Carasent AB

Welcome to Carasent Q2 Report for 2026. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to CEO Daniel Omen and CFO Svein Martin Bjornsted. Please go ahead.

Good morning and welcome to our presentation of the second quarter. My name is Daniel Öhman and with me are CFO Sven-Martin Björnstedt. Just a quick overview first. At the center of any clinic or hospital is the HR system. It is the same for CalSent, where we offer a number of HR systems for different markets and needs. In addition, we offer a number of platform solutions that connects the caregivers with each other and other important players in the sector. And as you can see, we have highly recurring revenues with more than 90%, a 50% organic ARR growth, and 110% net revenue retention in the quarter. Looking at some of the highlights of the second quarter, I'm very happy that we finally acquired InfoSolutions. That's something we have been working with for a number of years. It's an extremely important player in the sector and for our products. And I will talk more about that within short. In second quarter, we had very strong sales, both in new customers and add-on services. As Sven-Martin will show a bit later, our sign of implemented went from 4 million in Q1 to 6 million in Q2. And then most of those sales are web docs. So almost all of the 4 million from last quarter have been implemented in this quarter. And the 6 million is to be implemented in the next. So those are almost all new sales in this quarter. So we have a really good and strong pace in the sales. And I think that the organizational changes we've done is really working. So I'm very happy with that. For Germany, we have appointed a new CEO, a very experienced and entrepreneurial CEO with a strong sales and marketing background, which I'm really happy about because we are gearing up for getting WebCurtain to market. So we really need to have the strongest team possible within sales and marketing. So I think that means that, yes, he will really help us move forward in a good pace and really modernize how we sell. So I'm looking forward to him joining the 1st of September. Looking at a bit of growth in the quarter, we have 29% growth in ARR. That's thanks also to InfoSolutions in the quarter. The organic ARR growth is 15%. Revenue growth in total is 11%. And that is, as it was last quarter, I want to also set for this quarter a bit lower on the implementation and consulting side. Mostly stemming from different Norwegian projects, both at Curis and Metolka at Volvart. The profitability, we have an adjusted EBITDA margin of 90% and adjusted EBITDA to 11%. And that's been adjusted for the cost of doing cost savings at InfoSolutions. Looking a bit at InfoSolutions. So for almost all healthcare providers, it's absolutely key to be able to order tests on patients. So that's blood tests, imaging, tissue samples, and so on. And there are very many different labs doing very many different types of labs. Many of you might know just within Bladder, many different types of tests you can do. There are many different types of imaging you can do and different type of laptops you want to send your samples to and you want to get replies from. So it's a quite complex network or a very complex network where InfoSolution is really the key player and has an extremely strong position. So it's been a key part. of Webdokumentorika in Sweden for many years, an absolutely crucial part actually. So we've been trying to buy it for a number of years, and it wasn't until now we could agree on a price. And I'm very happy with it. They have this strong position that will really strengthen our offering in our Swedish systems and strengthen the entire carousel actually. What they have had is a weak profitability for many years. And we've been working with the management team at Imp Solutions to really look over the cost structure and has agreed that what we can do is to do quite substantial savings on the headcounts. So we have lowered the personal cost by 25%. It's already done and implemented. So all those that are leaving has signed and agreed. I think that we will really have a strong institutions going forward after this. We have also met with all the staff after the changes and feel that they understand why it was needed and they also feel committed to us moving forward together and feel that we are in a strong position together. So that will really help institutions have a good position going forward and also have a good profitability. We will also do a number of price increases Those have already been communicated to quite many of the