Earnings call transcript: CellaVision Q1 2025 sees strong revenue growth

CellaVision AB reported robust financial results for the first quarter of 2025, with revenue reaching 195 million, significantly surpassing forecasts. The company’s stock surged 25.16% following the announcement, highlighting investor optimism driven by a 14.1% organic growth and improved gross margins. According to InvestingPro data, the company maintains a GREAT financial health score of 3.09, with particularly strong profitability metrics. InvestingPro analysis shows the company has been profitable over the last twelve months, with a healthy gross profit margin of 67.35%.

Key Takeaways

• Revenue for Q1 2025 was 195 million, marking a 14.1% organic growth.
• Gross margin improved to 70%, up from 66% in the previous year.
• Stock price increased by 25.16% following the earnings announcement.
• Strong performance in the EMEA region with 21% growth.
• Continued investment in R&D and product innovation.

Company Performance

CellaVision demonstrated robust performance in Q1 2025, with significant growth across multiple regions. The company’s revenue rose to 195 million, with a notable 21% growth in the EMEA region, contributing significantly to the overall revenue increase. The company also reported an impressive gross margin of 70%, up from 66% in Q1 2024, reflecting improved operational efficiency and cost management.

Financial Highlights

• Revenue: 195 million, a 14.1% increase year-over-year.
• Gross Margin: 70%, up from 66% in Q1 2024.
• Operating Profit: 57 million.
• EBITDA: 66 million, representing a 34% margin.
• Operating Cash Flow: 61%.

Market Reaction

CellaVision’s stock price experienced a substantial increase of 25.16% after the earnings release, closing at a new high of 201.5, compared to the previous close of 161. This surge reflects positive investor sentiment driven by strong financial performance and promising growth prospects. Based on InvestingPro analysis, the stock currently trades at a P/E ratio of 34.24, suggesting a premium valuation relative to near-term earnings growth. Analysts have set price targets ranging from $21.82 to $25.98, with a consensus recommendation leaning towards Buy. The stock’s movement positions it closer to its 52-week high of 302.

Outlook & Guidance

Looking forward, CellaVision remains optimistic about continued growth, driven by ongoing R&D investments and product innovations. The company is focusing on enhancing its hematology solutions and expanding its digital cell morphology capabilities. Positive market signals, despite uncertainties, support this outlook, with potential for increased recurring revenue through software licensing.

Executive Commentary

CEO Simon Ostergard emphasized the company’s strong financial position, stating, "We do believe that in isolation, Q1 is a strong quarter." He also highlighted the company’s strategic focus, saying, "We are fully committed to execute on the power of focus." Ostergard reassured stakeholders of the company’s financial health, noting, "We have very, very little debt on the balance sheet and now a very strong, still a strong cash position that is growing."

Risks and Challenges

• Regulatory compliance costs leading to increased administrative expenses.
• Potential supply chain disruptions impacting product availability.
• Currency fluctuations affecting international revenue.
• Competitive pressures in key markets like China and Japan.
• Dependence on successful clinical trials for new product launches.

Q&A

During the earnings call, analysts raised questions about potential order stocking concerns, which the company addressed by highlighting its strong European performance. Discussions also covered the mix of instrument sales and the impact of foreign exchange rates on revenue. Additionally, growth prospects in the APAC markets were explored, with executives expressing confidence in continued expansion.

By maintaining a focus on innovation and strategic growth, CellaVision aims to capitalize on market opportunities while navigating potential challenges in the coming quarters. The company’s strong cash flows and moderate debt levels, as highlighted by InvestingPro analysis, position it well for sustained growth. For deeper insights into CellaVision’s financial health and growth prospects, investors can access the comprehensive Pro Research Report on the company’s dedicated page at InvestingPro.

Full transcript - CellaVision AB (CEVI) Q1 2025:

Conference Moderator: Now Now I will hand the conference over to CEO, Simon Ostergard. Please go ahead.

Simon Ostergard, CEO, Television: Thank you very much, and thank you for to everybody for dialing in to the first quarterly reporting here in 02/2025. I have our CFO, Magnus Blixt, with me, and we are pleased to present the q one results of the television. So the heading of of the quarter is of our report is strong quarter in a rapidly changing environment. We are reporting a revenue of 195,000,000, so it represents a growth somewhat above 1414.1% organically. So we’d be so we we believe and we are reporting a pretty strong start to the year, and that is really contribution from the three regions, but also, given the tractions of our solutions across many markets.

