Sectra AB (publ)

presentation with CEO Torbjörn Cronander and CFO Jessica Holmqvist. Today's presentation are pre-recorded. Torbjörn Cronander is at the European Congress of Radiology today in Vienna and he will join the Q&A session from there. My name is Helena Pettersson, Investor Relations Officer and I will moderate the Q&A session after management presentations. And with that, I hand over to you, Torbjörg.

Welcome to the nine-month report presentation, 6th of March, 2026. And the content of this will be intro and highlights by me, financial developments done by Jessica Holt, Chris, our CFO, a little about our way forward, and then we have a Q&A session. This is, as Elena already said, a recorded session. presentation. The Q&A session will be live, but I will be present from Vienna, where I'm at the Regiole Conference at that time. Our business operation and etc. is imaging IT, our by far largest area, handling and managing images and presenting images in hospitals. Images is a very strong part of the diagnostic process, but they are not normal thing that you just put into database. They are larger data volumes and they take a special systems to treat them. We have secure communications, which is our communications of secret information we do encryption for secret information and we do a whole system especially eavesdrop secure telephones in in in on the national security level which is the highest possible security levels and then we have business innovation which is our greenhouse and our future uh development program these are should not be there forever they should either be made in their own business area like imaging IT, secure communications. It can be incorporated into one of the existing business areas. It could be sold, we have sold, or it's being shut down if it doesn't grow big enough to keep it. Some examples in the business innovations, medical education. In medicine now, development goes very, very fast. Training the assisting staff of healthcare, doctors, nurses, etc., become a very important part. Before, we have done a lot of basic training, university training, when you are a student. Now we see an increasing need to have continued education for medical professionals all over the world and that is a very much growing area. Orthopaedics IT, orthopaedics works with images in a completely different way from radiologists for instance. They plan operations and they follow up surgery. They do not only do a diagnostic and they require special tools and we do that in orthopaedics department. We have a new department since a few years called Genomics IT. Genomics information is similar to images. It's not images, but it's closely related to diagnostics, and it's very much made in conjunction with digital pathology that we do. It's about, in order to do precision medicine, you need to know the genomics of both, for instance, the cancer, if it's oncology, but you also need to know your own DNA, the patient's DNA. That means you can treat different patients with different treatment, which increases survival a lot. Then we have a few growth areas inside the big ones. In sector communications, we have critical infrastructure. with Ukraine that has been made clear that this is a very critical area to protect for society. We have a special division for that. In imaging IT, we have an area that was moved from business innovation a few years back, which is still pathology, handling microscopy images. This is quite different from radiology, because these images are very, very large. And then a new area in imaging IT, which is output. The diagnosis needs to be reported, and that report, in order to be productive, needs to be very comprehensive and very good for the treating physicians to use. And we have a special product in that, especially adapted for the US market. But it will be generally applicable all over the world. Highlights from the quarter. And we have had the customers as we have had since SECRA started. This has resulted that the order bookings have gone up despite the difficult comparison quarter nine months ago. We still increased by 4%. Net sales grew by 8%. And profit per share increased by 18%, two and a half Swedish krona per share. we are transforming to as a service model and that you see that and that we get more and more sales coming from recurring revenue and especially cloud recurring revenue when we sell services software from the cloud mainly in the US and UK so far but increasingly in Europe as well and that grow a healthy 58% and now when we have quite a large number to start with, percent relative growth in cloud recurring revenue makes a direct impact on the bottom line of SQL. Recurring revenue includes the cloud recurring revenue. That grew less because we have less and less on-premise installations, but it still grew, mainly driven by the cloud or driven by the cloud recurring revenue growth. And then we have, if you are based on recurring revenue and selling services, you don't want to lose customers in a few years into that path. So it's very, very important to keep the customers so they keep on paying for service and procedures. And thus churn is very important. And that's how large proportion you lose from these customers. And we lost very little, only 0.5% this rolling 12. The financial targets for the group are fulfilled. We have three overall financial targets. One is stability. Equity to assets rate should be about 30%. We are at 48%. That's a hygiene measure. We don't want this to be 100% or 75%. It should be above 30% to show that we are a healthy operation that will not disappear because of financial issues soon. And we sell a very sensitive product for our customers. They want us to be stable. So that's a hygiene measure. Profitability operating margin is 21%. You see two curves there. One was a patent settlement we did last comparable quarter, but that is now gone. And we have a solid line is for the development without that patent. And it shows a healthy increase of the years. But again, the target is 15%. We do not have target that is higher than that. We have a huge opportunity for growth, and we will reinvest the profits about 15% in growth when we see it. And then the main target, which is not a hygiene target, but unlimited upwards, is growth of profits. We count