customers. And we'll be in a very strong position to do those pricing quizzes. But that will take effect mostly from year end. Looking with the MedSum. So MedSum is our AI assistant. So what it does is listening to the conversation between the caregiver and the patient. And then automatically drafts clinical notes. therapist or psychologist and so on, can go through and check that this is the right ones and save so much time. And that's what we hear from our customers. The ones using it really love it. They save a lot of time and can see extra patients or finish the day on time or so. So it should be a really easy calculation for customers. Our customers they see maybe 10 to 15 patients per day per caregiver, so per doctor or nurse and so on. And if it's a doctor, they have an average income of around 1,000 kronor per visit. And then the first day you take an extra patient, you're paid for medicine for the entire month. And this other 19 workdays of the month, you will make profits from using it. And it also takes away the most boring part of the work. So having said that, It's still, I think we should be able to increase the pace quite a lot on sales. It should be really easy. I think the things that hold it back mostly is, yes, it's new, it's different. Caregivers are a bit afraid. Are we really allowed to use this type of technology? Will the regions say something about us using this technology and so on? So I think it's a bit of fear holding it back. We're trying to educate the customers We also make sure that everything we do, of course, is really correct. And we really try to build Calisense and WebDocs standing in the community as a really compliant partner, a very knowledgeable partner. We're doing a number of seminars and so on to really show the compliance team we have. We have invested a lot in our compliance team. It's quite a big compliance team. So I feel that we're going to be able to push this forward. Many of the customers who have won so far are from competing solutions. So it's still early adopters, but we're also getting some from really new ones. So we look forward to continue growing it. We can grow it with the present functionality. We have very limited churn so far. So given how different you work with these technologies, I think that says quite a lot that it's very limited churn on such a different product to what they're used to using. We will add a lot of new functionality in the autumn. Then we will really from every visit also make a task list of everything you agree with the patient and then pre-fill all those things into the system. So you have ready solutions for everything you need to do after the visit. So all that administration documentation that takes so much time away from healthcare, we can really help them save a lot of time. So I really look forward to releasing all that functionality in the autumn. All of it will be there in the end of the autumn, because we're also rebuilding the UX of WebDoc to really be, so it's a native solution within the system. What we also will do in this regard in the autumn is an MDR certification. So that's quite a heavy process to go through, but it seems like The authorities will demand that these type of solutions have an MDR certification and will also make customers feel more at ease at using this type of functionality. So it will cost us a couple of millions in the autumn, but it will be worth it. So that's something we aim to do during the beginning of the autumn. And we're really working hard to increase the pace of both sales and development in Looking forward, we're able to continue our growth. I think we should, we're in a really strong position to continue to grow. Our customers like our solutions. We have a really high pace in our development, making the difference between our systems and the competing systems larger by every release. So the system is getting, all our systems are getting better at a high pace. So I'm really happy about it. We continue strong cost control. So we make sure to always, always know exactly what our costs are. We know what costs will be next quarter and we keep tight control of that. And every day we get a little bit better in everything we do so that we can continue to grow without increasing costs very much. And we're launching WebScore in Germany, where we had the official launch on midsummer day in Munich, where we really started showing it to the public, and then we have Nils coming in to lead the team, taking this out in the market during the autumn, which I'm really happy about. With those words, I'm going to hand over to Sven Martin.

