Mentice AB (publ)

I'm gonna make some initial remarks, and we're gonna have Ulrika talking about a little bit more of details, and then I'm gonna go do some final and concluding remarks. And then we go into question and answers. So first, obviously, my name is Jaro Malmberg. I'm the CEO. I've been in this position since 2008. And Ulrika?

Yes, and I'm Aleka Rotsvogtsepp. I'm the CFO and I joined in January.

Yeah. All right. So we jump in. So first, a couple of remarks. I mean, we had a slower start in Q1, mainly related to January and February, while March and the beginning of the second quarter has been in line with our expectations. And obviously this is no larger trends or no other reasons than our normal variability of orders related to our relationship with large medical vice companies. So that's what we have here in the first quarter. And obviously this slower performance in the first two months of the quarter also have a direct consequence of overall oil intake and net sales and with a direct consequence on profitability for the quarter. While we have to say that despite this we were able to execute on cash flows, we have a positive cash flow for the quarter. But then I also need to reiterate the fact that, as we talked about a bit later, we communicated updated financial targets and we are fully confident that we have the ability to continue to deliver on those targets, while we never talk about an individual quarter. uh we have been able to grow over the last uh three four five years with a 22 23 k and that's what our financial targets are indicating so um so that's sort of a introductory remark um if you go to some of the business development related um highlights from the first quarter. I mean, we have worked a lot on the organizational development. We started off with a global company kickoff, which was always a very important event to build culture and the really reconfirm direction for what we're doing. We also have added resources across the organization. I think most significantly we have implemented a global account structure to more strategically interact with our largest medical device companies and that's also we have backed fill with with more sales people both in the US and in Europe. But we also have hired across the company both in technology and other functions. So that's important to note that we're really building the organization here for the year but also for the future. We have seen continued positive development. As you know, we had a very strong year last year with the 25% growth on top line. And we are continuing to develop with our larger accounts, building opportunities with these, which is really important to understand. We also seen, as you might have noted, we had a slower performance from the US, from the hospital market generally during 2023. And I would say especially from US, but we in the end of last year, we added on new resources and we have continued that in the first quarter here and we can see that we have already now greatly improved the pipeline even if that doesn't show in actual business in the first quarter. So that's also important to follow going forward here. We also partly as a consequence of the acquisition of Biomodex in the fourth quarter of last year. In the physical simulation side we have had a strong start of the year with about 40% improved business for physical and really this is uh both from u.s and europe and with the biomedics acquisition we have now the ability to produce and deliver physical products both from us and from us sorry from us and from europe and as we noted in the q4 report we we got approval for 510k for ankyras or spanish precision medicine tool in the end of last year or the first couple of days of this year and that's really important for the development of the US business where we're now building up reference sites and engaging in discussions with the main potential clients in both US and in Europe. So that's really from a business development point of view. So we go into the Details, numbers, I mean, I'm not intending to go through these in details. We can just conclude that the top line performance is lower due to what I said, a lower start in January, February, and that have consequences all the way down to EBITDA and net profit. While, as you said, we generate a positive cash flow. So that's sort of my 30,000 feet introduction. So I will hand over to Ulrika.