Good afternoon, and welcome to the Nightingale Health financial year 2025-2026 webcast. My name is Teemu Suna, I'm CEO and founder of Nightingale Health, I'm currently also CFO of the company.

Today, our agenda is I will first talk about Nightingale Health. Then we will go to the business targets of the past fiscal year.

Then we look into the business targets of the current fiscal year. Then we'll have a business update.

I go through the different business areas. Then we will have the financial review.

Then we look at the AGM and financial calendar. Then we have some significant events after the end of the period, and then in the end, we have Q&A, and you can post your questions.

We will go them through in the Q&A in the end. Let's start.

Nightingale Health, we are a global health technology company. We've been building the company for more than 10 years.

We have a global footprint. We run our own laboratories in the US, UK, Finland, Japan, Singapore.

We work in B2B and B2G markets, and the main focus is preventive healthcare. What Nightingale is all about: we have created a preventive healthcare platform, and this is a preventive healthcare platform that enables various AI-powered applications.

The problem with basically all healthcare applications today is that there is no globally standardized, clinical-grade way to measure health trajectories and intervention impact. We actually take actions in healthcare, but we don't know what is the impact of those actions.

We we operate many times blindly. This is particularly true when it comes to lifestyle interventions.

The solution is that we take a single blood sample, we run one test, and we detect the risk of developing diseases in the in the future. We detect if a healthy individual is at risk of developing many cardiometabolic diseases: type 2 diabetes, cardiovascular diseases, kidney disease, fatty liver disease.

This platform has been built, as I said, over the over the past 10 years. It has very, very strong validation.

We have run more than 3 million samples. There are more than 1,000 peer-reviewed publications of the technology, and the footprint is global, and the technology is already in national use in Finland.

The opportunity here is that we enable the standardized global measurement layer to power all the healthcare applications, particularly when they are AI-native. Then this problem, preventive healthcare problem, is applicable across all the fields of healthcare: payers, providers, population-scale programs.

The solution in a more detailed detailed way is that we take a single blood sample—this is a standard blood sample, it's venous or it can be a finger-prick, we have our own proprietary device how we can collect the sample. Then we take that sample, we run our own biotechnology platform based on NMR metabolomics, and in that test, we detect a very broad biological information from the blood.

Because we can detect very broad biological information, more than 40 clinical biomarkers, we have then developed validated risk models that goes beyond the biomarkers. We detect the the risks of developing diseases: heart attack, stroke, type 2 diabetes, chronic kidney disease, and liver liver disease in one go.

We are not a traditional diagnostics company focused on single biomarkers. We quantify disease risk.

This is important because if you if you really think about it, I mean nobody is interested what is your LDL cholesterol. Matter of fact, people who who have a heart attack, 70% of them have normal LDL.

If nobody is interested about the biomarkers or the biomarkers really don't tell the story, then the whole industry is kind of working around the biomarkers. We have created something better.

This goes beyond the biomarkers. This quantifies the risk.

Instead of knowing what is your LDL, you should know what is your risk of developing a heart attack. Then when you take actions—lifestyle actions, medication, it can be anything, exercise, sleep, diet—then we measure you again, and we can quantify if your actual risk is going down.

This is important because why would you measure your blood if you if you cannot measure if your risk is going down, your risk of developing the actual disease? That's why we are not a traditional diagnostic company, we actually quantify the disease risk.

This is what other diagnostic companies cannot cannot do. Why the risk detection is very important now: first of all, the chronic disease burden, the diseases that I mentioned, it's it's all around it's all around the world.

This is if you take all of the healthcare costs, depending how you calculate this, someone may say this is like 60% of all the costs, but you can also argument it's closer to 90% of all the costs: chronic diseases. The reason is that chronic diseases by nature are long-standing diseases that needs attention all the time.

This creates a huge cost pressure, and it accelerates around the world. Then the second point: prevention is going mainstream in population-scale programs.

It's not something that the market is not there. The market is there, and it's expanding expanding rapidly.

When we started this company, I remember like then, almost 15 years ago, when I was talking about preventive healthcare, it was something that was mostly in the kind of the in your keynote speech, you talk about preventive healthcare, and nobody does anything. Today, the situation is very different, we have a lot of preventive healthcare programs ongoing around the world.