Thank you. Q2 was another strong quarter financially. No big surprises and another step in the right direction. So recurring revenues continue to grow strongly and We also continue to convert the far majority of the revenue increases into profits. As you see here, contracted ARR is now 401 million, and it grew 15% organically with a net retention of 110%, which shows that the strong underlying momentum continues with with good upsell and very low churn. InfoSolutions added around 40 million of ARR, so total growth was 29%, and profitability also continued to improve rapidly. We did have some extra costs that we adjusted for that I will go through on the next page, but in general, a strong quarter, as mentioned. Looking at the P&L, the revenues came in at 97.7 million, 18% growth, where 11% was organic. So you see that, as mentioned, the recurring revenue growth was strong. The consulting side was a bit lower, but we do have a high activity now on the consulting side and the We had an improvement compared to Q1, which is positive and the trend is going in the right direction. The gross margins was slightly lower than last year. It's partly because of InfoSolutions, which has a slightly lower gross margin than the rest of the group. On the cost side, you see that the personnel expense and other OPEX increased a bit. And it's mainly due to this InfoSolutions and one-offs. This was 300,000 related to transaction cost and 3.9 million related to the restructuring and the cost savings. A positive note on that is that the transaction cost was a lot lower than we have done in previous acquisitions because we were able to do almost all the work internally this time. But this resulted in an EBITDA improvement of around 8 million and the margin increased from 3 to 11%. Looking at the ARR bridge, the growth remains balanced. We had a strong upsell, continued strong upsell. It's a mix. We continue to add new clinics for existing customers, new users. We also have a good upsell of new functionality. MedSum is starting to contribute to this, but it will also be a very important contributor in the next coming years, we believe. If you look at the churn, it's 3%. However, the legacy products in Germany is churning a bit, quite a lot compared to the rest of the group. So that's around 1% of those three. So if you look at the churn in the Nordics, it's extremely low now. It's 1.6%. So this has come down again after it was a bit elevated last year from bankruptcies, etc. But it shows that that was only temporary, which is very positive for us. New customers contributed with 5% growth. And then we also had InfoSolution adding 42 million of ARR. So InfoSolution has also grown their ARR quite significantly over the last year. which is positive. The backlog is now 6 million compared to 12 last year. You should bear in mind that last year we had a lot of these big contracts that we had had in the backlog for many years, like Volvat, that has now been implemented. And the 6 million, as Daniel also mentioned, is Mostly or only sales that we did in Q2. So actually, that's a very strong quarter for us on the sales side. It was 4 million in Q1. So a strong development there as well. This slide, I show it every quarter because it's, I would say, one of the best demonstrations of the leverage in the business. You see that orange line there on top is the revenue. It has grown around 120 million over the last couple of years. And then the dark blue part is the organic cash cost base. So OPEX, CAPEX, personnel cost combined. and it has been essentially flat over the same period. And bear in mind that this is including wage increases, inflation, etc. So it basically means that we are able to take out costs because we also add costs like We have done on the AI side for tokens and tools. We have added personnel in some areas, but we take out in other areas. the costs are essentially flat. In this quarter, 83% of the revenue increase for the organic part, if we exclude M&A, dropped down to the profits, 83%, which is in line with what we aim for, basically. but more than 100% of the gross profit increase actually dropped down. So costs were lower this quarter, just based on last year. So in summary, we have good control of our costs and continue to become more efficient. Finally, on the cash flow side, we had a very strong cash flow this quarter and also for the first half of the year. You see here that free cash flow, including the CapEx investments, was 26% of revenue for the first half of 2026. So it was actually much stronger than even the EBITDA. And this is because of the working capital effects. And I talked about this in Q4 and also in Q1, that there is some special effects in the working capital. For example, that one big customer paid in January instead of December. We also had... Yeah, a few high consulting revenues in December that was paid in January. So it is somewhat boosted, maybe around 15 million, but even adjusted for that, the working capital is very supportive for us because customers in general pay in advance for our products. Finally, on the capital allocation side, the InfoSolution acquisition had a result in net cash outflow of 92 million. And we also did share buybacks of 40 million for the first half of there. But our balance sheet remained solid with a cash position of... 51 million at the end of the quarter and no debt. So with that, we can stop there and open up for questions.

