Hello, and welcome to today's webcast with Integrum, where Rickard Brånemark, Jörgen Svanström, Jeffrey Zanni, and Scott Flora will present the second quarter of 2023. After the presentation, there will be a Q&A, so if you have any questions, you can send them in via the form to the right. With that said, I hand over the word to you guys.
Thank you. Welcome, everyone. We will do a fairly brief presentation about what's happening in the last quarter, and a summary of where the company stands right now. And then we will also open up for questions and answers. I am Rickard Brånemark, I'm the founder, and I'm the CEO, and I have with me here?
Jeffrey Zanni, U.S. President.
Jörgen Svanström, CFO.
Hi, Scott Flora, board member.
So let's jump into the presentation. You know, we've been in this field now for many years, and it's starting to be a very interesting momentum. This is our best quarter ever. We reached a nice growth, profitability, and positive cash flow, and we also see a fantastic traction in the market that you will hear more about, but this is still just the beginning. So next slide, please. So, amputation is a devastating thing for a patient. Unfortunately, in the world now, this is an increasing issue. We have, in the Western world, about 3 million individuals living with limb loss. We are targeting a subsection of those that are fairly healthy and fit, and that is what we call trauma or cancer-associated limb loss.
The other major population of amputees is related to dysvascular conditions as advanced diabetes or arteriosclerosis. And if we look into the patient population that we are addressing, we see that for our present offering, which is the OPRA Implant System, there's about 260,000 of those individuals out there. And if we use our average selling price that we communicated publicly, about $30,000, we have a total addressable market of almost $8 billion. Next slide, please. So why is there a place for implants? Well, the standard prosthesis that we use now for actually many hundreds of years, that's a socket prosthesis that you see on the picture here. It's like a shell that is sitting on the outside of the arm, it takes the stump.
Unfortunately, that is sort of a good solution, but it's not perfect. So for instance, from biomechanical perspectives, it is creating a lot of issues due to the transfer of load coming from the skeleton through the soft tissues and to the hard socket. That's not a good way. It's much better to transfer the loads directly to the skeleton. So with the socket, you have the mobility problems. It will reduce your ability to work, it will lead to skin sores or recurrent infections, and every time you do walk long distances, you're afraid of getting these wounds that will be hard to heal without stopping to use the socket, maybe for a couple of days. It's also so that the soft tissue is not a stable volume. The skeleton will not change its volume, but the soft tissues will.
And now Christmas is coming up, and during Christmas, quite many of us will adjust our volume of our bodies. Next slide, please. So, as a clinical offer, this has been around since 1919, but I guess you're well aware that our core technology, Osseointegration, dates back to the 1960s. So we have been on the road for long, and it is difficult to challenge paradigms, but we are getting there because we are going to transform the lives of people with mobility challenges. Next slide. So this is the OPRA Implant System. It's the first really, you know, commercially available bone-anchored implant solution ever. And as you see on the X-ray, if you can read an X-ray, you can see that
t o the right, there is a skeleton, and to the left, there is only half a skeleton. The upper part there, you also see a white thing, and that's the implant that's sitting inside the skeleton. So in principle, what we do is that we create a new skeleton for the patient to continue to walk in a physiologically sound way. Next slide. We use what we call a surgical two-step insertion, and that is the safest way to address this, and we start with the safest way. It's now a very efficient and standardized treatment. We have also, on top of this, a ski binding, we call it, or the Axor, which is a safety device that should decrease the risk for fractures of the implant system and/or the bone.
We have also, over the years, developed a BioHelix surface, which is a laser-textured nanostructure surface that is improving both the success rate, the speed of osseointegration, and the ultimate biomechanical performance of the interface between titanium and bone tissue. We have now more than 700 patients treated globally. Next slide. When this was introduced in the early 1990s, and even in the late 1990s, no one really believed that this could ever work. But we have, well, done prospective studies with first two years follow-up and then five years follow-up. We have over 90% clinical success rate. We can also show that with this direct connection to the skeleton, you can actually start to feel with your prosthesis, even that if there is no sensory system built into today's implant system.
