Good morning. For those of you who don't know me, I'm Claudia Thomé. I'm responsible for investor relations. Welcome to all of you today here at the CompuGroup Medical Capital Markets Day. On behalf of our managing directors and of the whole group. It's been two years since we had a Capital Markets Day in person here, and we are truly delighted to be able to meet in person again. It's really great to see you all. This is the world post COVID too. Many of you opted to join us online today, so welcome to all of you on the screen out there as well. The entire event is video webcast live on the internet and will be available as a replay going forward. Including all of the questions you may ask during the Q&A. The webcast will pause for the lunch break. Should you need anything during the day, please don't hesitate to speak up. For our guests on the financing side, please talk to Stefan Herkommer, our colleague from Treasury over there. Of course, Investor Relations is here for you. I think you've seen Frederic Freischel over there and myself. I know this is the part you're all super keen on, so please take note of the disclaimer and our safe harbor statement. This applies to all the presentations, and please take note, especially with regard to any forward-looking statements. Now let's take a look at the agenda. We've got the morning session with speakers being Michael Rauch talking about the strategy, Hannes Reichl about the hospital business, Eckart Pech about the data business. We will then have a joint Q&A session at the end of the first session, so please save all your questions, and I hope for many, until the end of the first session. If time allows, we will also include questions that you send us by email to investor@cgm.com from those of you out there watching the webcast. If you send questions by email, please confirm explicitly that it's okay for us to state your name, and if you don't, we will read your question on a no-name basis, time allowing. We will then go into the lunch break, and the webcast will pause. In the afternoon session, we will then have a session all about our ambulatory business. Speakers include Angela Mazza Teufer for the DACH region, Emanuele Mugnani for Europe, and Derek Pickell from the US. Again, this will be followed by a joint Q&A session for all three speakers. If I may ask you to switch off your mobile phones, so we're not disturbed during the day. That's all the housekeeping I've got for you. With that, we would now start with the presentations, and I hand over to Michael Rauch, our Spokesman for the Managing Directors and CFO. Thank you, Claudia. Thank you. Good morning, ladies and gentlemen, and a warm welcome also from my side. Actually, dear analysts, dear investors, dear representatives from financial institutions, dear employees listening in, and dear everybody sipping a morning coffee in the East Coast of the U.S., we appreciate that you're listening in via broadcast over the internet and that you're here in presence. Claudia mentioned it, three years ago, 2019, was actually the last physical Capital Markets Day here, and then 2020, 2021, we had virtual ones. It's so great to interact with you here in person again, and thanks for making the effort to come here. We know that in these days, that is not the usual thing to do. Three years ago, we did have a demonstration in the break also. The demonstration in the break three years ago was about the interaction of the components of telematics infrastructure. How does a card reader interact from the patient card side with one from the healthcare provider side with the connector? How basically can that whole network securely ensure data travel? Today, we actually wanna go much further because things have evolved over time. Today, in the break, you're going to see a demonstration of e-prescription from the AIS side towards the pharmacy side, and you're going to see also insights of Insight Health on data, and you're going to see also our VISUS acquisition, which we bought last year. They are going to demonstrate to you also in the break opportunities on imaging and how we can use that going forward. A lot has happened in the past three years. Actually, the company grew 50% in size. We are much more international with a sizable presence in the U.S. nowadays, and I'm very happy that our U.S. CEO, Derek Pickell, is also here and is going to present to you later on. We have a much more enlarged European footprint. That's why Emanuele Mugnani, later on, going to give you insights also into the AIS business for Europe. We have become also on the management team much more diverse. We have Angela in our team heading the German business, and we have by now only two Germans on the board of managing directors. We are building with CHS, a unit which we formed only in 2019, two strong pillars by now. One was the telematics infrastructure business, where we grew to EUR 100 million revenue already. The second one was our promise to build a data business growing towards also EUR 100 million in revenue. If we take into account the latest acquisition of Insight Health, we are on a very strong path towards that direction. Last but not least, with the various acquisitions done and the strong organic growth rate based on brilliant products in the HIS space, we've also managed to grow HIS business to a level of EUR 300 million. I'm very happy that Eckart and Hannes are going to present also after me. Now, strategy and way forward. Actually, in spite of all the dynamic developments and all of the VUCA waves that people talk about, CompuGroup has always had a clear North Star direction. Our founder, Frank Gotthardt, had the vision with its guiding principle, "Nobody should suffer or die because at some point medical information was missing." That is indeed a highly motivating vision for us, and it's a purpose on a day-to-day basis in our work. Actually, nowadays, you hear a lot of people talking about meaningful purpose. That discussion has become en vogue. In essence, Frank Gotthardt actually came across that many, many years ago. It's an inner desire for everybody, for all of our employees working at CompuGroup, to make sure that we actually bring the loose ends together along