We we know that the nature of our business is really subject to some quarterly fluctuations given our order based sales process as as you may know, the ones who have followed the the the the firm for four years, but also the delivery timing of of entire bloodlines is is a function here. However, we are we are proud to get a good head start to the new financial year, and I’m pleased to to elaborate a little bit more on that, and then we will do the the q and a. Essentially, with these results, it it also emphasizes, and it contributes to our strong financial position. We have very, very little debt on the balance sheet and now a very strong still a strong cash position that is growing, including a pretty strong operational cash flow. In terms of the, progress on our strategic direction, we have chosen to highlight some of the themes that we are investing in.

We have increasingly invested in r and d as part of our power of focus, And we’re in the midst of a very rich and and and valuable road map. So we are continuing, sorry, our clinical trials for the application of a bone marrow module that will allow us to classify the different cell intermediates of bone marrow. So that that’s that’s, continuing, you know, according to plan. We’re also, today sharing that we have part of our r and d investment has also been upgrading our current solution. So we are actually running very very verification and validations of of software solutions for our current hematology solution, which also comes with some workflow advantages improved user interface.

So we will certainly talk more about that at the point in launch, but but here, you are certainly getting the hint that it’s pretty nearby. And then again, we are very proud of what we reported in our annual report of 02/2024 in terms of our progressive progressive development of of the photographic microscopy solution. So which is also part of our next generation hematology solution. And and we still have traction and interest from, new potential partners in the field of pathology and cytology. So our our commitment to our r and d investments are continuing according to plan.

Let’s take a little bit look a look on the p and l. And I excuse myself with my voice. I have a little bit of a delayed quote. So I set we demonstrate and and report the 01/1995, representing 14% growth. It’s a strong gross margin that we that it comes with 70% versus 66% in our compare q one twenty twenty four.

I think the the main sort of element here is that the compare was actually before we implemented the price increases of last year. We also, in q four, had a pretty decent gross margin of 69%. We are lifting it a little bit, and that is also a contribution of our product mix. So both, we had solid instrument growth with a with a reasonable gross margin. But, actually, also within our software and other category, we have contribution from software, and and, actually, a little bit decline on the on the spare parts and others, but but a a good contribution from software.

So taken together, we have a strong gross margin. Our operating expenses, 41% of of top line. They equal 80,000,000. We are increasing a little bit on the admin side due to commitment to regulatory requirements, but not the least, following our investment plan on the r and d side with an increased investment on r and d where a a quite big chunk of the raise is also capitalized. Our operating profit equals 57,000,000 for the quarter, and then, including the depreciation, we we land at an EBITDA of 66,000,000, which is equivalent to 34%.

So it’s a strong EBITDA driven by our our gross margin, strong gross margin, and, of course, the scalability of our business as we, are reporting a strong top line growth. In terms of cash flow, here, we on the working capital capital side, we do have an increase in accounts receivable, slightly decline on the on the inventory level. But so essentially, a contribution of around 3.5% from working capital, which gives us brings us up to 61% of an operating cash flow. And then we’re investing as planned in in primarily on r and d where so that’s 18,000,000 out of the 21,000,000 from investments. And then we have our financial activities, which brings us down to a total cash flow of 37 percent million of of within this quarter.

So that’s the p and l in short. Let’s take a look at the regional highlight. So, essentially, as as I said, in the beginning, it’s driven by pretty much all positive growth across all regions. Americas, no doubt, we’ve had a little bit of a soft, quarters in in Americas given the previously reported insecurity, when the American presidential election was on. I think here we are reporting that we are coming back, both on the, you can say, the large instruments.

We have seen contributions similar to to the comparable quarter and and somewhat higher than q four. And we are also seeing a positive growth on on the d c one catering for the small lab segment. So overall, we report 8% growth in Americans. EMEA is 21%. It’s 96,000,000 in total.

That’s a that’s a very strong contribution from multiple countries. So so we have really, we are seeing, you can say, output output and success from our close collaboration with our strategic distribution partner in this region, which is which is good to see that also it demonstrates the attractiveness of our collective solutions, which resonates across different countries out there. We’re also reporting a solid double digit growth for our hematology reagents of 12%. So that is another driver, which is also dependent on our strategic distribution partnership. APAC, 12 Percent growth, so 21,000,000.

