Very good morning, everyone, and welcome to Medistim's second quarter and first half 2026 financial results presentation. My name is Kari Krogstad, and together with CFO Thomas Jakobsen, we are here to go through the results.

As always, we like to just remind ourselves about Medistim's track record, and we are looking back on decades of growth, both in sales and in operating profit, and that has been our promise to our shareholders to deliver constant profitable growth also going forward. If we look at just the recent period from '21 to '25, we are looking to a 13% annualized growth in sales.

Definitely a strong track record to look back on. With that, we are entering into the second quarter.

The second quarter last year was a strong comparable, and we're seeing that we're beating it with high margin, and also setting new records for both sales and EBIT. This is definitely strong performance.

As we can see, we are delivering another record quarter with sales reaching 202 million NOK. We can see here also that due to the strong Norwegian currency versus euros and dollars, we have a negative currency effect here, and adjusting for this, we are actually looking at currency-neutral sales development for total sales up 27.5%.

A very good development. Our own products are growing by 33.6% currency-neutral, and we can see that all the sales regions are really contributing nicely to this result.

Americas is up 46.3%, EMEA is up 19.4%, and Asia-Pacific up 22.4%. The third-party products is down 7%.

We're also setting then a new record for quarterly operating profit, delivering 65.3 million in EBIT this quarter. This gives a EBIT margin on the high side at 32.3%, very much driven by the strong sales development of our own products.

We will see also that this is the first quarter where we are delivering sales through our direct operations in Japan. Looking back at month of May, we paid out a dividend of 8 NOK per share, totaling 146.3 million, and the board will also propose to the general meeting to authorize a distribution of quarterly dividends going forward.

Moving on to looking at highlights for the first half. This is continued to be very strong numbers.

It's a record first half year, the first time we are surpassing 400 million in sales revenues. Again, we have this negative currency effect, and adjusting for this, we're looking at currency-neutral sales development in total at 23.4%.

Again, it's really our own products that are driving this, in total up 31.8%, and again all regions are contributing very positively. Americas growing 37%, EMEA up 16%, Asia-Pacific up 43.7%.

The third-party products in the first half is down 19.9%, and we will remember that we had an extraordinary sale in the first quarter last year equipping new hospitals in Norway, it was not anticipated to being able to repeat that strong sales for the third parties in the first or in this year. We are looking then at very strong first half performance, operating profit reaching a new record of 122.4 million, and again EBIT margins on the high side at 30.3%.

You will also note that there is substantial increase in operating expenses. This is reflecting higher commercial activity.

Both more people working in the field and also seeking to spend more time with customers, and other marketing activities. We also have now a team of 10 people working for us in Japan, which we didn't have at the same period last year, and also we see some one-off expenses, which is due to ongoing IT system migration to the cloud.

With that as an introduction, we will take a closer look at the financial statements and get back to some further details later on.

Good morning, everyone, and I will, as usual, take us through the financials for the first half and the second quarter for Medistim. Looking at the P&L for the quarter, Kari will go through revenue more detail when it comes to geographic split and split of units, but again this is another record quarter for Medistim with revenue more than 200 million for a quarter.

Our gross margin ends at 82.2%. That's an improvement from last year, 81.9%, and that is despite the fact that under cost of material we have expensed 5 million in tariffs related to the US.

In the second quarter last year tariff was introduced, but Medistim shipped all the goods that we had available before that tariff was active, which then led to that Medistim did not pay any tariffs in 2025 before the fourth quarter last year, and I will have more comments on that later on. Anyway, salary and social expenses increases with 4 million.

2 million of this is related to more general adjustments from '25 to '26, but the additional 2 million is related to our direct operation that we have established in Japan. This is a quarter with a lot of activities, and other operating expenses increases from 30 to 42 million, and there are some main reasons for that.

The IT project that Kari mentioned is actually to take all of our systems to the cloud is expensed in this quarter with around 3 million NOK. In addition, our direct operation in Japan, we had other operating expenses amounting to 1.6 million.