the patient journey and make sure that we enable practitioners to better focus on curing the patients. When you read that vision, "Nobody should suffer or die because at some point medical information was missing," think about all of the solution and product offerings that CompuGroup has on board. Think about telematics infrastructure, electronic patient records in doctor-patient interaction. Think about digitized electronic health record flow between hospital departments, no longer paperwork. Think about e-prescription. Think about rare disease pattern recognition. Think about THERAFOX medical data solutions. Talking about the patient journey, physicians serve as the ultimate navigator of the patient. Actually, our products enable and support the patient journey on multiple touch points. Through all the presentations of my colleagues, you will see that chart, probably more often today and depicting selective touch points so that you better understand how it all ties together. I just wanna give you a couple of numbers along that patient journey. We at CompuGroup, we have more than 100,000 doctors across Europe being our customers. We have more than 60,000 ambulatory providers in the U.S. We have more than 2,000 hospitals and social care institutions in Europe. We cater for more than 15,000 pharmacies in Europe, and for more than 4,000 labs in Europe and U.S. That is a unique coverage in the healthcare sector, enabling the patient journey. As I said, the colleagues today will point out at various touch points. That unique positioning actually comes along with a very strong and extensive product portfolio. Our broad product portfolio reaches from simple to highly specialized, sophisticated solutions. Specialized in core systems, we digitalize the most relevant and complex parts of our customer workflows. We are deeply integrated in our daily customer work routines, be it in the doctor office, hospitals, laboratories, pharmacies, or other healthcare institutions. That broad position and the core systems are the basis for add-on solutions, for products, features like security solutions, interoperability features, and data analysis. This as an example enables us for instance, in Germany, for more than 30% of all sick notes and e-prescriptions processed by CGM through our systems. The depth of our systems is unparalleled. Our domain expertise is as deep as it can get. There's no other provider with that many years of experience. Products are tailored to customer needs over three decades. We know what we know. We know our business, and we know the healthcare space. We build solutions supporting our customers to better focus on the patient's well-being. On top comes a regulatory expertise. That's why for us it's important to be well established in the individual markets we operate in and to understand the regulatory requirements, the reimbursement rules, the invoicing possibilities in order to serve our customers best. We have more than 2,600 developers coding millions of programs. Actually, millions of lines of code are woven into one single product alone. We are, however, always on the lookout for synergies across product lines and market segments, harmonizing the backbone, but making sure that we customize tailored front-end solutions with our strong workforce serving the customers. Now, why are we perfectly positioned to succeed also in the future? We are relevant in our markets. We have a very strong footprint across Europe and the US, and not to forget here also on the map depicted, South Africa. Our extensive country presence is an asset in times of more demanding complexities and interdependencies to be managed. The fully operable medical record flow in a fully secured and GDPR compliant way with real-time accessibility of data by doctors, pharmacists, and patients. As I said, we always take into account the latest regulatory requirements and the most recently agreed invoicing and reimbursement rules, which, by the way, we need to update in our systems every quarter. That's why we concentrate on relevant markets for us, on main markets within Europe and on AIS in the US from a position of strength, and we wanna make sure that we can from that position, serve our customers best. Not only do we have an improved customer footprint across Europe and the US, but we also significantly strengthened and broadened the market offering within each of our segments. I mentioned in the beginning, HIS is by now more than 1/4 of our total company. The US has grown to more than 1/10 of total CGM, and the CHS segment, as I said, formed in 2019, has two strong pillars, almost both EUR 100 million in revenue, data and telematics infrastructure. I would say exciting times to stay invested and invest evermore. Not only exciting times for us, but of course also for our customers. The world is transforming evermore. We see the trends shaping the future of healthcare, and just to name a few, I mean, you see them here on the chart, the larger practices, which will actually require that EHR system manufacturers cater for those needs. That will be costly. It will be easier for the larger established ones in the market and much more difficult for the smaller ones. Patients' demand for digital interaction. Also that will mean we need to take it from a healthcare provider angle, but also from a patient angle and make sure that we actually tie both ends. Digital workflow and efficiency, making sure that we can make the lives of the healthcare practitioners easier so that they can focus more time on the patients. Interoperability, a secure data flow, not only talking in Germany about the telematics infrastructure, but also exchanging data in every country between a practice, a doctor's office, and a healthcare institution, for instance, or a lab, and making sure that this is fully in a secured environment so that there's no data breach. That means complexities are growing, and we need to make sure that our customers are ever better equipped, that they're being serviced with ever better sophisticated systems, and that their staff is ever better educated. It's not only us recognizing that what we call catch-up potential for digitization, but it's also our customers actively voicing that. Let me just depict two numbers here from German statistics. 