If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Elvin Rolder from DNB Carnegie. Please go ahead.

Good morning, Daniel and Martin. I hope you can hear me. A couple of questions from my side. perhaps beginning a bit on info solutions. It's encouraging to see, I guess, the kind of swift actions you're able to take. I just have a couple of questions, if you can be a bit more granular on where you're taking out costs within the organization and just kind of a deep or a clarification. I think in the report you said 25% of the cost base, but you mentioned personnel costs here in the presentation. is that which one is the most correct to look at? And is there any kind of potential impact on top line from what you're taking out? Or is it purely kind of more admin slash back office based costs you're removing from the organization?

Yeah, good morning. Thank you. Yeah, first of all, I'm sorry about the unclear everything about the CEO award. So it's 25% of staff costs we've taken out. So he's roughly 10 million, right, Martin? Yeah. So it's staff costs we're taking out, and it will have no effect on the top line. So I would say like this, that InfoSolutions had a really great time during COVID because all those tests went through their platforms. the history of the company they were really really boosted through that period of time and I think that that added a lot of staff and then they really never got out of that cost situation so they added staff from making all those money and they never really took care of that situation afterwards they've been doing things in those years and they've been in no hurry to do things I think they've been quite fine with it And they've been growing their business a little bit again after the COVID effect disappeared. But we wanted to see more, we needed to see more swift action. So that's why we moved in like this. And my experience is also we did a similar thing in the beginning of Calisent when I joined. It's quite good to make sure that you take all costs in one go and then you build from there instead of doing a little bit now and then. Because then we now everyone knows this is the team that do it together going forward and they can feel reasonably safe in that. So I think that's why it's important to do it swift and do it in one go. And also to make sure that you're honest with the staff from day one. And that was what we were. Did that make sense, Evan?

Yeah, yeah, it makes perfect sense. But then just maybe to clarify, because I guess most of the company's costs is personnel related to begin with. What's kind of a reasonable net savings on the total OpEx base if it was 25% of personnel costs that are removed?

Yes, it's 10 million in cost savings per year.

Okay, great. Thank you. And then maybe moving on a bit to MDR for MedSum. I mean, I guess previously my impression from you guys has been that you kind of quote-unquote want to avoid MDR considering the kind of cumbersome process that it is. But I guess now this is kind of a hedging towards the regulators if they were to become more strict in this. But I guess it also unlocks more kind of features for you guys to be able to roll out to clinics given that it will now be or it probably will be certified then in a couple of months. Are there any specific kind of features that customers or doctors and clinics have been requesting that you have previously been unable to roll out due to this kind of MDR hindrance that you will be able to roll out after? Or is it more purely a hedging effect from a regulator standpoint? How should we view that?

Yeah, I understand. Yeah, it's correct that we've been trying to avoid MDR, historically. I would say part of, I think most companies are a bit afraid of MDR. It's quite a big process, but the last couple of years we've done so much with our ISO certifications, NME and other regulations hitting our industry. So we've become quite good at it and we have a strong compliance team. So we feel quite confident that this will not be a, major undertaking for us. It will cost a bit of money. We need to do some studies and so on. So we are much less afraid of it, so to speak, today than we were a couple of years ago. It's also that the regulation has kind of matured in how it's implemented. So it's also easier to understand what we need to do. There is no significant new things we can do thanks to MDR, but we can make our customers feel more safe. It's mostly that Läkemedelsverket, who are the one responsible in Sweden, are saying that, okay, we will start saying that this is MDR over time. We might have been able to get in a way with not doing it, but it's important that our customers feel safe in using this technology. So I think it makes sense to do it from that perspective. There are some minor things we can do. So for example, today when we do after the meeting, We propose the entire medical record except for the diagnosis. So I don't think that's a major problem for most of our customers. It's that the diagnosis is really simple. They are very much routine patients, so they don't need support in that. And it's also part of the role they like the most. But doing MDR, we will start proposing a diagnosis too, but it's not the major advantage I see. It's more about keeping customers safe, but it's also at lack of a market seems to have a different opinion than the rest of Europe. So I think this is more of a Swedish thing that will be MDR. I don't think it will happen in Norway, for example. But then we'll be MDR, of course, also in Norway on this functionality. So that's fine. And we'll use it in marketing as much as we can. But Sweden in general seems to take a bit more strict view on these things than the rest of Europe, I would say.

Okay, very clear. Perhaps a last question before I will leave room for others to ask. Regarding MedSAM, of course, positive to see that the user base is steadily increasing here month over month. And I guess it's still, of course, very early days and a lot of the users now are, as you mentioned, previous users of a different, similar kind of solution. But regarding the interest overall from Medsum, have you seen any clear patterns on types of clinics that are interested in the product or are you seeing any disparities between smaller versus bigger clinics and so on that kind of can indicate where the majority of the bigger adoption, say in a three-year period, can come from or any kind of those trends that you've picked up since launching the product?