PATENT study we talked about before, and in this quarter we expensed around 3 million related to that study. Last but not least, we're also having high level of commercial activities like traveling and exhibition participation and so forth, amounting to more than 2 million for the quarter.

All in all, very high activity level. Operating profit EBITDA ends at 71.3 million versus 60.5 million last year, and EBITDA percentage at almost the same as last year, 35.3% versus 35.8% last year.

Depreciation, no major changes, same level as last year, and our EBIT for the quarter ends at 32.3% versus 32% last year. Again, I just remind everyone about the tariff expense this quarter of 5 million.

Net finance ends positive at 3.6 million, and this is currency-related, converting US dollars and euros to Norwegian krone. Profit before tax ends at 68.9 million, that's up 22% compared to last year, and profit after tax ends at 52.2 million versus 42.9 million last year.

If we then look at year-to-date or the first half for '26, a new record for Medistim, revenue ending at 403.7 million. Gross margin is down from 82.5 million to 80.9 million.

Again, here's a tariff expensed under cost of material of 10 million Norwegian krone. Salary and social expenses and other operating expenses has more or less the same explanations as for the quarter, only larger numbers, I don't go into that detail.

However, under other operating expenses, I just want to remind that we had in the first quarter an agent commission of around 2.5 million. EBITDA ends for the first half at 134.6 million versus 125.2 million last year.

Depreciations at the same level more or less, a little bit higher than last year, but not by much, and operating profit ends at 122.4 million versus 113.3 million last year, an EBIT margin of 30.3%. Net finance negative for the first half, again related to currency.

Profit before tax ends at 120.4 million, and profit after tax at 92.5 million. Last comment I want to make for the P&L is related to the tariff, US tariff that was deemed unlawful in the US, and you probably heard about companies that get refund for this unlawful tariff, and to our understanding the US Customs are now gradually refunding this month by month, and the last that we heard is that they refunded as of July 2025.

As I mentioned earlier, Medistim did not pay any tariff before the fourth quarter 2025, and as we speak, we are working on documenting and putting all the paperwork together in order to file a refund for the tariff that we paid in the fourth quarter of 2025. This amounts to $760,000, and that is not reflected in these financials that we now are presenting to you.

This will be an upside when we get the refund. Then look at balance sheet.

Intangible assets increases, and this is mainly because of our development projects ongoing: the automated production project, and also our software project related to Intui, but also the IT project related to taking our systems to the cloud. No investments in fixed assets this year, and therefore a decline.

Inventory levels has gradually been reduced quarter by quarter after our peak in the first half of '25, and ends at 156.5 million. However, we will continue to keep high inventory levels both because of critical components that we need to have security stock of, and also if there are end-of-life on components that we are dependent on before we can get new regulatory approvals.

Accounts receivable are increasing, and that is because we also have very strong sales, so that's a natural increase, and it also increases our working capital. Cash ends at 100 million, and that is after paying 146.3 million in dividend in May.

As Kari mentioned, the board is now proposing that they are authorized to pay a quarterly dividend, and we will have to come back on that later on, and yeah, we will comment on that when there will also be sent out a notice with a general meeting to give the board this authorization. Equity and liability, strong balance sheet, more than 70% equity, no interest-bearing bank debt.

The long-term liability is related to extended warranties and lease obligations that we have. Key figures: earnings per share follow obviously the increase in profits, we have a strong development here in the second quarter, and by the first half, we have earnings per share of just over 5 NOK per share.

Cash flow: cash from operation suffers a bit from the change in working capital, as you can see both for the quarter and for the first half, and the main reason is explained by the increase in accounts receivables. Investments is our development projects and the IT projects we talked about, and cash from financing is negative with 152 million, where the majority is dividend, and the remaining is payment of our lease obligations.