They are in the early early days, but it's very clear that this is going this is this will be the new prevention will be the new standard of primary care. Number three: AI is driving the transformation in healthcare everywhere.

AI is—like we many times when we talk about AI, we talk about data centers, we talk about algorithms. If you look now what is the kind of the most advanced conversation around AI, it's all around data, because data is the fuel for the AI.

If you don't have good data, like you cannot you cannot generate biological data of of people, you have to measure it, you have to get the data. Then on the other hand, when AI applications get the data, if you think about the big health platforms, if they have high-quality, objective, standardized molecular data, it will it will transform what these applications can do.

This is what Nightingale will enable, and we have a very, very unique platform to to to to enable it. Building the company, this kind of a company, is a is a long journey, very long journey.

The reason for this is that you have various, very complicated elements. We started from creating the biotechnology.

Building a biotechnology platform, the amount of of scientific work, engineering work, and particularly the validation work and regulatory work, it's immense. You have to build all of that first before before you can do any applications.

In our case, it had like two different parts. The first part was to to validate the platform to detect the biomarkers, and then the second part was to validate the risk models.

The risk models we have today are something that the level of validation, there is nothing like that in the market worldwide. We we we are a global leader in this, but it has taken a decade to to build it up.

Then building even that is not enough because then you have to build the capability to deliver the product. You have to you have to build the the laboratory network, because we are not using the standard laboratories, because the equipment and technologies they are using, they are not good for what we want to do, they are not good for what the market actually wants wants to happen.

They are built for single-biomarker detection. The market, the future of healthcare in primary care, is holistic health profiling.

We could not go to the existing labs and say, "Oh, we we're going to do this with these technologies." This is very, very heavily validated by many scientific publications where we've been compared against the standard clinical chemistry measurements, and the results are very clear that our risk detection performance goes beyond the standard routine routine protocols in in in in biomarker detection.

How how does this journey, if you put it in a timeline, how this journey looks looks like: so we started from Finland, we built built our laboratory in in our headquarter starting 2015. First you you do the pilots without the local lab, then you build the local lab, then you get the regulatory approvals, then you win the local pilots, then you try to win the local reference deals, and then you try to get the volumes volumes up.

Then after Finland, we started to build Japan, then Singapore, UK, US. Now you can see that the timeline accelerates heavily.

Finland was 2015, and now in in 2 years, Singapore, UK, US. This is because the the expansion model and the kind of how we have standardized the lab rollout, we we have it completed, when we expand to to more countries, we can we can basically take this technology anywhere anywhere in the in the world.

Now after these five locations which we needed to invest heavily upfront ourselves, now when going to new regions, we we do it with a very commercial commercial model. The business model, as I mentioned, we work with the B2B customers.

They embed Nightingale's data in their preventive health applications. We have basically—you can think this as like a tiered structure, depending on the volume, because this is heavily a volume volume business, the more you have volumes, the the better you can kind of manage the process, do it do it more affordable manner, having lower unit prices.

This is this technology is not built for the kind of the longevity, high-end longevity field where the richest 1% in the world can use this technology and feel good about it. This is this is built to build a healthier world.

What it means, it means that we need to integrate into the health healthcare systems. I think, more importantly, we need to deliver health information that is built for the humans.

This is what we what we do. As I mentioned earlier, instead of telling what is your LDL, what is your ApoB, ApoA1, what is your like—yes, we tell also that information, but if you think about if you take the population, if you if you really think about healthcare globally, the real problems and challenges that we need to solve, they are not this kind of distinct group of people who are very familiar with all the biomarkers and metabolic pathways, etc.

That's not the point. The point is to deliver information that anyone can use to live a healthier life.

That's what we do, that's the focus. That's why we also aim to high-volume applications, we aim to push the price down, not up.

It's a hard thing to do, it's actually much harder thing to do than going into this high high-end luxury markets, but that's why we started the company, and that's what we are going to going to do. When we when we get it get it done, there is also immense immense global business opportunity that we aim to capture.

To that end, the market is there, it's huge. I think the the main the main point in this slide is that if we look at the global wellness economy, I I said that this is what we built, we built this for the people.