that a profit per share, because that is the best for existing shareholders. And that should grow more than 50%, which is an average growth of about 8-9%. Over five years, it should grow 50% and we'll waste about that. We're 126% growth over the five last years. In imaging IT solutions, we are seeing beginning now that we are rolling out in this large contracts that we sold over the last two or three years are now beginning to roll out. Revenue is increasing despite that we do not sell much on-prem licenses anymore. And we see that these large contracts now, the first hustles are live and we are beginning to see increased profits. It will not grossly affect this year, but we see an increase coming over the next year. We also are the most chosen vendor in the U.S. market, so we are growing faster than anyone else in the U.S., which is, of course, it's a very large market, despite the dollar now is a little lower in value than it was. It's a very important part for us. It's our largest market by margin. In sector communications, we have been selling mainly classified products. This is governmental approval, approved encryption systems. They are difficult to administer for customers. There's a lot of regulations, how you manage keys, how you have to lock in the phones in the evening in a safe, et cetera. Now, the larger market of information, and your secret has to, be kept secret for about 50 years. That's a very long time. You have to be there because that's called secret level, a top secret level. Then you have a restricted level. Restricted level is still government controlled, and you need to lock in the phones in the evening, but the secrecy should only be for one or two weeks against a state hacker. Companies cannot have that administration bureaucracy around the products. but they still want secure products. We have launched a new family product called Tiger E. That's an e-stop secure phone, and the E stands for essential. So we have Tiger S for secret, Tiger R for restricted, and now we added Tiger E, which is mainly for a private market. You want that security, but you cannot have a department that takes care of all the administration about it. So it's called Tiger Essentials, all the essential things for high-level encryption is there, but you don't have all that administration you need for a restricted product. It's the same product philosophy, but much simpler administration. Not formally classified as said before, but that also means you can have that simple administration without losing that classification. We see in secure communications a postponed serial deliveries and that impacts financial outcome. The reason postponed is partly change required from the customer. Cyber security is a fast moving market and things happen. And then you have to change the products. And of course, your deliveries are then delayed. You might have to rebuild something in a very late stage. And this is what happened here. We had to redevelop things. And that means a delay. This is lost orders. We have very good order intake, but it's delay. And that affects this current fiscal year quite a lot. But we have still won new contracts and new partnerships, and we have expanded with several new customers. And these products, we do not sell all over the world. We sell them in EU and NATO exclusively. After the quarter, we have been ranked again number one in customer satisfaction worldwide. We are the 13th year in a row, the highest customer satisfaction in large hostels in the United States. Seventh year in a row in Canada. And we also have the happiest customers in Northern Europe, Southern Europe, DACH, which is Germany, Austria, and Switzerland, Middle East, Africa, and Oceania. And of course, this is what drives us our growth. We have also announced recently that we have entered an agreement to acquire an AI company, Oxipit, in Lithuania. We have avoided doing pixel-based AI ourselves in the company so far because we think the customers must have a very clear business case, otherwise it's too expensive for them. We have resold, we have had an app store, we call that Amplifier for AI, so we resell a lot of products integrated into our system. But this time we saw that this company, Oxidbit, they have something very special. They have autonomous AI solutions for diagnostic imaging, especially plain chest. And that means you can set up sensitivity thresholds so high that you will not, with very small probability, will miss anything that is a real critical finding. But you will perhaps take 20-30% out that the doctor doesn't have to look at at all. Now that really saves radiologists time. It takes 20-30% of the images that is not needed to be looked upon by a radiologist. This is significant savings. for screening with lungs, which is one of the biggest exams you do in the radiology department. Plain chest x-rays is a big thing. If we can take out 20-30% of those, not require radiologists at all to look at them, that's a very important thing. And the radiologists can concentrate and only do the 70% remaining. You find a lot of false positives, but you have almost no or very, very few false negatives. This will contribute significantly to the reduced cost of healthcare. It is an approved product in the European Union, and everyone who acknowledges MDR, which is the European regulations, as a good or reasonable thing to require in order to use it, So all the areas, all of European Union EAS, we can sell it. It's in trials in several hospitals already. And it's an interesting app because this is a real solid business case for us. We have FDA and other approvals in the pipeline. It is subject to customer closing conditions. We have signed the contract. Hopefully this will be completed in March. It requires some authorization from Lithuanian authorities and other things. It is a small company, it's a small business. But it means we're going into AI for real and we're going into the area of AI we believe most in ourselves to take actually workload away from the regular list. It will have no material financial impact on the group this year and only little next year. But it's an interesting area and we hope that this would be significant in the future. Then I will leave the word to Jessica to tell a little about the financial development.