Yeah, I would say it's mostly kind of semi-small clinics and it's mostly still on a user basis. So it's, so for example, one clinic can have two people who likes this AI stuff and they get it, but not the rest of them. So it's still, it's seldom we see a clinic buying for everyone. So it's still kind of, yeah, this guy, he really likes the AI things. and maybe it's been using a bit of chat GPT, and now we can do it in the right way, so that's good. I think it's a matter of time, and this is Swedish health care, especially Swedish health care, is very careful, and you have to remember that doctors and nurses, they're trained to do right and to make no errors. They also know there's a lot of regulations around the area, and they know they are personally responsible for what they do and what they write in the medical notes. the personal license as a doctor or as a nurse so it's a very careful group of people and they're used to working really old systems everyone is trained in the public where you use this very old system typically so it will not grow I think this is we should be able to increase the pace I think that's my personal view I think it's such a good time for them So they should really all use it. And we're going to do everything we can to push it. But I think the most likely is that we'll see a steady growth, kind of slow growth, because it is a very careful industry, heavily regulated. Everyone's trained not to make mistakes. They're personally responsible. So it will not be a boom. It will be a steady growth, I think, where they pick it up person by person.

Yeah. Okay, great. Thank you guys for taking my questions. I'll get back in the queue and leave the room for others. Thanks, everyone.

The next question comes from Fredrik Nielsen from Red Eye. Please go ahead.

Thank you. Good morning, Daniel and Sven-Martin. Just a few more questions on InfoSolutions. Regarding the numbers you present here for ARR for InfoSolutions in the presentation, it seems to have increased from 34 million last year to 42 million if you look at net ARR. Is that the correct interpretation?

Yes, that's correct. But towards the end of last year, they did acquire a small customer portfolio, and that was included. So that's part of it. It's like four or five million of the growth. So the rest for them is organic. So the organic growth is taking them from like 38 to 42, basically.

Okay, great. That's clear. But still quite, I mean, reasonable organic growth. Then what's driving that growth?

I would say it's mainly from new customers being added. It's like they grow a lot together with the systems, for example, together with WebDoc. And also they have added some additional regions as well that started using their systems. And they have added some functionality that has also driven a bit of the growth. But it's a mix, but the main driver has been adding new customers for them.

Okay, great. And as you touched upon, some of the customers are your competitors. What has their reactions been so far regarding the purchase and also the announced price increases?

So it's been a bit mixed. I think many of them understand the price increase. Many of them says that you as InfoSolutions haven't raised prices for like 10 years. So it makes sense to raise some prices. So I think Many of them are quite fine. We have done some one price change that does create a little more frustration among some of them. And that's that historically, I feel that institutions kind of supported new systems into the market by kind of saying that, oh, you can just get it almost for free and then you just pay as you add more users. But it's quite big cost to implement the new HR system into it. So from now on, you have to really pay for it. So that's a change that some of the small systems haven't really liked. But otherwise, I think that most of them have understood it. And also some of the small has understood that, yeah, it makes sense not to subsidize small system entering the market. So I think that's been quite okay. And It's important for us to keep those customers or most of them at least. And they're important partners to us also when it comes to Medrave and HPI. So we've been talking to some of the customers about that. We have good collaborations both when it comes to HPI and Medrave from before and we continue to have a good collaboration. And we're saying upfront what we will do and that's what we will do so you can trust us. And I think they know that from a couple of years. So I think that it will work okay.

Okay, I see. Could you give us any indication about what kind of price increases on average we are talking about?

Yeah, it's very different between different customers and we will treat our own system and other large competitors the same. It's just that we don't substitute small ones. And then we have some public, or we have a lot of the regions and the public labs that we are not allowed to increase prices as much as we think we should, even though they haven't done it historically. They haven't used the, not always used the KPI, the KPIs that are in agreements with regions they haven't really used. But in some cases, we're allowed to increase it also historically for regions. In some cases, we cannot. And in some cases, with some regions, they just, in the tender, in the process, said that you cannot at all, so it's not included in the contract. But I think we'll be able to do an average of around 20%, maybe.

Yeah, and it's worth mentioning that that's on an ARR basis, so it's not like for the total revenue. Yes.

Great, thanks. And just one last question from me. Regarding Germany, you mentioned modern marketing and sales. Could you give us some examples of what kind of initiatives that are?

