Tristel PLC

Good morning and welcome to the Tristell PLC interim results investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and they can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. Before we begin, I would like to submit the following poll, and I would now like to hand you over to the management team of Tristell. Matt, Matt, good morning to you.

Hi, good morning. Thank you for joining us today for Tricell's interim results, H1 financial year 2026. I'm joined today by Anna Russell, Tricell's CFO, and Yulia Shapanova, who's Tricell's executive director. I appreciate that Yulia may be a new name to some of the investors joining us today. So let me just give a brief background into her. She's been executive director at Tricell and president of our U.S. subsidiary. This year actually marks her 20th year with Tricell. So she's a very long serving member of the team. Julia has really been an instrumental part of the leadership team. She executed the scientific program with the FDA, securing our U.S. market entry, and really has been leading our commercial efforts with working on the launch of our two key products there, ultrasound and OPH. As we go through the presentation, Julia will be updating you all on the progress we're making in the U.S.A. So that being said, let me just also take a moment to acknowledge the announcement that was made earlier this year that I will be stepping down as chief executive at the end of the financial year. This was a deeply considered personal decision. Tricell is a business with exceptional people, a strong depth in its leadership and a very clear strategic outlook and trajectory. A little bit of background as to my reason why. Essentially, I was offered a once in a lifetime opportunity that was impossible to turn down. But I do leave Tristell with the thought that the future is very bright. I remain fully committed. to the business until the end of the financial year and support him with a smooth transition as the business looks to identify its next chief executive. Very confident that the business is well positioned to deliver long-term shareholder value. And as you will see from the set of results that we present today, the company continues to go from strength to strength. And as I said, the future is very bright for TriStar. That being said, let's start with the presentation. I appreciate that there may be some new investors joining us today. So let me just take a brief moment to explain Tristell, who we are and what we do. Tristell is an infection prevention company. We use our highly differentiated chlorine dioxide chemistry in order to prevent the transmission of microbes from patient to patient or patient to caregiver. What we do is pretty unique and we address an unmet need in the market by providing high level disinfection at the point of care. I can answer some further questions if people have questions about the products we offer and what we do. But what I suggest is I now hand over to Anna who will take you through the financial performance in the first half of the year.