It’s it’s always a little bit the APAC number can fluctuate quite a bit given the fact that we, at times, we typically ship larger bulks of instruments, so it’s a little bit vulnerable. But by the end of the day, we see traction from both Japan, China in in these numbers, and we see intensified activities also in close collaboration with collaboration with our strategic partner. So that that gives us a lot of sort of appetite and motivation that we can actually really pursue growth across this region as well. If we cut our numbers, so here on on the chart, it says sales per product group. So here we have we’ve chopped up our revenue as, into the different solutions.

On the instrument side, it it it in this quarter, it represents 59% of the total revenue. So no doubt that instrument is is a strong driver of of the strong results, which is which is a good basis for for our solutions. So in total, we had 115,000,000 coming from from instrument versus 92 in the comparable quarter. I think in terms of regions, I mentioned the double digit coming out of EMEA with a total growth of 5%. So a certain proportion of our business is our non hematology, which is only growing modestly.

But, however, it’s it’s a good it’s a good customer base, and it’s it’s it’s still a a good contributor to our to our business. But it is obviously hematology regions where we we bank on 12% growth, and it that is taking an increasing share of our reagent business in EMEA. We are working on expanding, of course, into APAC, and we also have plans for for The US. In terms of software, here, we, software and others, that’s important. So we did 42,000,000 in that product category, versus 42 in the comparable quarter.

We, we can say that we had a larger share of software as I alluded to in the beginning, which means that especially the consumables like oils for the installed base, but also spare parts are a little bit low. So we we had a little bit of an overflow of software, not overflow, but we had a little bit of a low software sales in q four. So there’s a little bit of a contribution from excess software coming into this quarter. Not that it’s significant, but but there’s a little bit of a contribution there, which also explains the somewhat lower in q four. So if we just wrap up here and see say, we do believe that in isolation, q one is a strong quarter.

We actually think despite the fluctuations and and, you know, the the what we define as the changing environment that we’re all aware of, We think that the signals we get from from our partner and the market are positive. We do understand that there is uncertainty sitting out there. And, also, the nature of our business, as I started alluded to, is influencing the business for at at quarter to quarter. However, the basis that we we, we really get the message that there’s a strong traction for what we do and our our solutions across the different product categories, and across the different markets. We appreciate our enhanced collaboration.

It takes time to get close when you go to market together. There are many interactions, many relationships that needs to be built, but we are really progressing on on our results, but also on the trust level and the way we work together. So I wanna thank thank our strategic partner for for that indeed. We are fully committed to execute on the power of focus. So as mentioned in the beginning, mentioned our focus on r and d, our spends, but also I really wanna send send a heartfelt, appreciation to to my staff, my team who are really executing according to to our plans and our road maps.

So they are taking the investments very seriously and working extremely hard to allow us to differentiate within hematology beyond over time. And with that, I think we should go to the q and a. So I will hand it over to the moderator, and, I appreciate the interest you show in our company. Thank you.

Ulrik, Analyst, Kearny: Hi. Can you hear me?

Simon Ostergard, CEO, Television: Yeah.

Ulrik, Analyst, Kearny: Okay. Hi, Simon. Hi, Magnus. This is Ulrik from Kearny.

Simon Ostergard, CEO, Television: Hi, Ulrik. A

Ulrik, Analyst, Kearny: few questions on my end. And did I understand you corrected correctly when you said you got a good head start on 2025. And given the sort of high instrument sales in the quarter that there is some risk of sort of order stocking among your commercial partner and distribution partners, or or did I sort of misinterpret that?

Simon Ostergard, CEO, Television: Yeah. Good question, Ulrik. I would say I would say g given the timing of when the orders were placed in q one, let’s say the first half and or the first couple of months of of q one, I would say the order stocking is is probably less of an of of a signal. And here, I’m really my argument is or my my position, is is my statement is based on, when did the, you know, the tariffs and the insecurity really increase during, let’s say, March and April. And here, I would say that the numbers we report today here, we saw orders pretty much before.

So I I will probably argue that that there can be a a risk for it, but it’s actually not something we’ve heard specifically anything about.

Ulrik, Analyst, Kearny: Okay. Great. Thank you. And European development, I mean, it looks to be continuing to be very strong. Like Q4, obviously, affected by orders that ended up in Q3.

But if we were to sort of normalize those numbers, the momentum in Europe looks to be going really strong. Is there something special happening there? Or is it sort of the effort in you combining sort of your commercial efforts with Sysmex paying off? Or is there something exceptional that you’re seeing? Or is it just wrong underlying demand?

Simon Ostergard, CEO, Television: Yeah. I think I think it is it’s a long run. And and and I think the diversification, the efforts across multiple market is is paying off. I think that’s what we’re seeing. So because I I think it’s been robust, and and now it’s it’s it’s pretty robust.