Thank you. Welcome again to our interim report presentation. I will take you through the financial development, focusing on the key financial metrics. Demand for Secra's products and services remains high, with the contracted order bookings exceeding six billion in the nine month period. of which 4.5 billion was guaranteed order intake. In the nine-month period, we have seen strong inflow of large and medium-sized orders in the US, Sweden, and the UK. And during the third quarter, several of our UK customers already using our imaging systems have signed Sector 1 cloud contracts. taking a step towards cloud services. Our rolling 12 book to bill ratio is 2.6. And we highlight the fact that the size of individual orders can cause large quarterly fluctuations in our reported order intake numbers. We see solid recurring revenue growth Our net sales increased by 8% to 2.5 billion in the nine-month period. And high customer satisfaction, new deployments and increased production volumes all drive growth, whereas currency exchange rate movements and the delayed deliveries in secure communications have negative impact on our sales trend. And just to repeat what Torbjörn said, our recurring revenue from our cloud services grows fast, up 58% year on year. And we continue to report low recurring revenue churn, 0.5% rolling 12. We had substantial currency impact in the period. Adjusting for currency, sales would have grown by 16% instead of the reported 8%. And the third quarter sales increased by 5% to 892 million. And adjusting the quarterly numbers for currency, sales would have grown by 16% also in the quarter. Our operating areas, imaging IT solutions and business innovation, increased sales year on year and our medical imaging business growth with deployment of new customers, add-on sales and healthcare providers choosing to move from on-prem to cloud services. Imaging IT increased sales by 10% to almost 2.2 billion in the nine month period. In secure communications, we remain impacted by a delay in a major customer project, and we report a sales decline of 3% year on year. Business innovation increased sales by 25%, and this is driven by the development in our medical operations. In geographic terms, our U.S. operations reported by far largest sales growth year on year, but all geographic markets show growth in local currencies. We note that more than 70% of Cetra's sales are generated in foreign currencies, primarily Euro, British pounds and U.S. dollars, causing high sensitivity to currency fluctuations. First, I would like to highlight that all year-on-year profit comparisons during the presentation are made excluding the patent settlement that occurred in the third quarter last fiscal year, as this is a non-recurring business transaction. The EBIT impact of the patent settlement was €110 billion. And having said that, our operating profit increased by 21% to 502 million and the margin was improved to 20%. And the growth in our operations and also more capitalized work for own use are drivers of the profit development. The third quarter operating profit of 194 million is lower than in the comparable quarter where we had a larger impact of traditional license revenue recognized. Imaging IT shows profit growth of 27%. and an operating profit margin close to 22% in the nine month period. And I repeat increased sales and more production volume as our customers take our services into operation and more capitalized development costs and as well as lower consultant costs have impacted the profit generation in the period. Secure communications operating profit declined by 25% to 45 million, and the operating profit margin is at 15% nine months into the year. And here we see the clear impact of delayed product deliveries this year. Year to date, the cash flow from operations amount to 578 million. Cash flow generation in the third quarter was strong, 418 million. And underlying profit growth is the main driver of strong cash flow. Comparing to the nine-month period last year, we have increased our capital tied up in current receivables, mainly as a result of higher accounts receivable outstanding on the balance sheet. That was all from me.