Net cash is negative in the first half of 111 or 112 million, and cash ends at 100 million by the end of the first half, an improvement from last year's 96.3. With that, I leave the word further on to Kari.

Thank you.

Yes. Let's take a look further into the details of the markets and product segments, and starting with looking at how we're doing on the flow and imaging systems sales in units.

Of course, this is a very important product for us. It's the higher value and also higher priced product.

We can see that we're delivering a total of 22 systems this quarter, on the same level as this quarter last year, and very important for us to see that we are at this level in total. Funny enough, each region is actually delivering exactly the same number of units as this quarter last year.

When it comes then to the imaging probes in units, we are 2 units down this quarter. Of course, there are quarterly variations as we can see this graph is also depicting.

Americas this quarter is up by 5 units, while EMEA is down by 5 units, and Asia-Pacific is also down by 2 units. Looking at the flow-only systems in units, we are 3 units down.

Americas delivers at the same level as last year, EMEA is also at the same level with 12 units, and we see this quarter particularly strong contributions from the distributors in EMEA. This is also something we see varying from quarter to quarter.

Sometimes the direct market is sort of the stronger part, and sometimes the distributors are the ones that are growing the most. Asia-Pacific down 3 units for the quarter, and we can note that we had a very strong first quarter in terms of number of units for Asia-Pacific, I wouldn't be very worried about this.

Looking at flow probes in unit, which is of course a good indicator of both utilization and sales in general of new equipment, we see good development of 16.5% growth in this quarter. Americas as a region is delivering the same level in number of probes as last year, but I should already now note that USA is definitely showing an increase in number of flow probes, and we will see that reflected in the number of procedures in a little while.

It is Canada and South America that is having a lower number of probes this quarter, and Americas then ends up at the same level as last year. EMEA very strong, up 22.5%, and Asia-Pacific also up 20.6%.

Yes, looking further into the Americas region, delivering 103.7 million NOK, more than 50% of the total for revenues in Medistim for the quarter, currency-neutral, as already mentioned, up 46% for the quarter. I just mentioned that the total units of flow probes and systems sold for the region are at the same level as last year, and the revenue growth that we will see from the probes and systems are then driven by price increase.

We will also note that there is good growth in number of flow procedures to lease and PPP accounts, and also the imaging probe unit sales is up. Sales in Canada increased 19%, this is more driven by systems than probes.

Further detail on the unit sales development in USA in isolation. Already mentioned the flat development on the system sales for the quarter, we're actually down 2 for the first half, and these are 2 lease outplacements that we did last year that we're not repeating this year, but the number of capital sales of systems is the same.

When we're looking at number of procedures from the various components here, we see really good and strong development all over. We see especially, as I mentioned, flow probes, which was flat for Americas, is definitely growing for the US, and this is reflected in actually 20,739 procedures coming from this capital probe sales for the quarter, and that gives 28.6% growth, and we can also see for the first half very strong development in number of procedures from capital probe sales, 32.1%.

Also worth noticing, imaging probes to capital customers also definitely going in the right direction, 10% growth for the quarter, 12.5% growth in the first half. Asia-Pacific, 26 million in the quarter, currency-neutral this translates to 22.4% growth, and we are of course following the development in China very closely, where we have been direct now for a couple of years, up 15.9% for the quarter and reaching 14.8 million NOK.

Very good quarter, and then also a strong first half for China. We just always want to remind that still we are selling through local subsidiaries and agents, and this will sometimes end up with some quarterly variations, there will be some inconsistency in the developments over the quarter.

Japan, we established our own team and subsidiary in Japan in the end of the first quarter, and now in the second quarter this is the first time we're actually delivering sales through this organization. It is quite modest for the first quarter.

This is just representing probe sales, and we are now working in the field to build the pipeline to replace old systems out in Japan. We know we have a very high penetration rate there, and also working in the vascular side to establish new customer opportunities.

