AddLife AB (publ)

Good morning and welcome everyone to the AdLife fourth quarter presentation. We will take you through today an overview of the quarter and the outlook for the future. And then after, of course, the presentation, we will have a Q&A session. But as usual, we have recorded a great video of a company within the group. And this time around, it's Trigulab. So I encourage you all to stay on to watch that video of a fantastic company within the lab tech business area. AdLife was able to finish 2024 in a very strong way. The companies performed really well, given by healthy customer demand, but also diligent work on the business fundamentals, improving efficiency and profitability continuously. And this is, again, an important piece of the AdLife DNA. Sales increased by 11%, quite healthy development. Organic and currency adjusted, the growth was 9%. In lab tech, we saw strong instrument sales after a bit of a weakness in Q3 2024, and also a very healthy invoicing and sales development in Eastern Europe. On the MedTech side, we saw strong development in multiple countries, and the positive margin trend really continues in a very good way. This means that we were able to increase the EBITDA by 24%, reaching 12.3% EBITDA margin, which represents a significant improvement over last year. The profitability improvements initiatives that we have ongoing in multiple parts of the group and in multiple companies are progressing very, very well, and we can see the results of that in the numbers in this quarter. The cash flow improved significantly by almost 50%, reaching almost 700 million in cash flow in the fourth quarter, enabling us to reduce debt in a significant way. So with that, we will move on, and Kristina will take you through a summary of the company financials. So welcome, Kristina.

Thank you, Fredrik. So sales growth was 11%, with strong organic growth of 9%. Acquired growth was 1%. Medtech organic growth was 11%, and Labtech was 6%. The acquired growth comes from Labtech and acquisition of Bonsai Lab. Our company has throughout this year worked diligently with defending the gross margins. This has been done via price increases, but also by working with the product mix. And the addition of new, advanced, high-margin products is one component when working with the product mix. OPEX increased slightly, 1.5%, impacted positively by the closure of Kamani. This quarter, we had less capitalized R&D in the other income and expenses compared to last year. Financial net and looking specifically at the interest cost, that has gone down. So it's now 30 million compared to 77 last year. We did have a negative impact in the financial net by currency. Last year, we had a gain while we had a loss this year. Looking at last year EBITDA, that included some extraordinary items. We had reversal of continuing consideration. That was a positive thing. But also we had restriction costs related to Camano and Advision. When we talk about adjusted EBITDA, we have excluded those two. Also last year included a write-down of intangible assets. So summarizing and looking at adjusted EBITDA, we saw a growth of 33%. The EBITDA margin was 12.3% compared to 10.2% last year. We ended the year with a very strong EBITDA margin, 12.3% in the fourth quarter. Looking at the full year, the EBITDA margin was 11.3 compared to 10.5 last year. Also, the profit expansion, or the EBITDA growth, was 14%. That is just below a financial target of 15%, and that is despite the fact that we have only done limited acquisitions, one, this year. Fourth quarter is normally the strongest when it comes to operating cash flow. This year was not an exception. We had almost $700 million in operating cash flow. If you look at the accumulated operating cash flow, we achieved above $1 billion. 2024, which is higher compared to last year. Also looking at the cash conversion, that has improved. And right now we are at the highest level, excluding the COVID years. This has been done via a continued focus on inventory reduction and working capital efficiency in general. With that strong operating cash flow, that of course comes from the increased EBITDA, but also via positive working capital. And this was achieved even though we have strong organic growth. So the companies worked hard with collecting account receivables and also lowering the inventory. With a strong operating cash flow, we could pay off debt with 450 million in the quarter. So net debt decreased in the quarter, of course, with the repayment of the bank debts. But we had a negative impact from FX since the majority of the loans are in euro. With a strong EBITDA development and also a decrease of net debt, the leverage was 3.2 in the quarter. Net debt to equity ratio was just below the internal guidance and ended on 0.9. As said previously, debt is to be reduced via self-generated cash flow. The interest rate in the quarter was 5.3, lower than last quarter, which was 5.7. And interest cost is expected to continue to come down with the recent interest rate cuts that has been communicated by ECB. So for the coming two quarters now, we will see the interest rate going down. We have two covenants. Interest coverage ratio should be above 4. It was 5.5 in the quarter, increased since last quarter. And equity ratio should be above 25%, and that was 41% in the quarter. And with that, I hand over to Fredrik again.

