Welcome to ContextVision today with Richard, our CFO, and myself Gerald. Uh I hope you all had a good summer.

Uh you're back well, looking to a fantastic year-end race. Today, we want to focus on presenting our second quarter 2024 results and the results for the uh first half year.

There's a lot of good news that we're going to show, we'll keep it short and crisp. Starting with uh an executive overview, we see signs of stability uh and stabilization in the market, and we see continued growth in net sales.

Uh In the second quarter, we see an 1.6% underlying growth, so that excludes uh FX and IFRS impacts. For the first half year, this amounts to a positive 4.1% growth in net sales.

I think that is worth an applause. Um We uh have achieved a solid financial position.

Operating results uh amounted to a cash flow of plus 9.5 million SEK in the second quarter and a total cash position of 78.5 million SEK at the end of the quarter. Uh With continued cost discipline, we're able to deliver an adjusted EBITDA of 15.7 million SEK, and that is adjusted for our venture in data quality and is corresponding to a adjusted margin of 44.4%.

That also is a fantastic number. Um One operational highlight I would love uh to mention here in the executive highlight is a uh successful OEM supplier audit uh that we have uh um uh went very well and that we have passed and were confirmed as a supplier by a major OEM in the market.

That was an interview uh to assess our IEC 62304 compliance, and that is medical as a software device lifecycle management. Uh And in this case, related to the uh very critical interventional devices.

We're glad to have managed uh this audit without any difficulty. Let's look a little bit more into what is happening in the uh market.

Signs of market stabilization is for us mainly related to the number uh of systems in the market. Ultrasound systems, uh X-ray system, MR systems uh being put on the market by our OEM customers.

Those numbers are uh stabilizing, uh which helps us in um our addressable market, obviously, and is one of the underlying reasons for a good uh sales development uh also in the second quarter. That continues now after uh already a good uh first quarter.

Um I think it's fair to um uh highlight this as a stabilizing market condition. Um Uh On the uh flip side, we also need to mention that the global uncertainties remain in the market, and that is mainly related to tariffs and global conflicts, uh such as recently the uh Strait of Hormuz causing supply chain issues for uh our customers.

We're carefully monitoring uh those uh uh situations, obviously. It doesn't have a direct impact on uh on our business as of now.

Um What is manifesting uh as a trend in the market and that's also been confirmed by external research now is the increasing price pressure, uh in particular on the ultrasound market. Across the um uh industry, uh particularly driven through the volume-based procurement initiative in China, where central procurements are now taking place, um the um prices are uh under pressure.

Uh We see customers also moving more from uh premium systems to buying high-end systems. In total, the market volume in monetary terms is under pressure.

However, the um unit numbers remain stable or are even increasing in some segments. It's a shift in the mix uh I should say from premium more to uh high-end systems in the uh in the market.

Now let's look a little bit more into the uh business side of things. Um We, in the second quarter, have been very active uh in customer contacts, uh also in participating in major trade shows.

In April, uh we were participating in the China Medical Equipment Fair uh in Shanghai. Uh We had a lot of customer interactions um and we were only uh were also uh one of the only two Swedish companies uh exhibiting, we had a lot of attention also from the um uh Chamber of Commerce.

Uh The clinical development uh program is progressing uh as well. With the University of Washington in Seattle, we have now installed a uh an upgraded version of our research ultrasound system, which includes new protocols.

Uh They have been uh uh measured and certified even externally. We're recruiting and scanning uh patients again.

Uh Additionally, we are in preparation to uh include a second clinical site into the program, and that is going to be the uh Linköping University here in Sweden. Uh And that was planned from the beginning as a validation site for insights that we generate in the um uh initial patient studies.

Uh We're moving forward uh in discussing with a company in Korea called BeamWorks uh the opportunities for a strategic partnership. BeamWorks uh is experienced in building computer-aided detection uh systems, which would be a fantastic match with our signal processing capabilities and can become a significant part of accelerating our long-term strategy.

Stay tuned for uh progress that we are making in uh these discussions. I want to close by um highlighting that Homer Pien was appointed as a new member to the board of ContextVision.

Uh It's an honor and we're grateful that Homer has accepted the position as a board member to the company. Uh Homer is a very well-known person in the uh medical imaging industry.

He has been leading uh MedTech and healthcare companies throughout his career, and he is going to be a strong uh supporter for executing our advanced development and technical roadmap capabilities into a uh profitable business. We're really honored uh on uh this move forward.

Um Now, having looked into the uh the highlights moving forward, uh let's also take the opportunity, Richard, and uh dive deep into our financial results of the second quarter and the uh first half year.

Right. Thank you, Gerald.

Let us start by looking at the revenue development. Revenue for the second quarter amounts to 35.3 million SEK compared with 28.6 million SEK in quarter two of last year.

This represents an increase of 23.6%. The main drivers for the increase was the refined assessment of the timing of revenue recognition, which we talked about during last quarter.

This had a positive effect on revenue of 6.3 million SEK. Increased license sales as well as new customer contracts also contributed to the increased revenue.

Taking into consideration a translational FX effect corresponding to a negative 0.7 million SEK, we saw an underlying revenue growth of approximately 1.6%. In terms of the half-year development, revenue is up to 63.8 million SEK from 54.9 million SEK from the same period of last year with an underlying revenue growth of 4.1%.

With regards to profitability, the adjusted EBITDA reached 15.7 million SEK compared to 5.1 million SEK in quarter two of 2023. This corresponds to an adjusted EBITDA margin of 44.4% compared to 17.8% of last year.

EBITDA amounted to 12.4 million SEK compared to 2.3 million SEK of last year, giving an EBITDA margin of 35.1%. Adjusted earnings per share also improved to 0.16 SEK compared to 0.04 SEK in quarter two of last year.

While our profitability looks very strong for this quarter, we remain aware that a substantial portion of the earnings increase comes from the refined assessment of timing connected to revenue recognition. With that said, we've seen increased sales, and with greater emphasis on cost control, our profitability is increasing in conjunction with our continued investments into our R&D and data quality initiative.

The cash flow from operating activities saw a large increase up to 12.2 million SEK after changes in working capital compared to negative 0.7 million SEK in quarter two of 2023. The main cash flow driver was improved operating results.

In addition, we had a positive effect from timing connected to tax payments as well as investments and divestments of tangible assets and the delta of the two. From financing activities, cash flow amounted to a negative 1.7 million SEK, impacted by repurchase of our own shares.

Total cash flow for the quarter was 9.5 million SEK versus a negative 0.2 million SEK of last year. At the end of the quarter, we have a cash position of 78.5 million SEK, further reinforcing our strong financial position.

With that, I hand over to Gerald to take the stage again.

Thank you, Richard, for taking us uh through the financials. I must say you phrased it uh very nicely, and I'm happy to see that adjustments in revenue recognition happened in a way that we have increased revenue in the second quarter uh and we need to accept that we might miss some of it in the quarters uh moving forward.

Much better to have it in line with cash flow than the other way around. Uh let's look into our strategic progress and the remainder uh of the year.

We're we're preparing for a very eventful uh fall season. Uh In particular, we're seeing already impacts of our strong technical leadership um with the uh uh recruited CTO, Marco van Meulen, in place and also our significantly more customer-centric sales organization, where we see impacts taking place and hopefully also moving forward.

Um We focus uh on our long-term technology roadmap uh and key strategic partnership. This is going to be uh exciting in the short, but also in the long term, obviously.

Uh And last but not least, our stable and strong financial position provides us the strategic flexibility um to make those moves forward. All in all, uh short good news, and I am looking forward to see you again with the closing of the third quarter.

Thank you for attending.