligent and structured way.
And we see gradual improvement step by step. So that's great. So we will continue to focus on that, for sure.
Yeah. Good. That's all for me. Thank you.
Thank you, Karl. Thank you, Charles. And so we have Ulrik as well, right? So let's connect Ulrik here and don't forget to unmute, Ulrik.
Hi. Hopefully, you can hear me. Good morning, Christina. Yes, we can. Good morning. Good morning. Great. A few questions on my end. Starting off with Medtech. It now sounds like you are focusing more on growth and less on improving the profitability. Can you just give us sort of, is that a fair assumption to begin with? And what should be expected in terms of the margin for that segment going forward on the balance of growth versus margins?
Yeah.
So I think we have worked, as you well know, on a few companies where we've had some challenges. And there we have reduced costs significantly and so on. So your impression that most of that work is done, I think that is correct. That doesn't mean, however, that we let go of the margin focus. We always try to do that. So what I think we can expect going forward is indeed investment and continued successful initiatives to grow the business and expand the portfolio into segments that are quite attractive in terms of profitability as well. So this continuous evolution of the portfolio towards more advanced and more high-margin products will continue. But I think the more drastic cost reduction and letting go and this continuing unprofitable businesses, that bigger part of that work is probably done. So more growth, more evolution into more high-margin products.
That's what we will be focusing on. And your final question there, what should we expect in terms of margins going forward? I prefer not to answer that at this point in time. I think we have had a time where we were in the range of 8-10 in the Medtech business area. Now, I think we have been clearly improving that. Some of these things we've been talking about for some time now, how not really materialized in the numbers such as the Camanio shutdown and so on. So we should be better than that going forward. Yeah.
Okay. Great. And you talked about a global trend or sort of a trend on the manufacturing side focusing less on direct sales and more on their product development. Is this a product-wide trend, you would say?
Does this also tie into your focus on focusing more on higher-margin products versus sort of lesser-margin products? And how does this play into sort of that entire thesis?
I think that is a common theme I see. We see all major manufacturers acting in a similar way, both on the Medtech side as well as Labtech. So I think it is a common trend. And we see multiple examples of it continuously, so to speak. So that means for us an opportunity to take on new product lines, which can be with attractive margins. So that's good. And it may also mean that some competitors withdraw from some markets and we can take market share. So it is a positive trend, and we can form good relationships and good partnerships with some of the leading suppliers in the world. So that's exciting.
So that trend is there, and we think it will continue. And it will help us in our effort to bring new advanced products to the market. But we also combine that, as you well know, with smaller and new challenger type of companies that bring new and exciting technology to the market. So it's a combination.
Yeah. And since we were new products to the market, and you highlight robotic surgery, there aren't that many companies on the European market with regulatory approval: CMR, Medtronic, Intuitive. Have you sort of a—I know that you don't want to talk about supplier names, but would you call it that you have more than one of the manufacturers that you distribute, or have you sort of doubled down on a certain player?
Yeah. We have multiple companies that we actively work with.
So there's a lot of, when we talk about that, there are a lot of examples of companies that we are already working with. But it is a market, if you will, in an early stage, at least for these new brands, the challenger companies. So we have great relationships with many of those. So I think, and as you know, there are also many that are about to launch products. And so we think that there's quite many, 80 companies or something like that that provide various types of surgical systems, robotic surgical systems. But it's also in some niches that maybe the large competitors are not active in yet. So it's coming in many niches and many therapeutic applications. So we're excited about that. But it's early stage, for sure, but it's exciting, and the movement is quick.
Great. Thank you.
Last question on my end before I get back into the queue. In Labtech for Q3, you talked about slow launch of new products. And then you talked about this being balanced by new tenders being awarded. In Q4, have these newly launched products taken off, or is it just that they're being balanced out by these awarded tenders?
Yeah. I think both of those are correct. The newly launched products have picked up again a little bit. So that's a good and positive trend there. And these newly awarded tenders that we talked about, they did indeed impact the numbers in a significant way. So that's great. And as you well know, these are long-term contracts, right? So that will be a positive effect from that going forward as well. So both of these things are happening as we hoped they would. Yeah.
Great.
Thank you very much.
Thank you. Thank you. So let's see what more questions we may have. So it looks like Charles has another question. Is that correct? Yeah? Charles? Are you there, Charles? Don't forget to unmute.
Apologies. That's a hand that remained up. But I did have one follow-up. Just in terms of just how the year started, are there any comments that you can make? You talked quite positively about the trends across the whole market. You talked about NHS last quarter of the year typically being quite strong. I appreciate we're early on in the year, but has the year started off as you would have expected?
I guess we want to refrain from commenting on that. But, well, the trends that we have been seeing and the trajectory, there's no change to what people are seeing. There's no shift in trends or anything like that.
Okay. That was it. Thank you.
Yeah. Okay, and let's see. We have as well. So please don't forget to unmute, Rickard.
All right. Thank you for taking my questions. I just had a follow-up question on the trend of more companies looking to find a distributor or sort of finding new customer routes. Is it possible to, in any way, quantify the growth from these new players with distribution agreements in 2024? Just trying to get a sense a little bit on what type of growth tailwinds you're seeing from such moves, trying to break down a little bit the drivers behind the growth. Thank you.