Well, thank you, Christina, for taking us through a nice set of financials. And now we dive into a little bit of an overview of what happened in the different business areas, starting with lab tech, of course. Organic currency adjusted growth was 6% in this business area and acquired growth was 3%. So this is, of course, linked to the Bonsai Lab acquisition, which we did in the third quarter of 2024. and this remains a very successful acquisition, growing very healthily with strong margins, so very pleased with that. The activity in diagnostics and pharma, as previously communicated, that remains very high and very healthy. We have also seen a slight weakness or hesitation perhaps in the academic research field. That seems to have improved somewhat in the fourth quarter, so a healthy, positive development there. This led to we had really good instrument sales in the quarter, a significant improvement over Q3, so very healthy development there. We saw a lot of deliveries related to recently won tenders that we talked about in Q3, and also finally completing a number of customer projects that we have been working on for multiple quarters now. We also saw a very nice and healthy growth in Eastern Europe, similar to what we saw in last year. So that meant that we were able to finish the year at 14.1% EBITDA margin, very high, but not quite as high as the fantastic fourth quarter of 2023. So moving on to the MedTech business area, we had a very nice growth of 11%. So this is driven really by broad, strong performance across all the companies within the group. This was driven by expanding product portfolios. Multiple companies have been taking initiatives to grow into new segments and successfully so. And now we're seeing the results of that. We are also able to take market share driven by this strong product portfolio, of course, in combination, as always, with our very strong service provision. Patient waiting lists have not really come down in the fourth quarter. This can be a driver for us, but in this fourth quarter, they didn't really come down. So that means there's still a lot of patients waiting for surgical procedures, and this is expected to have a positive effect for us in 2025. And the reason is probably mostly because of the staffing shortage that we see in the healthcare system, really across all the countries in Europe. Also important to note that in December, of course, we had fewer operating days compared to last year because of the Christmas holidays. The EBITDA strengthened to 11.6%, which is a significant improvement over last year. And this is driven by healthy development in high margin segments, but also, of course, efficiency improvement initiatives that we have been taking on and that are ongoing in multiple companies. Most notably, of course, in a division where we have taken some important steps during the quarter. And I feel confident in saying that we are on the right track here. We have taken probably all the major steps that we need to make. And now, since a couple of quarters, the main focus is indeed on commercial development, driving the right product portfolio, training our teams, training our customers, and focusing on the segments where we can make a difference. So positive development there. Camagno was indeed closed in the fourth quarter as planned. So now, as we had expected, costs are completely out in the fourth quarter. And this is a significant improvement for us. As many of you know, this represents about 60 million on an annual basis on the cost line, but also 90 million roughly in improvement in cash flow on an annual basis. So significant improvement there. So moving forward, the priorities we established back in 2023 will remain in 2025 again. And that is to protect and improve profit, to drive organic growth, to improve cash flow, and finally to drive acquisition in a selective way. I think it's fair to say that we have made solid improvements in all these areas, meaning that we can now increase the activity when it comes to acquisitions, in line with our updated strategy and our evolved processes. So, a little bit of a look on market trends might be useful as we enter a new year. We talked about significant waiting lists, and that will mean increased demand for surgical procedures. So this needs to happen. The people and patients waiting for surgical procedures are often in pain, so this needs to be addressed. And we think it will be, but it will take time. And we will be able to support the healthcare system with that, and this will help our growth going forward. But again, a long-term effect. Staffing shortage is an issue in the healthcare systems across Europe. And here we can actually contribute by offering time and resource saving products