We are not directly going to to to direct-to-consumer and sell it to this to people, but the world is full of these these major-scale health platforms that will significantly benefit of Nightingale's data when they integrate it in their applications. This is how we can reach the global wellness economy.

Now the global wellness economy is $6.3 trillion. That's that's kind of reflection of the market that we want to be in.

That is the future of healthcare. Healthcare will not—the primary healthcare will not happen as a part of the healthcare system that we have currently.

It's not hospitals. That's the sick-care system.

The healthcare system is where you meet the people. To connect with people, you need to show them data that they can understand, they can use, and they can improve their health, which is the ability to detect the detect the risks and follow the change of the risk when people take actions, change their lifestyle, etc.

Building the globally standardized, clinical-grade measurement layer, that is the key that powers the whole world of preventive healthcare as well as the global wellness economy. This is the opportunity also with Nightingale.

This being able to detect the risks, the the capability of detecting the risks, this is where we are a world-leading company. Why why Nightingale, and what makes us unique: validation is next to next next to next to none.

We are global. This is this is an asset that is not regional.

If you think about the current diagnostics industry, you can take the biggest player in the United States, you take Quest Diagnostics, Labcorp of America, they are not global. You take the biggest player in in Europe, you look Synlab, they are not global.

We are. Then we are independent.

We are not dependent on any of the existing laboratory networks, we have built our own. This is only available from Nightingale, what we do in terms of the risk detection, and and importantly, validated, clinically validated risk detection only available from Nightingale.

Any engineer can build this kind of a model, you just take some biomarkers and you take some some data and then you build some kind of a risk model and you say, "Oh oh, here is my risk model." It's not a validated model.

It's completely different thing. Then when you start building global health applications, it's better for all of us if the technologies that the health platforms use are validated with the highest possible standard.

This is what we we have. The data that this is based on, we are running this on top of the world's world's largest metabolomics database.

The company is run—we have transparent operations as we are a public public company. We have excellent scalability, excellent efficiency.

In a in a global comparison, our our kind of how efficiently we operate in terms of the use of funds, for example, is exceptional. Then this technology is already adopted by nationwide healthcare here in Finland.

That's it. I think it's a very important moment in in our journey as a as a company because what we what we have been building for a long time, now we very strongly feel that the market is also very clear indications that this prevention, holistic health profiling, ability to detect the outcome risks, objective measurements, repeatability, global footprint, remote sampling, this this if you take this and you take any of the big health health platforms in the world, these are the things that are on top of their priority lists.

These are act- also things that building these is immensely difficult, takes a decade, and we have it. I'm not aware that there is any anyone else who is even close what we have built.

I would kind of I would call that a moat, which is very, very important now in this situation when the market is taking taking steps towards prevention and holistic health profiling. All right, let's go to the business targets of the of the past fiscal year.

Our target was to increase revenue by at least 50%. We landed only 17% increase, didn't achieve the target.

This is of course disappointing. We we had the pipeline, we had the deals, we we had everything set up in a way that we would reach the target.

Unfortunately, there was about €2 million in revenue that got postponed in a in a in a single large project, and this was due to to third parties, we could not do anything about the situation. Now this €2 million moved to the current current current fiscal year, but of course it was disappointing that we didn't achieve the target.

Now when we look at the the current fiscal year, last year the the aim was to increase the the revenues by 50%. Now it's approximately double, approximately 100%.

We aim to achieve revenues of at least €10 million. We have only this single target, and the reason for this is that now the most important thing is to increase the adoption of the technology.

This is to revenue is a very efficient way to to measure it, and we have full focus in building up the revenue streams across all of our businesses: in our research business, in our healthcare business, all all all across the all across the board. The mid-term and long-term business targets are unchanged.

We strongly believe that these are still very relevant. As I said, the problem we are solving here is a is a global problem, and this is the level what we want to achieve with this technology.

Then we have next the business update by geographical areas. In in summary, what we've been very focused in is the commercial activities.

The point here is that now it's time to increase the adoption. It's to win deals, and it's to only to win deals.

That's what matters now, and we have very strong focus towards that. We have made many changes in the company to enable enable more time and energy to the commercial activities.

What we have already last fiscal year, we managed to increase the sale value of the sales pipeline. We signed new significant agreements, and then we had a lot of pilot projects launched.