60% of our doctors think they're lagging behind in digitization. 55% of hospitals consider their degree of digitization rather low. Now, that actually warrants additional efforts from all interested parties to improve healthcare, reduce lag time, improve costs to operate, and to enable ever more digital interaction amongst healthcare institutions and between doctors and patients. We from CompuGroup, we are here to support our customers, and we wanna leverage the growth drivers. On the regulatory tailwind, think about the 21st Century Cures Act in the U.S. Think about the Hospital Future Act in Germany. Think about Ségur de la santé in France. Think about MedMij in the Netherlands, and I could go on. Talking about offering of new modules and add-ons like the KIM module, for instance, which is a secured communication in the telematics infrastructure, and also the electronic patient record now becoming ever more accessible by patient and doctors and traveling from doctor to doctor office. With that, enabling the patient journey, video consultation, online appointments, e-prescription, interactive platform partnering with our solution providers, you name it. There's a lot for us as opportunity to grab. We will support our customers according to our strategic priorities. Let me just make that point very clear. Our strategic priorities remain in place. We said from the beginning, we wanna innovate on a scalable platform and transform the organization to deliver great customer experience and scale. We do that with an enabling of a distinct patient journey and data flows. For that, we have identified what we call five drivers of growth. You see them depicted here, and you will see certainly later on in the individual presentations of my colleagues some more touchpoints. On the AIS side, talking about Germany and Europe, we are going to make sure that we roll out new models and functionalities and discuss on how we can get more patient portal revenue. On the US side, we have a strong synergistic growth, and Derek will speak about that. On the HIS side, we have the latest and newest system out there in the market, which is getting a lot of traction, where we're winning some sizable hospitals. I'm sure Hannes will mention that. On the telematics infrastructure, let me caution you a little bit on that one because that depends a lot on regulatory environment and development. That's why we said on a KEGA base from 2021 to 2025, we see some positive single-digit growth rate organically. There could be years when we're not growing so strong, and there could be years when we're growing extraordinarily strong, particularly if you see that on a quarterly basis, and I will come to that later on. There might be some ups and downs. Still, it's a sizable business. We built it in 2017 only. It started 2017, and it's EUR 100 million business by now. How often do you see that in the healthcare space happening? Well, okay, we can do it with the data business as well. Then last but not least, I'm talking about the data business. That is our innovative new angle, and Eckart is fully focused and will explain to you on how we can grow more here and make sure that our customers are getting more decision support tools. We also have a demonstration, as I said, later on from Insight Health in the break. All of these strategic priorities and directions are reflected in our midterm ambitions, and we actually wanted to update those taking into account the latest acquisition for Insight Health. When we go through the lines, you see that we set up for ourselves a target at the end of 2020 where we said we're going to invest in 2021, with a little bit trickling into 2022, in order to achieve a compounded annual organic growth rate of more than 5%. Now, let me just pause here for a second. Organic, excluding FX and acquisitions, as you know. If we include FX and acquisitions, we grow 10% easily, right? You see that also in the first half of this year. But this is the organic number, more than 5% organic growth. Where does it come from? 3%-6% on the AIS side, with the larger part here basically coming in terms of the growth rate, high single-digit on the US side, and 2%-5%, Europe, which is Germany and all the other jurisdictions outside of Germany in Europe. 6%-8% on the HIS side, and 6%-9% on the CHS side, with a little caveat I made earlier. There will be ups and downs in the telematics infrastructure. That's why on average, the CAGR is 1%-3%, but it's difficult for us to forecast the development quarter by quarter. Data used to be at a bit higher growth rates. Those of you remembering our last year's Capital Markets Day, which was still virtual, we had a double-digit number here on. Now we lowered it a bit to 8%-12%. That has to do with the inclusion of Insight Health, and Eckart will also address that topic later on. On the PCS side, we have a very stable pharmacy business. Now, that might not be fully intuitive for some of you because you might say, "But stable? Wait a second. Don't you serve majority stationary customers, and don't we expect some of the pharmacies actually to shrink in the number of pharmacies out there in the markets?" The recent study has just come out for Germany, and you see the number of pharmacies going down. Actually, we sell not per pharmacy, but we sell per workstation. The numbers of workstations are strong, are growing, and Emanuele will speak to that also in his presentation. PCS side for us is at a lower growth rate, 0%-2%, but it's still very relevant at a high margin. If you take a look at PCS, for instance, in the first half of this year, you've seen an outstanding growth rate for PCS in the high single digit and with a very strong margin. We're very happy to have that business included in our portfolio. Talking about the midterm ambition, the proof is in the pudding. You might ask yourself, "Well, he can show a lot of charts, but where are we right now?" End of 2020, we said we wanna grow more than 5% organically. Actually, on the first year, in 2021, we delivered 5.8%. You could say, "But, Michael, now we are in summertime 2022. How did you do over the last 12 months?" Over the last 12 months, we delivered 4.4%. Like I said, telematics infrastructure has its ups and downs. If you exclude that out of the number, you're at 5.9% even. You see we are strongly growing organically, and we're delivering proof points. Let's go back in time. In 2019, 2018, 2017, 2016, if you exclude telematics infrastructure, we had been growing as a company around the 2% organic growth level. The company growth at those times mainly came from acquisition. Smaller acquisitions, but the magnitude of the acquisitions led to a face-value growth number. Organically, it was actually only 2%. 