And and as I said in the beginning, it it can fluctuate somewhat, but but the trends for Europe are really are really growing. So I I would I I my sense is really that this is about the the much closer relationship that we started a year ago on the commercial end, and it takes time to get results, basically. So so this is this is part of the fruit that we are collectively harvesting here.

Ulrik, Analyst, Kearny: K. Great. And then moving into the R and D efforts made, and and you gave a bit of a teaser, and we talked about this historically integrated technology into your own hematology systems. But I was just wondering, and again, we’ve talked about this before, what are the sort of implications on the commercial model in new hematology system line? And can you achieve any type of higher recurring revenue out of a new platform?

Simon Ostergard, CEO, Television: Yeah. I think the sort of in in general, there are opportunities to optimize the current offering. That’s that’s what when I talk about the upgrade software version, that that is something we do occasionally. And and here, we’re we’re we’re flagging that there is actually more value add to be extracted in in very short in very short while. In terms of our next generation, you’re absolutely right.

It comes with a it it will be very very much more explicit around the the value proposition, but but, of course, it’s both on the on the throughput with the FBM technology and the and the image quality. We will we will explore the opportunities to commercialize that both in respect of where can we actually land the Cox, and and also can we can we implement, it is our intention to increase the, the software component, the applications. Just kind of the same philosophy as we will launch with the bone marrow where where there will not be a a nonperpetual license. But for applications, there may be an opportunity to to gain more recurring revenue from software licenses. So that’s kind of without going into the specifics, that that’s the that’s the thinking.

Ulrik, Analyst, Kearny: That that’s great. And then just in terms of your competitive position in the market, does this move the needle additionally in in your favor where you believe that you are moving ahead of your competition? And as well, I guess that would play into discussions you’re having with Sysmex on pricing in The U. S. On the back of tariffs as well.

So if you give us some type of insights.

Simon Ostergard, CEO, Television: Yeah. I think in general, we we are across many markets together with Sysmex. We are winning share, in the hematology arena, and I think we’ll continue to do so. I think the the next gen will also, make it more, let’s say, for the for the the share of the market that has that are already running digital cell morphology, it will be more compelling to actually purchase next year when we get there. So so so it’s so, obviously, it it cements our our position on a more long term basis.

Ulrik, Analyst, Kearny: Okay. Just just a follow-up question on that. As as you say that the next gen, like, in terms of the ones that have already adopted digital cell morphology that they would be more prone to replace their systems. Do you feel that like obviously, a lot majority of your sales is generated, but Dream’s top lines are replaced and then added this then Sysmex or your partner adds this, let’s say, complements to that plot line. But this, I guess, is still sort of a standalone system.

And although it is a major upgrade, do you still believe that you can see faster replacement cycles among those who have already converted to digital cell morphology?

Simon Ostergard, CEO, Television: Yeah. I I think it it runs in in sort of contractually, with a certain period of time, five, years, typically, and then the replacement cycle is, we tend to say, seven to nine years. And I think it becomes more attractive, but it is a function of when is the entire bloodline exchange. Budgeting wise, it’s typically the entire bloodline. But but, certainly, there will be an appetite to include and and exchange the existing digital cell morphology system with with a new one.

That that I’m I’m pretty convinced that will happen. But in the meanwhile, I think there is there is more we can do, and we will be very explicit around what what we are doing with also software upgrades as we as we sort of elude to today. I think there’s still good opportunities there. Okay.

Ulrik, Analyst, Kearny: Great. Thank you very much, Simon. I’ll I’ll get back into the queue.

Simon Ostergard, CEO, Television: Thanks, Urik.

Conference Moderator: The next question comes from Richard Romanius from Redeye. Please go ahead.

Richard Romanius, Analyst, Redeye: Good morning. I have one major question, which I’ll begin with, which is the about foreign exchange rates. So what do you think will be the impact from the strengthening SEK for the rest of the year? And how was it that you had no currency impact in q one?

Simon Ostergard, CEO, Television: Yeah. Maybe, Magnus, maybe you can comment on the FX

Magnus Blixt, CFO, Television: implications. Yeah. Can start. Let’s start at looking at the the year over year comparison. We we could see that the exchange rates in the beginning of the year, for the for the euro and the dollar was, on par with last year.