We also note that other Asian distributors have a strong quarter, growing 28%, and then delivering 8 million in sales. The EMEA region delivers 48.9 million in the quarter, this is currency-neutral 19.4% growth.

As I alluded to earlier, it is really the distributors that are providing the highest growth this quarter, actually growing 59% currency-neutral, while the direct markets are relatively at the same level as last year. This is also something we have noted over time that we have this variations from quarter to quarter, whether it's the direct markets or the distributors that are really driving the development in EMEA.

We can just also keep in mind that the direct markets account for about 55% of the revenues in EMEA, and distributors around 45%. Both sales channels are of course important.

When it comes to the third-party products, I already mentioned this, 7% down for this quarter. It was a tougher first quarter here, at first half we are then looking at a 19.9% decline so far this year, and I explain that with a very, very strong first quarter in 2025.

Summarized, we are looking at, and this is in Norwegian currency, not currency adjusted, we look at Americas region, 31.4% growth for the quarter, 23.2% for the half year; Asia-Pacific up 17.5% for the quarter, up 37.3% for the first half; EMEA up 14.3% for the quarter and 11.3% for the first half. Strong performance from all regions, and bringing us to the total of 19.5% growth for the quarter and 15.1% for the first half.

Here we can see that the cardiac surgery segment is really driving the growth both for the quarter and for the first half, very strong performance of our cardiac product portfolio. When it comes to the vascular, we will remember that in first quarter we reported 1% increase in vascular sales, and now in the second quarter we are looking at 9.3% decline.

This is definitely weaker than we've seen in the recent years. You will remember that we have had 20% and 30% growth in the vascular product portfolio in recent years, and what we're seeing right now is not reflecting a shift in the underlying demand.

It's rather a temporary product mix effect, and I'll try to explain this, because this ultimate systems that we are providing is delivering both the cardiac and the vascular applications, and we sell this as sort of a broad-based package and enabling the hospitals to use our technology both in the cardiac department and in the vascular department. Now is the fact that we have launched the new Intui software, and currently it's only available on the cardiac systems.

That has led to a lower number of ultimate system sales and a higher level of cardiac system sales. For instance, in the US in the first half, we have sold 5 less ultimates and 8 more cardiac systems, and then also reflecting around the high price of the ultimate system, around $220,000, of course a shift like that has a impact on the revenues.

It's also important to just remember that the revenues from an ultimate sales is allocated then 50% to cardiac and 50% to vascular. This is the product mix effect that is driving this sort of negative development for the vascular sales reporting that we're seeing right now.

We will continue to see this, we believe, until we are launching the Intui software also and making it available for the vascular and the ultimate systems, and that's planned to happen at least in the first half of next year, as early as possible, of course. When it comes to the split between flow products and imaging products, we see that the flow products are continuing to develop very nicely, both for the quarter and for the first half.

Our imaging products are also really going in a nice direction. We will remember that the imaging products has shown high growth for a number of years, but had a dip in 2023 and '24 in the tougher macroeconomic circumstance that we saw.

This came back really nicely in 2025, and we've also see continued strong performance in first half of '26. This is good to see.

We have never lost confidence in our imaging portfolio. We always experience really high interest from new users in that technology.

We're continuing to be optimistic for it going forward. Yeah.

The component of recurring revenues versus capital revenue, here we continue to see really high contribution from the recurring products, so that means capital probes and PPP cards and lease contracts, and the last 12 months period is showing a 70% part of recurring sales, quite in line with historical performance. That's a review of details when it comes to performance for the quarter and for the first half.

I would like to comment a little bit about sort of our outlook going forward. This is our simplified description of our growth strategy, and we can see that we are targeting the CABG market, the vascular surgery market, in this are also the transplant procedures and other open surgery, which is connected to CABG, you could say.

Today, I would like to point to the size of the annual revenue opportunity here, 7 billion NOK in total opportunity. Remembering our sales performance last year in 2025, we reached about 700 million, meaning that we are addressing only 10% of the estimated market opportunity, highlighting then the significant runway for continued growth.