All right, our way forward. I've shown this picture very many times before. I'll show it again. A very important thing in a fast-moving world is just try to make them be good, rather than competition predicting where the world will be. When Wayne Gretzky, the best hockey player in the world, was interviewed why he was so good in hockey, he was not really good in any part of it. He didn't skate very well, didn't shoot very hard. He said, I do not skate where the puck is, I skate where the puck is going to be. And we have been good at that over the years. So we are well positioned now when time comes and now we have economics, we think that will be very important as well going forward. Our general philosophy about shareholders is that you need to start with a rational strategy in a growing market. Being in shrinking markets is tough because it normally ends up in a price war. um in a growing market you can grow with market or idly you grow faster then if you have happy customers and in order to have happy customers you must have happy employees it's not it's not possible otherwise um they're to be expensive when you're worth it and have reasonable cost control shareholders will be happy but it comes in that order and it's very important to realize that this is prioritizations we make And that means we might take a small hit for profitability, for instance, if it's required by happy customers. Right now, we have the most happy customers on the planet. And thus, we think we have very happy employees. We do a lot of investigation in internal surveys that check this up. And without those employees, we would not be able to have the customers we have. And shareholders will thus be happy if we continue this way. In medical IT, the growth areas is the diseases of the elderly. The demographics in the world is a little concerning. And the cost in healthcare is mainly driven by the diseases of the elderly. And that's neurodegenerative disease, cardiovascular disease, cancer diseases, musculoskeletal disease, and vision. And we are working in diagnostics for these areas in particular. We can do a lot of other diagnostics as well. but we should be very good and highly efficient in this area because these are the areas where society have to address in order to have a healthcare that works all 10, 20, 30 years. We are selling this now in a sector of one contract. You sign one contract sector and you can use anything we use. Very often you start with one, like gradually, but if you want to add breast imaging, which is mammography, digital pathology, genomics, whatever, you can add this after a while. You don't have to have a new contract for that. That has been a very good model. It's easy for the customers to take up the next area. So even if fragility is the major part of this income, you can use others as well. And genomics was, as I said before, was added a few years back. What we hear from customers who go around the world is that, and especially in the US, but also in Europe and other places, there is a lack of medical staff. The workload is increasing. Burnout risk is real. The burnout risk in special use physicians is scary. And of course, if a substantial amount of the workforce get burned out, the remaining people would be even more loaded because patients come in in the same rate as before. And our job is to help out with that. Work efficiency is very, very important to make these doctors actually do medicine instead of doing paperwork or doing administration, et cetera. Another concern we very often hear is we have too many IT systems. There are thousands of IT systems in large corporations. Every one of these is cost too because the hospitals have to have expertise knowing how to deal with all these systems. It's a general trend that they want less systems. It's also a lot of cybersecurity concerns. Every one of all these thousands of systems is security risk. By getting the numbers down, they have less risk. And later we see integrated diagnostics. Personalized medicine is coming very strongly. That means different patients get different treatment. But in order to do that, you need diagnostics information from all over the place, including genomics. We are the only vendor today who have all of these in one single system. And we will also use data from other areas in order to feed into especially the medical tumor boards, which is a very expensive meeting, but it's very essential for treatment. We have radiology, cardiology, pathology, genomics, IT, ophthalmology, and others in one single system, reducing the number of systems, increasing efficiency, and improving diagnostic quality. In cybersecurity, we see a new digital reality. 10, 15 years ago, people very seldom spoke about security and eavesdropping. Today, this is an everyday reality. It's growing and has to continue to grow. There is no other way to go about it. We see also that increasing international tensions, there is concerning tensions in Europe, in Ukraine, but also other parts of the world that is driving the need to be able to communicate without someone else listening in. We are very well positioned and we have a very strong brand name in the area where trust is absolutely required. And our brand, both in medicine and in communications, is our biggest asset. It's not on the balance sheet, but it's definitely our biggest asset. In both of these market sectors, well-positioned healthcare and cybersecurity are markets that, due to external pressures, have to grow. Even if it's a recession in the general economy and society, these two have to grow. and it's a nice place to be because our markets will grow. If we grow with the market, we will grow. If we grow faster, we will grow even faster. Priorities and key takeaways going forward. Quarterly variations will slowly decrease. We're getting more and more recurring revenue, and that, of course, will drive down the variations. We still have a lot of variations between quarters, but it will decrease. We are now doing significant go-lives. Not many. The first ones on these large contracts are now operational. But over the next year or so, we'll see more and more coming in. But cost is still high for the next quarters. So you will not see a huge profit gain, but you will see a high cost, but also increasing numbers of these hospitals that we've signed on getting live. Also, subject to closing, autonomous AI is an exciting new area, significantly reducing workforce stress in healthcare. This is an interesting area that we're just opening up, and we think there will be exciting news coming out of this in the next few years. We also want to point out that we have a large currency exposure sector, and you have to be a little careful about evaluating and predicting sector on that one. We have especially large income in foreign currency that is not the Swedish krona. The upcoming financial events are in June 5th, we have the year-end report. September 4th, we have a three-month first quarter report of next fiscal year. September 8th, we have an annual general meeting that will be in real life, as the teenage success in here in Linköping. We don't believe marketing digital meetings. We think that meeting should be physical. Again, your feedback for this meeting is important. They are done in order to serve you and the marketing shareholders. So if you think we should improve them in a way, please send an email and tell us what you think we should improve upon. and then we open up for questions.