combined with a strong service offering as well. So this can really help the healthcare system to become more efficient. And we'll talk more about that when it comes to the technology side of it. In 2024, we saw some healthcare budget constraints, I guess as the healthcare systems were adjusting after COVID and so on. We do think that this situation will improve in 2025. We see in multiple countries very targeted and clearly communicated improvement efforts, new resources and funding being put into the healthcare systems. And again, value and productivity to get the most out of these resources will be critical. And here we can certainly help as a company. Finally, large companies in the medtech and labtech space are indeed updating their go-to-market strategies and focusing more on narrowing the portfolios and even pulling back from some markets. This offers opportunities for us where we can take on new product portfolios and increase the market share. So moving on, of course, we're all seeing a bit of a turbulence in the world market right now and the risk of global trade disruptions. This is something that we are keenly aware of, but also something that we feel we are well positioned to handle. As many of you know, our business is primarily in Europe. Actually, more than 90% of our sales are in Europe. And when it comes to supply, More than 80% of our products are indeed sourced within Europe, 9% in North America and 7% from Asia. This means that we have limited exposure to the disruptions that we are seeing happening right now. So, in addition to these general market trends that we have discussed, I also want to highlight three quite exciting technology trends that we stand to benefit from. The first one is next generation sequencing, a technology that's been around for some time in the area of research, but now increasingly moving forward into diagnostics, also an area of strength for us. This market is growing at around 20% per year. We have a fantastic range of suppliers in this field, and we can build on that to drive that business further and also grow it through acquisition like we did with Bonsai Lab. Another area which is quite exciting is robotic surgery. Here we expect the growth of around 15 to 20% going forward, and we are right now building our portfolio of products and in discussions with a broad range of very competent technology suppliers. This is an area where new technology is rapidly being brought to market, offering to improve clinical outcomes and reduce reliance on staffing. So this is very exciting, and I think we are well positioned to benefit from this technology trend. And finally, artificial intelligence, which is an interesting area for the healthcare system as a whole. Here we have seen proven improvements in diagnostic accuracy and healthcare efficiency. We have a number of collaboration partners in this field already, and we can base that on our strong customer relationships, on our thorough understanding of hospital procurement systems, and the unique combination of software, products, and services. So, to wrap up this presentation, I think it's fair to say that the companies in the group finished the year in a strong way and I really want to congratulate all our team members to a tremendous job. You have done a fantastic job throughout the year and finished it in a very strong way. So well done. Thank you, team. Profitability improvement initiatives are progressing well and we are seeing the effects in the numbers, which is great. The cash flow improvement initiatives are also yielding results, and this is the effect of diligent work across many companies to really improve the processes that we have in a very structured way. So with this, that we have improved profitability and also been able to increase the cash flow, we have been able to reduce debt, And this gives us the confidence to continue with the acquisition activities that we have been planning for quite some time now. So we will gradually increase our acquisition activity during 2025 in line with the previously communicated strategy. So, and I also want to say that during the month of January, I've been able to travel quite a bit and meet with many companies within the group. And I'm really impressed with everyone that we have in the team, fantastic customer relationships and solid plans for 2025. So with this, I can confidently say that we look forward with confidence to a strong 2025. So thank you very much for listening into this presentation. And now we open up for the Q&A. All right. Hello and good morning, everyone. So I think we are ready now for questions. So please raise your hand and then don't forget to unmute as we move forward. So I guess we start with Charles here, right?

