Today's presentation are prerecorded. Torbjörn Kronander is at the European Congress of Radiology today in Vienna, and he will join the Q&A session from there. My name is Helena Pettersson, investor relations officer, and I will moderate the Q&A session after management presentations. With that, I hand over to you, Torbjörn.
Welcome to the nine-month report presentation, 6th of March 2026. The content of this will be intro and highlights by me, financial developments done by Jessica Holmquist, our CFO, a little about our way forward, and then we have a Q&A session. This is, as Helena already said, a recorded presentation. The Q&A session will be live, but I will be present from Vienna, where I'm at the radiology conference at that time. Our business operation at Sectra is Imaging IT, our by far largest area, handling and managing images and presenting images in hospitals. Images is a very strong part of the diagnostic process, but they are not normal thing that you can just put into database. They are large data volumes, and they take special systems to treat them.
We have Secure Communications, which is our communications of secret information. We do encryption for secret information, we do a whole system, especially eavesdrop-secure telephones in on the national security level, which is the highest possible security levels. We have Business Innovation, which is our greenhouse and our future development program. These should not be there forever. They should either be made their own business area, like Imaging IT, Secure Communications. They can be incorporated into one of the existing business areas. It could be sold, we have sold, or it be shut down if it doesn't grow big and enough to keep it. Some examples in the Business Innovation is medical education. In medicine now, development goes very fast. Training the assisting staff of healthcare, doctors, nurses, et cetera, become a very important part.
Before, we have done a lot of basic training, university training when you are a student. Now we see an increasing need to have continued education for medical professionals all over the world, and that is, that's a very much growing area. Orthopaedics IT. Orthopaedics works with images in completely different way from radiologists, for instance. They plan operations and they follow up surgery. They do not only do diagnostic, and they require special tools, and we do that. Orthopaedics department, we have a new department since a few years called Genomics IT. Genomics information is similar to images. It's not images, but it's closely related to diagnostics, and it's very much made in conjunction with digital pathology that we do.
It's about in order to do precision medicine, you need to know the genomics of both, for instance, the cancer, if it's oncology, but you also need to know your own DNA, the patient's DNA. That means you can treat different patients with different treatment, which increases survival a lot. We have a few growth areas inside the big ones. In Secure Communications, we have critical infrastructure. With Ukraine, that has been made clear that this is a very critical area to protect for society. We have a special division for that. In Imaging IT, we have an area that was moved from Business Innovation a few years back, which is digital pathology, handling microscopy images. This is quite different from radiology because these images are very, very large. A new area in Imaging IT, which is Oxipit.
The diagnosis needs to be reported, that report, in order to be productive, needs to be very comprehensive and very good for the, you know, treating physicians to use. We have a special product in that, specially adapted for the U.S. market, but it will be generally applicable all over the world. Highlights from the quarter. We have happy customers, as we have had since Sectra started. This has resulted that the order bookings have gone up despite the difficult comparison quarter, nine months ago. We still increased by 4%. Net sales grew by 8%, and profit per share increased by 18% to SEK 2.5 per share.
We are transforming to as a service model, and you see that we get more and more sales coming from recurring revenue and especially cloud recurring revenue, where we sell services, software from the cloud, mainly in the US and UK so far, but increasingly in Europe as well. That grow a healthy 58%. Now when we have quite a lot, large number to start with, percent relative growth in cloud recurring revenue makes a direct impact on the bottom line of Sectra. Recurring revenue includes the cloud recurring revenue.
That grew less because we have less and less on-premise installations, but it still grew, mainly driven by the cloud or driven by the cloud recurring revenue growth. We have, if you are based on recurring revenue and selling services, you don't want to lose customers in a few years into that path. It's very, very important to keep the customers so they keep on paying for service and procedures. Thus churn is very important, and that's how large proportion you lose from these customers. We lost very little, only 0.5% this rolling 12. The financial targets for the group are fulfilled. We have three overall financial targets. One is stability. Equity to assets ratio should be above 30%. We are at 48%. That's a hygiene measure. We don't want this to be 100% or 75%.
It should be above 30% to show that we are a healthy operation that will not disappear because of financial issues soon. We sell a very sensitive product for our customers. They want us to be stable. That's a hygiene measure. Profitability operating margin is 21%. You see two curves there. One was a patent settlement we did last comparable quarter. That is now gone, where the solid line is for the development without that patent. It shows a healthy increase over the years. Again, the target is 15%. We do not have target that is higher than that. We have huge opportunity for growth, we will reinvest the profits about 15% in growth when we see it.