Thank you Torbjörn and Jessica for the presentations. I want to start with apologizing to all of you who tried to connect to today's report presentation. We had had some technical issues, but these presentations and Q&A will be published as soon as the recording is done. And with that, I will start with a few questions from private investors to Torbjörn. And the first questions regard the imaging IT solutions operations. Have you made progress in shortening the implementation times for new customers?

So we have, it's getting better and better, especially on the cloud deliveries, but there is still a lot to be done. We can always get better.

And the next question is the capital region contract in Denmark now generating full revenues. Was it a successful implementation and can other regions in Denmark follow?

Three questions. Yes, it's full revenue since quite a long time back. It has been, according to the customer, a huge success. We think also it went well and everything is live and the customer is happy. As for the additional orders in Denmark, that is, of course, an ongoing fight. And we would like to participate in more business in Denmark. We like Denmark. It's similar to our home market. And we would very much like to progress and sell more there.

And the next question I think you have touched upon in today's presentation, but I will take it again. What is the status of transferring current US customers from on-prem to cloud?

It's been a few moves. That is a complex installation. It's almost like installing something from a new. So it's an ongoing process and will take several years to get most of them or all of them even over to the new environment.

And the next question is about business innovation. How have the sales of the genomics IT module progressed?

We have one customer still, the one we got first. There is a lot of interest of more, but this is nothing particularly strange. This is typically what happens. We have a completely new product to a new customer that it takes a while before other customers realize this actually works. It does work. It is University of Pennsylvania Genomics Lab is the most epic customers we have in the entire company. So we hope to get more business within a not too far distant future.

And then we have another question around AI risks. It's a longer term strategic question. There is increasing market concerns that advances in AI could make parts of the SaaS industry obsolete. In my view, this has been one of the drivers behind the recent decline in the sector share price, with the discussion accelerating after the recent plug-in release for Claude. How do you view this risk long term and how resilient do you believe your software is to potential AI disruption?

Well, first, we are dealing in markets where trust is paramount. We are a trusted company in a market where trust is very important with the customers. If our medical equipment stops working, the hospital comes to a grinding halt. You don't buy that from three guys in the garage. You buy it from people and a company you trust. That is not affected by the AI. And then as for AI, there is a wave of efficiency improvements coming that will make coding, especially programming, much, much faster. We are using it. Everyone else is using it. The benefit is as much on our side as on anyone else's side. The important thing is this is a wave that is coming. And a good company serves on the front of the wave. A poor company is paddling like crazy in the back of the wave. We are good at surfing the wave, and it will be as beneficial for us as for everyone else.

Thank you. Then I will move on to some questions from Nicola Kalanowski at RBG. And the first question is, during last year's capital markets day, you showed a graph of the total processing on amplifier marketplace going up significantly. Do you see continually increased usage of amplifier marketplace among your customers?

That is a very healthy trend upwards.

And we continue with AI.

Are there any additional AI capabilities that you would like to develop with the help of the incoming Oxipit team or will focus be on Oxipit's existing product offering?

We see that as an AI center or clinical AI pixel-based AI center. There will be many more coming out with time, but we want it to. We want to rather be doing a few and doing it very well. And now autonomous AI is very important. We will not do all AI. We will not compete with everyone and everything. We'll do what we're good at. And right now that's autonomous AI for chest.

And the next question is about sector one cloud. Approximately how large a share of the order bookings are from sector one cloud contracts?

Very large portion.

Is there any particular part of the world where you would like to hire more people or would you say it's similar as in previous years?