The work we are doing is is I think we have done many many important and right actions. If I look at the kind of the volume of commercial activities, it has increased significantly.

We will continue increasing that, but it's also important to remember that in this business, the sales cycles are long. Then even when you win some new contracts, they typically ramp up step by step.

It's not like overnight that someone like adopts the technology in large-scale use. We have also that kind of deals, but it's important to to realize that there are like the market dynamics are pretty slow in this industry.

We go through country by country. In in Finland, I think we have a very strong market position here.

We are in nationwide use. We have run more than 250,000 samples for for people here in Finland already, which is, given the population of 5 million, it's pretty significant.

We are also going to to public healthcare use here in Finland. I think that's also very important because this is, as I mentioned earlier, this is a technology that is built to be part of the health system.

It's a technology that enables a new kind of a health system. I'm thrilled to see that in Finland, the the government is also has a very like progressive thinking to start building the prevention.

I said earlier that the current healthcare system will not build the prevention. I still think this is true in the in the big picture, but then we have countries and we have programs that actually aim to transform the healthcare system into the right direction of prevention.

Of course, this is this is very it's very good to see this this this happening. In the UK, we have done a lot of market exploration work in the clinical side.

We are very strong in the UK in the in the research business side of things, but now we have also put a lot of effort in the clinical side. Market exploration going, first pilot project launched.

I expect this more results from the UK already in the current year half. In EMEA, a lot of commercial activities over the over the past fiscal year.

We opened discussions in more than 20 20 countries. We started from very like market exploration style of activities, aiming to close as much pilot programs as we can.

The and the and and and we have the the the pipeline for the pilots is very, very strong. We have announced announced some of the pilots already, and there is more to more more to come.

Next with these pilots, we are there's a lot of conversations to go into production-stage negotiations, the market is building well in EMEA. As I said, it takes time, and it's important to note that last fiscal year was the first one that we that we had a strong commercial effort starting to build this up.

It takes some time, but when looking at the pipeline and the funnel, it looks very good, and it it it grows all the time. Singapore, maybe the most important thing we did in Singapore was that we introduced a new version of the of the product based on the customer feedback.

Now there are customers who have been using this, using the using the product, and the feedback is very good. We are very happy about it.

The volumes are initially modest, but we expect the volumes also to increase in increase steadily. It's also the health screening market that we work in Singapore, it it's very kind of it's not it's not the same around the around the year, there are certain time periods in a year when there is more demand, and we we will we will now see how how the demand develops when we move into the high season of the of the health screenings in in Singapore.

In Japan, we have also done a lot of work with the customer feedback that we have got from the recurring customers. There are improvements to be launched to the business model and the and the report over the over the coming coming coming months.

Initial conversations have already taken place with the customers, and the feedback about the improvements is is is very good. Having a good product-market fit is essential, and that's why we are taking these actions to to help to build the business business up.

The first commercial results of the new products in Singapore and in Japan are expected also in the current current fiscal year. In the United States, I think a very important step was that we we managed to receive the the CLEP permit from the State of New York, and we have a clear roadmap to enter the US healthcare healthcare market now.

Because of this, we also hired a chief commercial officer located in the in the US, and we have several new sales activities initiated. There are There are a lot of pilot negotiations ongoing that would utilize the the New York lab.

Medical research market, which is still our biggest biggest business area, we we took strong actions to increase sales activities in this in this business area. We introduced the multiomics offering.

We we announced the strategic partnership with Alamar Biosciences. There a lot of very strong commercial actions that we have taken.

The pipeline has increased substantially. I'm expecting to see more wins also in this in this segment in the future, and in the past fiscal year, we we closed—here we have couple of important projects that we closed in the past fiscal year.

All right, that was the that was the business update. I would summarize it in a way that one of the key strengths of Nightingale is that we are—I said it in the beginning, I said it say it again—we are a global company.

The global company structure, even though it's very challenging to build, we have now built it, we have it going. The benefit of the that structure is that we we can execute in parallel in several markets.

We can learn from different markets at the same time, we can get those learnings to build a better products, and then we can deploy the products in in these markets. Then if there are these some disruptions, as we have seen, there may be disruptions around the world, politics may change, there kind of a various things may happen.