Then the main target, which is not a hygiene target but unlimited upwards, is growth of profits. We count that a profit per share because that is the best for existing shareholders. That should grow more than 50%, which is an average growth of about 8%, 9%. Over five years, it should grow 50%, and we're ways above that. We're 126% growth over the five last years. In Imaging IT Solutions, we are seeing beginning now that we are rolling out in this large contracts that we sold over the last 2-3 years are now beginning to roll out. Revenue is increasing despite that we do not sell much on-prem licenses anymore.
We see that these large contracts now, the first hospitals are live, and we are beginning to see increased profits. It will not grossly affect this year, but we see an increase coming over the next year. We also are the most chosen vendor in the US market, so we are growing faster than anyone else in the US, which is, of course, it's a very large market, despite the dollar now is little lower in value than it was. It's a very important part from, for us. It's our largest market by margin. In Secure Communications, we have been selling mainly classified products. With this is governmental approval, approved encryption systems. They are difficult to administer for customers. There's a lot of regulations how you manage keys. You have to lock in the phones in the evening in a, in a safe, etc.
The larger market of information. You know, a secret has to be kept secret for about 50 years. That's a very long time. You have to be very that's called SECRET level, a top secret level. You have a RESTRICTED level. RESTRICTED level is still government control, and you need to lock in the phones in the evening, but the secrecy should only be for one, two weeks against a state hacker. Companies cannot have that administration bureaucracy around the products, they still want secure products. We have launched a new family of product called Tiger/E. That's an E stop secure phone, and the E stands for essential. We have Tiger/S for SECRET, Tiger/R for RESTRICTED, and now we added Tiger/E, which is mainly for a private market.
You want the security, but you cannot have a department that takes care of all the administration around it. It's called Tiger Essentials. All the essential things for high-level encryption is there, but you don't have the all that administration you need for a restricted product. It's the same product philosophy, but much simpler administration. Not formally classified, I said before, that also means you can have that simple administration without losing that classification. We've seen Secure Communications have postponed serial deliveries, and that impacts financial outcome. The reason postponed is partly changed requirement from the customer. Cybersecurity is a fast-moving market, things happen, and then you have to change the products, and of course, serial deliveries are then delayed. You might have to rebuild something in a very late stage, and this is what happened here.
We had to redevelop things and that means a delay. This is lost orders. We have very good order intake, but it's delay. That affects this current fiscal year quite a lot. We have still won new contracts and new partnerships, and we have expanded with several new customers. These products we do not sell all over the world. We sell them in EU and NATO exclusively. After the quarter, we have been ranked again number one in customer satisfaction worldwide. We are with the 13 year, in the 13th year in a row, the highest customer satisfaction in large hospitals in the United States.
Seventh year in a row in Canada, and we also have the happiest customers in Northern Europe, Southern Europe, DACH, which is Germany, Austria, and Switzerland, Middle East, Africa, and Oceania. Of course, this is what drives us our growth. We have also announced recently that we have entered an agreement to acquire an AI company, Oxipit, in Lithuania. We have avoided doing pixel-based AI ourselves in the company so far because we think the customers must have a very clear business case, otherwise it's too expensive for them. We have resold. We have had an app store. We call that Amplifier for AI. We resell a lot of products integrated into our system. This time we saw that this company, Oxipit, they have something very special.
They have autonomous AI solutions for diagnostic imaging, especially plain chest. That means you can set up sensitivity threshold so high that you will not, with very small probability, will miss anything that is a real critical finding. You will perhaps take 20%, 30% out that the doctor doesn't have to look at at all. Now, that really saves radiologist time. It takes 20%, 30% of the images that is not needed to be looked upon by radiologist. This is significant savings for screening of lungs, which is one of the biggest exams you do in the radiology department. Plain chest X-rays is a big thing. If we can take out 20%, 30% of those, not require radiologists at all to look at them, that's a very important thing.
Because then the radiologists can concentrate and only do the 70% remaining. You find a lot of false positives, but you have almost no or very, very few false negatives. This will contribute significantly to the reduced cost of healthcare. It is an approved customer approved product in the European Union and everyone who acknowledges MDR, which is the European regulations, as a good or a reasonable thing to require in order to use it. All the areas, all of European Union, EEA, we can sell it. It's in trials in several hospitals already. It's an interesting area because this is a real solid business case for hospitals. We have FDA and other approvals in the pipeline. It is subject to customer closing conditions. We have signed the contract.
