Hello, is Dariusz. It's nice to meet you again.

Good morning or good afternoon, it depends of your time zone. Today we have submitted the financial statements for the half year.

I would like to present the highlights and also give you some informations what we achieve or what we expected to achieve in the next quarters. I think that my presentation will takes about 20, 25 minutes, and then we can open the Q&A session.

You can either ask the questions by the chat or just by the voice, it depends of your preferences. I think that it will be around 10, 20 person, not more.

I think that we are in a so close atmosphere that there is no issue how to ask the questions. The two major informations: our revenue passed the half-year results, reach as usually a record level of 441 million Polish zlotys, with the EBITDA from continuing operation 118 million.

We already included this indicators or this profits into market indicators like PE or EV/EBITDA, and of course we only calculated the repeatable numbers because, as you probably has possibility to see our financial statements, you will recognize that there was one big time profit, but it is not related with the day-to-day operations, and we treated this as a non-cash and non-continuing, we do not like to present, let's say, this indicators included this kind of the profit. It's the first time when we only focus on the two business segments because the spinoff was realized.

I have included this because of this impact on the financial statement, but in the next quarter we will only focus either of the radiopharmaceutical segments, of the medical equipment and IT solutions. What we achieve in our biggest business units, our revenue reached almost 440 millions, which means 36% year-to-year grow.

You will see in the next slides that the grow it's substantially higher in the second quarter because it's consist the first quarter and the second quarter. From our perspective and also from your perspective, what it's also the even more excited that we are able to generate more profit or more EBITDA from this sector and also from the other sector.

Our EBITDA has grow up 46% and reach also the record one level of 121 million. What was our operational success?

I would like to highlight a few topics. We have very successful half year of signing a new agreements, which was totally value of 311 millions compared what we have last year about 147.

What is also important, a lot of this contracts will be recognized in the second half of our fiscal year because they are either on the backlog or they are part of the active bid. You will see this on the next slide.

What we also achieve as also in our opinion the two bigger success story was firstly the extensions of cooperation with Intuitive, but this extension was related with starting the operation in the Ukraine. Through the signature of the agreements till today, we already set up the company, we have also the first employees recruit in this territory, and we are prepared to start, let's say, commercial operations, which, according to our agenda and also Intuitive agenda, because the project has to be registered, should started about October of 2026 year.

With the Ukraine, let's say, result, I think that they will have the impact of our next fiscal year, not the existing one. The second very excited informations is to sign the exclusive agreements with the HistoSonics, the system it's called Edison.

We already also inform about this story, but what it's interesting, we have a possibility to see the system, how the system it's working. There was the surgery oncology conference just a 2 weeks ago, and before the conference, we have the access to the system here in our headquarter.

We do a phantom operations, with the phantom, we already operating with everything like we will operate with the patients, and through this operation, we have seen what it means the histotripsy effects because this is really not understandable for everybody, and we see how in the real time, which was, by the way, only a couple of minutes, we destroyed the part of the liver. It was the animal liver, and it was changed into the liquid substance like a [turbiel?]

or which will be absorb future by the patients. It workings and it was a big surprise to not only to us because we are, let's say, not physicians, but when we also shows this on the conferences, there was a lot of the interest from the doctors.

The second our business units, radiopharmaceuticals, as you remember, it's more repeatable, it's more comparable quarter-to-quarter, our revenue has increased of 17%, but the increase in the second quarter was higher than in the first quarter, the same situations like the medical devices segments. We were very successful in both products: basic tracers and even the special tracers.

With the special tracers, I would like to pay attentions that on the local market, the Poland territory, in this kind of the tracers, we works almost like the monopoly because the other producers of the radiopharmaceutical mostly concentrate of the productions of the basic tracers. The corporate event, just how the spinoff was impacted the financial statement, we will come back to this in a minutes.

When we look at the split of our revenue: 36% in the medical devices and 17% in the case of the radiopharmaceuticals. What I would like to underline, and this is not only the situations of the existing quarter or the half year, but it's a rather repeatable situation from many, many quarters, the increase of the EBITDA was even higher with the first half, it was 45% and 30% in case of the radiopharmaceuticals, and the same with the repeatable net profit.