If we also looking at market penetration in terms of procedures served, and start discussing the CABG market, we've always taken a deliberate, conservative view of the global CABG market, and we don't want to exaggerate the size, we've always said it's more than 700,000, and although we can actually find data to say that perhaps this market is both 800,000 and 900,000 procedures, but the sources are not always that reliable, we've kept it sort of very conservative at 700,000. That would mean that we're currently serving around 40% of these procedures with our flow technology.

That also means that there's, of course, a big incremental opportunity to convert these flow-only users to flow and imaging users. When it comes to the vascular market, we're looking at a total of, yeah, up to 1.3 million procedures annually, and based on last year's number of probes sold, we can estimate that we are serving somewhere between 5% and 6% of this total market.

Of course, at a completely different level compared to CABG, but definitely showing that we're making progress in this market and that it represent a big growth opportunity for us going forward. Based on this, I just mentioned in my introduction the 13% annualized sales growth that we have shown over the past 5 years.

We can also think back on the 6 record quarters that we've just reported on, and with this big growth opportunity that I've just described, I would like to sort of update our long-term outlook for our business. As part of our annual strategy review with the board in June, we have updated our view on this.

Our revised plan indicates that we are expecting to see actually higher growth trajectory than achieved over the past 5 years, and that it should definitely be possible to deliver continued margin expansion in this scenario. That also means that based on this outlook, we expect to reach our first milestone of 1 billion NOK in annual revenue in just a couple of years.

Our confidence is supported not only by sort of past success, but the continued expansion and increasing effectiveness of our sales organization. Of course, we have gone direct in more countries, we have invested in broadening the sales force, and we are prepared to continue to expand our direct sales forces, and continuing also to work on the effectiveness part of this.

Together with then upcoming launches, as I just mentioned, MiraQ Ultimate, MiraQ Vascular coming now in Intui sometime next year, and also in this period we will see the report out of large, important trials such as the PATENT for peripheral bypass and SMART-Flow, the randomized clinical trial for CABG. Of course, all long-term projections are subject to uncertainties, we would like to highlight that, but again, we feel it's right to share our positive view on our future here.

With that as a final statement, I guess we will open up for questions.

We have quite a few questions today. The Americas region is again showing impressive growth.

As the capital sale is quite similar to previous quarters, a lot of the growth come from procedure sale and price increases. How do you think this will develop in the future?

The capital sales and the comparable from last year is very strong, in a sense it's encouraging that we're at least at the same level. However, I think going forward, we will continue to see that the growth and the growth driver in the US will still be on the capital side and not on the procedure side.

We've seen that over the past 5, 6, 7 quarters that the main driver for the growth is increased capital sales of flow and imaging systems and what follows with probes and imaging probes. While going forward, I would still say that I would expect higher growth on capital than on procedures.

Another one on the US market here, pricing. This is on one-offs.

Can you quantify the amount of one-off costs you took in the quarter, for example, and what is the underlying EBIT?

One-off costs is related to what I mentioned with the IT project taking our systems to the cloud. That was around 3 million for the second quarter, and we are expecting to go live in the fourth quarter this year.

We also have the PATENT expense. That is to what extent one-off, the PATENT study will still be ongoing, but it's not part of our ordinary operational expenses as such.

Even though it will continue going forward, but it will be an end to it in 2027, 2028. That is in that sense a one-off.

When it comes to the operating expenses related to Japan, that will be definitely continued to be ongoing going forward, although we had some additional expenses when we are establishing ourselves, but I would say maybe around half a million there is additional expenses, and then that is in one way a one-off, but we will still continue to build the Japanese organization, to say exact what other operating expenses will be there is a bit hard to predict going forward. I think that is my answer to that.

Thank you. Another one on the US here.

The US is showing very strong momentum for you. Is it anything temporary that we should be mindful of when looking at the pipeline, and what is your US team communicating back to you?