2020 was the first step-up, with a 4% organic sales growth. In 2021, we delivered with 5.8%. Stay tuned. AIS, HIS, CHS, with and without telematics infrastructure, and PCS delivered or are exceeding even the midterm ambitions in the first 12 months. That's why the first 12 months, or sorry, last 12 months, they also include the half year, the first half year of 2022. That's why when we revisited our half-year results and we came out in the beginning of August with, our numbers for the first half year, we actually raised our guidance. Now, you could say, "But Michael, that's a pure trick because you included Insight Health into it," which of course we do as an acquisition. You notice Insight Health in the first year cannot be organic. We also upped our organic range from 3%-8% originally to 4%-8% now. Consequentially with Insight Health acquisition, we also upped the lower part of the EBITDA range from EUR 240 million-EUR 260 million. I just wanna state that in case there's any doubt, today we are reconfirming this guidance. Whilst we delivered on our organic growth ambition, we are aware that part of the market is not yet fully convinced that we will achieve our midterm targets. Particularly, some of you might have doubts on the margin expansion. That's why also today you will see that not only in my presentation but also in the presentation of my colleagues, we will focus on that part also in order to show to you that we are confident that we can increase our margins going forward. In essence, how do we do that? From this year to next year, we are shifting gears. We have come post the investment mode. We are now steering the company towards significant margin expansion, and you might ask, "What are the drivers, Michael?" Let me just walk you through the drivers one by one. It's the growing revenue with an ever more increased recurring revenue share. You saw that maybe already for the first half that we increased our revenue share. We said we wanna go north of 70%. We were already towards 70% in the first half of this year, so we set until 2025, north of 70%. Let's see how far we can actually drive that up. We wanna focus on gross margin expansion, leveraging some of the opportunities from within. For instance, we noticed we didn't have a centralized purchasing department. We now combined that, and with that we are going to generate economies of scale, and we are going to leverage, and that is the biggest source of benefit for us, our enlarged R&D powerhouse. We built up and invested a lot of personnel in development, and we started and kicked off a lot of initiatives end of 2020, and invested into those in 2021. We always said these investments will level out, so we're not reducing the number of investments in R&D, but they will level out talking about an even euro amount. With that, the percentage of R&D investments will go down as we grow in sales. Additionally, we will of course optimize our spend base going forward, and we will look into the reduction of contractors, which by the way, we also use to develop some of our products. We do recognize that everybody of us has inflation in the back of his mind, and we are discussing on how to get best protected against inflation. There are a lot of means and a lot of levers we can pull. Let's not forget, besides selling add-on modules, besides optimizing our own internal structures, besides focusing on the projects that really bring the lead and the win, we have an enormous pricing power based on the stickiness of our customer base and based on the excellent service which more than 9,000 dedicated CGM employees deliver 24 hours, 7 days a week in order to make our customers happy. The team is focused, is committed, and confident. Hence, we are clearly confirming our mid-term targets, and let me just elaborate a little bit. The margin target is 25% for next year, and we set around 25% because we don't actually know really at what moment in time inflation will kick in to what degree and when basically our countermeasures are going to take in, but we set around 25% for next year. We set 27% for 2025, and if you look back to the track record, we were in 2019 at 25% margin, in 2020 at 26% margin, so we are very confident that we can go back to that margin level, despite some of the headwinds which we face in terms of inflation. We will clearly continue to invest in R&D, but as a percentage of revenue, it will go down post the investment phase. Now, let me summarize our value creation path. It's based on higher growth and profits. Let's take all of the elements into account. We actually have, with our team on board, a very holistic view on the entirety of the patient journey, and those of you here can see that also on the break. We are very consequent in the way we implement digital solutions for our customers with the full dedication to making sure we have the interoperability and the exchange between healthcare providers on the one side, and also between patients and healthcare providers, and also institutions, not to forget. We can solve the customer challenges with best-in-class digital solutions based on the platform which we already have established with future sales for add-ons. As I mentioned, we're expanding our strong recurring revenue base, and we've demonstrated already that our organic growth is on a higher level now. Last but not least, we are confident that we will see an overproportionate EBITDA increase post the investment phase, which is going to propel our return to continuous EBITDA margin expansion. All of that is only possible with more than 9,000 dedicated employees, which are represented here by