Hello, Charles, can you hear us? Yes, I can. Thank you very much. It took a while to unmute. Sorry about that. Thank you for the presentation. A few questions, if I can, just touching on the various different divisions. First of all, on the laboratory side, it has been reasonably widely reported that the larger equipment or demand for larger equipment, sort of CapEx rather than consumables, has been quite weak over the last year or two. You've obviously reported strong results. Do you see that environment changing or is that remaining an area of pressure?

Well, I think the large investment, you know, there might be a little bit of a subdued sentiment there, but it's also important to note that Our equipment oftentimes is not the biggest in terms of size and price, so to speak. So this may be worse for larger type of investments. We have seen a little bit of hesitancy, as we talked about in the past, in primarily academic research. I think it's fair to say that it has eased a little bit. It's not a problem, you know, the challenges are not over, but it's eased a little bit, I think we saw signs of in the fourth quarter yet. And also the instrument sales that we saw was quite healthy for us in In the quarter that was also linked to what we talked about in the third quarter, new tenders that we won and projects that we have been working on for some time now and that we were expecting to finish before the end of the year. And that also happened to a large extent as expected. So maybe a little bit lighter. environment there, not a dramatic shift, but a little bit lighter. But I think you probably need to differentiate a little bit between the really, really big production-oriented investment versus the smaller, more research-oriented ones.

Okay, helpful. Thank you. And on the MedTech side, you said it was, I mean, it was a really good growth number. You said it was very broad based. So it's difficult, therefore, to obviously pick out areas of strength, but you said it was broad based across portfolios. Is there any way that you can sort of highlight areas that are stronger, for example, sort of bigger ticket items or smaller or particular countries, anything to give us a flavour of what's happening there?

Yeah, I think we can say something around that, but it was a broad-based improvement. Pretty much all our companies did really well this quarter. But some things stand out. UK, Ireland, Spain, Portugal doing extremely well, and we're quite happy with that. These are our new home markets, right, since a couple of years, and where we made some significant acquisitions that have done a fantastic job growing the business. Very impressive. It is broad-based. Orthopedics and surgery stand out perhaps a little bit extra. I'm also pleased to note that we were growing very strongly in Germany thanks to, you know, the companies we have active there that are taking market share. So that's very good. And it's not an easy market, Germany, per se, but I think our team has done a tremendous job there. So that's another. highlight. And in Scandinavia, I think we have fantastic positions and continuing to grow in a steady way and strengthening the margins as well. Thank you for that, Kristina.

No, I think you mentioned the strongest countries.

Thank you. Just one more if I can squeeze it in. On the sequencing side, you highlighted that as a potential growth driver. Can I just check, is it more on the sort of sample prep and consumable side that you operate, or do you have any relationships with any of the sequencing companies themselves?

It's all of the above. So it's sample prep, it's these three agents, but we also provide instruments. We have a relationship with a few key instrument suppliers.

Sorry, is that in the automation phase or the actual NGS? The actual NGS, yeah. Can you say which ones?

Well, we prefer not to. We have a lot of supply, but many of the big names that you will recognize. Thank you. Thank you. Okay, so thanks, Charles. So we'll move on with the list here. So we have Carl, raising your hand, so please don't forget to unmute.

Hi, Carl, can you hear us?

Hi, yes, can you hear me now? Yes. Yes, I can hear you. Perfect. So I have a question on the organic growth within MedTech. I mean, it's been quite strong here in Q4, and you say that you expect continued improvement of the What is a surgery activity going into 2025? And I think for the full year, Medtech grew 7% organically this year. I mean, should we expect kind of similar growth for 2025? Or how do you see it within the Medtech side?

We're always cautious when it comes to outlook and put numbers to it. But I think the message here, I think it's we don't see a major shift or change in the trends. The trends that we have been seeing throughout 2024 remain. What we can say is that these waiting lists that have been not really moving in the fourth quarter, they should be addressed. They will be addressed most likely because we have seen quite clear statements from many governments and also with the funds attached to those strong statements of ambition to reduce the waiting list. So I think there will be investments made during 2025, I think that's fair to say. So, but I don't want to give a kind of a number or a range, but the trends persist, and I think our companies are doing a good job. They were positioned.