Because we are operating globally, we are also in a position to to kind of continue growing the business even if a country faces some challenges. That's we that's something that we are going to to continue building this as a global company, building it parallel, and and with that, we can also ensure that the business growth will take place.

Then let's have a look at the financial review for the past fiscal year. We had the best half year half ever, the the the last half of the past fiscal year.

The the second half revenue increased by 30% compared to the second half of the of the previous fiscal year. Then the revenue of the whole year was €5.5 million.

Largest part still came from from the research business. This is something that we—when I look at the kind of forward-looking pipeline, this balance is is is shifting step by step.

The healthcare part is taking bigger and bigger part of the revenues. It takes some time to to build it up, and it's I'm very excited to see also the the the research revenues growing growing, because it's not that these two businesses that we that we have, they're completely isolated.

They are not. When we win in research, it helps us to win in healthcare.

When we win in healthcare, it helps us to win in research. It's the same technology.

These are these are interlinked. It's the same company.

These are interlinked. One of the one of the unique abilities we have, and what we have demonstrated, we have the ability to translate scientific findings to clinical products.

You can make a review and and and see how how successful companies are in this in general. It's very difficult, and we we have we have done it in a around a very difficult with with with a very difficult market when we look at the primary care market.

Now when there are more scientific findings, we can now translate these findings to clinical products very, very rapidly. I think this is important to remember when evaluating the business between research and healthcare.

They are both very important. Here are the financials.

The revenue growth was 17% compared to the last fiscal year. Change in liquid funds was more or less the same as in the previous year, we we can run the company without increasing the the the the cost burden, which is important also when we're looking to increase the revenues.

We have strong confidence that we can actually hold this this this this cash position, and with the revenue increase, eve- even starting to improve it. I think we have the—and this is because we have the have the structures in in place.

Many times if you look at the numbers in in technology growth companies, when the revenue starts going up, the amount of money going going kind of out increases. In our case, we expect this number to decrease, which is which tells a lot about the business structure that we have have in have in place and the ability to grow.

We are still in a solid financial position. We have debt-free balance sheet.

I kind of when looking at the business transformation that we are building, I I'm not worried about the the financial position. I strongly believe that it's strong enough to to to take the company commercially to a very different different position, and our focus is entirely to build that commercial position, to to to show that our technology is being adopted all around the world, revenues revenues increase, and the business business increase with that.

I think with that increase, we will be in very good position financially to to take to take any actions that are then appropriate. We that's something that we will see when we when we move forward.

The annual general meeting and the financial calendar is here, the annual general meeting will be held on 5th of November, and the the calendar is is is there. There were a couple of significant events after the end of the period.

I mentioned that we are now putting a lot of effort in the deals. It's deals, deals, deals.

Here you can get some reflection of this this deals. Here we have four deals that were announced after the end of the of of the fiscal year.

They are all pilots in the in the in the first first piloting stages, some of them already moving also to the to the more production stages, for example with with Genome. Kind of the the strategy and the the kind of commercial implementation is is taking place all the time, and there are also results coming all the time.

The current fiscal year I believe will be the transformation in terms of the of the financial results as well for for Nightingale. We have set the target to double the revenue.

Reaching that will already take the company, make the company financially very, very different. We strongly believe that we are in a very good position to to reach that that target, and I think investors should follow our releases regarding the deals.

The more we can win deals, the more there will be business, the more there will be adoption for the technology. I think that is the most important thing to to to follow right now.

All right, so that was the that that was the review of the of the of the agenda except one point left, which is the Q&A. Let's go to the Q&A, and as usual, Janna Ranta will join me on on stage.

Good afternoon, Teemu, and good afternoon, viewers online. We have received a lot of questions, I would say we jump right into it.

Let's start with an easy one. Summarize the fiscal year in one word.

How would you describe it?

One word. That word I think would be "commercial".

It's this kind of a company that, as I showed, 10 years, more than 10 years of building the kind of being a technology company, now becoming a commercial enterprise, it's a very difficult challenge, and that has been the focus. We have done tons of things internally to make this transformation happen, and I think we have been very successful in many of these things.

Then I think the word for this fiscal year is "deals".

Okay. Great, thank you.

You were also now answering already my last question, or planned last question. Let's see how many questions we still receive, please keep sending the questions.