I guess you're aware that we are building that for the future. You increase the time you wear the prosthesis, and you increase the steps you take per day, and this is leading to improved mental wellness and improved quality of life. In the U.S., that is our top priority market. We have a PMA, Pre-Market Approval, for above-knee amputees. We entered the market in 2015, but we got the PMA in December 2020, just before the pandemic really hit hard. So we have had a challenging time to go through and penetrate the market, but we're making very good progress now. We also have other indications approved in Europe, and that is the upper arm and the thumb and digits.
I would like to say there that, you know, we have now upgraded our regulatory system, quality system in Europe from the previous MDD to the MDR, and we publicly stated that we invested about EUR 4 million in that. So that's been a big effort for this company that is still limited in size. Next slide. I already referred to the e-OPRA. It could be considered just pure science fiction, but this is really happening today. We have already 10 years of clinical follow-up in the first patient treated. This is the first really mind-controlled prosthetics that will come to the market. We are fairly confident that we will be the first to deliver that. And we have also announced that we have separate studies ongoing, and we recently got a big NIH grant, so that's National Institutes of Health.
That's the biggest, most important research institution in the world that has funded a program that we will do together with Northwestern Shirley Ryan AbilityLab, that is considered to be the leading rehabilitation institute, maybe in the world, but for sure in the U.S. $8.7 million. So that will help us to speed up the time to the market. However, this is a very advanced product, and it will take us at least a couple of more years before we can deliver it to the market. Next slide, please. So I will not really talk a lot about this. I sort of think this is absolutely fantastic that the brain can think that there is a prosthesis that is not a prosthesis, it's actually an arm that we come live.
But to be able to do that, we need to work brain control. We need to have neuromuscular integration. We need to have state-of-the-art artificial intelligence. We would write precise movements that have certain requirements on the prosthetic devices. We work with tactile sensory feedback, and, you know, we published on this in the world-leading scientific journals. And of course, that will lead to improved function and what we call embodiment, and that is that the person will not feel that the person is an amputee anymore. Next slide. So how do we do this? Okay, we think we are good, but, you know, to really do something that's never been done before, you need to work with both the amputee's brain, but actually, you know, the best brains in the world. We work with challenges.
We also work with MIT, and now we start to work with Shirley Ryan AbilityLab. So, you know, the U.S. is our focus, and will continue to be our focus. And, Jeff will present more about the way he's running the business there. It is a very big addressable market. But what we also see now is that, with the work we're doing and what's happening, for instance, in Ukraine, and Turkey with the big earthquake, we see, I think, a rapidly growing need also in Europe, and we will put some substantial efforts into the European expansion also. Next slide. So with this introduction, I will leave the word to our finance expert, our CFO, Jörgen.
Thank you very much. It's always, difficult to, continue the presentation after you because these things are so exciting. But I think, I'm not alone in thinking that, this quarter, the figures are also pretty exciting... If we look at highlights, there have been a lot of highlights this quarter, I would say. But if we look at it, we have a whopping SEK 27.6 million in net sales, which means that, in comparison to the same quarter last year, we've grown the revenue by 36%, a little bit more actually. And that's amazing. But not only that, not only are we growing our revenue, we are doing it, while being profitable as well. The second quarter means a SEK 6.5 million in operational profit, which is 23%. That's, that's awesome.
Very, very good. And, I think looking at the significant events, I encourage you to have a look at the report today, actually, because it was really difficult to choose one to single out here. But I think the new reimbursement code for Axor is really an important one, and we are so happy to be able to present that also. If we are looking at numbers, again, the contribution margin remains high and in line with previous years. And this is very, very good.