Hopefully this will be completed in March. It requires some authorization from Lithuanian authorities and other things. It is a small company. It's a small business. It means we're going into AI for real, and we're going into the area of AI we believe most in ourselves to take actually workload away from the radiologist. It will have no material financial impact on the group this year, and only little next year. It's an interesting area, and we hope that this would be significant in the future. I will leave the word to Jessica to tell a little about the financial development.
Thank you. Welcome again to our interim report presentation. I will take you through the financial development, focusing on the key financial metrics. Demand for Sectra's products and services remains high, with the contracted order bookings exceeding SEK 6 billion in the nine-month period, of which SEK 4.5 billion was guaranteed order intake. In the nine-month period, we have seen strong inflow of large and medium-sized orders in the U.S., Sweden, and the U.K. During the third quarter, several of our U.K. customers already using our imaging systems have signed Sectra One Cloud contracts, taking a step towards cloud services. Our books, our rolling 12 book-to-bill ratio is 2.6, and we highlight the fact that the size of individual orders can cause large quarterly fluctuations in our reported order intake numbers. We see solid recurring revenue growth.
Our net sales increased by 8% to SEK 2.5 billion in the nine-month period. High customer satisfaction, new deployments, and increased production volumes all drive growth, whereas customer, sorry, currency exchange rate movements and the delayed deliveries in Secure Communications have negative impact on our sales trend. Just to repeat what Torbjörn said, our recurring revenue from our cloud services grows fast, up 58% year-on-year, and we continue to report low recurring revenue churn, 0.5% rolling 12. We had substantial currency impact in the period. Adjusting for currency, sales would have grown by 16% instead of the reported 8%. The third quarter sales increased by 5% to SEK 892 million.
Adjusting the quarterly numbers for currency, sales would have grown by 16% also in the quarter. Our operating areas, Imaging IT Solutions and Business Innovation, increased sales year-on-year. Our medical imaging business grows with deployment of new customers, add-on sales, and healthcare providers choosing to move from on-prem to cloud services. Imaging IT increased sales by 10% to almost SEK 2.2 billion in the nine-month period. In Secure Communications, we remain impacted by a delay in a major customer project. We report a sales decline of 3% year-on-year. Business Innovation increased sales by 25%. This is driven by the development in our medical operations. In geographic terms, our U.S. operations reported by far largest sales growth year-on-year. All geographic markets show growth in local currencies.
We note that more than 70% of Sectra's sales are generated in foreign currencies, primarily euro, British pounds, and U.S. dollars, causing high sensitivity to currency fluctuations. First, I would like to highlight that all year-over-year profit comparisons during the presentation are made excluding the patent settlement that occurred in the third quarter last fiscal year, as this is a non-recurring business transaction. The EBIT impact of the patent settlement was SEK 110 million. Having said that, our operating profit increased by 21% to SEK 502 million, and the margin was improved to 20%. The growth in our operations and also more capitalized work for own-use are drivers of the profit development.
The third quarter operating profit of SEK 194 million is lower than in the comparable quarter, where we had a larger impact of traditional license revenue recognized. Imaging IT shows profit growth of 27% and an operating profit margin close to 22% in the nine-month period. I repeat, increased sales and more production volume as our customers take our services into operation and more capitalized development costs and as well as lower consultant costs have impacted the profit generation in the period. Secure Communications operating profit declined by 25% to SEK 45 million, and the operating profit margin is at 15% nine months into the year. Here we see the clear impact of delayed product deliveries this year.
Year to date, the cash flow from operations amount to SEK 578 million. Cash flow generation in the third quarter was strong, SEK 418 million. Underlying profit growth is the main driver of strong cash flow. Comparing to the nine-month period last year, we have increased our capital tied up in current receivables mainly as a result of higher accounts receivable outstanding on the balance sheet. That was all from me.
All right. Our way forward. I've shown this picture very many times before. I show it again. A very important thing in a fast-moving world is try to predict and be good, better than competition predicting where the world will be. When Wayne Gretzky, the best hockey player in the world, was interviewed why he was so good in hockey, he was not really good in any part of it. He didn't skate very well, didn't shoot very hard. He said, "I do not skate where the puck is. I skate where the puck is going to be." We have been good at that over the years.