Yes, so you have to bear in mind that sales and marketing is different in Germany than Sweden. We do sell a lot at fairs, for example. We don't do that in Sweden. So you have the physiotherapists and doctors going to fairs, looking at different systems that are actually signing contracts at the fair. So I was at the fair in Munich on Midsummer's Day, where we launched WebCure, and you have customers coming there looking at the system and signing contracts at the fair. So that's quite different than we have to bear that in mind in everything we do. So that's why it's important to drive it locally. Our sales in Germany is very much cold visits, physical visits to customers still. And the sales people are doing a great job being able to do that and actually closing those sales. When we saw it working well in Germany, we thought, let's try it a little bit in Sweden. It didn't work at all. But still, also, I think we can do a lot to make sure that the sales people are working warmly. historically done very little marketing, creating leads in Germany. So that's something we really look forward to doing more. We also want to grow the sales team. We have a good sales team, but we want to grow it and we want to get them better leads at working and also want to get them better systems to working so they really know which customers to target and which are the most likely to buy and so on. So I think it's quite a lot we can do with the structures and process around it and the strength and the good sales team we have with that already. And that's what I'm looking forward to next doing.

Great. That's all for me. Thank you very much.

Thank you.

Thanks. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. The next question comes from Victor Lindstrom from SB1 Markets. Please go ahead.

Hi, guys. I hope you can hear me. Yeah. Yeah, perfect. Thank you. So I have two ones. So if you look at the gross margin here in the quarter, that was a bit weaker apart from Q4. What is the factor behind this one?

It's partly because of the adding info solution, which has a slightly lower gross margin than the rest of the group. and also partly because we had quite high transaction revenues compared to the previous quarters and those typically drive costs as well. So that's the main two main reasons.

Perfect thanks and if you look at the capex spending that was down 1 million, both sequentially and versus last year. Now, when you have InfoSolutions on board, should we expect then cap expanding to increase once again, or do you expect growth levels to be sustainable?

Yeah, I would say we don't expect any increase from adding InfoSolutions. We probably won't capitalize any development there as we look at it now at least but capex has been quite stable around plus minus 10 million a quarter for quite some time now and yeah our main focus is on the total cash cost based and not what we capitalized and not but I would say that's a reasonable level to expect going forward as well right perfect thank you very much all for me Thank you.

There are no more phone questions at this time, so I hand the conference back to the speakers for any written questions and closing comments.

Okay, we have gotten a few questions in the chat as well. First one from Richard Durlow. The churn in the German business seems quite high. Are these churning customers not interested in WebCure?

So what we're churning in Germany is from their product DataAl, which is an on-prem solution from the 90s that's been developed since then, of course, but it's based for doctors. It will take a long time before WebCore can replace DataAl. but it's a physical therapy software that they already had in data when we acquired it. So we first meet those customers because those are the easiest to meet. And also because there is a relation change in Germany during the end of next year requiring more physiotherapists to use this type of software. So many still use pen and paper. So that's why we have focused on that first and then going to doctors. So we really need to keep doctors satisfied with data for many years to come, with the product data. So what we're doing to, we will have high insurance in that product, I can start by saying that, but what we're doing to have a low insurance there is to really do a lot of development Also increased the pace there. I think we've done some good things when it comes to how we work with development in the product. Setting more structures, learning from what we do in other countries. So I feel that we have a better pace in development there now on that product and without adding stuff. And we also have better stability in what we release in that product. So roughly a year ago, we had a lot of problems with our releases and data. And that seems to be so now. So the last couple of quarters, the release has been stable. And that should bring the churn down. But we will have our churn in that product and other products until we can replace it. But it will take a couple of years.

Okay. Next one from Niklas. What is the start? status on potential larger deals more relevant to Metodica? Do you see any activity with regards to procurement within the next 12 months?

Yeah, so we have really good discussions with customers at Metodica, so not really of the size of Volvo. So it might not be large enough to release, but the next couple of quarters. So I think we have good traction. Volvo has really taken a lot of our efforts and it's been, and it is very important to have that as a very satisfied customer. It brings up the ARR, they will be a good customer for many years. That has taken a lot of effort and cost the last couple of years a little bit more. That will now ease and we will sign some new good customers, I expect, the coming quarters. Maybe not of the global size, but quite big ones.