And when we compare that also, or take into account that the operating costs for the quarter are actually SEK 3 million lower than the comparative quarter last year, we can, with a lot of confidence, say that we are having great cost control and operational leverage. And, of course, as you can see, it's not only then the impressive revenue growth, but also the cost control that contributes to our operating profit of SEK 6.5 million. The bottom line after tax for the quarter is then SEK 3.9 million. I would also like to point out that for the quarter, we have a positive cash flow, and obviously, the cash flow is affected by the result in itself, of course.
But it's also worth mentioning that we work hard. We've been working hard with our working capital as well, and that is also contributing now to the positive cash flow. So this is really good news. If we look at the first six months, these are also very much record sales. The net sales for the year to date is SEK 48 million , which represents a 28% growth. We still see the great margin, of course, we maintain it, and the operating cost is slightly lower, but I talked about in the previous quarterly report about some some one-off costs as well of a few million . So if we discount that, we have a really good cost control for the whole year, I'd say.
And we are also making a profit for the year, which leads to an EBIT margin of 7.4% and a positive net income. If we single out the rest of the world, we can see that we have a huge growth rate of 87% in comparison to the last comparable quarter and SEK 6.1 million. And I guess, I mean, one of the reasons is that we are moving into Turkey, of course, and have already started cooperating with the new distributor there.
And also, Rickard, you have been to the Ukraine, for the second time now in the quarter, and, you're starting to build up, sort of, yeah, the way to handle the procedures in the Ukraine there, so they can do it themselves. And, this is really important, I think, and, great from a humanitarian perspective, I would say. They have really big, demand over there, so, it feels really good to be able to offer our products in that market. Looking at the U.S., we have a 27% year-on-year growth, ending up at SEK 21.5 million for the quarter . And, of course, the reimbursement code, it was, late in the quarter that we received it, but it's gonna drive sales, I believe, at least.
And, we can hear also what Jeff has to say about it later on. Another important thing is that we are still continuing to reorganize and expand our sales team so that we can, we can execute our strategies the best way possible. I guess, Jeff, that's my concluding remarks, and I hand over to you.
Thank you, Jörgen. Next slide, please. So, we continue to set business rhythms that focus in on growth and expansion. We're sticking with our formula here. This is my first full quarter with the organization, and we've designed a formula. We call it the S1 formula, which means S1 leads to S2s, which then leads to Axors, which then leads to revenue. We're staying very focused in on this, this formula. We're also expanding as we grow our organization here in the U.S., and our revenue lines, we're expanding our talent, bringing top individuals to the organization. We recently hired two more head count to the U.S. team, one a VP of sales and marketing, which I'll show you on the next slide, and then another to, the business development resource, that is attracting patients to, surgical sites.
We're also looking at key expansion of independent distribution channels, expanding our sales capacity, and then, of course, you've just heard that the Axor reimbursement structure has changed through the CMS coding. We're now influencing these prosthetists with a year-end promotion that should drive better results and more execution of the Axor, which will drive essentially S1 production. What we're doing really as a whole here in the U.S. is we're casting a bigger net to drive the patient production to the areas of or the centers of excellence. Next, next slide, please. So this is Alex. Alex has just started. He's a 26-year veteran in the space.
He will be taking, and has taken a top lead with the U.S. sales and marketing role, and really excited as he starts to assess and expand his team as well. Next slide, please. So as Jörgen and Rickard shared, we had really nice growth, 27% growth, quarter-over-quarter, if we look at 2022 versus 2023, and then 39%, quarter-over-quarter, if we look at just this year alone. So we're on pace right now to execute for this year. We're expanding our team, and what's really been fun, and I'll show you in the next slide, is we're really employing new strategies, which I'm referring to as the ecosystem, which is taking our lean team that we have here and making sure that we're very strategically deploying our resources.
What that does is it allows us to get deeper relationships with these stakeholders, as well as drive patients within certain geographies, again, for faster utilization. Next slide. This is the ecosystem. It's really simple. I'm calling it basically CHP, or Complete Hospital Penetration. What we do is we see our surgeon customer in the middle, traumatologist, orthopedic oncologist, plastic surgeon, some vascular. That's the center. Think of that as the nucleus. As we deploy resources, the resources are going around those centers, around that nucleus, encircling the wagon to touch all the points on the outside of that nucleus. Trade shows, prosthetists, patients, rehabilitation doctors, hospital administration, et cetera, et cetera. What we're doing is we're establishing awareness and production, and pushing that production to the center nucleus for utilization. Next slide, please.
