This is Torbjorn and Anders. And we also have Marcio van Sijen here, and we'll take over a little later. So welcome to our quarter 3 report for this year. And I will say next slide when I want to advance the slides here. Next slide.
The value we create for customers, etcetera, is divided into 3 areas. Though one of them is subdivided into 2. Imaging IT, which is a bulk of our business. We manage images. We handle images in hospitals and health care.
We started with radiology only, but it's to now comprising more imaging modalities such as pathology, where we are uniquely positioned, Cardiology, ophthalmology, other ologies that use images in hospitals. The imaging volumes and the imaging Image's influence on diagnosis is increasing all the time in Healthcare. Then we have secure communications where we do very high level encryption, the type of encryption that is used for saving national securities. We mainly target areas where authorities are required to use encryption and protect in Systems. We are focusing a lot in mobile security now because that's a key part and not the least with COVID-nineteen, an increasing area.
And then we have Business Innovation, which comprised of 3 parts. 1 is research, so that's long term research of various kinds, mainly in AI. We do orthopedics, and that is planning and follow-up orthopedic procedure, a rapidly growing area as we get older and older population. And we also have education there, medical education, which has seen increased interest over the last half year or year because of COVID-nineteen when all medical students have to be at home. That's an increasing area where you can actually teach students at home with up and coming in with fully good results.
Next slide. Q3 highlights. Our order bookings increased by almost 80% to almost SEK 2,000,000,000 quarter. Our profit per share, which is a number we follow closely, increased by 3%, and that's despite that we have of the Swedish crown had an adverse effect on situation here. And we have being hampered by restrictions over the pandemics by a stronger corona.
However, we do not know what would happen without that change. So we cannot compare and say this is caused by that to that, except for the kroner where we can definitely tell you how much that influences. Next slide. Our 3 financial targets are all fulfilled. We have them in priority, equity to assets ratio that should be above 30%.
This is a long term stability at the customers' last hours, both in North or in Communications and in Medical IT or Medical Imaging IT. It's all dependent on our system not failing and us deal round. The contracts are very long. And without if our systems fail or if we fail, it will be a huge strong and going forward. So they need a trustworthy partner that will be around for a long time.
Therefore, we have a quite conservative equity asset ratio about 30 set. We are about 50% there. The 2nd highest priority is profitability, where we count operating margin. We don't want to take that up to very high levels. We are our product is 15%.
Everything above 15% should typically be used to be invested in future growth, which is better for shareholders long term. Target of 15% is more of the high gain factor. However, with the pandemic, it has increased. We have less cost, and we also want to be a little extra safe there because we don't know what the outcome of the pandemic will be long term. So we are currently a bit higher at 19.2%, well above the target of 15%.
And then we have the real target. However, prioritize number 3 is growth of profit, and we count that in EBIT per share over 5 years periods. Plan. That should be about 50%, and we are currently above 100%, more than doubling EBIT per share every 5 years for the time being. Next slide.
The seasonal effects and the pandemic. We do have quite large variation between quarters. Last Q3, for instance, was exceptionally good. The long term trend is longer than 1 year. The variations between force will continue to be large due to COVID-nineteen.
But over time, we think it will gradually decrease, both because pandemic will finally go over. And we will also see that more and more of our revenues coming in, in paper usage. Software as a Service income, and that's much more stable between quarters. But that will take some time for that to have full effect. Next slide.
October 19 impact on the Healthcare IT market. Exhibitions and travels that have been canceled or gone virtual. Of course, we need to see net new customers and we meet a lot of them in exhibitions. We haven't team that in the order intake yet, but it might still come. We don't know.
The virtual conferences are not the same thing as a live event. We have seen delays in deliveries. A lot of hospitals have more or less shut down. Many are still completely shut down. All of Germany is in complete lockdown, for instance, and substantial parts of the U.
S. And that means we cannot come to hospitals and then it's difficult to go live with installations. So it results in delays. We also see the hospitals being financially strained in a way we haven't seen before where a lot of hospitals depend on the income of elective procedures. And if they are counsel, they make much less money.
Elective procedures are on hold. That has, as I said before, a large impact to hospital financials and also in machine volumes. However, on the positive side, we see telediagnosis taking a leap. Also pathologists were to sit at home and work from home during the pandemic. And that has increased 3 trial, at least, not complete ticket stations, but a lot of trials and a lot of that folks have been trying to do work from home.