We are well-positioned now when time comes, and now we have economics we think will be that will be very important as well going forward. Our general philosophy about shareholders is that you need to start with a rational strategy in a growing market. It's being in shrinking markets is tough because it normally ends up in a price war. In a growing market, you can grow with market or ideally you grow faster. If you have happy customers, and in order to have happy customers, you must have happy employees. It's not possible otherwise. They're to be expensive when you're worth it, and have reasonable cost control. Shareholders will be happy, but it comes in that order, and it's very important to realize that this is prioritizations we make.
That means we might take a small hit for profitability, for instance, if it's required by happy customers. Right now, we have the most happy customers on the planet, thus we think we have very happy employees. We do a lot of investigation in internal surveys that check this up, without those employees, we would not be able to have the happy customers we have, shareholders will thus be happy if we continue this way. In medical IT, the growth areas is diseases of the elderly. The demographics in the world is a little concerning, the cost in healthcare is mainly driven by the diseases of the elderly, that's neurodegenerative disease, cardiovascular disease, cancer diseases, musculoskeletal disease and vision. We are working in diagnostics for these areas in particular.
We can do a lot of other diagnostics as well, but we should be very good and highly efficient in this area because these are the areas where society have to address in order to have a healthcare that works also 10, 20, 30 years from now. We are selling this now in a Sectra One contract. You sign one contract Sectra, and you can use anything we use. Very often you start with one like radiology, but if you want to add breast imaging, which is mammography, digital pathology, genomics, whatever, you can add this after a while. You have a new contract with that. That has been a very good model. It's easy for the customers to take up the next area. Even if radiology is the major part of this income, you can use others as well.
Genomics was, as I said before, was added a few years back. What we hear from customers when we go around the world, is that, especially in the U.S., but also in Europe and other places, there is a lack of medical staff. The workload is increasing. Burnout risk is real. The burnout risk in especially U.S. physicians is scary, and of course, if a substantial amount of the workforce get burned out, the remaining people would be even more loaded because patients come in the same rate as before. Our job is to help out with that. Workload efficiency is very, very important, and to make these doctors actually do medicine instead of doing paperwork or doing administration, et cetera. Another concern we very often hear is we have too many IT systems.
There are thousands of IT systems in large corporation. Every one of these is cost too because the hospitals have to have expertise knowing how to deal with all these systems. It's a general trend that they want less systems. It's also a lot of cybersecurity concerns. Every one of all these thousands of systems is security risk. By getting the numbers down, they have less risk. Later we see integrated diagnostics. Personalized medicine is coming very strongly. That means different patients get different treatment, but in order to do that, you need diagnostics information from all over the place, including genomics. We are the only vendor today who have all of these in one single system.
We will also use data from other areas in order to feed into especially the medical tumor boards, which is a very expensive meeting, but it's very essential for treatment. We have a radiology, cardiology, pathology, genomics, IT, ophthalmology and others in all in one single system, reducing the number of systems, increasing efficiency and improving diagnostic quality. In cybersecurity, we see a new digital reality. 10, 15 years ago, people very seldom spoke about security and eavesdropping. Today, this is a everyday reality. It's growing and has to continue to grow. There is no other way to go but. We see also that increase in international tensions. There is concerning tensions in Europe, in Ukraine, but also other parts of the world that is driving the need for being able to communicate without someone else listening in.
We are very well positioned, and we have a very strong brand name in area where trust is absolutely required, and our brand both in medicine and in communications is our biggest asset. It's not on the balance sheet, but it's definitely our biggest asset. In both of these market sectors, well-positioned healthcare and cybersecurity are markets that due to external pressures have to grow. Even if it's a recession in the general economy and society, these two have to grow. It's a nice place to be because our markets will grow. If we grow with the market, we will grow. If we grow faster, we grow even faster. Priorities and key takeaways going forward. Quarterly variations will slowly decrease. We're getting more and more recurring revenue, and that of course, it will drive down the variations.
We still have a lot of variations between quarters, it will decrease. We are now doing significant go lives, not many. The first ones on these large contracts are now operational. Over the next year or so, we'll see more and more coming in. Cost is still high for the next quarters. You will not see a huge profit gain, you will see a high cost, also increasing numbers of these hospitals that we've signed on getting live. Also subject to closing, autonomous AI is an exciting new area, significantly reducing workforce stress in healthcare. Well, this is an interesting area that we're just opening it up, and we think there will be exciting news coming out of this over the next few years.
