Hello, this is Torbjörn Kronander, and we have Mats Franzén on the line as well. Welcome to the Q2 report, or six-month report, from SECTRA. I will tell you when to change slide, and I suggest we do that now. For you who do not know us before, the way we create value for customers at SECTRA is both by Imaging IT, by far our largest operation, and also where all the profit generation right now originates from, or the substantial at least. Imaging IT, where we provide management system images for healthcare. That means that we take care of the images. We start in radiology, but we do more ologies today. We can say this is image handling in parallel to the electronic medical record systems hospitals typically have. We have Business Innovation, which is more or less a greenhouse of smaller businesses.
These are, as I said, they are greenhouse products. Over the history, some of them have been included into other business units, like we moved digital pathology into Imaging IT about five, six years back. We have sometimes shut down operations. We have an osteoporosis operation that we had there before. We have some we've spun-off. We spun-off a whole division of mammography devices a couple of years back. These are things that something should happen with. Another kind of trajectory they can go into is actually becoming a business unit like the big ones are. All of these are open. It's things that we experiment with for the future. The two we have there right now is orthopedics, which is a fast-growing operation or fast-growing market, where orthopedics is replacing joints and repairing the human body in different ways.
In order to plan that, they need software and planning software. We are very good at that, probably the best in the world. The second one is medical education, where we facilitate training of medical doctors. It started off with replacing cadavers and dissections of real people, but we are doing that in virtual mode instead, then you have a lot of advantages from that. Business Innovation has been hit by and benefited from COVID-19. Orthopedics has been hit because elective surgery has been more or less shut down in most of the world, while the education has increased because training medical students remote has become a very important task, and we're very good at that. Finally, we have Secure Communications. That's the roots of SECTRA from the beginning.
We established a secure transmission, that we will do very high-level encryption system, especially mobile devices for defense and national security-level encryption, which has been impacted by COVID-19 in different ways as well. I'll come back to that later. Next slide. The value we create for society. Medical imaging is an area where part of medical will have a demographic problem in too many old people, or not too many, we have many old people in comparison to the working population that's going to pay for it all. That means productivity and quality needs to go up, and we have that as a business idea for the medical side of things. We are also working with increased cybersecurity. We have had tremendous attacks on society during the COVID-19 when everyone sits home. There's high risk of cyber threats and ransomware, et cetera.
We are doing a very good job in protecting this, both in Europe, Sweden, and the Netherlands, which are our three main markets. We also do a lot of research within Business Innovation. We have a Business Innovation. We also have a research division. Today, we also provide a lot of workplaces. We have more than 800 people in 14 countries currently. Next slide. Q2 highlights. The six-month period, we have increased in order bookings and profit. We are more than double up the order bookings. A lot of that is from a very large order we got in Greater Manchester in the U.K. As some of our orders are very large, these order bookings goes up and down between the quarters. Our profit per share went up as well. It's currently SEK 2.33, it's up 51% compared to the previous year.
We do see deliveries limited by COVID-19 restrictions. We also see that the first quarter was down, then the lockdowns eased a little bit. We could deliver more in Q2, then now the lockdown is hitting us again. We are affected a lot by COVID-19 in that we cannot deliver all things when there is a lockdown. Next slide. The financial targets for the group are fulfilled. Our equity to assets ratio, which is our top priority, we need to be a stable and trustworthy company, should be about 30%. We are at 55%, despite actually having a redemption program for shares that we use instead of, it's more or less equivalent to dividends, and that was paid out during the quarter. We have a profitability target of 15% or better, that has gone up to above 20%.
That is not something we want to have above 20. We have a huge opportunity of growth. We want to still be profitable. We want that to go down to around 15, investing that extra money into future growth instead. Right now, though, a lot of those extra margins is because we cannot travel and the large exhibitions are shut down or closed or turned into virtual ones. Then that reduction of cost and travel has increased in a larger profitability. We're well above that as well. Then we have our main goal. When the first two are fulfilled, we want a growth of profit in EBIT per share over five years to be above 50%. We are currently ways above that at 140.5. We are growing in a nice and steady pace. Next slide. Seasonal effects.