And that might or that will result in a faster adaptation into the market going forward. We also think that the post COVID-nineteen patient image volumes may overwhelm hospitals. There is a large bump of people have not been had their examinations or surgery procedures during the pandemic. That will be a large pack ahead of us and that will increase demand of efficiencies the hospitals hope to cope. Next slide.
In cybersecurity, the same thing, the exhibitions and travels, delays in deliveries. Almost more prominent in cybersecurity because a lot of our deliveries have cannot be done with normal shipment. It has to be done by courier. If we sell this level of encrypted telephones to countries and end. National Security Agencies, we have to take them there by hand, by people.
And if travel between countries is limited, that is difficult. Increased demand for cybersecurity products. We do see an increase in demand. A lot of people work from home. A lot of teleconferences and video conference like this one needs to be done, but cannot be done over the public means and it has to be encrypted.
That has resulted in larger a large increase in need for high speed mobile crypto solutions. We also see a long and short term increase in the balance of secure mobile workplace People want to be able to work in a secret environment and with sensitive data also while traveling or sitting remote that will drive the long term needs. Next slide. Q3 highlights in Secure Communications. We did increase our order bookings.
We also have orders in the EU institutions for our mobile encryption systems, where the EU authorities and institutions want to communicate internally in a secret environment. Secret means very the highest possible level of secrecy. And we provide EU with their mobile units for that environment. We, however, did not reach our target for margins, both because of delays in deliveries, but also because we're investing in the growth initiatives within Communications. Next slide.
The growth initiatives are mobile picture workplaces, as I said before. Both industries and also a lot of people who are working from home, they do not want to do that over open lines and they want mobile virtual workplaces. We have very good products, but we need to invest further in both marketing and make them complete. We also invest in critical infrastructure where we have seen Quite a few delays now in orderings. People power suppliers and power plants are still interested in the need to invest, comp because of travel restrictions.
It has not been a lot of activity on the sales side during this pandemic. And the 3rd area is high very high speed network encryption system. So we can do secret communications that weight above gigabit levels, which is needed in modern networks. Next slide. Q3 highlights and business innovation.
We just were awarded a part of a very large EU product 2, Create Data and a Common Framework for AI in Digital Pathology. It 2 was awarded to Linkoping University in Sweden, and we are subcontracting the management of images in that system presentation of images, which is a good thing. We had a strong negative impact from COVID-nineteen effects, however, especially in our FIDIX, but also in education to some parts, some markets, so it's been more or less shut down, notably Far East. Next slide. The growth initiatives in business innovation is medical education transition.
We have the device deliveries before we deliver our visualization tables. That is changing in the cloud based content deliveries and subscriptions. And of course, in the 1st year, when we do such a change, it's less good. And the long term is much better business in that area, good for both customers and the provider. We also see a transition where people want to visualize on iPads and PCs and sitting from home, participate in medical education.
So that's a very interesting area going forward. The textbook of medical students is going to fade away in favor of digital media. We're well positioned in that area. New areas within Orthopaedics, We had something we introduced a couple of years back, SAGPRA implant movement analysis. This can take down the number of revisions.
That is a second operation. Our prosthesis has beginning to loosen. That's a very dangerous and very tedious operation, a surgery that you don't want to do if you can avoid it. It has been overutilized. You have People have been revising too many patients who didn't need it.
We have a very fine tool that can take down the number of reoperations for this. It's growing, but also we've been impeded by the lack of or the closure of a lot of elective surgery. We have a variation of that technology, which is very similar, but that can be used for research for prosthesis companies, which we call CTMA, computer micro motion analysis, that is used for clinical approvals and clinical studies of prosthesis. Basically the same technology, but a very different area. We actually subcontract to large procedures manufacturer to do research for them.
In research, we have a large focus for AI for medical applications that is continued. Next slide. Imaging IT Solutions, our largest part by margin, kind of the larger revenue generator and profit generator, etcetera. Increased order booking with regional contracts. We have several very large orders for entire regions.
We see The size of orders are increasing. Customers are doing more in consortia. As we have presented, we where we C. We will see the General Greater Manchester order, which was a lot of hospitals in the Greater Manchester area of the UK. We also received an order for Southern Norway, also multi hospitals.
