Welcome everyone to C-RAD's presentation of our interim report for the first six months, and especially the second quarter 2020. Like always, we start with a few administrative announcements. All participants will be on mute during the presentation. This webcast will be recorded, and the recording will be made accessible in the investor section on the C-RAD website after the webcast. Let's get started with a short introduction. Today's webcast is presented to you by Henrik Bergentoft, our CFO, and me, Tim Thurn, the CEO. In the first part, I will give a short introduction, followed by an assessment of our sales results, and finish with commenting on the key events. Henrik will guide you through the financial review, and this webcast is usually very well attended from existing investors, but also by a group that has not followed C-RAD for so long.
Therefore, we will finish the presentation with some market overview and C-RAD's position within this market. You can post questions through the chat function, and we are happy to answer them before we close the webcast. Let's get started with an introduction and the financial highlights. C-RAD is active in the field of cancer treatment. Our customers are hospitals that fight cancer with radiation. In modern, high-precision radiation therapy, accurate tumor alignment is crucial for a safe and successful treatment. C-RAD positioning products are supporting this process and are fully integrated in the clinical workflow. Over the past years, C-RAD has been growing significantly and generated last year a profitable result at about SEK 200 million in revenue. Our mission statement summarizes our overall goal.
C-RAD's cutting-edge solutions ensure exceptional high precision, safety, and efficiency in advanced radiation therapy, helping to cure more cancer patients and improve their quality of life. C-RAD has sold more than 550 systems, whereas about 450 are installed within what we call the advanced markets of radiation therapy. Those countries are marked in orange on this map. With offices in Sweden, Germany, France, Belgium, Florida, and China, we are serving our customers through our sales and service organization. If we break down the highlights of this quarter into one sentence, it is positive operating outcome in challenging times. Order intake is stable compared to the previous year, with a minus of 3%. Revenue was affected and went down by 17%, mainly due to customers not being able to take deliveries and installation as a consequence of the infection control measures.
Stable order intake, lower revenue leads to an increased order backlog of 32%. With the implementation of a consequent cost reduction strategy and a favorable product mix, we were, however, able to deliver an operating profit of SEK 0.9 million versus a loss in the second quarter last year. The net result was negative with - SEK 2.4 million, and this is due to a tax accounting effect. Henrik will comment on this later in his section. Given the circumstances, I think we managed well. Let's now take a closer look at our sales performance. We are closing the second quarter with a stable order intake compared to the same period last year. I want to emphasize that despite the challenging situation and the lockdown in major markets, the sales of our largest product segment, the positioning products, went up by 10%.
Looking at the first six months, even by 17%. This is showing the interest from customers in our solutions, but also confirms our earlier assessment for growing demand for our products and their way to become part of the standard of care. Our business in Asia was strong throughout the second quarter, where order intake grew with 67% year-over-year, driven by very good results from the Japanese markets, and new countries opened sequentially, and business started to resume towards the end of the quarter, where customers got re-engaged in purchasing products and installations. In all, order intake for Europe was slightly down 5% compared to the previous year. However, individual markets such as Germany came in very strong. Due to an extensive lockdown in the healthcare sector, North America showed very limited business activity throughout the quarter, both in terms of new sales projects and also deliveries.
As a direct consequence, order intake for the region decreased by 72% compared to last year. Looking at the first half of the fiscal year 2020, we see a very similar pattern. EMEA is stable, somewhat up with 12%, APAC up with 55%, and America is very much impacted by the pandemic. Revenue in the second quarter went down by 17% compared to the same period last year, whereas APAC grew 19%. EMEA and America showed a decline of - 10% and - 73%, respectively. Due to the COVID-19 infection control measures, many customers asked for a delay in deliveries or even stopped ongoing installations. Towards the end of the quarter, the situation eased up in various markets, and C-RAD was able to ship products to customers and to recognize corresponding revenue. We implemented very early on this year a sourcing strategy that now shows to be successful.
Temporary shortages in the supply chain did not have any impact on our ability to deliver systems to customers. Revenue in our biggest segment, positioning products, was essentially on the same level as last year, which is very good in light of the circumstances. The encouraging development in our service business is a result from the growing interest from our customers to engage in a long-term partnership with C-RAD. Order intake for service contracts grew with around 60% last year. Now we start to see the effects of the service contracts in terms of revenues. Service is moving forward, going to be an important contribution to our overall revenue and profit. Let's have a quick look at the order intake by quarter over the past years. Usually, we see a seasonality pattern with a strong second half and a somewhat weaker beginning of each year.