We want to point out that the variation between quarters has increased in COVID-19. We had larger variations before as well, but now we are affected when countries lock down and open up. That has a huge impact for us. The variation will continue to be large, and as I said, with COVID-19, it will increase even further until COVID-19 is behind us. Next slide. The COVID-19 impact on the healthcare side of the business. Exhibition travels are canceled. That, of course, will have a negative impact on long-term sales. We meet a lot of our future customers on these large exhibitions. Now they are turned into virtual exhibitions, but that is not really the same thing. In the short term, it means less cost. Delays in deliveries due to restrictions for visits and financial strain on hospitals. We have the double effect of that.
We are not allowed to go there with our installation personnel. In some parts of security, everything needs to be installed by couriers. We're not allowed to ship them. That, of course, we can't deliver if couriers are not allowed to travel. Also, we see a financial strain on hospitals that affect us mainly in the U.S. market, where hospitals actually are now at least short of financial means. That will go over, but right now that is the case. We also see that elective procedures are on hold. Elective procedures is the kind of medicine that is planned, like replacing your hip or something like that. That is now, most of those hospitals are turning into COVID-19 hospitals, and they do much less elective procedures. The largest impact of that is in our small business unit, orthopedics, where the main business is elective procedures.
We also see on the upside that tele-diagnosis has taken a leap. Radiologists and pathologists want to work from home. If they're going to work from home in pathology, for instance, there's no other way than to digitize. You cannot ship a large wooden box with glass home to pathologists. They can sit with a monitor or computer at home doing tele-diagnosis. We see an increase in interest, especially pathology there. We also see that post-COVID-19 patient volumes may overwhelm hospitals because all these people who didn't get a hip, now they will still need it. That will drive demand for efficiency and improved IT solutions where this over-demand is coming after the COVID-19 is over. That means you have to replace old IT systems that are not deemed to be affected. Next slide.
On the cybersecurity market, we see that exhibitions and travels as for medical, and of course, we also see our customers on exhibitions in that area. Delays in deliveries, as I said before, some of our products are so sensitive, they have to be delivered by courier. If the courier are not allowed to travel, we can't deliver. Then we cannot invoice either. Upside, increased demand for cybersecurity products and mobile crypto solutions. There have been some very serious attacks or break-ins. For instance, there was a couple of weeks ago, a break-in in one European country's internal defense video conference, where a hacker broke in, and luckily he told everyone about it. It was a really bad thing to happen. Of course, that increased demand for our approved products that are made for mobile applications.
Then long- and short-term increase in demand for secure mobile workplaces as a fallout of that. Next slide. In Secure Communications, the Q2 highlights, increased order bookings. Yes, we did grow the order bookings there as well. Mobile VPN. We have a mobile workplace with a VPN, which is quite different from the VPNs you all have on your laptops. It's a level 4 VPN, which has a huge benefit if you do deliver things that have to move all the time. We got an approval for national restricted level in Netherlands. Of course, that's very good because now we can use it for things that are classified in the Netherlands for communications. However, we see inadequate margins in Secure Communications, and we need to improve those. Next slide. Growth initiatives in Secure Communications is these mobile secure workplaces where we're very good. We have good products.
We have good collaboration with especially Samsung for their pads, and we have a lot of demand for that side. We have a product in critical infrastructure. The most sensitive part of all society today is, of course, infrastructure, electricity, internet, things like that, where an attacker of a country can attack that, no military invasion is then needed. This has to be protected as everyone is connected to the internet today. We have a growing operation doing that. We also see a first consultancy work done in critical infrastructure from other Scandinavian countries. So far, we're mainly working in Sweden. We have for a secret level, the highest approval level you can get, is high-speed encryption for networks. That is very high-speed encryption between, for instance, bases or offices at the government level where secret approval is needed.
These we build entirely ourselves, and it cannot be built on off-the-shelf components. Next slide. Business Innovation highlights. We have remote and interactive medical training in our medical education area. It was very interesting because in January, we demonstrated with Sapienza University of Rome, one of Italy's most famous renowned universities, who had all the first-year medical students at home, and they asked us if we can provide training at home over computers or over iPads of different kinds, and we said we can. They trained all of those students remote using our equipment, and that became very widespread. We did some webinars that were very well attended. We have now follow-up orders from that. One of them that is very interesting, one of the world's largest universities, which is in Mexico City.