If we look only on the second quarter, because the first quarter you already know this figures, our revenue reached 71% increase total, which was splitted by 76 in the medical business and 19% in the radiopharmaceutical, and the EBITDA or the net profit, it was even more impressive: 92% or more than 110%. Looking for, let's say, futures, I think that still we have the possibility to grow like we grow in the last quarter, maybe even higher, knowing what is the portfolio of the products that we would like to realize in the next quarter.

Here there is a confirmation because you can compare our profitability by the last 2 years, of 4 years, because we shows how the EBITDA has been developed in the quarters for the last 4 years. Almost every quarter, maybe it was a single quarter, we are able to generate more profit.

Because of that also the continuous profitability has been increasing and already we reached almost 250 millions. I think that when you compare what is the delta between the different quarters, you will see that the delta should increase in the future.

What is the reason firstly increase of the sales, it's just very common, but of course what we are selling, it is very important because if we are selling more, let's say, robotic surgery system like da Vinci, Senhance, or radiosurgery either versus, let's say, diagnostic equipments, this is the first reason, but the most important one it's the increasing percentage or increasing value of the recurring revenue. Recurring revenue consists all our services, either related to IT solutions or also related to the other medical devices, and everything which is under the delivery of, let's say, consumables, instruments, accessories, and so on.

This is a confirmations. For the last quarter, the structure was slightly decreased because previously we already reached more than 50% as a percentage of recurring revenue versus non-recurring revenue.

If you remember me from the previous conferences, I said that there can be a couple of the quarters when the sales of the medical devices will be so high that it will offset even the very high increase like 30% or more the increase of the recurring revenue. In the, let's say, period of the next, let's say, couple of quarters or 2 years, we are strongly confident that the increase of the recurring revenue has the highest potential and we can reach probably about 60% of the revenue which will come from the recurring revenue, which consists radiopharmaceuticals and every let's say day-to-day operations related to our medical devices.

By the way, from our organization's point of view, about 2 years ago, we outsources all logistic processes, and it was a very good decisions because there is so many orders, so many deliveries that our, let's say, internal logistic team will not be able to fulfill all these requirements. Right now, in every countries, we are working with the special logistic companies and we are dealing with the clients taking the orders, communicated about delivery time, and so on, but we are not involved anytime for the packing, unpacking, sending, delivering, and so on, because it's too much for us.

There is so many orders that we will not be able to fulfill this. The biggest changes in our balance sheet positions, I would like to underline a few positions.

You will discover a big decrease with the available cash or the surplus for the cash into the net debt. The reason it's very easy to explain: firstly, we paid the dividends more than 91 millions, if I remember correctly; secondly, we moved 26 millions for Synektik Pharma as the results of the spinoff, it will have the impact of the negative cash flow, but this is only a temporary situations.

Right now, we are already has a surplus of more than 40 million, and for sure we will increase our cash positions and will be prepare some opportunity if it's arrive according either to extension further extension of the product portfolio or maybe coming into the new, let's say, territory also through M&A transactions, if it will be possible. This is the one positions.

The second positions: big valuations or big value of either of inventory or receivables. It's related either with the invoices which was issue, and a lot of the invoices were issue in the last month of this fiscal period, but they are paid on time, there is no issue.

The inventories, we were even prepare to realize more projects, but some of the projects were slip on the another quarter, right now we deliver all these projects. You will see the number when we will analyze.

Of course, our deferred revenue, it's increasing from quarter to quarter, you will be sure that almost 80 million of the revenue will be recognized in the next, let's say, couple of the quarters because this is either the extended revenue or this is a deferred part of the instruments which will be delivered in the future. In case of the instruments, usually there is no more than let's say 1 year to deliver after the installations.

I have already mentions about two or one additional project which we are very, let's say, excited about the development, but maybe also this is right now a good occasion to tell the story that we see that there is more and more technology or integrations or everything which is related with the software solutions which we are implemented, either our own software solutions or external software solutions. For example, even with this example of the Edison, how it's working with the patients, we have to connected the images from either MRI or CTs, but also with the real-time ultrasound scans.