And we have several orders from the U. S, also comprising entire chains as monthly hospitals contracts. As I said before, we had a large contract with Norwegian Healthcare Region, which is a very interesting area. We, However, had a lot of those hostels before as individual customers. Now they're merged into whole solution and adding more hostels to that sales overall solution.
We also see that a lot of customers add digital pathology to previous solutions from ZECSA, But also net new pathology sales. We are currently the only provider who offers and can deliver one system to take care of both radiology pathology and radiology. And that is Very beneficial for the long term cost structure of hospitals. They are beginning to realize that now. Next slide.
Growth initiatives in Imaging IT Solutions, new markets, both direct, but we also see an increasing demand, especially for digital pathology from of new areas where we sell through partners. We have Enterprise Imaging, as I said before, with different ologies, digital pathology, integrated diagnostics, which means that you actually for especially cancer care needs to look 6, which means that you actually for especially cancer care needs to look at both pathology and redol in the same time. We have all those images in one single system, which is very beneficial and good for quality in oncology. We're also adding cardiology and other ologies to this. Quarter.
We are focusing on the U. S, which is the world's largest market and currently also our largest market. We were already we received a new top customer satisfaction ranking, which we are very, very happy for. And I'll come back with that later. We have a small but growing market share in the U.
S. Next slide. And I'll lead the work to Max Francia.
Thank you very much, Torbjorn. Next slide, please. So initially, touching back on what you said, talking about the order intake being strong also in the 3rd consecutive quarter. Quarter. Besides the 3 bigger markets we have, Sweden, U.
S. And the U. K, we also see in this quarter that Norway contributes to the strong order intake. Currency neutral, we see that net sales is moving sideways, just a fraction of a percentage points upwards. As you can see, we have a headwind this year compared to last year, especially in the Q3 in terms of currency rates, especially in the U.
S. Dollars. Net sales going actually contracting somewhat at running currencies. And This means when taking the ratio of those 2, the order intake, we have gone from a book to bill ratio of 1.09 to 1.66, so that's pent up demand to be delivered down the road. So we can go to the next slide.
So how does that 4% contraction play out by region? We can see that it's fraught with uncertainties to say how the COVID has played out in different parts of the business Depending on market footprint and level of recurring revenues, but also as you all know how lockdowns nationwide, regional and locally Has played out in different markets. Having said that, we do see that where we tend to have a higher share of new sales, Those markets have been impacted more than the markets where we have a higher level of recurring revenue, which isn't all that surprising perhaps. And This means also that we are more exposed to larger variations in markets where we have the higher proportion of nonrecurring revenue. And just to give you a bit of a flavor, you see that in the U.
S, for example, we have a SEK 3,500,000 Increase in Swedish krona measure that would at last year's currency rates have been close to SEK 30,000,000 or SEK 28,000,000. So the currency impact comes into play here obviously. Next slide please. So looking from the business different the different business segments we have here, obviously, it's United Solution carrying quarter. The bulk of the weight volume wise, but also in terms of currency exposure takes the brunt of that.
Secure Communications has, To a lesser extent, foreign currency exposure being since Sweden is the our home market, although still exposed, It is, but not to the same extent. As for Business Innovation, it's the brunt we feel from the COVID in terms of electric surgeons on, as Torbjorn mentioned, is clearly playing out in the Business Innovation numbers. Okay. Next slide, please. And as for earnings, we can we see a traction upwards, 8.4%.
Now It is what it is compared with previous currencies, but it would have been close to 20% up in earnings should we have enjoyed last year's currency rates, but that you can also see in the report, the effect of that. We do have the bulk of our expenses in Swedish krona, where it's about 70% of our sales is in dollars, pound sterling or in euros, as And you could say that earnings effects, we do have compared with last year increased personnel costs, a higher installed base of Personnel Resources, but that, you could say, has been counted by the lower travel frequency and marketing activities that we have touched upon previously. So let's go to the next and final slide on this section. We managed to get Some increase in the cash flow compared with last year, pretty much the same for the Q3. So the main bulk of the cash So increased from some of the 1st 6 months.
Generically, you can say that the operating profit increase obviously carries Some cash and also we have somewhat less cash tied up in especially in inventory, which is a minor item. And the cash flow per share actually for the 1st 6 sorry, 9 months amounts to DKK 6.71 DKK 6.71 compared with CHF 5.59 for last year, where about half of that materialized in the 3rd quarter. As you can see to the right here, the Q3 has been very strong for us in the last 2 years in terms of cash flow conversion. So So for the full year, excluding the share redemption program,
the total flow cash flow was
SEK 191,000,000 compared with SEK 140,000,000 last year. And we do have actually increased somewhat the focus on the cash flow given pandemic uncertainty. So we We're in January with a net cash or a gross cash position, I should say, of CHF 364,000,000 compared with CHF 304,000,000 last year. So I think we are Pretty well staffed in terms of liquidity for the future. So that's it.