Thank you, Matt. Good morning, everyone. I will walk you through our financial highlights. I'm very proud to present a strong set of numbers for the first half of the financial year. These are unaudited figures, or interim figures. We've been very happy to see 14% growth in revenues, reaching a record level of £25.6 million. The growth came up both from our home market, our UK market, as well as overseas markets, and we're very happy to see this growth in the US that we will tell you more about. That growth flowed through the P&L with expanding margins. So our adjusted profit before tax went up by 11% to 5.5 million. Adjusted EBITDA was up by 17%. And our adjusted EPS is at 9.36 pence. The adjusted measures are adjusted basically for share-based payments and and exceptional items which are related to CO and CFO succession costs. Our cash and deposits reached 13.3 million, we remain debt free, and we are planning for the interim dividend of 5.68 pence to be paid in April. I will move on to show our key indicators. I believe they are a strong reflection of our very good track record historically of financial performance. The first graph shows revenue track record, which as you can see has been consistently growing with a very short flat period during COVID times. What I'm very happy to see is that both this year as well as last year, we see a big portion of the growth coming from volume rather than price gains. meaning that we are delivering more procedures and then gaming market. In terms of expanding cash generation, another KPI we are very proud of. We have generated 6.7 million in cash in the first half of the year. And we continuously improve the cash flow generation, kind of quarter by quarter. And that, of course, allows us also for progressive dividends. When it comes to profitability, the bottom graph, we are currently at 29% of adjusted PDA margin, which is well above our commitment of 25%. And we believe that the outlook for the year remains similar. I have a summarized income statement here. There is also a complete income statement in the appendix to the presentation and, of course, in our interims. These are unaudited figures. I have already mentioned the top line growth. Maybe another thing that's worth attention here is impact on our growth margins. So we had 81% growth margin compared to 82% in the first half of last year. The reason for that is that we have in-source production of wives. And we already see the whole cost impact of that in the first half of the year. So we've increased appreciation as well as production staff. However, the savings have just started to be realized in the first half of the year. And we believe that the full rate of savings will be visible in the second half of the year, which is £300,000 per hour estimate. And that's basically because we have to sell off the inventory of the wipes that were purchased from the supplier prior to the insourcing. Another development you can see here is increased administration and distribution expenses. That's really reflecting our strategy to continue investment in sales and marketing. You will also notice probably an increase in depreciation and amortization, and that's partially driven by the insourcing of the wax machine, but partially also by a £300,000 right of intangibles. Our adjusted PPC margin, it's at 21%. The adjusted profit before tax went up by 11%. And as I mentioned before, our margins remain above the commitment. Looking at some balance sheet KPIs. that I would like to draw your attention to. So firstly, networking capital that we have continuously seen improving. Currently, if you look at networking capital over revenue ratio, over annualized 12-month period revenue, it's at 15%. That speaks to operational efficiencies and positions as well for growth. When it comes to return on capital employed, we also see very strong ratio. We are currently at 25%. ROCE, and that speaks very well to the long-term value creation. And finally, progressive dividends. So, as many of you know, we have been every year increasing the dividends paid. And we also, this year, we aim at honoring the commitment for progressive dividends in the year. And the announced dividend is at 568. That's flat. compared to the first half of last year. However, in the full year, we still plan to increase the dividend per share. Complete balance sheet, I would say summarized balance sheet here with a complete one in the appendix. I will not go through the details here because there are no major movements and the balance sheet remains strong, cash positive, which gives us really plenty of financial capacity to support our investments and growth initiatives. The following slide I will spend a little bit more time on. That's our geographic performance. So on constant currency basis, the group has grown by 12.4%. And in our home market, UK, we've seen continuously strong growth, only nearly 13% growth, which benefited from both procedure increase as well as very strong performance of our surface disinfection product line. What's important here to acknowledge as well is that we had a bit of a positive seasonality impact with some large NHS orders at the end of last calendar year. When it comes to the other European countries, we are very encouraged by the recovery of French market, which grew at 13%. We have strong leadership there. We have seen growth there coming from our core products in the Trisdell medical device disinfection range, as well as some increased utilization in our large accounts. Italian market has also grown 13%, also coming from our core products in medical device contamination range. What we have also seen in Italy is an increased number in tenders for high-level disinfection. which for us means a mixture of contracting existing sales as well as new demand as we want in standards. In other European countries, we also see double-digit growth and we continue to invest there with the expectation to see further growth in the future. The APAC region is a little bit of a mixed performance. As you can see here, we have grown 0.3%. There are pockets of business there where we had very strong growth, double-digit growth in Singapore and Malaysia, for example. However, in other markets, we had a bit of a challenge, and I think specifically China. Similarly to what other medical device companies have seen, we also saw a market slowdown in China in the first half of this year. We are traditionally targeting mostly private hospitals and we have seen some bankruptcies of the customers there. It seems to be related to the change in local policy and how the healthcare system is being financed. So we will monitor the situation going forward and of course we are looking at also diversifying more into other hospital types. I believe this is everything about the geographical performance. I will spend a little bit more time on explaining the American revenue streams, which I'm sure you're interested to hear much more about. And following this section, Julia will present in depth the performance on the US market. So here, if you would like to look at global currency, our direct product sale has performed very well. As you know, we have launched in the first half of this year Tristell OPH product and that growth related to that launch is in the first line of direct product sales. We are very happy with that performance. It has been really taken up by customers faster than we expected. Our royalties, which are related to Tristell ULT sales, We've reached 116,000 pounds. That's more than a complete annual royalties from last year. So we're also very happy to see that. And finally, our distributor sales in Canada and Chile have also shown double-digit growth. And with that, I'm going to pass to Julia.