It is really important, and we've seen that our activity and one of the let's say pillar of the capital group like selling of IT solutions, it's really very important because right there is no, let's say, medical devices or there is no prescriptions which is not related are they with the DICOM, images, integrations, access to the information. In our opinion, and by the way, our software business units has more than double revenue in the first half of the year, and we strongly expected that it will be even better second half of the year, and this is because everything right now it is related with the IT solutions.

Coming back to the results of the medical sectors. As I mentions, 36% of the total increase in the first half of the year, but if we split it for the quarters, second quarter was even more successful.

It will help us to increase EBITDA of 46%, and also the profitability has increased because this is important that still even with in our opinion quite high profitability level because of many different reasons like, for example, negotiation of the purchase price with our vendors, like the still very successful hedge of all our currency exposures, like also negotiations with our customers, or just working on the better projects in which we can generate more profit, we will able to increase the profitability. Of course, the highest increase, it's the consumables, accessories.

They have grow up in the first half of the year like 29%, but if we look on the longer period, the revenue has grow up 41% or 53% as a CAGR for the last 2 years, and we still expected that they will be growing in the next quarters. Why we are so let's say sure that the other quarters will be also very successful?

This kind of the informations confirms the trends. We were able to contract double or more than double what we have last year.

Our backlog was 10 times higher. All of this backlog will be delivered or almost was delivered in the existing quarter, plus we expected that some of the active bids, which we already converted into the sign agreements, also will be recognized as the revenue in the existing quarter.

Based of this informations, I can confirm that what we expected, we even expected that with the very high results achieve for the first half of the year, we will be able to achieve even better results in the second half of this year. Of course, the question it's why?

Of course in the territory of the Poland, we see that the impact of the recovery funds or the National Recovery Plan because we have a very limited period to spend them. With many modality of the systems, we already has sign all the, let's say, accessible or expected agreements with the clients.

For example, with the IT solutions, there was at least a quarter of the postpone of the biggest projects because Ministry of the Health was not ready with the presentations of the system in which we need to connect, for example, AI solutions. Right now, what we already achieve as the increase of the IT solution, it was rather related with more than 220 installations which we have in our territory, it is related more with the communications or cooperations with the hospital base, but we also expected to realize big projects in which we will deliver the projects directly to the Ministry of the Health.

This kind of the projects are still not decided, but if they will be decided and if they will be decided on the positive way, they will have a very big impact on our increase of the IT solutions, not only this year, but also in the coming years because it's a long period of delivering of AI solutions and later they maintaining them, and so on. That our biggest partner, it's Intuitive.

We always presented the number of the procedures, how they increase, and the number of the installations. Firstly, our internal goal for last quarter was overachieved, and it was a big milestone because first in the history of the company, we reached more than 10,000 procedures quarterly.

Right now, our next step will be like 11,000, then 12,000, on, on. The total increase of the procedures in Poland were up 30%.

In Czech and Slovakia, if you remember, it's more advanced, let's say, or mature market that the Poland, but still able to increase like 23 or 25%. All together, it was more than 10,300 procedures, easily we will overachieve 11,000.

Our goals even after this quarter, at the beginning we expected more than 10,000 procedures year-to-year. Right now, we are closer to set that it will be like 11,000 or 11,000 few hundreds.

We will see, of course, the second part of the year, but with the new installations, which we already realized 18 new installations in the first half, 10 installations in the second quarter, probably at least 10 installations in the existing quarters, after the Q3, we will reach more than what we achieved last year. We are quite sure that the number of the procedures will increase, and they are increasing, of course, in a different trends because of the markets, which in some markets they are more mature, in some markets we are just starting, because still all the procedures are coming either from the Poland territory or Czech and Slovakia.

Even that I have mentions many times that we should realize delivery of the first system into the Baltic countries, still the agreements were not signed, but we strongly believe our offer was the only one in few of the tenders, we expected that we will be able to realize the system. We even secured the systems in our warehouse, we can immediately deliver, especially that part of this projects are also related with the recovery funds, they have to be spent latest December or September 2026.

Some of the countries has different, let's say, latest time of delivery. It's depends of the local regulations.

Right now, our total installed base, it's more than 132. After the next quarter, I think that we'll reach more than 140.