So this is a 30,000-foot view of the ecosystem and the focused selling. And again, with limited resources that we have here from a team perspective, we're gonna be expanding our team as we grow in revenue, but we're deploying our current teams to very strict areas, which we would classify as centers for excellence. And then other opportunities, we've tiered them in Tier 1 targets versus Tier 2 targets, so that we have a sniper-like approach in any deployable resource. Next slide. So net-net, this is looking at it as a four-legged stool, if you will. For the U.S., we're gonna continue to focus in on growth, targeting these centers for excellence and driving between 10 and 20 surgeries per year. We're also gonna make sure that we're expanding with field-based training and creating more awareness.
We want to focus in on strategic partnerships for the prosthetists, as well as a promotion that we're running, which I'll show you in the next couple of slides here, for the conclusion of 2023. And really driving, since we just got CMS approval in October, we're driving that to the market as fast as possible to create awareness to the prosthetist space. We're also working towards key market expansion in other areas of opportunity and potentially some conversions. And then lastly, we're building a direct-to-consumer initiative, which is, like I had said, casting a broader, wider net to capture the patients and drive them back to our centers for excellence. Next slide. So this is the end of the year promotion that we're running with the Axor.
Through the CMS code, we've been established an L code that has a specific reimbursement only for Axor, and now we're running an end-of-the-year promotion, and expanding our distribution channel. Historically, we've sold through some partners like Ottobock, and now we're creating an additional channel, and selling directly to prosthetists, from our walls. So what that does is multiple things. It creates multiple channels of distribution of the product, and two, is it creates a direct communication and a direct connection to the prosthetists that will help us drive S1 production. Next slide. So in closing, we've made really nice progress in this quarter. We have a lot more to go. We have a lot more opportunity. We're excited of what we're doing and where we're headed. We've hired some top-level talent.
We're sticking with our S1 formula to make sure that we're very focused in our approach. We're launching a direct-to-consumer campaign to cast that broader net, and we're really excited here in the U.S. to grow through intensity and clinical performance. Here's just a couple highlights of some dinners and some events that we had this particular quarter. On the right-hand side, this is a concept that we're exploring right now, which has been really fun. It's essentially an advertisement that says, "Have you heard of Osseointegration? Ask us, because we invented it." It's gotten some really good feedback. With that, I'll turn it over to our CEO.
Yeah. Thank you. So that was a brief presentation and some comments on where we are right now. I just want to, you know, add that this, my feeling is that this is really a turnaround point. We have started to really get the U.S. team going. Thanks to Jeff. That's fantastic work to you and the team. We have been able to control costs. Jörgen is there all the time. So now we're in a very nice position to continue growing. And unfortunately, it is also so that there are several regions in the world where our technology will be the game changer for those that suffered amputations in the war zones. And that is increasing our business opportunity.
You know, it's sad, but we can make a difference. I have spent some time in Ukraine, and there is this young soldier that lost both legs and both arms, and if we can help him, we're gonna do it. So now I leave the floor open for questions. I guess I give the word back to you, Martin.
Thank you so much for the presentation here. We have received a number of questions, so I think we get right to it. What's your view on your capital structure going forward?
Yeah, and, and this is something we have talked about publicly, before. So, we have been focusing in the macroeconomic situation that the world is in, to, have cost control, increase our growth rate, and reach profitability. And we have been questioned, "Okay, do you need to raise capital?" We don't need to raise capital. We're in a good position.
How do you see G&A costs and other function costs develop in the relation to revenue?
Jörgen?