This is due to the majority of our customers having the budget cycle aligned to the calendar year. Our assessment of a significantly growing interest in the market for our surface tracking solution continued to be unchanged. As said in the past, there is volatility, but the overall trend witnesses our performance. I'm convinced that C-RAD is in a good position to capitalize on the market opportunity if we will not see any major pandemic setbacks from the positive trend of relaxing COVID-19-related restrictions. We have an excellent product, great interest from the market in our technology, and partnerships that will help us to provide our technology to an increasing number of customers worldwide and make our technology a true standard of care in advanced radiation therapy. Okay, let's take a look at the key events.
The first I want to mention is a lawsuit from a former employee that has been filed against C-RAD. This lawsuit is about a compensation claim of around SEK 22 million plus royalty. The invention in question was patented during the time when the former employee was employed within the C-RAD group, and the patent rights are held in C-RAD Positioning. In principle, a right to compensation as such is not disputed. C-RAD has offered a lump sum amount for total compensation to the former employee in line with market practices, which also has been confirmed by a leading legal expert on compensation within intellectual property. This is the fourth in a series of disputes with the company where the counterpart was either the same former employee or the company BIM OCULA AB owned by the former employee and is now in bankruptcy, for which he has been the CEO.
In all three earlier cases, C-RAD prevailed. One of the cases has been appealed, and the appeal is still pending with the patent and market court in Stockholm. C-RAD signed a letter of intent with the Belgian company IBA regarding a project to equip the Shenzhen Proton Therapy Center with C-RAD's Catalyst PT and Sentinel technology. It is a large project. The total net order value for C-RAD is approximately SEK 12 million . Shenzhen Tumor Hospital is a member of the Chinese Academy of Medical Sciences, and CAMS is already a customer since several years back of C-RAD. They do have C-RAD systems installed in their Beijing site and are using them in clinical operation. So what are the next steps to get this letter of intent converted into a purchase order? C-RAD and IBA have started already to work on the supplier evaluation process.
This is a normal process for these kinds of projects, and we are expecting that an order intake can be booked at the shift of the calendar year. Another order that I want to mention here is from a German customer, the DTZ Berlin, which ordered for two of their locations the C-RAD surface tracking solutions, including the newly released cLight functionality. The installation will take place at two of their sites. Both are in the area of Berlin, and this is now another privately owned healthcare provider in the Berlin area that has decided to improve the quality of their treatment by offering the service or the systems, the technology from C-RAD to their patients. Also here, the intention for the customer is to provide exceptional patient care, and they use C-RAD as a differentiator compared to other healthcare providers in the neighborhood.
To sum up, we are well positioned and stand firm to take advantage of the exciting and growing opportunities in the market. I'm very much looking forward to the rest of the year, and therewith, I hand over to Henrik, who will guide you through the financial review.
Thank you, Tim. So we'll start this section off by a more detailed look at our P&L statement for the second quarter and for the first half year, starting off with revenue. So revenue recognition is dependent on hospital and cancer treatment centers being able to receive and install equipment. As commented on by Tim, the ongoing COVID-19 pandemic has led to delayed deliveries reflected in a longer order conversion period and has therefore temporarily a negative effect on revenues with variations between the regions. In total for the quarter, revenue decreased by 70% to SEK 42.9 million.
In constant currencies, revenue decreased by 18%. By region, the situation in Asia was normalizing already towards the end of the first quarter and throughout the second quarter, supporting a growth for the APAC region of 19%. Europe has gradually been opening up during the quarter, but still clearly impacted by the pandemic, resulting in a 10% revenue decrease for EMEA. North America has been in a lockdown mode essentially the entire quarter, generating a decrease in revenue for America with 73%. Revenues for the first half year, January through June, decreased by 4%, 6% in constant currencies, and amounted to SEK 94.7 million . Next line in the P&L statement is the gross profit, and the gross profit margin was at 63% during the second quarter of 2020, as compared to 57% during the same period, 2019.
Fluctuations in gross profit can be expected in shorter periods, as it is dependent on the product mix and sales channels. The relatively high gross margin in the second quarter is mainly a function of a favorable product mix. Sales of the Catalyst and the Catalyst Plus was dominant in the quarter, whereas sales for the lower margin HIT Laser and distribution products were significantly less than prior year. Moving on in the P&L statement to operational expenses, that for the second quarter amounted to SEK 8.3 million compared to SEK 14.7 million prior year. Cost is significantly lower than last year and also below the first quarter of 2020. This is a consequence of actions taken to lower running costs to mitigate the decrease in revenues due to the pandemic. Less spending on marketing and travel are the main drivers behind the cost decrease.