It is called UNAM, they have about 13,000 medical students, and 3,500 of them are now using our medical training software for training students remote. We have other orders as well coming in. This is where we sold our virtual dissection table before, but now we are selling content to this area instead. A very nice area. On the other side is that the virtual dissection table sales are down because of COVID-19 at the same time. A very big impact on the type of business we do there. Orthopedics, we see a strong negative impact from COVID-19 because you do not need to plan operations that when you are not doing them. There is a negative impact for orthopedics. Next slide.
The trend in Business Innovation, we have new areas as well in orthopedics, which means that we go in post-operation for analysis for even if prosthesis move. If a prosthesis move and there is motion between the human skeleton and the prosthesis, it should be replaced, but it's very difficult to see that. We have an image analysis-based system where actually can measure that movement analysis. We can save a lot of operations from at all being done. A revision, a second operation on a prosthesis implant is dangerous and very expensive. The first one is not very expensive, but the second one, we need to take out the old one and replace it, is both high mortality and also very costly. If we can reduce this, that's a huge medical advantage going forward. We have a very good software doing that.
We can use a variation of that software for measuring also for clinical research for the orthopedic companies if they actually can use this, or they can use it for evaluating if a prosthesis works or not. You do it directly after the implantation or operation, and then you measure a few months later, but the basic technology is the same. If it's stuck in or glued to the skeleton appropriately, or does it move? Medical education, as I said, we are transitioning from a device delivery to service. We can use a table, but you can also use normal computers for teaching students both remote and in the facility. We're more selling subscriptions based on a very large database we have now for content of interesting pathology and cases.
In research, which is the third area, we are not doing any revenue, but we do have a large focus on AI for medical applications there. Next slide. The Q2 highlights for Imaging IT Solutions, which is our biggest area. We have a large increased order bookings with huge regional contracts as for Greater Manchester, which is about 3.2 million people served by an order medical imaging handled by us in the future. A long-range contract lasting many years forward. It will not be a one-time revenue increase, but more annual revenue per year it works, or as long as we have it. We have an expanded customer base in the U.S. We have reported two new customers are top-rated. We are not allowed to tell who they are yet, but they are on the top-ranked hospitals in the U.S.
We see also a very positive market for our new business model, which is actually pay as a service for our systems instead of the licensing. This will affect cash flow very much because the cash will come per year. It will become recurring revenue instead. All over, we believe a lot in this model, and we were very good in timing of it because COVID-19 has reduced liquidity with the customers. Of course, if you pay for usage, that will be possible to handle. We have a large increase in interest for SECTRA One and that type of operations. We're also delivering more and more over the cloud, and we just finished install in one county in Sweden where everything is done over the cloud, a cloud that is hosted by ourselves. Next slide. That's the order from Greater Manchester.
That is one of the largest region-wide imaging initiatives in Europe. There are a few more that is about the same time, but there are very few of them. It's operations that is covering 3.2 million people or about 4 million exams per year. Next slide. Growth initiatives in Imaging IT Solutions. We see new markets coming up. We have delivered pathology to Korea. We have orders from digital pathology, Israel, for instance, which is the first we've done on pathology there and the first ever in Korea. We also see more enterprise imaging opportunity. We are the only vendor in the world right now who can deliver pathology, cardiology, radiology, and other imaging ologies in the very same system. You don't have to buy two. Of course, that's a huge efficiency increase in hospitals if you don't have many systems to work with, but fewer.
Consolidation of the IT systems you have is a strong trend all over the world. We are focusing on the U.S., that's the largest market in the world. We top customers at satisfaction with Best in KLAS, which is a research firm doing customer surveys in medical IT systems, and we have been top ranked for seven years in a row. We are a small market share still in the U.S., but we are growing based on our customer satisfaction. Of course, there's a large possibility to grow if you are small in the market as opposed to some other markets like Sweden, where we have something like 85%, 90% of the market and growth opportunity is limited, therefore. Next slide. I will leave the word to Mats.