a very strong and experienced management team. I'm very happy of the team that we have today here and that is going to present to you and that is leading the company forward. We have a fully international, a highly knowledgeable, a fully customer-focused, a fully strategic, and fired up for continuous improvement team. We are 100% committed to make the difference for our customers and for the benefit of the patient. Today, you will have access to all of us being here, representing our teams across the world that are proudly serving our customers 24 hours, 7 days a week. I would like to thank you for your attention and wish us all an exciting day. Thank you. Now, I would like to hand over to the next presenter, which is my dear colleague, Hannes Reichl. He is the longest standing member on the board of directors. Yes, it's true. Yeah. Very happy that you're here to guide us through the exciting developments within the hospital information system segment. Thank you, Hannes. Yeah. Thank you, Michael, for framing and for the introduction, and welcome to all of you to the 2022 Capital Markets Day. My name is Hannes Reichl. I'm also an international part of the team. I'm from Austria, and I'm happy to be here today and, thanks for having me. I think digitization is a key element for health providers, and especially during the pandemic, we have seen that those who have a rather high level of digitization have been able to manage the crisis much better. We speak about medical documentation. We speak about automation of processes. We speak about sharing data, communication. We speak about decision support, but we also speak about artificial intelligence. Those are all kind of buzzwords we hear, not just only in the health industry. In the health industry, we clearly see that we are lagging behind. This gives us, along with our purpose and along with our mission and strategy, a lot of power and a lot of opportunity having in front of us. The main question for us is: how can we improve healthcare delivery? How can we deliver more success to the customer and create value? How can we finally grow as a company, as CGM, through next generation technology? Let me first start with a brief summary and an overview what we achieved so far since we met last time. We are fairly proud that we already delivered within the first year since we have given the midterm guidance on track. Our organic growth in hospital, which is totally organic without any acquisition, over the last 12 months as of June, has been 6%. Asking about the drivers behind that growth, I would figure out 3 very important elements, and I will deep dive into that a little bit more later on. We can clearly say that number 1, the net new win of customers based on our strong product, based on our complete portfolio, runs quite well. 2, we have been able to upsell and cross-sell a lot of modules across all platforms and across all countries. The whole growth is also backed up by a very strong cross-selling initiative. Number three, what we clearly see is that after creating a lot of perpetual license deals with the net new wins and the module selling, we can translate that clearly into our strong substance, which is the recurring revenue base we could also increase within the last 12 months. The second strong pillar with regards to highlights is of course the regulatory tailwind. Michael figured it out already in his speech. Especially the Hospital Future Act is kicking us, is driving us. That is a very strong initiative for us, and we came across EUR 50 million order intake already, as of August, which is quite in line with our plans. I will deep dive into that as well today. Last but not least, I reported that last year we did 3 very important acquisitions for the HIS segment. Number one, VISUS, KMS, and Meta IT. That was because we wanted to complete our portfolio in order to represent the one-stop shop to our customers. This is very valuable for the customers that they have one strategic vendor covering their whole processes and patient journeys. We did a lot of work for integrating those acquisitions, and I think we are executing quite well. The resonance from the market is perfect. We see a lot of dynamic coming in, and I think that's running quite good according to our plans. I will deep dive into that as well today. After, and you can remember that obviously, taking over the Cerner assets, we are the clear number two in the European and DACH HIS market, as we call it. Which is also important to mention is that it's not just the DACH area, which of course accounts for the biggest part of our HIS business. We are also strong in countries outside DACH. We have very strong footprint in Sweden, in Poland, and in Spain. It is important to know that based on our representation across all segments in the healthcare, we created a very strong USP to our customers. Our customers are diversifying their portfolio as well, and we are fitting with our portfolio quite well into their strategies, which gives us a very strong dynamic in sales. The important statement is that HIS represents not only hospitals. We are covering the full chain of, let's say, the larger health providers. Another important statement I made already is that we actually grow with net new wins across all those, elements in our portfolio. What you see here is our current footprint, and we reached up to more than 4,000 implementations until now. Starting with the post-acute area, which is for us, rehab and the social nursing home area. We won a very large customer with more than 200 nursing homes and implementations. This is a multi-year project, which will show up with further revenues also, forward-looking. Also in the lab area in Europe, we have been able to win almost 10 new implementations. The laboratory business is a quite mature business. Laboratories are kind of factories. Everything is about throughput. Everything is about automation. We are very proud that we could win the trust of further 10 customers to do that for them and to help them to improve their daily business. In the radiology area, which is basically the VISUS business we took over, we have been also quite successful to win further customers. We won already in the first year after the takeover, 150 new implementations, which is great and makes this acquisition quite accretive already within the first 12 months. Last but not least, the acute business, which accounts for 70% of our revenue. This is, you could call it core. Even there, we have been able to extend by net new wins of 20 further projects, which are also multi-year projects, long-term projects, and we could increase our footprint. All in all, this is one of our big growth drivers that we win new customers. To phrase that again and to underline that again, it's not just a pure DACH business, Germany, Austria, Switzerland. We are also strong in extending our footprint outside of the DACH area. For instance, you see here in Poland, we won one of our biggest projects in history, the Pomorskie project. 