How would you describe the outlook? I think you touched on it,

but. Yeah.

If you just look back at the whole '25 and so far in '26, there has been consistent, very positive, strong performance from our US team. Also, historically, we shouldn't forget that, going back, USA has been the growth driver for Medistim in many years, and then things goes a little bit up and down, but definitely comes back very strongly in '25 and so far in '26.

As mentioned before, we have made changes to the organization in the US, and we have made changes to compensation plans, we have set other and stricter expectations when it comes to field time and face time with customers, we have also invested in much higher quality training programs for our sales force, we're definitely supporting them in a better way than before. I think there is logical explanations as to why we are seeing increased performance.

Of course, pricing and, I would say having the courage to actually work actively with pricing is also a positive contributor here. Going forward, we're not guiding, but our pipelines are looking good when it comes to the deal pipeline.

One on pricing. Can you quantify the effect of the price increases for the flow and imaging products?

You see in the second quarter the increase in revenue, since we had the same level of number of units sold, that in itself is related to price increases. If we look at the underlying growth, the way we look at it, the total growth in the US for the quarter currency-neutral was 46%.

Around 9% of that is volume growth, and the rest is pricing. The pricing is quite impactful.

Good. Then there's a question on Japan.

How has the direct operation in Japan developed so far?

I think the priority for our team has to build the team, and to adjust the team, and making sure that we have the right people in the various roles, and their priority then has been of course to present themselves to the market and the customers, and really start building direct relationships with the users. As we know, we have more than 90% penetration in the Japanese market for CABG and the flow technology.

There's a lot of customers there, there's a lot of hospitals, there's a lot of connections to be made, and that has been our priority so far. I think I mentioned that the modest sales we saw in the second quarter, that's based on probe sales to recurring customers, but we are now also of course building the pipeline for replacement sales of systems, and also we're working to establish a business in the vascular, which has not been really entertained at all so far by our former distributor.

We're then expecting to see a more positive of course development from a sales perspective in the second half. What else?

I think I can report that from the users and the customer side, the feedback we're receiving is that we feel very welcome by the surgical community, that Medistim as a manufacturer and owner of the technologies are present in the market. That has certainly been a very positive effect.

Then I guess I should mention that we are not expecting to see any problems similar to what we saw in China when we went direct in China. As you will remember, we had some stalling effects in China due to the former distributor then selling a lot of products into the local distribution chain, through the local distributors in China.

This is not happening in Japan. We had a much shorter transition period, and there has not been any such sort of end-of-life type of build-up.

That's a positive aspect that we should also keep in mind.

Thank you. What is the rationale for changing to quarterly dividend distributions?

We have over several quarters now shown solid results, and also very good cash flow, I guess this is kind of a gesture to our shareholders that instead of paying it annually, we will look at a quarterly payout. Also, what's the reasoning behind it is that instead of Medistim collecting cash at bank interest, we would rather distribute that excess cash that the company is generating to the shareholders, and then they can reinvest or how they want to utilize that excess cash to the best for themselves rather than Medistim have it sitting in a bank account.

Thank you. Could you please elaborate on what's driving the relative increase in accounts receivables?

Very easily, the increase in sales that we see over the quarters, and there's also somewhat timing from quarter to quarter when you have a quarter end, and how customers are paying and so forth. The general thing is that when we increase sales as much as we have done, with more than 50 million for the first half, it's natural that the accounts receivable are also increasing.

We are very much focused on it. We have a goal of having a days sales outstanding around 45 days, which we previously was at 60 days.

Now, with what we've seen, we are closer to 60 days, we will definitely put focus on trying to get that down to 45 days.

Thank you. Then there's a question on vascular.

I didn't fully catch the effect you explained in the vascular segment and the ultimate machine. Can you please repeat?

Yeah.