So back to you, Torbjorn.
Okay. So then I'm coming in. It sets us way forward. Next slide. And we are now on the focus forward slide here.
We will continue to concentrate on high customer satisfaction. And in order to fulfill high customer satisfaction, which is kind of main argument or unique selling point. In order to fulfill high customer satisfaction, you must Happy employees and good company culture, otherwise it can't be done. So that is also important for us. Quarter, and that will, of course, result in profitable growth if you manage to be expensive in the same way.
We also want to see a little longer forward than the average player on the market. We want to have investment that will come to fulfillment 3 to 5 years away as well as making good business today. So this is our main focus at ZECRA. Next slide. We are very happy that we again won the highest customer satisfaction in U.
S. Large hospitals. That was the 8th year we had the happiest customer of all vendors in the U. S. Market for large hostels in our Regioaldi packs business.
This year, we also won small hospitals, which is actually not our focus segment, but that came because of the culture and the way we do it. And we're, of course, very, very happy with those customers. Also very important, even though it was not them we cannot focus on in the marketing area. We also won Canada, and we won 2 new ones, which is Europe. We were 2nd in Europe last year, but we now We have regained the position we like to be in, number 1.
And in digital pathology, which was only measured outside of the U. S. Because these 2 small market FDA approvals came very late in the U. S. So they don't have enough customers being completed digital to measure it yet.
But class measured digital pathology for the world outside of the U. S. And we won by huge margin the happiest customer in that future growth segments as well. So we're very proud of this. We never had 5 best in class before.
Next slide. We do have increasing recurring revenue and we want to increase that further. We are moving over to a model where customers pay for usage as most software vendors these days are doing. We go away from the huge license sales. We still do them in many markets, but we gradually are moving over that, that customer actually paid for what they use.
Long term that is a win win for both customers and the vendor. Short term, it will have a negative impact platform cash flow, especially when we do the transition, but we are strong in cash now. So we have a space to do that. The new business model was presented in the previous presentations, we call it sector 1, was introduced in May. It will play an important role in sector future.
It came in very timely in the COVID situation where the hospitals have lacked of liquidity. This has gone even faster than we anticipated. And most discussions right now in the U. S. Is around sector 1 business model, though we haven't had many orders yet because of the long sales cycles in this market.
The transition to the new sales model will be over several years, but it will be accelerated by COVID-nineteen, especially as said as the sales, especially have an increased problem with liquidity in the year due to the pandemic. Next slide. How we handle the pandemic going forward. We must make sure customers the highest priority is to make sure customers okay, so they can do good when society needs it the most. We have several situations where customers have been overwhelmed both by their own staff being sick, but also by incoming patients.
It's our job to keep them floating so they can do their job. We, of course, want to see that the health and the well-being of our employees is kept to a high level. We have had quite a few cases of COVID-nineteen infections in the company, but we have had no one who actually stabilized and everyone is isolated when they're sick. In some countries, we're completely locked down. Some countries, we still have the offices open.
And then we have financial stability. And in financial stability, we, of course, want to keep that up, both in order to handle the transition to new sales models, but also because customers require that from a player in this market. If our system stop, nation's Secret, this will be at risk. And also entire hostels operations, we need to be Have a very, very strong brand, also financial stability. Next slide.
We normally say It's quite easy to do business. You need a culture in the company that where everyone does things for the customer without asking management all the time. And there is a very good rule for that. I've shown it before. I'd like to show it again.
It's quite easy to do business. You just follow the Golar rules 2 on to others as you want them to do to you. And that is something we preach. And I think Almost all of the employees and Compassus with their full heart. As long as we can do like this, we are fine.
We'll do to customers as we ourselves would like to be treated. Next slide. As for shareholders, We say that if we have happy customers, happy employees, a good strategy and execution in growing markets, The result, cost control and dare to be expensive when we deserve being expensive, then shareholders We'll be happy, but it comes in that order. We have to start with the customers. Next slide.