You are projecting €10 million in revenue for this fiscal year, with €2 million expected to come from the Arbor case. What assumptions underpin this forecast?

It's based on the pipelines across all the businesses. We have two different kind of commercial deals that we are aiming for.

There is kind of the deals that are based on our kind of ongoing sales activities, we try to increase the size of the funnel, and it's the quantity of deals that is very important, build very traditional sales, build a big funnel and you will land deals. That's one part of it, and with all of the businesses, we are increasing the deal numbers in the funnel.

Then we have another segment, which is basically this kind of strategic landmark deals. That's a more strategic and more targeted effort that we do, and this is also in parallel.

This forecast is based on the idea that this kind of very operational sales activities will make the result. Then if there are these strategic deals that we would land, great, it even accelerates more of the business growth, but the forecast is not based on that.

It's the kind of what is happening operationally every day.

How much of the projected revenue is already secured in the order book, and how much still needs to be converted from the open pipeline or the sales pipeline?

Obviously I cannot reveal the numbers, but you can naturally make a bit of reflection if looking the result that we did in the past fiscal year. Without even this €2 million that was a single project, this was this kind of a flagship project, we still managed to do €5.5 million, and this is based very much on the kind of the operational sales activities.

I'm not expecting these to go smaller, all of the segments are growing. Maybe based on that, you can imagine that we are in a pretty good position to reach this target.

Of course, it's not easy, but you should not make targets that are easy to reach. I think we are in a very confident position that we will figure it out, and I think for a company, achieving doubling the revenue, I think it's okay.

Yes. A lot of interest in the split between research sales and healthcare sales.

If you can comment on and share some insights, what was the split past fiscal year, and what can be expected this fiscal year?

Maybe I can talk a bit about the trend, how the trend looks like. Earlier, if looking backwards, a very small part of the business has been healthcare business, it's very strongly research-driven.

Now if I take a look at these pipelines, how this will look like in the future, I can see a moment that it kind of goes break-even, 50-50, not saying it happens over this fiscal year, but when I look the forecast window, I can already see the moment that this is likely to take place. What this means is that the healthcare activities and the pipelines in the healthcare businesses are all growing, and with that growth, of course, the relative part of that business is getting bigger and bigger.

That's where we are. Of course, there can be individual projects that change the kind of the ratio temporarily, but if looking at the trend line, I think it's very clear that the healthcare businesses, there's a lot of traction around with them around the world.

Thank you. Let's talk a bit more about these partnerships.

You have announced some pilots, you mentioned that some of the customers are already in the production phase, how many of these partnerships are currently generating revenue, and how does the revenue growth look like in terms of these partnerships that you have announced?

Basically almost all of the partnerships generate some revenue. Of course, when we are in the pilot stage, it's very small.

Now I would also say that most of the deals by nature are deals that ramp up step by step. You don't go immediately big volumes, you go step by step, the partner, or the customer, introduces our technology to their customers, and then they start building it step by step.

It takes some time to build up the revenues, and that's just the nature of this business. I think nobody is in a position to go and say, "Oh, you take this deal and then you commit to run a million samples per year."

I think nobody is in that position. There are, however, some strategic partnerships that would include then also this kind of commitments and the launch moment takes the volumes immediately much higher.

Can we expect this kind of partnerships to be announced in the near future?

Yes. Okay.

Let's move to US, and you already mentioned during your presentation about some of the highlights from that market, but can you provide us with an update and activities on the progress in the US? What can we expect from US this fiscal year?

US of course, when I look at the global market and what is happening in healthcare, I talk a lot about these health platforms. These health platforms, they are many times wearable companies or they have some other digital health solutions.

At the moment, what we see in the market, they are kind of a products that they have the wearable and they have some AI and they have some different elements. The next generation of these products will be much more integrated solutions, and the connection to the actual health outcomes will become more and more important, because if you build something for the humans, it's not a product for biohackers.

It sounds nice in theory; in practice, it's not interesting. What is interesting is that if you can connect your lifestyle to your actual risks and avoid diseases, that's what we all want to, we want to live healthy.

All of that development takes place in the United States. United States also has a very strong opportunity landscape in healthcare accounts that we are going after.

It's very good market for our technology. The journey to get there, first was the building the laboratory, getting the CLEP approval, which we got.