After another quarter, we can reach like 150 systems. Business segment of the radiopharmaceuticals, it is maybe not so excited with the numbers, but this is our own product, we are also deliver and increase the value of the productions either by the quantity or increasing the pricing.

Also the structure, if you're selling more advanced radiopharmaceutical, special radiopharmaceuticals, our revenue are higher. Usually, the special tracers price per dose it's between 2.5 even maximum to 4 points higher than the basic tracers.

Of course, if the demand of the market will be more to special tracers, we can easily even increase more revenue, but still our markets and because of the productions and the isotopes we can only produce and sell on the Poland territory, we still knows that majority of the tracers are the basic tracers. The grow of the special tracers what we achieved in the first half was 32%, and our net profitability or EBITDA profitability has grow up for the full 6 months 30%, but only for the second quarter like 19%.

Cardiotracers, it's the history what was in the company. You have seen in the financial statement the expenses with this activity till end of the March, but from the 1st of the April, there will be no impact of our net profit, there will be no like continuing or discontinuing operation.

Everything what will be in the Synektik, we can call a continuing operations. Why I have mentions about this?

Because the spinoff and the recognitions in our financial books has the impact of one-time profits of 26- to 261 millions. At the same time, there was reduction of the equity of 304.

What is the value? The value was 1 to 1 the first quotation of Synektik Pharma because, from the perspective of the international accounting standards, it is treated like we were given the dividends into our shareholders.

The dividends was evaluated like the what they achieved. If, for example, the first quotation will be higher, it means that it will be the higher difference, At the end, what is the net results because these both are compensated or offsetting, the net results is the negative change of the equity of 43 million, which is equal to the net asset which we transferred to Synektik Pharma.

Of course, it will be with the divisions of the net results of this fiscal year, it will be cover from this special profit. Right now Synektik Pharma is doing their own IR, PR, and marketing events, but what is also important for the longer period, this will help us as a Synektik company to have more money either to do investments into the new territory, investments into the new product portfolio, either by organic grow or either looking for some opportunities with M&A transactions, or just what we are doing for the many years, divide majority of this profit into the shareholders.

It's all from my side. Sorry for my voice.

I have a flu a couple of weeks, and still do not have enough time to recover fully. Today it's a third conference.

We already has a big conference to the private investor and also to the Polish investors with many pension and investment funds available. Yes, right now is the time for the questions.

I will look either there are some on the chats. No, my colleague said there is no on the chat, I think that with the attendance which we have, I think that it's good to ask this by voice.

I hope that there will be some questions, of course. Maybe you are on mute?

Dariusz, this is Bram Buring from Wood & Company.

Yes, hello.

Hi, sorry. I couldn't find a raise hand function here,

so... No problem.

Yeah.

Based on the number of of units serviced that you mentioned, this implies that you would be in the full calendar year or full, sorry, fiscal year delivering 36 units. Is that correct?

And Yes, please.

No, and that's the question for now.

Okay. We'll see what will be the final results, but at the beginning of our fiscal year, we were rather committed, let's say, low 30: 31, 33.

Right now, we move rather, let's say, mid-30, between 35 to 37. Yes, it can happens.

I think that it depends of two situations: do we realize all of expected projects on the Baltic countries, because we should be already awarded as the winner in three projects, and we have also a fourth private projects. This is, let's say, the open questions, and we are not, let's say, day-to-day on this market.

We still learn this market, how the market is behaving with all the, let's say, local regulations because, even if we are working on the same or almost the same public procurement law like European law, there is a lot of the differences. For example, in Poland, majority of the projects are after the submissions of the offer, they are decided in, let's say, 2 or 3 weeks, and then we started the project management, delivery, and so on.

For example, in Czech, later, when we finalize the projects, our clients deliver all the documentations because usually the project has some donation or the grants, supporting funds. Then the Polish customers are sending all the documentations related to the projects into the donator, yes?

They can be different type of the donators. If something is missing, they will ask us, "Can you deliver, for example, the confirmations that the system, let's say, was not a collateral or you can move the legal owner into the second party?"

In Czech, we have completely different story. In Czech, we deliver the offer, we submit the offer.