Thank you, Torbjörn. Please go to the next slide. We will go through some of the generics in terms of the numbers and have some highlighting comments on that. As you have seen, Torbjörn commented the order intake for the first six months was strong. Again, there's big variations between the quarters. As for the second quarter, we had about 77% compared with corresponding quarter last year. I would like to emphasize that the order intake shouldn't be taken as an indication that it's fueled by COVID-19 because the sales cycles in terms of what materializes as order intake is way longer than that in most cases. Again, the order in Manchester obviously significantly contributed to the nice numbers we see now. As for net sales nominally, it hasn't been all that strong compared with the order intake.
Factoring that we now for the first time in quite some time have a stronger Swedish krona means that the currency neutral performance was some 6% for the six-month period and close to 19% actually currency neutral for the second quarter. One should bear in mind that the second quarter last year was a fairly weak quarter concerned. As you can see for the currency comparisons, the Swedish krona has grown stronger over the last couple of months in this financial year, actually. Still on fairly high levels compared with a couple of years back. It's anybody's guess where that's going, but obviously a stronger Swedish krona is adverse to our businesses from 70% of our trading is in foreign currencies. Next slide, please. Where do we see traction in terms of sales?
Well, basically it's in the bigger markets, obviously, the U.K., Sweden, and most of all in the U.S. It's primarily driven by deployments in the short run here because that doesn't mean, on the other hand, that it's single with the deployment side. We do have had some good traction in terms of extension of service agreements and upgrades as well as adding new functionalities and ologies in the existing customer base. It's a pretty different view on that. Rest of Europe has had a bit of a sluggish trend in the short run. I wouldn't make too much of that. Next slide, please. Looking at the different segments, especially Imaging IT Solutions recuperated following a fairly sluggish first quarter. That has helped us in getting back on track, if you will, although we weren't that worried about that.
Each quarter has its different characteristics and volatility is high as we have seen. We have also seen, we come to that later on, in the fact that we have good performance in the short run in terms of the cost. We see that major deployments was Vanderbilt, Marshfield Clinics, and Memorial Hospital in the U.S. As for other parts, you can mention Region Halland in Sweden and continued rollouts on deployments in New South Wales in Australia. Secure communication infrastructure had similar sales increases, Imaging IT, in terms of absolute Swedish krona brought to the table in growth. It adds, however, in this second quarter, mainly in the form of the commission developments having a lower margin in the short run.
The idea is that the margins in that type of business will increase when it goes into the phase of being deliverables following approval by regulatory authorities. As for the Business Innovation side, as Torbjörn has mentioned previously, we see, first of all, it's a small unit, which makes volatility, everything else being the same, being bigger. We have, especially in the orthopedics side of the business, seen an adverse COVID effect. The picture in educational side is more heterogeneous because there are some markets that we have seen, as Torbjörn mentioned, increase in interest and demand, whereas in other parts of the business regionally, like in Asia and South America, where it has been an adverse pattern. That's a bit of a We don't have tamed this part of the business due to COVID right now, that's for sure.
Okay, let's go to the next slide, please. We come to the let's see. I have to see my own slides. In terms of earnings, operating earnings. While the strong trend in sales in the second quarter especially, combined with the fact that we have, I would say, COVID-19-related restrictions in how much we can travel, in the short run materializes in very nice margins. Again, that, I would say, will not be sustainable in the long run. Of course, we are constantly monitoring how we can mitigate this in the long run because the mid and longer term perspective in terms of pipeline management and being able to get elective procedures up and running again, no one really knows, I would say. It's a significant uncertainty in that sense. As you can see on this slide, it's primarily when it comes to profit generation.
It's an Imaging IT Solutions driven increase. Compared with last year, we didn't have a very good start of last year, which we communicated earlier on that was going to be the case, and the second part of last year was going to be the stronger one. As for the coming six months, the jury is still out, obviously, considering the fundamental uncertainties in that respect. Can we please go to the next slide, which is the last one I will be presenting to you. That goes for cash flow. When you see the bars, once you see this slide, you will see that again, we have significant shifts between quarters. We had a good first six months this year compared with last year. Although the second quarter wasn't that strong.