13 hospitals, one region, 6,000 beds. They all implement the same system, the same processes, the same level of automation, data exchange, a very innovative solution we're gonna implement over the next 18 months now. Also in Spain, a long-term customer, the Madrid region, decided to extend the existing contract by 40%, which means a lot of innovation kicking in here. It's a lot about big data, a lot about analytics and decision support we are implementing, and we won a new five-year contract with a reasonable size. Also, very long-term partnerships have been extended. One of our, let's call it oldest customer, the region Stockholm, extended the contract further by four years, in order to implement new elements, new functionality to improve their existing system a lot. That also shows that we can deliver value to existing customers by extending the contracts. Michael spoke about that earlier before, and it's quite important for me to get a bit deeper now on this statement. The Marburger Bund made a very interesting survey, and they just released the numbers a couple of weeks ago. Almost 10,000 doctors employed in hospitals answered a lot of questions, and some of those questions were clearly dedicated to digitization. Interestingly, 55% of those doctors came back and said, "We believe the degree of digitization is rather low to low," which is amazing. On top of that, and that is even more, let's call it dramatic, 66% of this population said, "We are not well equipped with IT, and we are not well digitized." This is not surprising because 57% of the same population said, "We are working more than three hours on administration." Things like data collecting, things like administrating documents, scanning, whatsoever. That takes them away from treating the patients, which is their actual profession. You could say that's alarming on the one hand side. On the other hand side, we see this as our purpose to improve that. If I translate that right, if we deliver and we go on to deliver right functionality, if we invest into the right modules, we will meet 60% of doctors out of those 57% want to get rid of administrative work. I think that drives us forward. It's a clear challenge, but we see this as a clear demand-driven market, even for a very longer period of time. Let's now go away from the demand side and look a little bit into the supplier or the vendor side of the market. What you see here is actually two things. It's first of all, our view on the market. We speak about only the acute space, so without diagnostics, without lab, without rehab, and social care. Information number one, CGM is positioned well in position two, very close to number 1, and with a good distance to the number 3. The even more interesting aspect of this slide is we are in a totally unconsolidated market. There is a big, big number of little players out there still, and they have a hard time to keep track on the regulatory demand, to keep track or to cope with the every year growing R&D expenses and cost, and this combined with low scale. Another element is that if you look on the top 10, there are some players out there who didn't start to invest into new technology. Some of those even announced to put their systems end of life in deprecated maintenance. We see a relatively big wave coming up within the next 3-5 years. Tenders on the market where hospitals need to procure new systems because they are simply forced. We count with about 200-300 hospitals to come, and that will fuel further our growth, because we feel ourselves very well prepared in terms of technology. To summarize that, we see, you know, in the HIS segment, a very large chance to increase our footprint further. Let us come now to a, I think for you, very interesting thing, also for me, a very interesting thing. It's clearly the big rock we are running at the moment. Let me briefly report a little bit how we are executing in that project. We actually did three things, and we focused on that over the last 12 months. First of all, we shaped our portfolio. The Hospital Future Act clearly defines a lot of must criteria you need to deliver in order to get it funded. We were quite well-prepared, so we were covering a lot of those criteria already with our tools, but still there is an investment we see to do also for the next months to come, 12 months, roughly. We are super well-prepared in the meantime, and we see the resonance from the market clearly. Second, we maybe created one of the largest sales campaign within CGM over the last 12-18 months, and we created 1,200 sales opportunities across our customer base, which is now in our funnel. Number three, we pre-invested into building up service resources. Hospital projects are always connected with a very large consulting and configuration component. That's what we did. We trained people. We onboarded people. We are really ready to now kick all the projects off. In some projects already we are working on. I think we are executing quite well. The federal government, which has to approve those applications, and we expected that somehow, was a bit late. We have seen growing approvals in the first half year now, so that the approval from the federal government is, I would say, check green. As you know, certainly it's co-funded by the federal counties. They take over about 40% of the funding. Now a lot of those applications are on the desks of the federal counties. Again, we expected