It was rather high. And then we saw a a fairly steep decline of the exchange rate within the quarter. So the average rate for the quarter then compares to the average rate of the same quarter last year. Even though the ending period, at at the end of the period, the exchange rates were lower than than the average last year. So, it’s a little bit we we’ve seen exchange rates changes before, but what’s what’s a little bit special this time is that the change was quite, in in a quite narrow time scope at the end of the quarter, actually.

Richard Romanius, Analyst, Redeye: Okay. So I can just we will see the effects starting from, q two then.

Magnus Blixt, CFO, Television: Yeah. We’ve seen a little bit of restrengthening of of the currency, especially especially the euros. So, of course, they go up and down a little bit. We follow it closely to see, how we can monitor it. Our price contracts are negotiated on a yearly basis.

So in the short term, there’s not much we can do. We are affected by FX changes. And we have the majority of our revenues are in euros, but also dollar is an important currency for us. Very little in second other currency. So the majority the the full yeah.

The full the euro and dollar covers all almost all of it.

Richard Romanius, Analyst, Redeye: Okay. I understand. Last last question. I’m interested to know if you could just say something about the sales mix in Europe of instruments of large versus small instruments.

Simon Ostergard, CEO, Television: Yeah. So the so instruments wise, we have we’ve we’ve gained a a good traction on the large I would say. We we see significant growth on on in this quarter. It has primarily been in the in the large instrument segment. A little bit high on on the small as well, but it’s it’s the bulk of it is is in the large labs.

The adoption of the small instruments has been a little bit slower in in in Europe because it it’s across multiple markets as opposed to the scalability of The US where it really resonates in The US with the integrated health networks that they’ve started with the with the IHN and and purchasing the DC one. There there’s a there’s a great opportunity for us over there still. But we see starting to see the value and the differentiating opportunity for the small lab. But currently, we are selling the DC one across the different countries, but we we certainly think this is a growth driver for us, that that will, play out, as as we, as we continue pushing the business.

Richard Romanius, Analyst, Redeye: Great. That’s all for me.

Simon Ostergard, CEO, Television: Thanks, Richard.

Conference Moderator: Question comes from Ludwig Lundgren from Nordea. Please go ahead.

Ludwig Lundgren, Analyst, Nordea: Hi, Simon and Magnus. On the strong numbers here in the So you highlighted that Americas sales recovery was driven by the mainly by DC-one installations. So then I wonder how the Sysmex installation pace has been for the larger instrument for larger laboratories, which you have been talking about before. Has this improved, so to say, quarter over quarter?

Simon Ostergard, CEO, Television: I think I see so when we talk about the large and the small order pickup that has happened both at the very end of q four and and also here in the beginning of the year. But it it again, the complexity here is one thing is the orders that our partner like Sysmex are are picking up, but then the implementation is a function of when is the entire bloodline and when is the hospital ready to implement. And that is typically two, three months sorry, two, six months, and it can be much more than that. But there is not an one to one relationship between that. We get the signals that there has been traction.

I think I I reported that also at the q four call that, hey. The outlook seems reasonable. And and we actually see that that we, we have a pretty good base of last year instruments in in this quarter. And then we do also have growth versus last year on the small instrument. That that is definitely and that that is because the model really resonates with excuse me.

That is because the DC One really resonates building the the the digital ecosystem across The Americas. Excuse me.

Ludwig Lundgren, Analyst, Nordea: Okay. Great. Thanks. And a follow-up on Americas instruments. So historically, this has been mainly U.

S. Instrument placements, but you highlight that Latin America is growing fast. So maybe if you can give us any insight on the sales split between these two regions currently?

Simon Ostergard, CEO, Television: Yes. Yes, I’d say Latin America, is also growth coming out of Brazil, and it’s also it’s also D c 1, which is a good driver in that region. Brazil is is is the majority of of of that. So it’s not across the entire South America, but it is different as opposed to North America, which is really driven by by high volume labs and and large instruments. And then you tie in the the DC one in those networks.

So the scalability and the the size of of the markets are very different. That’s important to say.

Ludwig Lundgren, Analyst, Nordea: Okay, great. And one on reagents as well. You delivered strong sequential growth here, like looking Q over Q. But I wonder if you expect any seasonality effects for reagents in 2025? Or is this Q1 number a good indication for how the year will unfold?

Simon Ostergard, CEO, Television: I think we will we certainly aim to continue growing in our largest footprint, which is obviously EMEA. It is less characterized by our region business is less characterized by seasonality. There is a little bit around when a test conducted, you know, during holiday seasons or whatever, but it it is much less seasonable versus versus the instrument software business, which were which can really fluctuate whether we are getting orders or not and and whether we are shipping a lot of instruments at the same time to a given jurisdiction. So a lot less, sensitive. I think it’s a signal of our installed base that that grows.