We had a strong finish of the second quarter this year, which means that a lot of the revenue is still tied up in receivables. I'm not too worried about this one. In the long run, I would say we have a strong underlying cash flow. The ending balance of cash is some SEK 249 million, which is close to SEK 60 million more than last year. That is following after the dividend of about SEK 173 million that have just been disbursed during the fall. That was pretty much my side of the story. Torbjörn, back to you.
All right. Thank you very much. I would like to point out as a follow-up of the cash flow here, will be impacted by COVID-19. It will be delayed. Not that it will not happen, but it will be delayed, but will go over to pay per usage instead of pay per license. Long term, it will be better both for us and the customers. Next slide, SECTRA's way forward. Our focus forward is, again, high customer satisfaction. That is how we compete. If we compete the giants, we need to have a special edge to it, and that comes in keeping customers happy. You cannot have happy customers without happy employees. It doesn't work. We need to be very careful and good also at having good culture and good Employee satisfaction.
We want to grow as much as we can, but we don't want to go below those 15% growing. We do not want to take the margins up to 20%-25% because that you can only do once, but growth you can continue with forever. The intent is to continue growing, investing all profits above the 15% on growth. We also want to see what we say, skate to where the puck is going to be. That means we need to be doing things that are ahead of the market, and we've been good at that. We did digital pathology. We saw the need. We developed the system before anyone else was on the market, and we now are benefiting from that early mover advantage. Next slide.
As I said, we've been the customer's top choice seven years in a row in the U.S., and our target there is for U.S. large PACS. These large PACS count our core business, and then we also won the U.S. small PACS, which is not our core, but still we want to keep the customers happy. We also won the Canada award this year, so we have the happiest customers in Canada as well. Next slide. Productivity of healthcare, a core society's needs. That is the situation now that will continue to be. We need to consolidate all medical imaging because customers want less IT systems in the hospitals. It might be 300 or 400 IT systems, and that's very difficult to maintain and connect to each other. We have all the medical imaging in one single system that interacts very closely with the EMR hospitals to that.
In order to increase efficiency, we need to improve workflows. We spend a lot of effort there in interaction and user interfaces. We also want to use AI to gain efficiencies. We don't believe in that AI with any foreseeable future will replace radiologists, pathologists. It won't happen. It can make radiologists and pathologists much more effective. I can quote a customer of ours, Professor Langlotz in Stanford University, who said that, "AI will not replace radiologists, but the radiologists who use AI will replace the radiologists who don't." That is a very good quote, and it shows exactly the thing we see going on in the market. We see the demand for secure mobile workplaces. People want to move around, and they still want to be as secure as if they were on their home network. We're very good at that.
We have a thing that is very good on roaming and moving around. We see the high-speed communication channels. A few years back, the need between different departments of the government, for instance, was perhaps a couple of tens of megabits per second. We now have needs of tens of gigabits per second, which is quite an increase in demand. We are good at that, especially at the top security levels like secret and top-secret levels. We're also trying out a few completely new areas, implant movement analysis for orthopedics is one, and digitized pathology images, which is now maturing. I would like to add remote teaching students there as well. Next slide.
We were, during the last quarter, recognized with the Top Innovator Award 2020 by a Swiss innovation investment firm, Alpora, who also runs funds to only invest in the top innovators companies in Europe. We were deemed to be one of the 10% most innovative companies in Europe, and that of course is a very good pat on the back for us going forward. Next slide. We also see increasing recurring revenue. Pay-per-usage is taking over all the software world, software service. Improved value for both customers and vendors. Most likely all of you have changed over to Microsoft 365 instead of buying Microsoft applications in a box in a shop. So does hospitals want to have it.
Our new business model, Sectra One, we introduced in May in the U.S., will play a very important role in Sectra's future when we actually can take customers on in one ology, and then we simply can add the other ologies after a while instead of selling a system for only radiology, for instance. The transition to this increasing recurring revenue model will be over several years, but it's accelerated surprisingly much by COVID-19. Next slide. How we handle the pandemic. First, we make sure our customers are okay so they can do good to society when society needs it the most. Critical infrastructure, cyberthreat is increasing. It seems like the cybercriminals are now utilizing that everyone sits remote, and they're trying to get in. We've seen some remarkable attacks over the last year, and that, of course, increases interest in cybersecurity.