Now we've been building the commercial team in the US, we have a person on the ground, in the management team also. You got a responsibility to take ownership of the US business, we put a lot of effort and a lot of resources to build it up.

In terms of the product launches, you should be looking something like the second half of our fiscal year, we are expecting to see some launches happening, we are making strong progress in the US as well.

That is great. Let's move to Singapore.

Lots of things going on there and a lot of questions also related to Singapore. The new report that you mentioned has been launched, what has been the feedback that you have received from your customers and clinics?

In the same way, you can answer the question that how many of these clinics are actively ordering today? Then a third question, that has there been a significant change after you have launched the new product in Singapore?

I think we need to look this through the market feedback, the customer feedback. Now with the new product, the customer feedback has been significantly improved.

I think with the new product, we made quite significant changes with the product, and I would say that the previous product, it looked a bit like product built by engineers. Now the product we have, it's a product built for the humans.

It's easier to read, it's easier to understand, it's easier to use, and this applies it's easier to use for the clinicians, it's easier to use for the patients. The product-market fit I think for the first time I feel that it's very good, very strong.

The commercial numbers and the growth, as I mentioned, the Singapore market particularly is this kind of a step-by-step market, we are making good progress over there. You don't see it yet with the numbers, but we have a very strong plan to also show it in the numbers over this ongoing fiscal year.

Thank you. There's a lot of questions also about the financial position of Nightingale Health, I will save some time also for these questions.

What are the key factors that need to fall into place to achieve a successful turnaround to positive cash flow and profitability?

Winning deals. That's the very short answer.

I think this is a kind of a bit of a classical technology company position that we have built something that earlier market had difficulties to understand what we have. Now very clearly the market has transformed because of I think the pandemic, because of AI.

Now everything is focused around because AI enables to combine different data modalities together. If you want to build a great health platform, you need great AI, you need great digital health data, including the wearable data, you need great molecular data, and you need great brand and marketing and all of that.

You need all of these four to be in the kind of in the top of the world. Now with the molecular data, it's not enough to measure standard biomarkers.

You need to be able to provide connection to the actual outcomes. Because again, the user of the platform wants to avoid the disease.

The user of the platform doesn't want to have better LDL. It's a very different concept to have.

What was the question? I forget.

There was questions about how the turnaround will happen to reach profitability.

Then by getting the adoption increasing. These are huge platforms.

We have the same trends also ongoing in healthcare, it's not only this consumer-facing platforms, it's also in healthcare. Winning the deals and getting the adoption, it's very likely to increase the adoption all around the world.

Everybody has the same problem. There is no magic trick and saying, "Oh, we are going to reach the profitability like this and this way."

The only way to reach it is to win deals around the world, and for that, I think we have the structure, we have the position, we have done the investments, we are in a very good position to win the deals, and when we win the deals, the financials will turn around.

Financials

is the result of winning the deals. That's what we are going to do.

Yes, we have 2 minutes left of this session, and there are still many questions that are left unanswered, but the last one is a question about the runway of the company and also how are you then going to do it all to create enough room for go-to-market investments and create headroom for commercialisation? Can you comment something around this?

The runway is healthy, and I strongly believe it's long enough to do the kind of the commercial breakthrough. When we do the commercial breakthrough, the company is in an excellent position to look over various financial options.

Important to remember, we are basically essentially debt-free. We have multiple avenues after that.

Now the focus is to do the commercial breakthrough. For that, the runway is long enough.

In terms of the marketing investments and all of that, I'm not very worried about it because we are a B2B company. Our sales and our marketing goes into very kind of a limited number of customers, which we can manage.

The cost structure we have in place in the big picture is strong enough to do the breakthrough. I think that puts us in a pretty good position also in terms of the runway and in terms of the current financial position.

Thank you, Teemu. That was all from the Q&A session today.

I will give the final words to you before we end this session, please go ahead.

Thank you, Janna. I think we are now, it's very exciting financial year for Nightingale.

We are putting all of our efforts and skills to do the commercial breakthrough, and when we do that, I think there will be very exciting applications for people to have a healthier life. We will continue with that mission, and we will come back again in half a year to share with you what we have achieved.

Thank you, and have a nice day.

Thank you.