Yeah, fair. And just on the UK there, I mean, it came back here in the fourth quarter after a weaker Q3. I mean, new budgets are going into 2025 for the NHS, so I was wondering what you're hearing, and

maybe what do you expect in your largest markets yeah well it's a big market and and we have a fantastic team there so and of course within your government it's becoming a little bit more detailed now only recently exactly what the initiatives will be and and there is an investment in new capacity there is also There's also the commitment to use the private sector to handle certain types of surgical procedures. So that is getting more firm, how it's going to happen. So I think we will start to see some effects of that in 2025. I think that's reasonable. And then, of course, we have the final quarter of the fiscal year with an NHS here in Q1. So that would be also normally a positive for us.

Yeah, that's good. And then just a question on the number of employees or the cost base, I guess, because I noticed that you have around 100 less employees going out of Q4 versus when you enter the quarter. And I guess some of that relates to the winding down of Camogno. But I'm wondering, is there anything else there at which that is impacting?

No, you're absolutely right, Karl. And Camogno, of course, is one factor. Then and the fact that we closed down the headquarters last year as well. But then it's more, I would say, shifts between the companies. Some leave some camps, and there might be just between the quarters that there are differences.

Yeah. And then a final one from Maya before I jump in the queue is on the working capital side. I mean, it looks like working capital to sales has come down a bit now. I mean, is it fair? Or can you improve that even more going forward, do you think? Or what should we expect?

I think that we are at a good level, I think, right now. And looking at the cash conversion, that is all-time high. So we've done a great job with that. But that is also part of a business model to work with that continuously. So the work will continue, of course, and there's always things to be done with that area.

Yeah. Well, we will say that the companies have done a fantastic job. They've taken on this challenge, which is for some companies represent a different way of working, but they've taken it on. in a diligent and structured way, and we see gradual improvement step by step. So that's great. So we will continue to focus on that, for sure. Yeah, good. That's all from me. Thank you. Thank you, Carl. Thank you, Carl. And so we have Ulrik as well, right? So let's connect Ulrik here and not forget to unmute Ulrik.

Hi. Hopefully you can hear me. Good morning.

Yes, we can.

Good morning. Great. A few questions on my end, starting off with MedTech. It now sounds like you are focusing more on growth and less on improving the profitability. Can you just give us sort of – is that a fair assumption to begin with, and what should be expected in terms of the margin for that segment going forward on the balance of growth versus margins?

Yeah, so I think – We have worked, as you well know, on a few companies where we've had some challenges, and there we have reduced costs significantly and so on. So your impression that most of that work is done, I think that's correct. That doesn't mean, however, that we let go of the margin focus. We always try to do that. So what I think we can expect going forward is that Indeed, you know, investment and continuous successful initiatives to grow the business and expand the portfolio into segments that are quite attractive in terms of profitability as well. So this continuous evolution of the portfolio towards more advanced and more high-margin products will continue. But I think that the more drastic, you know, cost reduction and letting go and, you know, discontinuing unprofitable businesses, that bigger part of that work is probably done. So more growth, more evolution into more high margin products. That's what we will be focusing on. And your final question there, what should we expect in terms of margins going forward? I prefer not to answer that at this point in time. I think we have had a time where we were in the range of eight to 10. in the MedTech business area now, I think we have been clearly improving that. Some of these things we've been talking about for some time now, how they've really materialized in the numbers, such as the Camonio shutdown and so on. So we should be better than that going forward.

Okay, great. And you talk about a global trend or sort of a trend on the manufacturing side focusing less on direct sales and more on their product development. Is this a product-wide trend, you would say? And does this also tie into your focus on focusing more on higher margin products versus sort of lesser margin products? And how does this play into sort of that entire thesis?

I think that is a common theme. We see all major manufacturers acting in a similar way, both on the medtech side as well as labtech. So I think it is a common trend and we see multiple examples of it continuously, so to speak. So that means for us, an opportunity to take on new product lines, which can be with attractive margins. So that's good. And it may also mean that some competitors withdraw from some markets and we can take market share. So it is a positive trend and we can form good relationships and good partnerships with some of the leading suppliers in the world. So that's exciting. So that trend is there and we think it will continue. It will help us in our effort to bring new advanced products to the market. But we also combine that, as you well know, with smaller and new challenger type of companies that bring new and exciting technology to the market. So it's a combination.