We need to make customers happy so they can trust us and work hard with them so they can continue to be safe. Also doing a very good job in medical, so the medical community can actually treat patients as well as treating COVID-19 people. Health and well-being of our employees, of course, that's very important. We follow the laws and regulations in various countries as these vary a lot per market. We don't have any main company approach. We just want our employees to be healthy so they can do a good job for our customers. Our financial stability is important. We want that. It's important for our customers. They can trust that we'll be around for a long time coming because they trust us in providing these long contracts with us. Next slide.
As our philosophy for shareholders, we have a strong idea that shareholders will be happy if we have happy customers, happy employees, a good position in growing markets, perseverance, and reasonable cost control. Now, you need to do it in this order. You can start with the shareholders. The shareholders benefit will be a consequence of what the other points are listed up here. That's important and that we have proved, I think, over the last years that this works. Next slide. Our upcoming financial reports, March 12th, 2021, we have a nine-month report and presentation, and the June 2nd is a year-end report and presentation. Somewhere in September, we will have AGM, but it's not exactly decided what date yet. Next slide. We again urge you to give us feedback on these presentations.
We are very grateful if you can provide that so we can improve these presentations in the future. Questions, please. You can either send the questions by email or you can actually ask us online here.
Thank you. If you do wish to ask a question, please press zero one on your telephone keypad now. If you wish to withdraw your question, you may do so by pressing zero two to cancel. That is zero one to register for a telephone question. Our first question comes from the line of Kristofer Liljeberg from Carnegie. Please go ahead. Your line is open.
Yeah, thank you very much, and good morning. First one, I appreciate you want to focus on growing the business, of course, but at the same time, wouldn't you say that this quarter is an indication of the potential to maybe have a sustainable lower cost from working more efficient with remote installations, et cetera? That's the first question. Second, the comment you made about lockdowns here and the second wave of COVID-19 in both U.S. and Europe, how do you see access to customers now relative to the first quarter when it was obviously really bad? Second question regarding the cash flow, you mentioned that the weakness here in the second quarter was a buildup of receivables due to large part of sales late in the quarter. Have you also started to see the impact from the new revenue model in Imaging IT Solutions?
As for margins, the main reason why the margins went up is actually reduced cost for travel and exhibitions, as I said. Now we are learning also to be more effective, and especially the market is learning that you actually can go live without a lot of people, several people on site. We think there will be somewhere in between. It will not go back to the levels we had, but it will not stay in this cost saving levels because these exhibitions are very important for us. Long term, we need them. We need to go there, and if we can't see customers, it will be very hard selling in the future. A combination of these two. We intend to bring the margins down and use the extra money to growing more and faster because we don't lack ideas.
Right now, that is where we ended up with the reduced cost.
Could I ask you that, so let's say there is a structural difference here that it's possible to run operations as good with a lower cost than what we thought nine months ago. Would you use all of that to invest in growth? Is that what you're saying?
We don't want to use that right now because we don't know what the lasting effect will be, but we must also understand that the hospital specialties are very pressed on money right now. Some hospitals, very large, very prominent hospitals, lost 80% of the revenue for six months. 80% of the revenue, not 80% of the profit. That has put a tremendous stress on the financials of these hospitals, and that might result in that we see lower prices because we don't know what the impact on pricing on the market will be. It's too many unknowns to really give a good reply. The second question was access to customers that went down in the first lockdown wave. We see that effect now as well in the new lockdowns, but perhaps not as pronounced.
We don't know how much if we lock down, but we do see that we are again not allowed to come to hospitals in many campuses. Being completely honest, we don't know yet how much that will impact us for Q3 and Q4, for instance. It's unusually uncertain situation. We have a lot of orders. We have a huge order intake. How much we can recognize of that and when is unusually unclear for us. The third one was receivables and cash flow, and if Sectra One is already making impact. It's not. We have received a few first orders for it has not been installed and taken into usage, we haven't seen that effect yet. It will be seen over the next few years to come.
Could I ask you there about Sectra One? For example, the two unnamed U.S. hospitals, are that in Sectra One or more tradtiional?
No.
How are you going to book orders? Are you going to book orders as you have always done?
Perhaps Mats, you can take that question.