Yeah, I mean, I think we've shown now that we have good control over those costs. And, I mean, I think, I'm quite comfortable in believing that we will continue to have control over them. So, I think we can increase revenue quite a bit without too much of an increase in those types of costs and functions.
Thank you. Will you have to expand the team, or it's pretty solid right now? H ow scalable are you?
Yeah, I think that's a good question, and if you look at the total addressable market, I think it's pretty sure, well, pretty obvious for everyone that we need to expand the team, and that is also what Jeff is doing. We've been very, very focused on cost control, but with the profitability we have today, we should be able to expand the team also in what we in the U.S. call rest of the world, but primarily that will be Europe. So, for sure, this is creating possibilities for us to expand more rapidly, still with good, good cost control and profitability, and we will do it.
Thank you. Recent growth in the U.S. has been remarkable. What's your view on this going into 2024?
That's a great question. We're really excited with where we are right now. We're gonna stay very focused in on what we're executing with, and, we're excited about our future. I think I'll leave it at that.
Yes. Is the reimbursement code received for Axor II indication specific, or it's applicable for all surgeries where Axor is used, i.e., above knee, below knee, above elbow, et cetera?
Yeah, I think that's also a great question. The Axor II is the CMS code is designated for the transfemoral unit only, and that code is specific to the Axor II, so it will not, it will not carry to other components, as we get into a one sis- situation.
Yeah, and maybe I can add to that. So, the Axor II is a device that is for the transfemoral level. We have other safety systems for transhumeral amputees, for instance, and that would require another coding, maybe, because the coding is for a bone-anchored safety device. And right now, we're the only one that has a product in the U.S. market. Or what do you say, Jeff?
No, that's, that's correct.
Oh, okay.
That is correct.
Yes. Another question regarding Axor. Regarding the increased sales of Axor II, is this increased sale a result of the new reimbursement code, or will this happen later?
So I think it's really, it's twofold. One is obviously growth of the company and, and the S1s, the fixtures that require the formula. And two is, the CMS code just got released in October. It's really early, but I certainly think it's led to, more production of the Axor II, and we'll monitor this very closely as we move forward. And as we launch this new promotion in the year, I think we'll have, some better guidance for our next report, as to if it's driving and what it's driving for opportunity.
Thank you. Regarding accounts receivable, how is the job of speeding up payment times for customers in the U.S. going, seeing that you will still have about SEK 25 million in accounts receivable?
Yeah, I mean, I think we've succeeded quite well with the work in speeding up payments. But it's also the case that when you expand the revenue, your working capital will expand as well. So accounts receivable will also grow a little bit, so it's unavoidable. But I think, I mean, we're happy with where we are right now.
Thank you. Are you growing with new centers in the U.S. or existing ones? If no, how many do you focus on?
Yeah, so we're certainly always looking for key market expansion in targeted areas of opportunity. But at the same token, we're also staying very focused in on our centers for excellence, where there's the development of a surgeon that we can cast that net and drive to. So I think the answer to that question is both, for sure.
Yes. What can you say the GCCO conference?
Yes, I can talk about that. You know, from my perspective, so because we've been driving this field for so long, it's absolutely fantastic that there is now a dedicated international conference that will be run the coming 10 years, just focusing on what we actually invented. So for us, that's a good promotion. We reach out to all the important scientists, clinicians, the FDA had two persons showing up at the meeting, and we have very good relationships with them. So for us, it's just unbelievable that someone else is paying for our promotion.
Does the awareness to continue to increase among the customer group?
Sorry, the awareness?
Yeah. Does it continue to increase among the customer group?
Yeah, the awareness. So I think maybe Jeff can add some details in relation to the U.S., but what's happening right now is that, when you have problems with amputees, you reach out to Integrum for guidance. And that's why we've been able to move into Ukraine, Turkey, and I know that there are reach outs from the other war zone in Israel and Palestine, too. So for sure, that is a strong international awareness, but maybe you can give some flavor to the U.S.