that somehow it takes some time. They are not sitting on enough capacities to do all these approvals at the same time. We see now more dynamic for the second half year, and especially we are very confident for the next year, that most of the projects were gonna be kicked off. In our last capital markets day, we targeted EUR 40-60 million revenue. In the meantime, we increased that range to EUR 50-80, and we are quite confident as we just came across EUR 55 million order intake. We have that in our books, and we know exactly what to do. We are ready from technology point of view. We are ready from capacity point of view. I'm quite confident that we will deliver on the EUR 50-80 million revenue guidance we gave. Let's now go away and from the hospital space and speak a little bit more about the VISUS acquisition. We are really proud about that business unit. I would have loved to speak about all acquisitions, but I have chosen one out of timing reasons. What is VISUS doing? Whenever it comes to the systematic organization of data, VISUS comes into play. Imagine in a hospital, there are hundreds of doctors, and they do decisions, and at the time of decision, they want to have all documents together at a glance. There are uncountable different types of data. Movies, signals, data from machines, manually collected data, scanned document, whatsoever, MRT, radiology pictures, a lot of different things, a lot of different data from a lot of different sources created in different processes. This is what VISUS is doing. VISUS organizes the data to bring it together at a glance when the doctor is doing their decision. This is very cool product, and that's also the reason for winning so many new customers. It's quite convincing. For instance, we have in Germany the largest European radiology teleradiology network maintaining. We do similar in the Netherlands. VISUS is active in 36 countries at the moment. I'm very proud today that I have Christian over there, and he's one of the colleagues who is doing the breakout session. You will gonna get a deep dive into the product, a hands-on training. Enjoy it, touch it, and I think you will be surprised what different things we are doing with VISUS. Very good. The execution runs quite well in terms of integration. I think all sales channels, all synergies we have foreseen are addressed, and that runs quite well and accretive. Let's now have a short trip also in the post-acute space because that is always a little bit under the shadow of the other large areas. We have great news also from that area. When we speak about post-acute, we speak about nursing, the overall nursing area. The traditional concept of nursing homes reached its limits. There are three, four main reasons for that. Number one, that's the no-brainer of everything, the aging population, demographic change, so we are getting older and older, so simply more people to serve. Second, over years, and the pandemic kicked that and pushed that even more, we are faced with a lack of professionals. Very tough working conditions, partially underpaid night shifts, hard time for those people, and many nursing homes have to close down rooms, floors, because they simply can't manage it. Number three, we are getting older and older. The medical treatment is getting better and better, so we are healthier when we are getting old, but we still need some services. Only simple services. We can stay at home, we need simple services. That led the overall market into a transformation which is going clearly in the direction of ambulatory and mobile care. The mobile care space is of course also driven by the government. It's first of all much cheaper to serve people at home. On the other hand, it's also more precise, because if you only need simple services, why should you stay in a nursing home? At the moment, we see a dynamic that roughly 40, 50 mobile care services are founded a month. These are relatively small companies, 1 to 5 employees or freelancers or a group of fellows working together, and they are working very locally. If they start such a service, they in many times have the problem to maintain an IT system. They have simply no knowledge to run servers in data centers. They don't know how to administrate everything. They need to invoice it. They need to do claim management with the payers. They in most cases are not funded well because they are startups. We combined all these demands together and created a product which is called WeYou. We care for you. That's a synonym. We are addressing this market niche with that fully SaaS-based product. We have a claim we are the helper of the starters, and we are now in a beta phase, so we have pilot customers running the system. Without even starting the go-live, we won already 50 customers in the first month. That is a very innovative package. Just to give you an idea how that runs, some elements I explained already. Imagine there is, we called her Steffi. She is working in a nursing home, fed up with night shifts. With three fellows, she decides, "Let's do that in our village. We have kind of 60 people needing some support. Let's address that." Steffi starts thinking, "How should I administrate everything? How can I do the invoicing? I need some money for the first 3 to 5 months. I don't have servers. What can I do?" She finds WeYou on Google. She gets a little consultation with our support desk in sales, and after 1 day, everything is up and running. She can start working with the clients, go out, plan the tour, document the service, record the time, everything what she needs for the billing. This goes in the background. Everything is combined with a pre-financing service from a partner. She gets the money already if she collects the data about the services. Everything is pre-financed, and she can start running. That's a very, I would say, convincing package, and we are quite eager and confident, that we will create a very big resonance on the market, as soon as we go live with that. Taking everything together, I think I could show that we have a lot of trends, initiatives, good products, very stable foundation, so that we can have confidence to grow further with 6%-8%, like we guided midterm. The question is