Right now we're staffing up mainly in the US and Canada and the UK. That is where we have the large orders. We're also staffing up in Portugal and Sweden, where we have significant orders. And I would say these are the main, with US especially leading, because we need to staff up there.

And then a final question from Nicola. And has NHS Scotland gone live at any site yet?

It's a development process of deliveries. migrations of archives etc. started, but it's not live yet.

Thank you. Then I will move on to questions from Kristoffer Liljeberg at DNB Carnegie. And the first one is any timing effects explaining strong sequential growth for the cloud recurring revenue? Does it include any one of payments?

The answer to that is no. No significant one-offs or material impacts from one-off payments. It's related to volume frauds.

And the next question. Is the lower gross margin in the quarter explained by an increase of cloud storage costs?

And goods for resale include hosting and storage costs, also includes hardware and components. And as the volume goes up, hosting and storage increase, but we can also have other components that impacts goods for resale and the gross margin.

Thank you. And I think the next question from Christopher Lilleberg is for you, Torbjörn. Can you please explain rationale for the acquisition? As you have previously said, you did not want to bet on a single AI solution, but wanted to be vendor neutral.

We are vendor neutral still. We will have a lot of different solutions for AI working with all our partners all over the world. But this is different. This is autonomous AI and they are approved for that. The only approved solution to actually replace radiologists work. That's a huge difference of aiding or helping a radiologist with different things and actually taking a part of the workload out. Because that is what really is needed. There is a shortage of radiologists all over the world. If we can take part of the high confidence normals in screening applications, when you scan and screen a lot of people, Most of the images are normal. If you set up sensitivity and can take off a significant amount of those, perhaps 20%, and say these are normals with very high probability, then no radiologists have to view these. And that's a big difference from other AI.

Okay, and a final question from Kristoffer. Can you provide details of how much you will pay for this acquisition?

We have not disclosed that.

Then I move on to questions from Jakob Lemke at SCB. The first question is, could you elaborate on what drove the strong increase in cloud recurring revenue sequentially compared to K3?

All right, I think we touched that in the previous question. So it's volume growth as we go live with new sites and as the usage increases, our cloud recurring revenue grows.

And I also think you touched upon the next question previously, but you could repeat as well. Was there any impact from retroactive revenue recognition of cloud revenues in the quarter

The answer is no.

And the next question is about the implementation process. Can you give an update on where you are in the implementation process on Quebec, US multi-state healthcare system and Greater Manchester?

We can begin with the last. Greater Manchester is all live since many years, so that's no No change over the last year. It has been live a long time. In Quebec, we are archiving everything, and two hospitals are live of the 100 plus that will go live, but two of them are live. In the large U.S. products, in all of those, there's one or two or three regions going live, and they are split up in regions, but the majority is still to come.

And the next question from Jakob is, could you elaborate on what drove the strong order intake in the quarter?

The orders we are doing selling well in many countries. So there was not one of those massively large, but still a lot of order intake.

And the next question is, it looks like you have won many deals in this fiscal year beyond what you have press released. Is the ambition to get these live in one to two years, or do you see longer implementation timeline since the backlog is increasing?

We're getting better and better and doing it faster, but there are significant delivery times in these. Not the least because you have to migrate archives, and archives have to move over when archives are included, and that takes time.

And the next question is, what drove the large increase in goods for resale in the third quarter?

Okay. Well, like I said, it includes hosting and storage, hardware and other components. And the increase is a mixed quarter on quarter.

And a final question here from Jakob Lembke. And this is for Torbjörn, and it's around AI again. Can you elaborate on what has driven the shift in your AI strategy from only integrating third-party tools to now developing your own? And a follow-up on that, should we expect you to build more AI tools internally?

As I said before, partly, mostly, I've replied to that question already. Autonomous AI is different. This is significant cost reductions for the healthcare and hospitals. We have never said that we would not ever do AI ourselves. We say we will not compete in all areas. But if it's good enough for hospitals and a big business, especially autonomous AI, we can do a few ourselves. We will not do everything.

Okay, thank you. And I will just check my mailbox once again. And there is no further questions. So thank you Torbjörn and Jessica. Do you want to say anything more Torbjörn?

Thank you. I'm right now in Vienna and a very successful radiology ECR. And next week we will be in California at HIMSS, which is a large informatics conference. So there's a lot of sales activities going on right now so best regards and thank you for listening again