Good morning, everyone. Thank you, Anna. I'll provide a little bit of insight into USA Performance. We had a strong first half. For Tristel-Alt, our high-level disinfectant of ultrasound probes, the in-market sales are approaching $1 million, contributing $153,000 in net profit through royalty income. The sales volumes represent 320,000 procedures, equating three times the procedure numbers from the same period last year. The growth is well balanced. We are seeing increased utilization within existing accounts alongside a healthy pipeline of new opportunities. High-level disinfection of ultrasound probes is performed across various departments in hospitals. For example, urology, emergency departments, radiology. Once we enter the healthcare system to address the immediate clinical need, we then focus on expanding product use across additional departments. Over the past three months, our partners have onboarded 90 new sites and the team is currently progressing with 150 hot leads in evaluation stage with a further 140 in active engagement. Based on our current momentum, Sorry, something happened to my screen. Based on the current momentum, we expect to exceed 2 million in in-market sales by year end, providing a strong platform to achieve and potentially accelerate our five-year projections for capturing 4% market share by 2030. Our opportunity in high-level disinfection of ultrasound probes is developed in partnership with Parker Laboratories, a privately owned market leader in ultrasound gels with a 60-year heritage. The Parker sales team is fully trained and well-established. Parker has invested over the last two years to build a team of 10 sales representatives. Parker operates through a well-established network of national distributors, including Medline, Henry Schein, Cardinal Health, ensuring broad market access. In addition, Parker has recently secured agreements with group purchasing organizations, further streamlining procurement processes and expanding product availability through users' preferred vendors. The strategic partnerships with ultrasound probe manufacturers create valuable opportunities for co-marketing and referrals. For example, our collaboration with BK Medical and Exact Imaging, both specialists in urology, provides immediate referrals because Tristel® ALT is the preferred solution for urology pros. Those specific devices do not fit into currently available automated reprocessing systems and allow us market entry into the hospitals. The strong OEM relationships also support ongoing device compatibility validation. We have more than 1,200 probes already confirmed compatible with TriStar Alt. Inclusion of TriStar Alt in clinical standards, together with positive feedback from a growing user base, is strengthening user confidence. Since launch, four key standards and guidelines have included chlorine dioxide form as an appropriate high-level disinfection solution for ultrasound probes. TriStar Alt has been selected for evaluation by ECRI, an independent, not-for-profit organization that assesses medical technologies. The resulting report and discussion will be published in ECRI's membership magazine, and the membership represents 50% of U.S. hospitals. This is a significant independent assessment of TriStar Alt, and it's also highlighting focus on ultrasound decontamination in clinical practices. We continue to receive excellent feedback from users, and TriStar Alt will be featured in an educational session at APIC 2026, further raising awareness within the infection prevention community. Our progress with Tristal OPH is equally strong. First half of financial year, the revenues are $88,000 and ahead of our initial expectations, as we anticipated some lag within procurement process. We have an excellent distribution partner in Advancing Eye Care Group, and Advancing Eye Care distributes Tristal OPH through its portfolio of well-established brands, which provides immediate access through its existing vendor contract. In preparation to our Tristell OPH direct sales, we established a custom-based team comprising three roles, business development, marketing, and digital product specialist. With that, we have secured 43 active users and have 160 opportunities in evaluation and engagement stages. Some of America's leading art providers are choosing Tristell OPH. The product is manufactured in the US by Parker Laboratories, and our gross margins are in line with group targets, with a scope for further improvements as we scale up. To maintain momentum and build our initial user base, we're actively expanding our commercial footprint. We're recruiting sales representation in Midwest and West Coast. We have signed the distribution agreement with Kila USA, a manufacturer and distributor of ophthalmic diagnostic devices, as well as supplier of wider equipment and consumables for ophthalmology clinics. Kila USA is primarily serving non-hospital ophthalmology clinics and private practices, making this a highly complementary expansion alongside our direct sales teams that targets hospitals. We are also developing partnership with atomic device manufacturers. These collaborations create multiple commercial touch points for us through referrals, marketing opportunities, and post-sufficient opportunities, educational webinar opportunities. Together, they will strengthen our market visibility and support adoption and accelerate access to new users. Inclusion in device-specific IFUs, instructions for use, remain an ongoing priority, and we're around 50 percent through implementing the updates of those device instructions for use. The multi-sensor study is underway with the intention of publishing findings in peer-reviewed journals. The objectives of the study is to highlight the risks associated with the ophthalmic device use, point out the lack of current feasible disinfection procedures, and the lack of guidelines, document the experience, hand-on experience of tristal OPH use, and ultimately provide best practice recommendations for high-level disinfection of octalonic devices. Tristal OPH is unique in enabling high-level disinfection with minimal disruption to clinical workflows. This positions us strongly to establish a leading role in the high-level disinfection of ophthalmic devices. With this, I'll conclude my update and hand over to Matt to talk about our future developments.