The company will continue to carefully monitor its cost depending on how market conditions develop in the light of the pandemic. For the full period, January to June, operational expenses amounted to SEK 19.7 million compared to SEK 25 million last year. Personnel expenses for the second quarter 2020 amounted to SEK 15.4 million compared to SEK 15.6 million last year. C-RAD has taken various measures to lower personnel expenses in order to mitigate lower revenue coming from volatile market conditions due to the pandemic. Consequently, personnel expenses are significantly lower than the SEK 18.9 million in the first quarter of 2020. Among other measures, the company has taken benefit from different short-time allowance programs available in countries where the company operates. The cost reduction measures implemented also explain why personnel expenses are lower compared to last year, despite an increase in number of employees.
At the end of June 2020, the number of employees in the group amounted to 61 as compared to 54 last year. Exchange rates for both the Euro and the U.S. dollar, the company's main trading currencies, decreased during the quarter. The revaluation of balance sheet items resulted in a negative, not yet realized exchange rate differences of SEK 1.2 million included in other operating expenses. Capitalization of development costs during the second quarter of 2020 amounted to SEK 0.6 million and are related to continued development of the positioning products. In all, the operating income for the quarter amounted to SEK 0.9 million as compared to a loss of SEK 0.6 million in the quarter previous year. Current quarter margin came in at 2.1%.
The increased operating income, despite the decrease in revenue, is generated by an improved gross margin and cost reduction measures implemented to mitigate weakened market conditions due to the COVID-19 pandemic. Net results of the tax in the quarter amounted to - SEK 2.4 million. The tax expense of SEK 3 million in the quarter refers only to the reversal of deferred tax assets for the Swedish entities and does not affect cash flow. The reversal of the tax assets is due to a positive result in the Swedish entities. Total remaining deferred taxes amounts to SEK 22.5 million at the end of the period. This slide displays revenue and gross margin over a longer period of time. As said, the gross profit margin in the quarter was at 63%, which marks a high point in the history of the company.
But fluctuations in the gross profit can be expected between periods, as it is dependent on the product mix and variation of sales channels in our different markets. And as commented on earlier, the product mix in the quarter was particularly favorable in this quarter. This slide is putting total operating expenses in relation to revenue for the past four years. And the purpose of this slide is to put C-RAD's growth journey into a context where investments have been made in the organization to support this growth, generating an increase in total operating expenses.
This graph, as said, outlines operating expenses and revenue for the last four years, where we can see that these investments are in fact paying off in the sense that the revenue trend line has a steeper upward-leaning curve as compared to operating expenses, equally meaning that the average yearly operating expense in relation to sales is going down over this four-year period. This slide shows operating profit and revenue over a longer period of time, and as seen, the business of C-RAD is volatile between the quarters and is expected to be so going forward since larger single order has an effect in the quarter where they are delivered. However, the trend line clearly shows that C-RAD is on a growth journey, but the company also, since mid-2018, has reached an important milestone in the sense that the company is on the verge of delivering profitable revenue growth.
Despite the challenges in the first two quarters of 2020, C-RAD has still managed to deliver a positive operating income. This slide displays the cash flow for the second quarter and the first six months with the following comments: total liquid funds at the end of the quarter amounts to SEK 83.2 million , and in addition, the company has an unused credit facility of SEK 20 million . Operating cash flow for the quarter amounted to slightly - SEK 0.2 million , and for the first six months, -SEK 12.2 million . The negative operating cash flow is due to that a vast part of quarterly sales were generated towards the very end of the quarter, a direct consequence of several customers not being able to receive shipments earlier due to pandemic-related restrictions.
In February, a directed rights issue was undertaken with the issue of 2.5 million shares amounting to SEK 100 million in additional capital, fueling the company with SEK 102 million net of issue-related cost. Following the rights issue, a bank loan of SEK 20 million was fully amortized, and the company ceased to use factoring. Furthermore, warrants have been converted into shares during the period of SEK 2.9 million . In summary, the above generated a cash flow from financing activities of SEK 69.2 million during the first six months of 2020. This slide displays the balance sheet at the end of the second quarter with a couple of comments to be made on the asset side. I want to highlight two things. One is that current receivables is high due to a high level of accounts receivables related to late invoicing, just commented on in the cash flow second.