Yeah, sure. I think we've seen an increase in awareness for sure. One program that we have is the ambassador program, which are amputees that we've essentially consulted with and contracted with to speak to other amputees. And we've seen an increase in that from an awareness standpoint. Patients that are conventional socket patients that are considering Integrum talking to another patient that received the technology. So that has certainly increased. So I would say the answer to that question is awareness is certainly headed in the right direction, and patient consideration is also heading in a very positive direction.
Thank you. Was Q2 a one-off, or is it the beginning of a trend? For example, how was performance during November?
Yeah, it's a great question, and, you know, we're a public company, we don't disclose figures like that. But we said all the time that the technology base for this company creates a fantastic opportunity for growth. And the target we can reach in the market is we're not even scratching the surface. So of course, we believe that there is a very, very strong potential for long-term future growth.
Thank you.
Thank you for that.
Do you have any example of increased repeat businesses with prosthetics hospital due to the new U.S. CMS and Axor II reimbursement?
Yeah, I think it's really early to answer that question right now. We'll see results in the following release.
Yeah, but maybe we can add that the coding is strengthening our offering to the prosthetist in the U.S., so that should help us to drive the business.
Absolutely.
That's our expectation. But, you know, from a more scientific perspective, we would like to see the results before we promise that.
Thank you. Could you elaborate on the investments rate for the coming acceleration in clinical studies?
So, can you repeat that?
Yeah, can you elaborate on the investments related for the coming acceleration in clinical studies?
Yeah. So this is where we shine. And I'll try to say that. So what we have the, i t's a clinical trial that we're doing with the NIH funding. So that's a study that's fully funded, and we don't really need to do any investment. As we stated, we actually get about SEK 13 million to support the cost we have, and that will fully cover that. And we also had previously, for the e-OPRA studies in Europe, we had a Horizon 2020 with a total amount of about EUR 4 million. And so that's also, the soft money has been very, very helpful.
We recently also published that Department of Defense will fully fund transtibial, which is called feasibility study, which means that it's not in itself sufficient for a PMA, but together with additional centers, that should qualify and be upgraded to what's called a pivotal study. That means that we are very, very efficient with our clinical trials. We almost run that as a business opportunity to earn money on running clinical trials, which is I've never heard of.
Thank you. How are you expecting other external costs related to sales to develop in the coming quarters?
Yeah, I mean, as we've said before, I can't give you any guidance here, unfortunately, but I can just state that I'm comfortable with what things look like. And we have, I mean, we talked about getting the PMA approval in 2021, 2020, December, when we had hard times. But I think the strategy we have been using, growing organically, has also taught us a lot about cost control, and I expect that to continue.
Yeah, I agree. I think that we'll make very smart decisions as an organization, particularly here in the U.S., that add headcount where we need it, from a resource perspective at the right time.
Yeah, yeah. But fundamentally, you know, we're in a position now where we are profitable, we have cash flow control. So that means that our equation is positive, and that means if we invest more in growing our sales organization, we will earn more and be more profitable. So, what we need to do that is to balance the investment in sales and marketing, so we don't go too quick. And that's also something that we did discuss publicly, I think, at the prior quarterly report. So that's important to understand that we are controlling, or as I say, we are controlling our destiny now.
Yes, thank you. How are you seeing your current employee base? Are you expected to hire more personnel? If yes, when and how many, roughly?
That same question.
Yeah. Yeah, so I can actually say yes, no. So we will expand because we're growing the business, and we have opportunities to continue to grow a lot. So that is what we will do. And we are recruiting, as Jeff very nicely pointed out, in a smart way. So we will not just employ a lot and create a problematic situation with losing profitability and have too much cost. So that is what we will do. So this is gonna be, I said that many times, and this is gonna be a global company.
Thank you. How do you view your current cash position? Are you confident that it's enough to reach a desired revenue growth and sustainable cash flow?
Well, short answer is yes. I see... I mean, we are, like I said before, I think that if you look at the cash flow report for Q2, although we have a slightly negative working capital, I mean, it's only natural that accounts receivable grow a little bit. So I think that if we can manage our inventory and be smart about it, I think that our cash is fine, and we'll be able to grow.