We know, for example, that it's only one offer if we are in the budget, it means that we are the winner, but later we are expected to sign the agreements 3 months because during this 3 months, they are reviewing already the documentations, the procedures related to the projects. We are based on the same, let's say, EU regulations.

This is why I can tell you right now very precise number of additional system which we will place in Poland, but still we have, let's say, some delta related to the Baltic countries, and also maybe about one to two additional system into the Czech and Slovak. Yes, I can confirm that after the half-year results, we increase our expectations about the number of the system which we will place this year.

Excellent. Thank you.

You're welcome. You have probably another question?

Because I interrupt you.

I just wanted to confirm that recurring revenue in this quarter was 44% versus 42% in the first half last year, which is lower than we were at the full year last year, but this is due simply to higher deliveries. Yes.

Yes, the percentage,

yes. For the percentage, I have mentioned about this that maybe even for the full year, the percentage this year will be slightly, let's say, not like the trends in the last two or three years

Sure. because

this year it's, let's say, very high demands and a lot of the investments funds available for the system sales. Yes, all the systems, yes.

We not only place 18 da Vinci system, but we already sell two Senhance system. We expected to sell Edison system when we receive CE mark.

By the way, it is expected to be registered in the European Union about end of August latest, I hope so. It is under the hands of our partners.

This is, let's say, a situations in the Poland. In the other regions, when the split of the recovery funds has been extended for the couple of years, we've seen every quarter increasing percentage of the recurring revenue because majority of them are growing, let's say, 25 up to 35% quarter-to-quarter.

I think that even we are talking about the big numbers, because if we, let's say, calculated and not talking about the percentages, but we are talking about the value, we should achieved easily in the medical sector divisions recurring revenue more than 400 million Polish zlotys this year, which will be the delta for the last year 110 or even more increase. The next year probably will be even higher, of course, by the percentage, the percentage will be slightly decreased, yes?

By the value what will be additional delta to the existing revenue will be higher because the new install base will be higher, because even a 25% increase, but from the 400-plus million Polish zlotys, it's more than 30% increase from 300s. I think that for you as a specialist, it's quite understandable.

No, it's straightforward. Thank you very much.

Welcome. I see on the chat something.

Harry, yes? Can you ask the "I am not able to ask the question loud due to the noise on the environment.

Here is my question: What is the latest update of Edison adoptions, customer discussions, and launch timing?" As I mentions, 3 weeks ago, we have the system in our office, and because of the conferences we have in our office, and later the system was presented to our key opinion leader, it was presented to the national coordinator of the liver oncology disease, and they were simply excited, yes?

They said that they would like to buy it as soon as it will be available on the Polish market. We said it can be about, let's say, October 2026 or September 2026.

This is, let's say, the launch. What we have seen, there is a big interest not only by the public hospitals, but also by the privates because usually a very innovative solutions are absorbed by the private market, and they have out-of-the-pocket valuations of the procedures.

Even I have already heard what, for example, Lux Med or Medicover it's expected as the valuation of the procedures for their private clients. By the way, there was already many of the requests of the Polish patients when they can be operated with the systems.

We have to set unfortunately it's still not able to be operated in Poland. You have to travel, and probably they have traveled to the UK because the closest destination it's UK or Emirates.

We are, let's say, very optimistics with the placement of the systems. What we also have to do, we still has to learn or invest with the medical society about the innovations, but what we have seen and this is probably the first time when you see this on real time when the tumor is destroyed, and it destroys only in the soft tissue, do not destroys any of the blood vessels, do not destroys any other, let's say, organics, looks really impressive.

This is about the adoptions of Edison. Of course, it is still difficult to say to set are we able to place 5 systems or 10 systems, but we do some comparison how Edison is developing on the US market versus how Intuitive was developing, of course, when they start, and in our opinion, what Edison is doing, it's much better what Intuitive has achieved when they started.

Of course, it's very difficult to compare advanced technology 30 years ago versus what it's going right now. This is why I have mentions about that the technology completely changed how the healthcare sector is structured, and maybe what was needed, let's say, 30 years ago to absorb one of the technology, which takes 10 years, because Intuitive, after a 10 years, started to be a successful company, increase valuation, increase the revenue, and so on.

In case of the newest technology, maybe the absorption curve or period will be only 3 years, and then they will already be a very successful. This is probably the scenario which we also expected.