That’s how you should look at it.

Ludwig Lundgren, Analyst, Nordea: Great. Thanks. That was all my questions.

Conference Moderator: The next question comes from Christian Li from Pareto Securities. Please go ahead.

Christian Li, Analyst, Pareto Securities: Thank you and good morning. I have a couple of questions please. Could you please clarify regarding the growth of the instrument sales which grew by 25%. Were there similar growth rates for both DC one and for the larger instruments?

Simon Ostergard, CEO, Television: Yeah. I’d say in in in general, that’s growth rate rise. We’re in the same ballpark area. That’s very similar. But, of course, the contribution revenue wise is is much better better on the large lab segment.

Christian Li, Analyst, Pareto Securities: Okay. Perfect. Did the strong demand in Japan and China result in material sales in Q1? Or do you expect to see this in the coming quarters?

Simon Ostergard, CEO, Television: Yeah. I I think the the tricky especially China is our biggest market in in APAC, and and we we are still even though there is a competitive situation that is more pronounced in China than elsewhere, we we certainly still have traction. I think and and and are still winning deals in in China. I think the challenge is also it’s not a direct market. So our distribution partner would be working with local distributors.

So the transparency as to the actual demand out there at the hospitals, very delayed very delayed and very invisible for us because there are two layers out there. Having said that, we’re continuing to see demand, since we are getting orders. So there are there are certainly, there are certainly wins out there in China. So that’s a that’s a significant market for us. And then we are we are starting to see a market like Japan, which which has been, let’s say, relatively slow in not slow, but but but the the adoption of digital cell portfolio has been less than in other very developed countries.

But we are seeing definitely seeing traction and increased attachment rate out there. So that’s a positive one. Then there are opportunities when we talk about APAC, which sits outside of Japan and and and China that we’re also trying to establish together with our our partner.

Christian Li, Analyst, Pareto Securities: Okay. Perfect. Thank you. And the price adjustment seen in the gross margin improvement, have you reached the full impact already? Or can expect some gradual improvements going forward?

Simon Ostergard, CEO, Television: Yes. As Magnus alluded to, then we or maybe I I talked about it, actually. But we we adjust once a year, and in our compare, they were unadjusted. So so that and that is so we we certainly have another price adjustment coming up, but it may not be in the given the lay of the land, it may not be in the same magnitude as we were able to do last year.

Magnus Blixt, CFO, Television: We came out of a period with higher inflation last year, so it was a bit of a compensation for lost grounds, last year.

Simon Ostergard, CEO, Television: Oh, we still we will still adjust our prices during the year.

Ulrik, Analyst, Kearny: Alright.

Christian Li, Analyst, Pareto Securities: Yeah. So so should we review the the gross margin of 70% to this remainder of this year?

Simon Ostergard, CEO, Television: No. I I I think we’ve landed at a a pretty decent spot. There are a number of variables within the the the gross margin. We talked about the FX impacts. We could have write offs, etcetera.

But, generally, I think we’ve proven that we are strong coming back at at least 70% mark, so that’s a good proxy for the business. We came from, I believe, was 69.2 or so in in q four. I could be wrong on the digit, but but kind of around that. So we’ve we’ve proven also the scalability here. So but, of course, can there be deviations?

There probably will be. But but this is a pretty good, pretty good, sort of guidance as to, where we expect to be.

Christian Li, Analyst, Pareto Securities: Perfect. Thank you very much. That’s all for me.

Simon Ostergard, CEO, Television: Pleasure, Christian.

Conference Moderator: There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.

Simon Ostergard, CEO, Television: Thank you very much. And, again, thank you everybody for for showing and paying interest in in our company. We are we are we and I really want my team also to be proud on the strong quarter despite this rapidly changing environment as we are always in the midst of. Despite that, I just wanna reemphasize that I do think we we have a strong position that we can grow further. So we remain optimistic about our ability to actually drive growth and deliver long term value across our hematology business while also, pursuing, long term growth pockets outside of hematology.

So I wanna thank my my sincere thanks to the entire team at Television and not the least, our strategic, partner in terms of Sysmex, for where we’ve where we’ve started the year and what we’ve built up over the last years. I’m I’m very excited about, where to take us in the in the coming year here. So thank you everybody for listening in. Thanks.

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