Yeah, and since we're like new products to the market and you highlight robotic surgery, there aren't that many companies on the European market with regulatory approval, CMR, Medtronic, Intuitive. I know that you don't want to talk about supplier names, but would you call it that you have more than one of the manufacturers that you distribute or have you sort of doubled down on a certain player?

Yeah, we have multiple companies that we actively work with. So that is, there's a lot of, you know, when we talk about that, there are a lot of examples of companies that we are already working with. But it is a market, if you will, in an early stage, at least for these new brands, the challenger companies. So we have great relationships with many of those. So I think, and as you know, there are also many that are about to launch products, and so we think that there's many, quite many, you know, AV companies or something like that, that provide, you know, various types of surgical systems, robotic surgical systems. But it's also, you know, in some niches that maybe, The large competitors are not active in yet. So it's coming in many niches and many therapeutic applications. So we're excited about that. But it's early stage for sure, but it's exciting and the movement is quick.

Great, thank you. And last question on my end before I get back into the queue. In Lab Tech for Q3, you talked about slow launch of new products, and then you talked about this being balanced by new tenders being awarded. In Q4, have these newly launched products taken off, or is it just that they're being balanced out by these awarded tenders?

Yeah, I think both of those are correct. The newly launched products have picked up again a little bit, so that's good and positive trend there. And these newly awarded tenders that we talked about, they did indeed impact the numbers in a significant way. So that's great. And as you well know, these are long-term contracts, right? So that will be a positive effect from that going forward as well. So both of these things are happening as we hoped they would.

Great. Thank you very much.

Thank you. Thank you. So, let's see what more questions we may have. So, it looks like Charles has another question. Is that correct? Yeah? Charles?

Are you there, Charles? Don't forget to unmute.

Apologies, that's a hand that remained up, but I did have one follow-up. In terms of just how the year started, are there any comments that you can make? You know, you talked quite positively about the trends across the whole market. You talked about, you know, NHS last quarter of the year typically being quite strong. I appreciate we're early on in the year, but has the year started off as you would have expected?

I guess we want to refrain from commenting on that. But, well, the trends that we have been seeing and the trajectory, you know, there's no change to what people see. There's no shift in trends or anything like that. Okay. That was it. Thank you. Yeah. Okay. And let's see. We have Rickard as well. So, please don't forget to unmute, Rickard.

Thank you for taking my questions. I just had a follow-up question on the trend of more companies looking to find a distributor or sort of finding new customer routes. Is it possible to in any way quantify the growth from these new players with distribution agreements in 2024? Just trying to get a sense a little bit on what type of growth tailwinds you're seeing from such moves, trying to break down a little bit the drivers behind the growth. Thank you.

That's a great question, but I think that will be hard to put a number to that. It's multiple businesses and multiple countries and so on. So it is meaningful on a company level and for the group as well, but we haven't disclosed a number.

Okay, that's fair. And just also a little bit on the sort of portfolio mix. Do you have any initiatives to trim down or slim down some less profitable parts of the business to make room for higher margin products? Or is it more sort of adding higher margin products on top, just trying to get a sense of how you think about that?

Yeah, but that's happening all the time, I would say. There was a lot of that going on in Advision, for sure, discontinuing unprofitable businesses and refocusing and driving newer and more profitable ones. And that process is ongoing within all the companies, but not as drastic, I guess, as in Advision. So it's a continuous effort, and it's kind of linked to – the AdLife working methods that we have. We continuously analyze the different product lines, how they contribute in relation to their costs, and we continuously work to mold those portfolios towards more prime margins. So that's, in all the companies, that's a day-to-day ongoing work that we follow up in each board meeting and in the management team meetings and so on. The more drastic things we've seen in the past with the innovation and so on, that's not the normal pace or magnitude, but it's an ongoing effort and we will continue to drive that.