Excellent. Thank you, Yulia. As you can see, some really encouraging progress in the USA and some real continued momentum in the two products that we now have there. As we look to the future, the Tricell story is one of continued investing for future growth and by realising the opportunity ahead of ourselves. We do that in many different ways and have many different strategic levers that we are pulling. Obviously, the most obvious is the investments that we do into our commercial teams, and that has continued. And actually, the business has intentions to accelerate that investment as we look to the year ahead. As previously communicated to investors, the greatest opportunity for growth is the geographic expansion. and what I like to refer to as raising all boats. What do I mean by that? I mean by taking the market share and the leading position that we have in the UK market and replicating that in the other markets where we are present today. And as Anna outlined, you can see that we're starting to really get some great traction, especially in our European markets. Augment that, obviously we invest in the teams and our plan this financial year was to have a 9% increase in the number of heads that we had with the vast majority of those heads being invested in commercially facing, customer facing roles. Given the strength of the first half of this year and the outlook that we have, we've decided to accelerate and increase that investment and we'll be adding a further 13 heads to our commercial organisation this year. Nine of those heads will be will be by commercial salespeople, and four, which I'll come to talk about, will be more clinically focused. Those investments are going where we are seeing the growth. So we're targeting those towards the likes of Germany, France, Italy, the Middle East and into Asia. And this really strengthens our routes markets, enables us to build on what we have today to win more business, as well as drive increased utilization in those accounts that they're using us today. Alongside this, we are rolling out a database sales effectiveness program using by globally adhere to salesforce.com CRM, as well as increasing our spending on promotional efforts and attendees attending trade exhibitions, etc. We do recognize that as part of this, we have to continually reinforce and expand our clinical leadership. Dreisel obviously is well known and respected in the market, but we recognize that physicians and healthcare providers buy from one another. They buy from the recommendations and as the business grows and matures, it's also we need to continue to invest in this part of our team today. Today we have three full-time equivalents that are focused on driving our medical affairs our clinical research and we're going to add to that we're underway with recruiting a chief medical officer and also three clinical portfolio leads and really this is all about enhancing our medical affairs capability being able to invest more into clinical evidence generation drive more with regards to some guidelines and also expand our key opinion leader engagement program and build that advocacy around the globe. We've spoken about our strategic intent to build on our digital foundation and drive our digital leadership. Today we have the 3T platform, which is our sort of train, track and trace platform that supports the products and supports our customers today. I've spoken about how we have this great digital footprint with our customers and how we want to build on that and create a multi-tier software as a service program. We have those development programs underway and the team are working hard to take what we have today and build a scalable recurring digital revenue stream for the business in the future. In addition to this, we also, in the first half of this year, launched our own private internal AI agent, which is really about improving operational workflow and supporting us in our daily tasks. This isn't about replacing AI, replacing people's jobs. This is just about taking our internal data in a very controlled and closed way and embracing technology to make the teams more effective and enable them to do more. And then finally, with regards to our digital leadership, we continue to expand and try to react to customer asks and requirements. And we've done that by enhancing our online commerce platform. and having a web shop. We're in the process of launching this out to markets. So at the moment, it is only available in select geographical markets, but we have plans and the program is underway to expand that out across the globe. And then, you know, continuing to develop into our products and ensuring that as we look to the future, we have our product leadership What I can say is we launched BusyClean recently. That launch has been underway. The reaction from customers is extremely positive. It is really a wow product. It does genuinely get that kind of reaction from our customers when they see it. And we have some customers that have already purchased the products. BusyClean is definitely re-engaging us with customers, reinforcing Tristell's leadership in this high level disinfection field, and enabling us to grow our business and expand our business. But we're not stopping there. We have plans underway for new products in the medical device disinfection, as well as the surface disinfection. But we also have evolved in our approach. We are now entering a mentality about rapid prototyping and testing, failing fast and then refining and moving forward. And what do I mean by that? Well, if we look at the medical device disinfection, we have a new product that's meeting a current unmet needs by the customer. And we have a program and a trial underway in one European market that we are testing, evaluating, refining our approach before we then move forward with the product development and move to what we would class as a commercial launch. We're doing the same in the medical surface disinfection, where we have identified again a significant unmet need by the customer. The current products on the market are not satisfying the customer needs. It's becoming a far wider issue and something where we feel that our chlorine dioxide chemistry could play a role. So we have undertaken and currently have underway seven different evaluations in multiple different European markets where we are testing again, testing the water, rapid prototyping and really refining our approach. So when we do move to commercial launch, we have a much greater opportunity. believe in our ability to drive a success in that arena. And we continue to invest in reinforcing our long-term growth pipeline with new products. So as you can see, The first half has been a strong performance. We have committed to investors these metrics and our performance is also enabling us to invest to ensure that we will have confidence in being able to meet these metrics as we look to the future. So our targets are for between financial year 2025 to financial year 2030. We want to be able to drive double-digit revenue growth annually. First half of this year, we achieved and delivered 14%. on the EBITDA margin, the adjusted EBITDA margin, our commitment is to maintain a minimum 25% annually. In the first half of this year we achieved 29%. And then on our dividend policy, you know, continue to pay a dividend and as we've alluded to in this presentation, in the first half we'll be paying a dividend of 5.68 pence per share. So, As we look to the future, what I can say to investors is the results are in line with expectations. The business remains firmly on track to meet the market expectations for financial year 2026. We have our strategic plan and we are investing and executing upon that plan. We continue to invest in our commercial leadership, our clinical leadership, for example, and we recognize that international market expansion is our greatest driver for growth. This raising all boats will lead to our future success. We are greatly encouraged by the progress we're making in the United States. That sort of commercial momentum is clear. The flywheel is driving faster, but it's also supported by the core underlying activities. As you spoke about, you know, those guidelines, you know, having had having now got all guidelines in place, something that normally takes many, many more years in other markets. The team have done a really fantastic job in getting to this point. Our awareness in the markets, the understanding of the power of carbon dioxide is there. We can see that coming through both on the ultrasound, but also on the OPH product as well. And that early customer adoption is incredibly encouraging. Our strategic focus remains the same, you know, and Tri-Style remains well positioned to deliver long-term shareholder value. So with that being said, that wraps up our presentation and we'll now move to the questions and answers.