We also want to point out that we have a large currency exposure, Sectra, and you have to be a little careful about evaluating and predicting Sectra on that one. We have especially large income in foreigners to that, or currency that is not the SEK. The upcoming financial events are in June 5, we have the year-end report. September 4, we have a three-month first quarter report of next fiscal year. September 8, we have annual general meeting that will be in real life, as the teenagers says, in here in Linköping. We don't believe much in digital meetings. We think that meeting should be physical. Again, your feedback for these meetings is important. They are done in order to serve you, and the market and shareholders.
If you think we should improve them in a way, please send an email and tell us what you think we should improve upon. Then we open up for questions.
Thank you, Torbjörn and Jessica, for the presentations. I want to start with apologizing to all of you who tried to connect to today's report presentation. We have had some technical issues, and, but this, presentations and Q&A will be published as soon as the recording is done. With that, I will start with a few questions, from a private investors to Torbjörn. The first questions regard the Imaging IT Solutions operations. Have you made progress in shortening the implementation times for new customers?
Yes, we have. It's getting better and better, especially on the cloud deliveries, but there is still a lot to be done. We can always get better.
The next question is, the Capital Region contract in Denmark now generating full revenues, was it a successful implementation, and can other regions in Denmark follow?
Well, three questions. Yes, it's full revenue since quite a long time back. It has been, according to the customer, a huge success. We think also it went well, and everything is live, and the customer is happy. As for the additional orders in Denmark, that is of course an ongoing fight, and we would like to participate in more business in Denmark. We like Denmark. It's similar to our home market, and we would very much like to progress and sell more there.
The next question I think you have touched upon in today's presentation, but I will take it again. What is the status of transferring current U.S. customers to, from on-prem to cloud?
It's been a few, move. That is a complex installation. It's almost like installing something from anew. It's an ongoing process and will take several years to get most of them or all of them even, over to the new environment.
The next question is about Business Innovation. How have the sales of the Sectra Genomics module progressed?
We have one customer still, the one we got first. There is a lot of interest of more, but this is nothing particularly strange. This is typically what happens. We have completely new product to a new customer that it takes a while before other customers realize this actually works. It does work. It is University of Pennsylvania Genomics Lab is the most happy customers we have in the entire company. We hope to get more business within a not too far distant future.
We have another question around AI risks. It's a longer-term strategic question. There is increasing market concerns that advances in AI could make parts of the source industry obsolete. In my view, this has been one of the drivers behind the recent decline in the Sectra share price with the discussion accelerating after the recent plugin release for Claude. How do you view this risk long term, and how resilient do you believe your software is to potential AI disruption?
Well, first we are dealing in markets where trust is paramount. We are a trusted company in a market where trust is very important with the customers. If our medical equipment stops working, the hospital comes to a grinding halt. You don't buy that from 3 guys in a garage. You buy it from people and a company you trust. That is not affected by the AI. As for AI, there is a wave of efficiency improvements coming that will make coding, especially programming, much, much faster. We are using it, everyone else is using it. The benefit is as much on our side as on anyone else's side. The important thing is this is a wave that is coming, a good company surfs on the front of the wave.
A poor company is paddling like crazy on the back of the wave. We are good at surfing the wave, and it will be as beneficial for us as for everyone else.
Thank you. I will move on to some questions from Nikola Kalanoski at ABG. The first question is, during last year's capital markets day, you showed a graph of the total processing on Amplifier Marketplace going up significantly. Do you see continually increased usage of Amplifier Marketplace among your customers?
That is a very healthy trend upwards.
We continue with AI. Are there any additional AI capabilities that you would like to develop with the help of the incoming Oxipit team, or will focus be on Oxipit's existing product offering?
We see that as an AI center of Sectra or clinical AI, pixel-based AI center. There will be many more coming out with time, but we want to rather be doing a few and doing it very well. Now autonomous AI is very important. We will not do all AI. We will not compete with everyone and everything. We'll do what we're good at, and right now, that's autonomous AI for chest.
The next question is about Sectra One Cloud. Approximately how large a share of the order bookings are from Sectra One Cloud contracts?
Very large portion.
Is there any particular part of the world where you would like to hire more people, or would you say it's similar as in previous years?