Secondly, and again, is the cash position of SEK 83 million , which following the rights issue is at a very solid level from a historical perspective. On the debt and the equity side, I want to highlight that again, following the rights issue, the solidity is at the historically high level of 81%, and also that the company, after the repayment of the SEK 20 million loan in quarter one, now is debt-free. Next slide displays the order backlog at the end of the second quarter, and the order backlog represents orders that have been received but not delivered nor invoiced. The backlog amounted to SEK 282 million at the end of the quarter, an increase of 32% compared to the same period last year. From the total order backlog, SEK 147 million relates to products and SEK 135 million relates to life cycle business or service contracts.
Out of those, SEK 21.5 million will be recognized as revenue within 12 months, as service contracts are recognized as revenue over the contract period. The service contracts can be up to eight years, while the most common contract period is five years. So this marks the end of the financial review. And now back to you, Tim.
Thank you, Henrik. So I will guide you through a market overview. So if we look at the radiation therapy market in its whole, we can say it's the backbone of cancer treatment. Essentially, there are three ways how cancer is treated nowadays. One, radiation therapy. Surgery is an alternative, and drug therapy is the third possibility to treat cancer, or of course, a combination of these techniques. So radiation therapy is based on using high-energetic radiation to kill the cancer cells and therewith to shrink the tumor.
What we can say is that in the high-income countries, what we also call the advanced markets, roughly half every second patient that undergoes cancer treatment is also receiving radiation therapy. It is a very established, very popular, if we can use that word here, treatment technique to treat cancer. In the less developed countries, only around 25% of the cancer patients have access to radiation therapy. That basically shows already the opportunity in the market for radiation therapy to grow. There is a significant demand for radiation therapy, especially in the emerging markets. If we look at some outlook on how the radiation therapy market is growing, what we can see here is over the next years until 2025, an annual growth rate of 7.8%. This is the overall radiation therapy market.
But if we want to look at and assess the opportunity for C-RAD, we need to drill a little bit deeper, and that is what we are doing on the next slide. So if we look at the global market, we can say that there are around 12,000 clinical accelerators installed, whereas around three-quarters of them are installed in the advanced markets. And that is basically the dots that you see on the chart on the upper left corner. So when we look at our target group, and if you recall the earlier slide with our installed base, it is very much matching and is very much aligned with the so-called advanced markets. So if we then look at the trends in radiation therapy, therefore I want to point your attention to the chart in the lower right corner.
The current, yeah, basically established treatment technique is what is called here conventional treatments with 30 FX, that stands for 30 fractions, so now this data is coming from 2016, not most recent, but still showing very clear the trend, whereas 60% of all patients that received radiation therapy were treated with this treatment scheme of the conventional radiation therapy. So using conventional radiation therapy, precision is important, but not as important as if we speak about SRS, SBRT, and hyperfractionated treatments, so here, precision is really the key to success. If we look at the development of the treatment techniques, we see that SRS, SBRT is basically doubling from 16% to or expected to double from 2016 to 2030 from 21% to 39%, and this hyperfractionated treatment is growing with a bit more than 50%, so from 20% to 33%, what is expected in 2030.
Basically, we see that the conventional treatment techniques go down basically by 50% from 60% to 28%, and the high-precision treatment techniques are on the rise. And for these techniques, that is where C-RAD plays an important role. Our technology is initially set, but our technology is used to ensure this precision that is required to be able to apply these modern treatment techniques in a safe and efficient, effective way. Looking at the cancer indications where C-RAD is most commonly used, we see here some statistics from the American Cancer Society published the case numbers in the upper diagram for male and female patients. The number one indication for male patients is actually prostate cancer, followed by lung cancer. If we look at the female patients, it is breast cancer number one, followed also by lung.
So the C-RAD technology is now really tailored to be used for these indications, also for others, but basically C-RAD is used for serving the patients for the most common cancer indications. So this is the trigger for many of our customers to invest in this technology, to implement a technology that can help them for a large share of their patients to improve the quality of the treatment. So if we look at C-RAD's value proposition, it's basically two things. One is efficiency and one is accuracy. Efficiency is becoming more and more important. If we look at fast-growing markets like China, for example, one of the biggest obstacles they have is access to treatment facilities and to treatment infrastructure.