That's great. Thank you very much indeed for your presentation. Ladies and gentlemen, please do continue to submit your questions using the Q&A tab situated on the top right corner of your screen. While the company take a few moments to review those questions submitted today, I would like to remind you that a recording of this presentation along with a copy of the slides and the published Q&A can be accessed via our investor dashboard. Anna, Yulia, we have received a number of questions from today's meeting and I wanted to start off the Q&A session with the first one here, which reads as follows. What specifically is your strategy and operational actions for growing sales in the US as traction appears to be slow?

Yeah, I'll take it, of course. We have a strong diverse infrastructure for distribution in place for TriStar Alt is with Parca and direct sales team as well as multiple distributors. We are seeing real progress through the last six months. Initial pace may have been slower than expected, but the work that we have carried out, the inclusion of our technology in standards and guidelines, the work with key opinion leaders and positive feedback from existing users are all making the difference. We can really see that the pace of our progress is picking up and with continued execution of our strategy, we are confident in delivering on the expectations that are set for next six months and beyond. And for the OPH specifically, we're investing in recruitment and expansion of the sales team.

Thank you, Yulia. Next up, two questions on Trofon. Nanosonics recently opened an office in the UK. What can you say to investors to ease the concerns about the competitive threat from Trofon? And the next one is, how do you plan to out-compete Trofon in the long run?

Let me tell you that one. It's interesting because Nanosonics has been direct in the UK market since 2013, 2014. So I think they've had an office for a period of time. So I wouldn't say recently opened an office. Nothing's changed with regards to their operations in the UK as far as we're aware. You know, What I, to add to and build on that is, you know, continue to see Nanosonics as a competitor, but when we look at our performance that we've had in the UK, and both at the macro level, but also down at the customer level, We continue to win share, we continue to be successful, we continue to drive growth. So we kind of co-exist with regards to nanosonics. They do have customers in the UK, but we do not see their presence having a negative impact on our performance in the UK market. And that's been the same for the last decade or so. Outside of the UK market, the same can be said for other markets as well where nanosonics is present. I suppose the real market where nanosonics is, is in the US market. And when you look at their financial results, you'll see that about 90% of their revenues come from the USA. So this is really where we are competing. Nanosonics have been present in the US market for many more years than us. We're only just getting started. And what we're seeing is that there are a number of customers in the USA where we are addressing an unmet need, where the Nanosonics offering is not acceptable to them or ideal for them. And we're able to provide a solution to those customers. As our business builds and as we're seeing when we look to the US market, there are some instances where we have fully replaced sort of nanosonics in those accounts. But on the main, we are cohabiting with them and we're providing the same sort of like sort of solution to customers, which is high level disinfection. As we look to the future, we feel with the guidelines endorsing us, the traction we're getting, the independent organisations recommending us, that we'll become a much stronger competitive threat to nanoscience in the future.

Thank you, Matt. And I know you've spoken about the US in the previous question, but we had another one here on US tariffs. How have US tariffs impacted the business?

I can take it. I mean, we have not seen a significant impact from US tariffs, basically because our partner, that we have referred to Parker Laboratories, are manufacturing the products sold in the US on our licenses. So basically, this is the way that we have hedged against changes in tariffs.