Next one from Janik Jokil, a couple of ones. Could you elaborate on the situation in Germany a bit more, please? how will the release of the new software look like from a timeline point of view?

Yeah, so it still takes a lot of time to build a software for the medical community that really fits the customer. I think the team is doing a good job. We have a really high pace in development, higher than we ever had before. But it's still an elaborate process to really meet customers, having the first ones in there, fixing what they feel should be changed and moving on and so on. The customer we brought online, the first one paying customer we brought online in the last quarter had 12 major things she wanted changed, the ones owning that part. We've done almost all of it, but the next one will have new things. It takes time and then the functionality of WebCore is much, much, much lower than, for example, what we have in WebDoc. So it still takes a lot of time to build good solutions and maybe not to write the code as much as it used to, but the entire process. But we see us meeting the needs of private therapists at different sizes and different structures during the autumn, at the end of the year, also the ones using to public patients, by that I mean public German insurance, which most therapists do. So it will be important to meet that functionality need. It's quite complex, but we'll be there during the autumn. And then we'll start meeting doctors during next year. But then it will be like the easiest doctors and then moving on from that. a system like DataAl that has been building functionality since the 90s, it takes time. But to me, we need to do some more with the product to really be there. So the sales team in Germany are not really pushing it full on yet. So we cannot do that yet. We're getting there and that's what we're getting up for to really push it. And I hope that we'll be able to really push it by Q4 this year to really start pushing it But for now, it's still the most important is to make sure that the customers and different types of customers at the level which we now want to support are really happy with all parts of the system. And that takes some time to iron out. I wish we had come further in it, but it still takes a lot of time.

Next one, could you talk about your product vision with regards to WebDoc as your flagship product, MDR, MedSum, etc. How do you think about this from a strategic point of view?

Yeah, so I'm really happy with what we're doing in WebDoc. We have a really strong position, almost no churn, winning new customers, having For example, big customers like Cappy and Aleris wanting to roll it out in more and more clinics. We have Stockholm moving over to Cosmic from Take Care. So everyone in Stockholm needs to change system no matter what. And that's usually a hard thing for us to convince anyone. And if you compare Cosmic and WebDoc for this type of customer, I mean, it's not a competition, I think, almost. I don't know how I'm a bit... Yeah, some of us shouldn't say that. But so we have a really good product for these type of customers. And in two years time, our product will be a lot greater even than it is today. So we have a really high pace. I think many of these systems that we're competing with do not have a pace close to us. So we're rebuilding the entire UX to make it more efficient. First of all, to take care of things that people have historically not liked with the system, also make it look more modern and feel more modern, but also to make AI a native part in it. So it will be quite changed by the end of this year. We have already started rolling out those new exchanges, but step by step, we really need to educate the customer on each step. And I think most people recognize this from their normal work that you don't really like when software change, but it's important to change, but otherwise it gets old. So we're pushing that through. It will be a lot of calls to our support center, but we can really do make the system much more efficient to use. Our aim is to save time for our users so they can treat more patients. That's always the aim. And if you look at what takes the most time for them, it's all administration. And LLM models are really good at administration. So our aim is to do as much of all administration as we legally and possibly in a safe way can do for our customers. And that's a lot of it. So I look forward to rolling out all the functionality during the autumn. And then we'll continue, of course, to add more functionality after that. And the pace that We can have non-developers let us do so much more. So if you look at WebDoc or Metapower, they're really big solutions. We have a lot of functionality if you compare to the number of developers we have, and that's how it looks in this sector. So we can really do a lot to improve the products. Even if WebDoc is a great product compared to others, there's still so much I wish we could do. And we have a long list of things we want to do. And we tick it off in a higher and higher pace to really save time for our customers. And I look forward to continuing doing that.

Great. Next one from Erasmus. Good morning. Going into Germany, are you targeting the whole market or will you focus on certain regions to build a strong presence and get some word of mouth to help drive growth?