This kind of closing in on the end of this report. So the future financial report is June 2, year end report and presentation. September 3, that will be 3 month interim report for share. September 14, we'll have our Annual General Meeting here in Linkoping in Sweden call, perhaps still virtual depending on how the pandemic goes. Next slide.
I'd like to remind you that this presentation. It's not done for our own sake. It's done for you. And we would like to get them better every time we do them. So Please let us know what you think at the provided link here or send an e mail to infra.investor@sector.com, what do you think of the presentation or what we can improve in the presentation?
And then we go to the question section. If you follow online, please use the e mail button or send questions to info. Investor@sector.com, and we'll try to reply to them. And that concludes the general presentation.
Quarter. We have a question from the line of Christophe Lilleberg from Carnegie. Please go ahead.
Yes, thank you. I'll start with 3 questions and then get back In the Q. First of all, could you describe a little bit right now how you view access to hospitals and their willingness quarters to place orders, if there's any improvements there. And also, You talked about delayed deliveries. Is it possible to quantify this since the Since COVID started and also whether you expect there will be A lot of them now plan to be delivered in the next few quarters that would make those quarters maybe above normal.
And then the Q3, gross margin surprised me a bit on the upside given that there should have been negative currency Yes, impacts, if you could explain that. Thank you.
Okay. Thank you, Christophe. I'll do the first two and Mats will take the third one. Excess to hostels is very large difference in different countries. Spot.
In general, it's difficult to have access to hospitals. Now it seems that orders are continuing. It's with increasing stress and efficiency stress and few people doing a lot of things, IT system becomes even more important than before. Slow IT systems or IT systems that fail on you is in high priority to be replaced in hospitals. So we do we don't see demand going down a lot as for the orders.
But of course, the sales cycles are even longer than normal because meetings are difficult. However, we are all learning how to use Teams and Zoom these days. So more and more that is kind of compensated for by increased using of virtual meetings. So order as for orders, we don't see a huge impact any longer from the pandemic even though it's slower than before in the Medical side. In deliveries, we do see a continued slowness.
And also after the pandemic, I think I said in the beginning, we don't anticipate this be a huge bump that we'll do all of a sudden because hospitals are incredibly loaded these days with things that they have to catch up with. So if you do not do an operation for a prosthesis during the pandemic, It still needs to be done after. We don't know exactly the outcome of that, but we think it will be so much low or stress and load in the hospital. They don't have time to buy anything new. That is not in panic mode more or less for some time before it gets back to normal levels of activities in hospitals and that will be back to normal again.
Except for that, The financial impact of hostels have been very large and it will take times before I think privately operated hospitals of the world have recovered, so they can do investments as before. And that will affect all medical investments over the next 3 to 5 years, I think, but we don't know that yet. Then your second question on delayed deliveries, quantify. We cannot quantify that. We don't know.
We see an increased slowness. We do see some orders Moving over from 1 quarter to the next, we don't see many orders just disappearing or I would say literally none. But we see slowness and things moving between quarters that they normally don't do. We can't afford to quantify it. We don't know what the outcome would have been without the pandemic.
Then for the 3rd question, I'll leave the word to Marc.
So could I ask you on that? So it sounds Like, rather that there's it sounds like it's more going to be a continued negative impact on Deliveries, installations in the next few quarters rather than that there's a lot of things that's just waiting to be installed and Could help you short term.
We don't know. I just wanted to paint up if there will be a positive impact from the demand that has been accumulated. But there also will be a negative impact from that. The Oslo will be extremely stressed forward. And we don't know what the outcome will be.
It's not clear if it will be overall positive or if it will be adjusted now. We don't know. And I'll leave the word to Marc.
Yes. And Christophe, your immediate reaction, everything else being the same is completely logical that you would expect a downturn in the Gross profit, everything else the gross margin rather, everything else being the same now. In this quarter, we had a significantly higher Lower part of 3rd part content in hardware mainly, which and the mix of things. So Should we make this currency neutral also on this level, we would see a negative effect on the currency when looking isolated.
Okay. Thank
you, Burak. We have a question from the line of Daniel Aldeen from Danske Bank. Please go ahead.
Yes. Good morning, To Bjorn and Matsen, thank you for taking my questions. I have 2 for you today, and I think we can take them 1 by 1. So maybe if we can be a bit more specific regarding order intake momentum. Would like to come back The order intake momentum in U.