Thank you. Moving on to the last question here. How has the VA developed, and has your view on its potential, with emphasis to the short term, altered?
Yeah. So, sitting in Sweden, if you do that, it's very difficult to understand what the VA is. I t's a very, very big elephant, and w e said that many times that, you know, it is a fantastic long-term opportunity. But how do you get the elephant moving in the short-term perspective? I would say we have not been able to do that, and it's also so that, Jeff, you can help me here, but, you know, that's not been our primary target because we have such attraction in the market. So you're really running hard with, you know, the team that you have. And short term, I don't think we see that, it's the best return on investment to put a lot of efforts into the VA. But what's your take on that, Jeff?
No, I think you're spot on. I think we have a great focused streamlined execution strategy right now, and we'll stick to that. And then as we grow, we may decide to create an opportunity to focus in on the VA and in that market. But I think right now, we're really happy with the results we've seen, and we're very happy with the way we're executing against that plan, and we'll stick to the plan for now.
Yeah. So I think I would also like to take the opportunity to, you know, talk about the fantastic opportunity that we really have, and but maybe not what we see. So we have Scott here, he's been around forever and has a lot of, you know, perspective on what we can do, where we are now, and how we should go in the future. Maybe you can expand on that, Scott.
Yeah. I think the first thing I'd like to say is that, you know, everyone knows that we're in a very capital-constrained market, and I think this team has demonstrated that they have built a model where they know how to make smart investments that have a ROI that's appropriate, that allows the company to grow sales, but yet at the same time, build EBITDA or build profit. So I think they should be applauded for that, and I know that they have a keen focus on that going forward. Second, understanding, Jeff's doing a great job of peeling away. It's like an onion in the U.S., and you've got to think about the market, peel away those key opportunities. And one of those things I was going to comment about the VA.
The VA is an interesting structure and that it really doesn't have a lot of surgeons in the VA right now, and the VA is actually sending patients to some of our customers, like Atrium and other places, to do the surgery, and the Department of Defense. So they'll continue to figure out how to attack that. But I think this ecosystem plan in the U.S. is focusing on the right levers that are gonna drive patient awareness and driving patient awareness thoughtfully, not just throwing a lot of money at it. I think that's very critical, and I think those levers will be pulled effectively, and I think they will continue to grow. And there's been a lot of questions about staffing and talent.
You know, you can have a great strategy, but, you know, if you understand execution, you got to have the right people to do it. And I think, Jeff and the team are very focused on not just adding a bunch of people, but adding the right people. And sometimes, you know, you got to make a decision around people, but they're doing a really good job of how do we bring the right people into this exciting company to execute the plan. So I think it's a, I mean, it's a tremendous opportunity. I was recently asked the other night at a dinner about what's my favorite company, and I said, Integrum.
It is by far has the most compelling TAM out there, and I think it's got a product that is both financially rewarding for the company, but it's a great product for humanity. So I'll just close it at that, and great to be part of the team.
Yeah. Thank you, Scott. Yeah, yeah, it is. So I think it's a great opportunity, but I also see that as a mission, because when you see those amputees in their wheelchairs and you know we have a technology that can help them to live a full life again, we really need to move this to a global offer for all the amputees out there. And that must be a fantastic business opportunity, but it's also a fantastic humanitarian effort that we're actually doing. Yeah, so sorry about that. So I think we'd like to stop there. Martin, do you have any more questions or any comments for us?
Not at this moment. Just to say thank you for the presentation and the Q&A here, and if you have anything more, you can round it up.
Okay. Okay. So then, we don't know who's been listening, but thank you for hanging in there for us, and we will continue to work very, very hard to drive this to mankind and create a fantastic business. And I would like to thank Jeff, Jörgen, and Scott. And Martin, thank you very much, and see you the latest, when our Q3 report is out. Thank you.