Yes. Well, I would say that the discussions are ongoing. My experience in many of these cases is that we may go with a hypothesis, for a contract structure for some time, and that isn't really settled until it's settled. I wouldn't put my neck on this and say this will be Sectra One, both of them yet, because I think the jury's still out on that one. As for cash flow, too, I agree. I confirm what you said, Torbjörn, that we haven't seen any significant impact from Sectra One contracts since they are still to be emphasized. We would have had a somewhat more of a hike in cash flow in Australia if that would've been a one-time deployment. That has been over time. Since that has been over several quarters for quite some time now, it hasn't really impacted the bigger picture, I would say.
I can add that Greater Manchester will of course be an investment in the beginning before we begin to take it live, because that's a in-between where they pay a certain amount per year for many years forward. We cannot recognize that until we take the first ones live.
Okay. If you take the launch contract in New South Wales in Australia that is now starting to go live, if I remember correctly, I have had some revenues already before in that contract. Is it possible to quantify the proportion of revenues you have had so far and relative to the full potential when it will be up and running?
I think these are things we have not published, so will be very difficult to tell that on this means. We are gradually increasing the revenues coming in from Australia.
Okay. Thank you.
Thank you.
I remind you that if you want to ask a question, please press zero one on your telephone keypad now. We have a question from the line of Daniel Ahlberg from Danske Bank. Please go ahead. Your line is open.
Yes, thank you for taking my questions. I have three of them. Can you provide us more color really in the transition from a license to Sectra One and remind us why this is a preferable platform from a margin also from a growth perspective other than just more predictable revenues and awards? That's my first question. The second question is on order bookings this quarter. If you exclude the Manchester positive effect, is it possible to say anything about the underlying order booking growth this quarter? Thirdly, on digital pathologies, is it possible to break out how much revenues in medical IT is being related to digital pathology as of today? Thank you.
All right. Sectra One, I recommend you to go back on our webpage, and we had a quite a long description of Sectra One in our final report for last year in that presentation that is available on the net. I would recommend you see that because it is too little time for me to go through the entire effect here. Your second question was the order intake except Greater Manchester. Greater Manchester was very large, and as we operate some of these questions or some of these products are extremely large, and we see them coming in. It is part of the ordinary order intake, but they need to be leveled out over many years. If you can take a 12-month average instead, you see more of a trend. That can include Greater Manchester. That is no problem because these big ones do come in now and then.
Smear it out a little bit and you see the trend. As for digital pathology part of the business, that's something we don't publish, and we don't make public, so unfortunately, I cannot reply to that. I can only say it's an increasing business, but it's not as large as radiology by far.
Okay. Thank you.
Thank you.
We have a follow-up question from the line of Kristofer Liljeberg from Carnegie. Please go ahead.
Yes, thank you. Also related to the pathology here. If you take an existing customer, what's the relative value for you adding the pathology solution? Also what I find interesting is you mentioned you had an order, I think it was from Korea, for pathology. Do you see this being a door opener for you? Because now being the only provider that have this, and does this also mean then that it could potentially, or be a potential for you to sell complete systems in those markets where you haven't really been so active before?
Yes, it's definitely a door opener because if we can get in with Sectra One, the threshold to also do radiology is extremely small. You just do a radiology exam in the same system on the same contract. The combination of Sectra One and having pathology, radiology, and cardiology in the same system is very much one of them we spearhead, and then of course it's very easy to just extend with the other ones. It is a spearhead and door opener for in that area.
If you take that, has this been through a distributor you have there or?
In South Korea, it's been through a distributor that we work with. Same thing in Israel, for instance. Of course, now with Teams, we participate very much in the sales over the net. This COVID-19 has some very interesting effects. We can participate with experts in the sales process in a way we could never do before because everyone is now used to Teams. It becomes like the distributor actually signs the deal, but we participate much more from our expertise in headquarters than we did before.
Okay, interesting. Thank you.
Thank you.
There are no further questions registered, so I hand back to the speakers.
Okay, do we have any email questions?
No questions through email.
Okay, we have no further questions. I thank you very much for your time. I remind you again, give us feedback so this presentation has become effective for you as well, because you are the most important thing of these presentations. Thank you very much, and happy Christmas. It's coming up in front of us, and goodbye.
Bye.