S. Pre and post COVID-nineteen. And my question is, are you executing according to the Plan presented at your CMD, meaning 2 or 20 new wins per year with a hit rate of 30% or has this goal Narrows or expanded due to COVID. I'd like to hear some of your thoughts here, please.
I would say that we're more or less following the plan. Of course, it's very difficult to plan when things strike from above like test in this year. But we are following the plan. We have a hit rate for about what we planned for. And there is no big impact on that percentage.
Okay. Thank you. And my second one on digital pathology. So if I'm right there, about 5,000 Pathology departments in U. S.
And around 30,000 departments globally. So To Tanzan, what percent has migrated digitally in U. S. And globally as of today? And what's your sort of best guess Where this will be in 3 to 5 years from now?
And also on that, as how I understand it, you have penetrated circa 30 pathology departments or laboratories as of today. Is that correct?
The percentage of Patrol Department, the units which are completely digital is very small. It can be counted on your premiums more or less. And then I mean completely digitized. A lot of the Pauline partners have, However, acquired a scanner and do occasional reading from home. So that's a little bit different.
But the complete digitization is not have not in the U. S. Even begun yet. As for the total number of installs, your number is ballpark is right. It's a few more than that.
And what the prediction will be in 3 to 5 years, we don't know. Long term, all the pathology department will be digital. The benefits are too large, not to digitize. But we know that It's a conservative market in medicine and the portfolios are no less conservative than anyone else. So how fast that will go, we don't need.
No. But we think it will be it will have sped up due to COVID-nineteen because it's people realize there is huge benefits of being able to consult other pathologists and also working from home.
Okay. Thank you.
We have a follow-up question from the line of Christophe Lilleberg from Carnegie. Please go ahead.
Thank you. Actually, three questions. The first one, if I'm looking at sales divided by product You have this large 25 percent yes, 65% coming from service. So I wonder if it's possible to give some more color of How much of that is long term service contracts versus other type of work you do for customers? And I guess also With the new subscription model, those revenues is going to show up here as well.
Yes. Maybe take that one first.
Okay. We have not publicized that, so I cannot reveal it now. But we're working on being more transparent on the service incomes and return revenues because I agree we should be more public about what comes from the new business model, what is just the old service contracts. But I will pass that question and try to get a little better in that accounting part later.
Okay. That would be great. Another one, with The strongest Swedish kronaher, it would be interesting to hear how much of the rating costs are in Sweden. You said it's majority of cost, of course, but The cost base,
Well, I can give you an indication on close to by half at least, I would say.
Okay. Then let's follow-up on this pathology question before. When it comes to your Market share, do you have such a figure, a rough one?
It's very difficult to determine. We don't know all these, but there are few players, very few players right now. It's more or less 3. We are by far the company and the product right now that is considered most, but we don't have the sales with of 1 of the at least Philips is one of the competitors and they of course have sales in many more countries than we have. Globally, I don't know.
Local markets where we are present both on our companies, we are larger than Phillipsysk.
In the markets where you are, but not on a global scale or
we don't know. There is no publicizations of figures from Philips on a number of departments. We don't
And maybe together in the indication, in the markets where you're also active, how much larger would you say you are? Are it twice the size of Philips? Or
quarter. It depends a lot on the local market. But in Sweden, we are, of course, completely dominant. In Netherlands, we are larger, which is interesting because that's a whole market of Phillips. And we are largely in the UK.
And then the other markets, I'm not this certain because we don't know how many stores there are from our competitors.
Okay. And I think I've asked you before, with the pathology here being a completely new market for Digitalize and the opportunity you see breaking into new countries and what you do To secure this opportunity.
You're completely right on that. It's very difficult to break in with radiology packs right now into new markets because it's a mature market and the incumbents will defend the positions with all means and price. But portfolio is different And we are we have started up France. We have gotten one of the major contracts, most important institutes in France, one of the leading cancer institutes already. And we have also had successes in Korea And some other markets where we have not been present before or very weak before, we've come in with pathology.
So that is definitely a way of going to new market. And then we can pull the other products with us later on.
Okay, great. Thank you very much.
Thank you.
There are no further questions at this time. Please go ahead, speakers.
Okay. We have no questions have come in over e mails. We have no questions here either. And then I'd like to conclude and thank you very much for listening. I remind you again 4 trying to give us feedback on the meetings and in order for us to improve them.
Thank you very much and see you again in June.