Perfect. Thank you, Anna. The next one here is, are you targeting certain background types of salespeople?

Yeah, I will say it's a personal frustration of mine that we can't recruit salespeople as fast as I would like. And I have lots of discussions with the sort of MDs around the world about their recruitment and trying to accelerate. We are very choosy about the people that we hire and What we want to have is ensure that, you know, we're getting people that really are able to sell the value of Clora Darkside. And that is part of our success. And I respect the fact that the MDs are really taking their time to find the right individuals. It's very easy to recruit a salesperson to sell a medical device, but what you want is you want someone who truly believes in what they're selling. A customer can tell the difference. Someone who is an expert in the field is able to be that consultant to the customer and really support them, and that's what we look for. Our recruitment is probably slower than I would like from a time perspective, but I greatly respect and endorse the fact that we are taking our time to find the right candidates because if you have the right individuals, they're the ones that make a difference.

Perfect. Thank you. An investor asking here, do you sell to Scandinavian and Baltic markets? If not, do you plan to?

Yes, we do. We have distributors for all of the Scandinavian countries and we work through them. With regards to the Baltics, yes, we have distributors in that part of the world as well.

Thank you. Is sales profitability rather than volume to value part of any sales incentive program?

What I would argue is we enjoy We enjoy high gross margins. We're a very profitable business. So from our perspective, what we're looking to do is to drive the utilization of our products, expand the number of procedures that we're being used on, and ensure that we don't, as a result of those efforts, dilute our profitability by controlling and incentivizing our teams accordingly. So what do I mean by that? For us, we track the number of procedures that we've been used on, as well as looking at the headline revenues. We have a tight control over our pricing, both at a global level and then at a more local and regional level. And also we focus on the product mix and the split. So what I would say is that we are focused on profitable sales but what we're primarily focused on is expanding our reach and expanding our share and realizing the opportunity ahead because we know that when we get the sale that flows right the way through to the through the P&L.

Thank you. Moving on topics to patterns. What patterns do you have and when do they expire?

Yeah, we have a suite and a family of patents and they are both sort of like geographical in reach and also have a sort of a big reach in regards to sort of what they actually protect. As I've explained to investors in the past, you know, IP is not our only protection and the only sort of moat that we have for our business. We have at our core, we have a trade secret about the way and the mechanism that we're able to create chlorine dioxide safely at the point of care. We also have all the regulatory approvals around the world and the national guidelines endorsing our chemistry. And then, as mentioned in the presentation, you know, the working with the OEM, the original equipment manufacturers to have us written into their IFUs and endorsing us is also another part of our defensive boat. So there are many different layers with IP just being one Thank you.

And the last question we've got here is, what is the worldwide market opportunity for Visiclean?

Yeah, I would point investors to our presentation that we gave in October, where we gave a bit more details on VisiClean. So VisiClean is a visible verification that the healthcare provider has adequately cleaned the ultrasound probe or the medical device. And also it's a visible verification that the chlorine dioxide chemistry is is being affected. So if you don't have a look at our presentation or some of the videos, the best of these video from October last year, you'll be able to see us demonstrating that and see it working in practice. And it is a sort of an ancillary product to our duo bone offering that we have. And it really is about addressing the cleaning step before the higher level disinfection. So in the presentation we gave in October, we basically said, look, if we were to take, if there was to be a one-to-one relationship between the number of duro procedures that we sell and all of those customers then sort of using Visiclean, we're looking at somewhere in the region of 15 million sort of procedures being done with Visiclean. So there's a nice opportunity there for us with Visiclean. And, you know, we recognize it as a... It's an interesting and potentially profitable product within our fleet and our offering.

Perfect, that's great. Thank you for addressing those questions from investors today. But before we direct investors to provide you with their feedback, which I know is particularly important to you and the company, Mark, can I please just ask you for a few closing comments?

Absolutely. As investors can see, it's another set of strong results from Tricell. We continue just to deliver, as always, against the market expectations and we remain firmly committed So on track to meet those guidelines. Tricel is a fantastic company with great products, brilliant people, and the future remains very bright for the organization.

Fantastic. Anna, Yulia, thank you once again for updating investors today. I'm going to please ask investors not to close this session as you'll now be automatically redirected to provide your feedback, which will help the company better understand your views and expectations. On behalf of the management team, we would like to thank you for attending today's presentation and good morning to you all.