That's a great question, but I think that will be hard to put a number to that. It's multiple businesses and multiple countries and so on.
It is meaningful on a company level and for the group as well, but we haven't disclosed a number.
Okay. That's fair. Just also a little bit on the sort of portfolio mix. Do you have any initiatives to trim down or slim down some less profitable parts of the business to make room for higher-margin products? Or is it more sort of adding higher-margin products on top, just trying to get a sense of how you think about that?
Yeah. That's happening all the time, I would say. There was a lot of that going on in AddVision, for sure. Discontinuing unprofitable businesses and refocusing and driving newer and more profitable ones. That process is ongoing within all the companies, but not as drastic, I guess, as in AddVision. It's a continuous effort.
It's kind of linked to the AddLife working methods that we have. We continuously analyze the different product lines, how they contribute in relation to their costs. And we continuously work to evolve those portfolios towards more high margins. So in all the companies, that's a day-to-day ongoing work that we follow up in each board meeting and in the management team meetings and so on. The more drastic things we've seen in the past within AddVision and so on, that's not the normal pace or magnitude, but it's an ongoing effort, and we will continue to drive that.
Okay. So a bit more incremental than it sounds going forward compared to.
Yeah. Yeah. Yeah. It's a bit incremental, but also discontinue certain suppliers, for example. Yeah. Yeah. Anything? Perfect. Yeah. Yeah.
Thank you for taking my questions.
Of course. Of course.
And then we have Karl again as well.
Yes. One question.
Yeah. Can you please repeat that one, Karl? Because we lost you.
Someone muted me, it seems.
Sorry. Our bad. That's okay. No.
The question is on AddVision and yeah, just an update on how it's performing and plans to improve profitability further, I guess.
Yeah. So we've taken a few more steps in the quarter that just passed, and I think that was good. So all the major steps, I think, are now taken. And I'm really happy to note that we've seen improvement and stabilization of margins and business in some parts of the business. We have solidified the relationships with key suppliers. That's really great. We are also signing up new suppliers, and the team seems to be happy. And so I think it's looking quite good, but we have some ways to go.
I mean, even though the margins have improved, they're far from where we want them to be. So it's now becoming more of a day-to-day gradual work with the customers and suppliers and to get it back to the profitability levels that we'd like to see. But again, some good and tangible and real improvements there. So very happy with that.
Okay. That's good. And then just the final one on acquisitions. I mean, quite good cash flows, still a bit high debt maybe. But can you just say anything on how the acquisition pipeline is looking? And I think you said before maybe some smaller ones this year, but could it be multiple smaller ones, or how should we see it?
Yeah. I think that's a great question. So we're happy to see the debt coming down now, net debt to EBITDA is 3.2, right? Yeah. So that's good.
But still some ways to go, as you correctly state. We have stated earlier on that we want it to be in the closer to three or even below that. So we've got some work to do. But we've also said that we're not going to stop everything until we get to that three level. We are in active dialogue with a number of companies. So the ambition is to hopefully close one or a few smaller acquisitions this year. And so we have some good discussions ongoing, and we think the market conditions are pretty good. So yeah, I hope we can do that.
Perfect. That's all from me. Thank you.
All right. Thank you, Karl. So let's see. Do we have any more questions? Doesn't seem that way. That's it. Okay.
Well, then thanks all for joining our call here today and looking at the presentation and asking great questions. Now, if you have a few more minutes, please stay on to watch a great video of Triolab, which is one of our diagnostics companies. They're doing a tremendous job, and it's a great story there as well. So please stay tuned for a few more minutes. Thank you, and take care. Bye-bye.
Thank you.
It was also interesting to see how successful this merger was. Triolab couldn't have done that by themselves, that's for sure. But with a big organization with a lot more power, also financial power, we really grew the business. Triolab was founded in 1986 with me and two of my older colleagues in another company. Our business concept was based on becoming the leading company selling diagnostic tests in the area of thrombosis and hemostasis.
Our success, I would say, was based on personal commitment combined with a high level of knowledge and service, of course. So we grew the company, and after 10 years, Bergman & Beving, they knocked at the door and asked if we were for sale. So we sold the company at that amount that we came into a much bigger organization. And we developed together the business. So we merged all the diagnostic business in the company under one business unit, and that was my responsibility at that time. As owners of the company, we believed that Triolab should not be a family business. But in the summer of 1995, we lacked someone who could work in our warehouse. And my son, Fredrik, asked me if he could do it. And so it was, and he's still in the company.
Yes, I started in the warehouse in 1995.
I have worked in various positions, some years on customer support, logistics, purchasing. Then I was a little bit higher on the office, so I started at sales. I have worked many years with sales. I really like to visit customers. Six years as sales manager and now seven years as CEO. It has been a wonderful journey. From SEK 30 million to around SEK 500 million in turnover. Now we have more than 60 fantastic employees. I really like our culture in the company. We have so many talented employees, and I'm really proud to work with all these people.
It has been the key role in Triolab's success that we have been able to identify good, reliable suppliers during all these years. We have several different suppliers which we have cooperated with more than 20 years, 10 years.
It's really, really important diagnostics.
We are not talking about products. We are talking about adding value, adding value for the patient.