Yes, it is a bit complicated, but we have 3 modalities or 3 versions of our system. You can buy it as a cardiac-specific application system, with a software that has really been adapted to the cardiac procedures, or you can buy it as a vascular system, and again software is adapted to the vascular procedures, including transplant, or you can buy it as an ultimate, and then both these software versions are included in the ultimates, and that can be a very good solution if maybe you're starting with the cardiac procedures, but you have a vision of taking that into the vascular space later on.

Of course, this also can make sense in finding the financing at the hospital that you're buying something that can provide value to the broader sort of surgical departments. In the current position, if a customer is in that position, they want to buy a new system, they are primarily or in the beginning only going to use it for cardiac, and they know that we have a cardiac system with the new Intui software, which we have of course promoted quite heavily, and they are very interested in getting hold of this new software, well then there is a chance that they will in this situation then opt for the cardiac version.

If they do so, that's a lower priced version than the ultimate, naturally, because you only get access to the cardiac application support and not the vascular application support. When we are selling an ultimate, then this higher price, 50% of that is recorded as cardiac revenue, 50% is recorded as vascular revenue.

A lower number of ultimates, that will hurt the vascular revenue recognition as we're seeing it in the reports. This is a more technical product mix issue.

At this point in time, it will go away as soon as we have the Intui also available for the vascular systems and for the ultimate systems.

Thank you. Many questions coming in here.

Have you seen any impact on US sales from the removal of the COVID subsidies to the Affordable Care Act? Some US hospital systems have reported weaker patient numbers, especially on elective procedures, as US patients have lost their healthcare insurance.

Yeah. I can't say that we have seen any effects of that.

Thank you. What is your current view on share buybacks?

Over the years we have done that occasionally, but I think our board is a little bit reluctant to do a buyback of shares. We have done so relatively recently to support the share program for management and key personnel, but in general our board would rather pay out a dividend than do a buyback of shares.

That is also reflected in what we reported here today that they will seek the authorization to actually make dividend on a quarterly basis.

Thank you. Thanks for the hard work for us shareholders.

You mentioned the board has tuned up the growth plan for the next years. Can you give some insights into where the outlook has improved?

Is it US, vascular, imaging? Thank you.

I would say that all of those are contributors. As I said, we have growth opportunities in the CABG market still, several geographies are lower penetrated, USA is actually one of them, and there are new markets like India and Turkey and with big numbers of procedures where we are just getting started.

CABG in itself for flow is actually a growth opportunity, then you have the conversion to imaging, which continues to be a big opportunity, and the traction that we're seeing in our direct markets, again US as the leader, but over the years very strong performance in Germany, in Spain, in the Nordics, and in China not the least, very, very strong results after we sort of got normalized the situation over there, and again expecting to see more traction also from Japan when we are taking control there. It's both geographies that's opening, or not opening, but are continuing to provide really big opportunities, and is both sort of the historical performance, but also the recent-term performance that we have pointed to over the past 1.5 year, and the changes we've made, and also upcoming product launches and so on, all this together gives us the confidence that we should be able to actually accelerate that growth rate and keep it at even stronger margins.

From the procedure sale overview, we can see that the probe sales are strong for all regions. Given your manual production process, will the probe sale growth be a challenge going forward?

Yeah.

Yes. Of course, production capacity and ability to deliver is pivotal for us.

It's a great problem to have, just to say that. As we have reported previously, we have a project ongoing in order to establish a semi-automated production line of our high-volume flow probes.

This is technically quite complex, and then you have both verification, validation challenges, and you have of course a regulatory process also that will take some time, it's not an immediate solution, but it's something that we are investing quite heavily in. That's the longer-term solution for us in order to make sure that we have the right capacity.

In the nearer term, we just continue to add heads to our probe production and making sure that we're coping that way.

I think we'll round off there, and hope we have replied to most of the questions. It's a lot sitting here, and it's a bit overlapping, I think we have touched into most of them.

Then I guess we close the call, and thank everybody for participating.

Thank you.