The second question is: "Compare with da Vinci or at similar stage, is Edison tracking above, below, or in the line with the originals?" I did not read this questions, but this is exactly what I have telling just before.

Yes, the tracking or the trends what Edison is achieving, it's much better what Intuitive has achieved, but of course in my opinion, we cannot compare the current situations and absorb of all the technologies, IT solutions, valuable solutions, and so on, what we have, let's say, 30 years ago. Maybe there will be some, let's say, indicators which will make this two situation comparable, but if we only comparable like they were on the real times, it's much quicker absorption rates.

There is probably the next questions: "Longer term, should investor thinks about Edison recurring revenue following a similar model to da Vinci consumables and services revenue, or are their economics materially difference?" No.

All these company has the same ideas: they have installed the systems to open the door to have a recurring revenue for the next 10, 20, or whatever years. In case what is the recurring revenue in case of the Edisons, there is a special membranes and also a special water which is prepared for this treatments, and this is only prepare for one treatments.

Of course, with the one treatments, you can do difference, let's say, tumors. It's not only one tumor.

You can do the therapy with one tumor and the second tumor on the third tumor, not more than the third, probably. They do not recommend more than the three, but this is a one therapy.

For the another therapy, you need to replace the water, you need to replace the membranes. You can ask the question, "Why?

What is the reason?" The reason is that you cannot replicate this histotripsy effect into this water and also into this membranes because this membrane were already used and you cannot achieve this effects.

Yes, there are recurring revenue, and of course there is the maintenance. By the way, this recurring revenue for us will be much higher that it's right now with Intuitive because from one procedures of Intuitive, our revenue, it's approximately €1,500.

With the Edison, it will be much, much higher. I cannot still would like to set what will be because what we were suggested by Edison, we said that it's probably too high for the Polish market.

We are still, let's say, under the discussions what will be pricing of the consumables in our opinion lower what they price in the US because the market, it's still not ready to absorb so high, let's say, renumeration per one procedures. Generally, there will be exactly the same business model like we have with the da Vinci, Senhance, or the others.

Thank you. Yes, Harry.

Can you ask the question?

Hi, can you hear me okay?

Yes. Perfect hearing.

Thank you, Dariusz, and congratulations on strong numbers. I had my first question just relates to profitability.

It looks like the margins for the diagnostic and IT equipment saw a year-on-year increase or expansion in the margin, and just want to understand what's that due to, is it operating leverage, is it something to do with mix, or contribution of recurring to total sales relative to last year?

Yes. At least there are two major factor.

The first factor it's, let's say, what type of the system we are selling into our customers. If there are the system in which we have exclusive agreements, we can generate much higher profitability than we need to, let's say, compete.

When we need to compete with, for example, we are selling Philips, we have to compete with GE or Siemens. This is the first reason.

The most important it's not the profitability of the projects because still the differences are not so high, but the percentage recurring or non-recurring revenue. Because this kind of our activity, it's at least twice more gross profit on sales versus delivering or selling the medical devices.

Increase recurring revenue give us more profitability. The third reasons, which was, for example, happening with Intuitive, we are stronger and stronger, and stronger also means that we can have, let's say, better purchase or negotiation power.

Every year we are sitting on the table and discussing in the details all the pricings. Of course, it's not very flexible company.

They have, let's say, a quite price policy. I am sure that right this year, if we are talking about, let's say, for they let's say calendar year, we are talking not about 30-plus systems, we are talking more than 40 systems because they have a fiscal year January-December.

For sure we can achieve better price versus, for example, company who is selling, let's say, 10 or 15 systems. Still I think that one of our success, we are very conservative and we are very, let's say, stick with our, let's say, policy that we hedge all the currency transactions.

It's a very complex situations because sometimes we are selling in euro, sometimes we are selling in the local currency, then we need everything converted into the Polish zlotys for the consolidations. There is a lot of differences, sometimes positive, sometimes negative.

At the end, when we maintain our policy to secure, we always have some, let's say, additional profit which is under to secure our risk of the currency exchanges. If we secure this, and if we secure this in a good way, we can still, let's say, achieve additional 1% of the profitability.