So a bit more incremental than it sounds going forward.

Yeah, a bit incremental, but also discontinue certain suppliers, for example.

Thank you for taking my questions.

Of course, of course. And then we have Carl again as well.

Yes, one question.

don't we yeah yeah can you please repeat that one card someone someone used to me it seems sorry the question is on an admission and uh yeah just an update on how it's performing and uh yeah plans to improve possibility further i guess

Yeah, so we've taken a few more steps in the quarter that just passed, and I think that was good. So all the major steps, I think, are now taken. And I'm really happy to note that we've seen an improvement and stabilization of margins and business in some parts of the business. We have solidified the relationships with key suppliers. That's really great. We are also signing up new suppliers. and the team seems to be you know happy and so I think it's looking quite good but we have some ways to go I mean even though the margins have improved they're far from where we want them to be so but it's now becoming more of a you know day-to-day gradual work with the customers and suppliers and to get it back to the profitability levels that we would like to see but again some good

tangible and real improvements there so very happy with that okay that's good and then is the final one on acquisitions I mean quite good cash flows still a bit high depth maybe but can I give just say anything on the how the acquisition pipeline is looking and I think you said before maybe some smaller ones this year but Could it be multiple smaller ones, or how should we see it?

Yeah, I think that's a great question. So we are happy to see the debt coming down now, and that's 3.2, right? Yeah, so that's good. But still some ways to go, as you correctly state. We have stated earlier on that we want it to be closer to 3 or even below that. So we've got some work to do. But we've also said that we're not going to stop everything until we get to that. three level, we are in active dialogue with a number of companies. So the ambition is to hopefully close one or a few smaller acquisitions this year. So we have some good discussions ongoing and we think the market conditions are pretty good. So yeah, I hope we can do that.

Perfect. That's all for me. Thank you. All right.

Thank you, Carl. So let's see, do we have any more questions? Doesn't seem that way, does it? Okay. Well, then thanks all for joining our call today and looking at the presentation and asking great questions. Now, if you have a few more minutes, please stay on to watch a great video of 3U Lab, which is one of our diagnostics companies. They're doing a tremendous job, and it's a great story there as well. So please stay tuned for a few more minutes. Thank you, and take care. Bye-bye. Thank you.

It was also interesting to see how successful this merch was. TreeLab couldn't have done that by themselves, that's for sure. But with a big organization, with a lot more power, also financial power, we really grew the business. FIRA was founded in 1986 with me and two of my older colleagues in another company. Our business concept was based on becoming the leading company selling diagnostic tests in the area of thrombosis and hemostasis. Our success, I would say, was based on personal commitment combined with a high level of knowledge and service, of course. So we grow the company, and after 10 years, Bergman & Beving then knocked at the door and asked if we were for sale. So we sold the company. That meant that we came into a much bigger organization. And we developed together the business. So we merged all the diagnostic business in the company under one business unit. And that was my responsibility at that time. As owners of the company, we believe that tree love should not be a family business. But in the summer of 1995, we lacked someone who could work in our warehouse. And my son Frederick asked me if he could do it. And so it was, and he's still in the company.

Yes, I started in the warehouse in 1995. I have worked in various positions, some years on customer support, logistics purchasing. And then I was a little bit higher on the office, so I started at sales. So I have worked many years with sales. I really like to visit customers. Six years as sales manager and now seven years as CEO. It has been a wonderful journey from 30 million Swedish kronor to around 500 million in turnover. And now we have more than 60 fantastic employees and I really like our culture in the company. We have so many talented employees and I'm really proud to work with all these people.

key role in TrioLab's success that we have been able to identify good, reliable suppliers during all these years. And we have several different suppliers which we have cooperated with more than 20 years, 10 years.

So it's really, really important techniques. We are not talking about products, we are talking about adding value for the patient.