So we're not talking... Word of mouth is important. So we probably have that if we win one customers, you know, other ones knowing them will kind of be easier to sell them. So I think that our efforts need to support that. But mostly what we are aiming for are certain types of users and more than certain regions. So in the beginning it's therapists and therapists working with private pay insurance. So it's like 30% of the insurance, but only working with that. So many customers have a mix. So that really limits the number of potential customers we can have at this point in time. It will increase quite substantially once we also can do public insurance. So by the end of this year, hopefully a bit sooner. And then we can aim for all those. We have one, for example, a really good customer called the Fisher Family. So they have quite a big online presence, a really great team. And they do the pods and they have social marketing people. So that's where we have quite a big visibility. So in their different channels, they have like the Swedish team coming there and talking to them. And I think that's a great customer that type of customer we want to have at this moment that really can spread the word. I mean, doing everything we can to keep them happy. So I think it's mostly certain types of customer more than certain regions.

Okay, final one here. It's in Swedish, but I'll translate. How does the market look in Stockholm? Are you seeing any changes with potential customers? It has been a lot of discussion in the media about Cosmic. How does this affect you? Do you see any risk that the tender process that they won will be redone?

So where if you look at the sign of implemented for next quarter or from this quarter to six million, which is mostly WebDoc, and almost all of that is, or a large part of that is clinics in Stockholm. So from all these tenders, now I'm not talking tender on software, tender on the care, so that meant that some clinics closed and they're opening new ones, and very many of the new ones opening are using WebDoc. So I think that's a really good signal. We still have that. It's the big chains like Capio, Alieris, Plaktjänst, Meliva. So there's many of the ones in Porto right now. They know WebDoc. So they know it's a better software. So they will use it in a new clinic. Many of the ones just leaving the public sector, opening their own clinic, they know they care. So that's the challenge we have. So we need to get the word of mouth out there more. And it's quite good to grow with the big chains because, you know, doctors go there and leave and open their own clinics. So that really strengthens our knowledge about web doc in Stockholm. So the discussions on COSMIC, I think it goes maybe two ways. So it And I should also say, I mean, as I guess most of you, that's a media narrative. There are people that are happy with Cosmic and people that are not happy with Cosmic. So it's a change of systems is never happening. People are not happy with that. It's okay. And that's the challenge we always have, that we need to be so good that it's an easy choice to change. The ones, really, that's been the least happy with Cosmic are the ones that have left Take Care, because Take Care is a quite user-friendly software. And other regions left for software that isn't very user-friendly. And Take Care is a really user-friendly software, actually. But it lacks a lot of functionality that we do, but it's user-friendly. So the ones that are the least happy are the ones leaving Take Care. So that's what Stockholm will also do. And that will be in a couple of years. And by then, we'll be much better than today. And it's more difficult for something like Cosmic to move forward when you have all these regions that put on all these remotes when it comes to functionality. I have no clue if there's a risk that they will redo the tender for Stockholm on Cosmic. I think there has to be much more media about it before that happens. It's a very big decision to make. I mean, look at Stockholm and Skåne. It took many years of problems before they actually stopped implementing Millennium. So I think that's unlikely. If it would happen, it's probably negative for us because that means all the caregivers, okay, there will be something else coming possibly in the future at some point in time. And it's always an easier choice not to change HR system and just wait for something that might happen. So many customers look for excuses not to change, I would say. So it's the best thing is if nothing changes in that kind of process, I think. But it's not the main factor. It most comes down to us ourselves delivering, make sure that we are well-known in Stockholm, continue winning customers. We're winning customers from Take Care. We're winning customers from Cosmic. It's in our hands to really make sure that we have the best option out there for our type of customer. So, I mean, Cosmic and others, they are focusing on the regions. They do a pretty good job at that, and that's a really difficult customer to have. We actually work towards different markets.

And also, Take Care is not really investing or developing their system forward. So if it would be many more years before they change that system, the gap towards WebDoc would increase over time as well. That was the final question.

Okay. And then thank you all for calling in this morning. Yes, let us know if you have any follow-up questions. We're always available. And I wish you all a good summer when you get there.

Thank you.