If you add all together, of course our operational cost has to increase, and even they are increasing in a high amount, but of course we need sales, we need the clinical teams, we need the field service system. We do not produce the systems, or there is no AI who produce the system, or there is not robots.

Of course our operating expenses are increasing, but our profitability, it's increasing much higher. Yes, you have the leverage effect on that.

That's very clear. My second question is just related to recurring revenue.

You made it very clear about your expectations for the second half of the year related to installations based on the recovery funds, etc. Last year we saw that the number of procedures was much higher in the second half versus the first half.

Is that something you'd expect to continue because obviously there'll be more total installed machines and is there any seasonality in that you tend to see higher procedure volumes in the second half of the year?

No. Seasonality, it's rather, let's say, related with the free days or vacations or so on, when there is, for example, some slow down with the number of the procedures.

It is especially very visible in case of the Czech Republics because they have a difference, let's say, free days and we know it already that July, it's they are working, let's say, on the 50% of normal capacity. It's rather related with the free days, but I think that the number of the procedures it is also related with the new installations.

The new installations at the beginning, it's not so visible with the number of the procedures because they need some period

Like ramp up.

Yes, ramp up. Yes, thank you for helping.

Yes, but later it's the increase, yes? For example, installations of the new system in the Baltic countries, we will immediately see a lot of the procedures because the surgeons are waiting, everybody are waiting, there are the patients which are operating right now only by laparoscopy procedures.

Number of the installations with some delays, the ramp up, will also bring the number of the procedures. It's not related to the special calendar period.

It's rather related with the installations or the absorptions. If in Poland there will be introductions of additional special reimbursement rate for the general surgery or for the gynecology, I think that then immediately we will see more procedures.

What I forgot to add, and I think it's really important, recently, 2 weeks ago, the Polish Ministry of the Healthcare Ministry has set up the special committee, which was calling a robotic committee, which consist either the administration part, but also all the majority of the hospital who already operate with the systems, and by the way, majority of them, it's da Vinci systems. What is the reasons?

They said we need to bring a clear view and the strategy how the sector should develop because we are convinced that the technology has changed, that the technology it's also the answer for the gap and lack of the medical resources. Firstly, they would like to set up the rules about how the university will implement a special training or special specializations to be prepared to working of the robotic systems.

They would like to introduce the registry of all the robotics procedures just to compare how it's better to do the robotic system versus the other type of the procedures. They would like to set up the reimbursement rate for the futures.

I think that it is a very positive signal to everybody in Poland that there is a very good perspective and also from the payer point of view how the market should develop. Sorry to not mentions about this, but now with this questions, I have recognized that I should mention about this.

This is basically the items that are able to be covered by the public health system or by insurance companies, including more general surgery, and I think you mentioned gynecology. Is that broadly the right way to understand it?

Yeah.

Yes. This committee has to suggested to the ministry what should be regulations in the future to develop this kind of the procedures or this kind of the robotic systems, yes?

They have divided on difference, let's say, topics like of them are trainings, or educations, other educations of the patients, and so on. Of course, for example, our adoptions curve, it's already like 75% in case of the urology procedures, but we should reach like 95%, which is a common standards on the other markets.

For example, in case of the general surgery procedures, percentage of the penetration of the robotic system are very low, let's say lower than 8%. There is still a lot of different specialization in which the system are not used yet, but will be used also in the future.

This is also what this committee should propose. Of course, there will be not immediately impact because all the bureaucracy takes time, but the decisions by the ministry that to set up this kind of the committee, I think it's a very positive and it will make the impact in future.

If it's all the question from your side, I was happy to present you the results. We are also satisfied what we achieved.

If you ask me what will be the future in the next quarter, I strongly believe that we are able even to accelerate some of the grow, especially in the next quarter, and knowing that there is more diversifications either by the portfolio or also geographically diversifications, we are also quite sure that it's not, let's say, the last word or last dance to the investor which knows from the story that there is a good perspective to the investors in the future. Thank you for your time.

I wish you a good day and also a good weekend, and we'll stay in touch with you in the next, let's say, quarters or in the next conferences, which will be organized by some of the brokerage house. Thanks once mores, and have a good day or evening.

Bye.

Bye.