So essentially for them, it's absolutely crucial to be very mindful with the time they spend for each and every patient, still providing an excellent treatment, but at the same time being able to provide access to as many as possible patients with the given resources. And here the C-RAD system is an excellent solution to combine both aspects. If we take a look at the chart on the lower right corner, so what we see here is different techniques, how patients can be positioned. We see on the Y-axis the time it takes to position the patient and on the X-axis the accuracy. So how accurate can the patient be aligned? And a very quick method, and however not that accurate, is the laser positioning. Then looking at the other end of the scale, we see this orange bubble, CBCT, stands for cone beam CT.
That's an X-ray-based approach. It is considered to be very accurate, but also very time-consuming. Customers cannot necessarily really afford to use this technique on each and every patient. Surface-guided radiation therapy, that's the pink bubble in the lower right corner. This is the C-RAD technology, the C-RAD positioning product, an excellent compromise in terms of accuracy, and it is a very quick method to position the patient. These both aspects are the main drivers for the interest in C-RAD technology. Now, as I finish the presentation, just a short outlook on our financial calendar. October 22nd, we will publish the Q3 report, and then January 28th, the year-end report for this calendar year. Otherwise, I would like to invite you also to join us for the Pareto Healthcare Seminar, where C-RAD will be presenting the company.
That might be a good opportunity to get the latest updates or also to book a meeting for a one-to-one discussion. We finished, let's say, the planned part of our presentation. As said, there is the possibility to ask questions through the chat function of this software here, and we will go through the questions now and answer them one by one. So the first question is related to the Elekta agreement. Do you see an increased interest from clinics in the U.S.? Yes, I think we can confirm this. I think what is now a bit overlaying here is the corona effect. I mean, we saw it also in our order intake figures. U.S. is a very difficult market right now.
However, if we look at the entire sales process from initial funneling all the way to receiving final purchase orders, we see that we are progressing in the funnel. We are building up more and more projects, and projects are progressing in the funnel. So overall, I'm very much waiting for the situation in North America to relax again. And I think then we will also see more impact on the order intake side and also ultimately, of course, on the revenue side. So the next question is related to the competitive landscape with Vision RT and HumediQ. How is the market currently? So I think if we compare C-RAD with first place Vision RT, I think Vision RT is definitely the largest player in terms of installed base currently. Vision RT was very much benefiting from the cooperation with Varian.
I think if we look at the product without going too much into the details, the C-RAD solution is, first of all, from a usability perspective, I think exceeding market needs. We have a very high level of integration with the surrounding systems, so the accelerator and the planning system, the Record and Verify system. Integration is not only important for the sake of being integrated. It is a real workflow and usability advantage that comes with it. What we need to imagine is that users are operating the systems the entire day, basically for all patients. So every click, every step that comes on top is additional work and not appreciated. I think then there are some technical advantages of the C-RAD solution with regards to the back projection piece.
Again, the purpose is to support an intuitive and user-friendly workflow and other advantages in terms of how calculations are done. It goes very much into technology now. So it's basically clinical benefits and technical benefits. The other part where C-RAD is becoming more and more strong is that we offer our workflow automation pieces. So we are basically building up on our technology to provide the customer with a more comprehensive solution to not only position the patient, but also address their needs in terms of workflow automation. So HumediQ was acquired by Varian, yeah, basically two years ago. It is not that much visible on the market. The solutions that are around from Varian are maybe still younger than what C-RAD and Vision RT are offering.
I think there is still a big difference in terms of performance, but due to a very limited number of installations, it's very difficult to get solid clinical data. What I can say, though, is that C-RAD is still working very close in many projects also with Varian. So the C-RAD organization, either we sell directly to the end customer or we sell to the local Varian organization, and they bundle the C-RAD package into an offer and sell it as part of the package with the Linac to the customer. And this is still ongoing despite the fact that Varian has acquired HumediQ. So I mean, I think we are very good in being able to show the customer the benefits of the C-RAD solution compared to what other vendors are offering.
The next question that we have here in the panel is related to, please remind us why order growth in services is not following orders in systems. For the customers that take machine without ordering the service, does that mean you will not have a service in the future or that you are likely to have it, but it will not transit through the order book? It is basically very much dependent on when the customer booked the service order or actually decided for the service order. There are essentially three points in time where customers order service contracts. One is at the point of sale for the system. Another is at the expiration date of the warranty.