Well, right now we're staffing up mainly in the US and Canada and the UK. That is where we have the large orders. We're also staffing up in Portugal and Sweden, where we have significant orders. I would say these are the main, with US especially leading because we need to staff up there.
A final question from Nikola. Has NHS Scotland gone live at any site yet?
It's a development process of deliveries. Migrations of archives, et cetera, has started, but it's not live yet.
Thank you. I will move on to questions from Kristofer Liljeberg at DNB Carnegie. The first one is, any timing effects explaining strong sequential growth for the cloud recurring revenue, does it include any one-off payments?
The answer to that is no. No. No, significant one-offs or material impacts from or from one-off payments. It's related to volume growth.
The next question, is the lower gross margin in the quarter explained by an increase of cloud storage costs?
goods for resale include hosting and storage costs, also includes hardware and components. As the volume goes up, hosting and storage increase. We can also have other components that impact goods for resale and the gross margin.
Thank you. I think the next question from Kristofer Liljeberg is for you, Torbjörn. Can you please explain rationale for the acquisition? As you have previously said, you did not want to bet on a single AI solution but wanted to be vendor neutral.
We are vendor neutral still. We will have a lot of different solutions for AI, working with all our partners all over the world. This is different. This is autonomous AI, and they are approved for that. The only approved solution to actually replace radiologists' work. That's a huge difference of aiding or helping a radiologist with different things and actually taking a part of the workload out, because that is what really is needed. There is a shortage of radiologists all over the world. If we can take part of the high confidence normals in screening applications, when you scan and screen a lot of people, most of the images are normal.
If you set up sensitivity, you can take off a significant amount of those, perhaps 20%, and say, "These are normals with very high probability." No radiologists have to view these. That's a big difference from other AI.
Okay, a final question from Kristofer. Can you provide details of how much you will pay for this acquisition?
We have not disclosed that.
No. I move on to questions from Jacob Lembke at SEB. The first question is, could you elaborate on what drove the strong increase in cloud recurring revenue sequentially compared to Q3?
All right. I think we touched that in the previous question. It's volume growth as we go live with new sites and as the usage increases our cloud recurring revenue grows.
I also think you touched upon the next question previously, but you could repeat as well. Was there any impact from retroactive revenue recognition of cloud revenues in the quarter?
The answer is no.
The next question is about the implementation process. Can you give an update on where you are in the implementation process on Quebec, US Multi-State Healthcare System, and Greater Manchester?
We can begin with the last. Greater Manchester is all live since many years. That's no change over the last year. It has been live a long time. In Quebec, we are archiving everything, and two hospitals are live of the 100+ that will go live. Two of them are live. In the large U.S. products, in all of those, there's one or two or three regions going live, and they are split up in regions, but the majority is still to come.
The next question, from Jacob Lembke is, could you elaborate on what drove the strong order intake in the quarter?
The orders, we are doing, selling well in many countries. There was not one of those massively large, but still a lot of order intake.
The next question is, it looks like you have won many deals in this fiscal year beyond what you have press released. Is the ambition to get these live in 1-2 years, or do you see longer implementation timeline since the backlog is increasing?
We are getting better and better and doing it faster. There are significant delivery times in these, not the least because you have to migrate archives. Archives have to move over when archive is included. That takes time.
The next question is, what drove the large increase in goods for resale in the third quarter?
Okay. Well, like I said, it includes hosting and storage, hardware and other components, and the increase is a mix quarter-on-quarter.
A final question here from Jacob Lembke. This is for Torbjörn, and it's around AI again. Can you elaborate on what has driven the shift in your AI strategy from only integrating third-party tools to now developing your own? A follow-up on that, should we expect you to build more AI tools internally?
As I said before, partly, mostly I've replied that question already. autonomous AI is different. This is significant, cost reductions for the healthcare and hospitals. We have never said that we would not ever do AI ourselves. We say we will not compete in all areas, but if it's good enough for hospitals and a big business, especially if it's autonomous AI, we can do a few ourselves. We will not do everything.
Okay, thank you. I will just check my e-mail, my mailbox once again. There is no further questions. Thank you, Torbjörn and Jessica. Do you want to say anything more, Torbjörn?
Thank you. I'm right now in Vienna in a very successful radiology show, ECR. Next week we will be in California at HIMSS, which is a large informatics conference. There's a lot of sales activities going on right now. Best regards, and thank you for listening in.