Then the third is that they basically have a system that has already a service, sorry, warranty expired, and then they decide to upgrade with the service contract at a later stage. This is, in general, very. There's a certain volatility and depends a little bit on the customer and their service strategy. I want to say, however, that overall, the interest in our service products is still very much unchanged. I think the growth that we had last year was around 60% on the order intake side that shows now on the revenue side the importance of this service business. In general, I think what we see now, a bit fast forward, more and more customers in general are signing up for service contract. More and more customers have the ambition to outsource service and maintenance to the manufacturer.
And also, there's a regulatory aspect to it as well. There are certain countries where it became actually mandatory for the customer to sign up for service contracts simply because there were incidents in the market. So I think overall, in the long-term perspective, I'm very optimistic about our ability to offer attractive products also in the service business. The next question is, can you give an indication of the timing of the delivery for the SEK 147 million in systems in the order backlog? Well, in normal times, I would be able to give a fairly clear statement based on our historical experience. And that was basically that 80% of the product backlog are converted into revenue within 12 months. So within a year, 80% of the product backlog is converted into revenue. Again, what we see right now is not a normal situation.
I mean, again, the issue that we are facing in the market is that not all customers are able or willing to receive the products or to perform the installation simply because of the Corona-related precautions. So from that perspective, it's impossible for me to assess this now and give a more clear answer. In normal times, it is this 80% within 12 months. Now we have to see. The next question is, what is your view on the U.S. market going forward? Any pickup in H2 in order intake? Well, I think, I mean, in general, what we are facing right now is basically a dead market, and that's not only for C-RAD. That is basically a market that is very much affected, and everyone who is selling in our space there is affected in the same way.
I think the most important step now is that in due time, the government releases the when this will take place. But nevertheless, I mean, this would be the next step. And then customers, hospitals are getting back to normal in the sense of being able to focus their attention again on purchasing activities. I think when we look at the numbers now and the results here from the second quarter, Henrik, and also I mentioned it, I mean, the second quarter was still very, very restrictive in the U.S. I think there are indications coming that the market is opening up. I'm expecting that also for North America that we see the situation to improve moving forward. Then there's a question if the weakness in the U.S. is related to the cooperation with Elekta. Here, a very clear no.
It has nothing to do with the Elekta activities. Then the next question is related to the Gemini product, which is not on the website anymore, and if we are continuing to develop the product. So basically, C-RAD has focused its development activities on the positioning products in the short term and I think also in the midterm. We will expect or we expect significant more growth potential with the current products. So from that perspective, the development resources have to a large extent been reallocated to the positioning products. So then there was one question if there is an issue for C-RAD being able to deliver its products due to COVID. Yeah, I mean, it depends on the market and the customer, but in general, it is correct.
I mean, in certain markets and certain customers have been very restrictive in terms of receiving goods and also to perform the installation, which kind of interconnects with each other. And therefore, that is the main reason why revenue was maybe not on the same level as one would have expected under normal circumstances. So then the next question is, how the cooperation with GE is going? Yeah, basically, I mean, the cooperation is still on. I mean, we do have projects. One project was just finalized in Mexico. So yes, things are progressing, but it is not on a level that it would have a significant impact on our order intake and also revenue stream. So then the next question is, have any orders been canceled or has any clinic tried to not take a delivery for an ordered system?
No, there are no cancellations from existing orders or booked orders. That is not an issue. With regards to the second part of the question, have tried not to take delivery? Yes, I mean, this is a situation, but again, in the context of delaying delivery, it's not like they want to step out from any commitments made earlier. Next question is, it feels like the focus on the HIT lasers is decreasing more and more. Will we see a scenario where these products are phased out and you stop investing in developing them? That is absolutely correct. The focus is on the positioning products at the moment. There we see the largest potential. Then the next question is connected to the gross margin. If you can elaborate how big the part of the increase is connected to the Catalyst Plus and how much is one-off?
Well, I can't give a more detailed insight here. I mean, as we said in the report, the product mix, and that means the versions of Catalyst. Now, obviously, in the second quarter, we have shifted more deliveries to Catalyst Plus, which was Catalyst earlier. But I mean, I can't give you more detailed information about this. Okay. So I think then there are no further questions, but I think it was a pretty long session, which is very good, shows the interest. Well, the weather was not that great this morning, so maybe that's increasing the attractiveness of C-RAD Webcast as well. Okay. Then I thank everyone for your time spent on the call, and I wish you a nice Swedish summer moving forward. Thank you very much. Bye-bye.