now, and Michael framed that already, how does that play into our overall ambition as CGM to improve our margin levels? Looking on that from a bird's-eye perspective, I would see three levers which are summarized here. Number one is the revenue mix. We clearly see from the net new win from the up and cross-selling that we increase our perpetual license sales, which will on top convert into highly accretive recurring revenues as maintenance contracts. This is clearly pushed by programs like Hospital Future Act, but you have seen that on the slides. We do the similar things in other countries. The number two is R&D efficiency. We invested a lot, especially in new technology in hospitals, and we needed to do that in order to come across a certain maturity, which we achieved now, with regards to our products. I talked about that earlier. We will see a lot of demands going on, so we will need to keep R&D expenses on a high level, but I clearly see R&D expenses to decrease in relation to revenue for the next years to come, which will pay into, of course, a margin increase with all the elements Michael figured out, so that we reduce consultant and contractors. Number three is, and that was part of the rationale for the acquisitions, that we completed our portfolio. What does that mean in the background? We have been selling those products as part of our sales program already before. As we now own these companies, we will increase clearly our gross margins. That will be very accretive in terms of margin growth. On top we see, and Michael figured that out, we are now more than 25% of CGM. We reached a really good size in terms of scale, and we are now able to scale much better in sales, in the service, and the support area, and we have huge programs running to streamline the organization to get benefit from that scale effects in the next months to come. All in all, the combination of the growth level 6%-8% and these three levers, we are quite confident and comfortable to improve margin levels along the overall CGM ambition to reach up to the 25% in 2023. Let me draw a final conclusion. The HIS target market is a demand-driven market, and it will stay a demand-driven market for long term. We have a good tailwind from regulatory programs, not just in Germany, but also in other countries. We see further regulatory programs already upcoming now. Maybe that's topic for next year. We have an excellent customer base, and we can grow this customer base, which we clearly showed by winning 350 implementations only in 12 months. We have a very complete product portfolio reached up now with all acquisitions and the development we did so that we feel confident and comfortable to stay within the 6%-8% growth guidance we gave. On top we see significant potential now to reach up to higher margin level post investment initiative. That's all. Thanks for listening. Have fun with the VISUS presentation. It's very cool, and I think you will like it. Thank you. Now it's Eckart. Hello, investors, analysts, shareholders, and colleagues. Nobody should suffer or die because at some point medical information was missing. This is both an aspiration and an inspiration to the data team every single day. The entire team, including myself and the colleagues on the board, are firmly convinced that data is going to be a game changer for the industry as well as a value catalyst in the future for CompuGroup. I'm very excited to be here today, and let me just share a couple of data points with you to elaborate further or to illustrate why this field is so important and so vital for the sector. In Germany alone, we have 104,000 admitted drugs. We have 2,500 active medical substance. On a normal given day, we have 6,000 medical publications. We have 760 medical guidelines containing between 100 and 200 pages. We have 30 million Germans suffering from chronic diseases, and we have lots and lots of unexplored diseases. Take only into account 6,000 rare diseases and all the ones that may not yet be discovered or not yet be found. Healthcare data, at the end of the day, is instrumental and will help us to better respond to pandemics, to better respond and find a cure to cancer, to find rare diseases, and to ultimately deliver on the North Star of personalized medicine. Again, in essence, a game changer for the sector and a massive value lever for CGM. A look into the rearview mirror, how did it go so far? Since the last Capital Day, we actually delivered. The growth is at over 11%. We have launched lots of new exciting products. Some of them I'm gonna share with you. I'm also having my colleague, Thomas Fante, there from Insight Health, who's going to give you a view under the hood for Insight Health. We've invested a lot of money into our platforms, and as we speak, we've probably the most rich and compelling healthcare data lake in the entire sector in Germany with compelling products and services that reside on top. Last but not least, after two years of intense negotiations with Insight Health, I'm very honored and humbled that we were able to bring this fantastic team to the CGM family. This is a game changer. This transaction is a game changer for our data business and a credible proof that we are very fast at materializing the fourth pillar for our business. How is Insight Health looking? What does Insight Health bring to the mix? The core assets of Insight Health from my point of view, to sum it up, 20 years of hands-on experience in the healthcare data space. Also platforms, rich data platforms with enormous amounts of data. We're talking about 20 years of healthcare data history. We are talking about 100 terabytes of data, healthcare data, that we're adding on an annual basis. We have 12 billion healthcare transactions that we process, and we have very happy customers. 500 additional customers in this space with over 3,000 active users. Also translating that into figures, EUR 40 million of additional revenues on an annualized basis, bringing the total number of data revenue for CGM to EUR 100 million, north of EUR 100 million. If you recall, that's a number that we originally aspired or intended to achieve by the year 2025. Apologies for fast-tracking things a bit here. We have a scalable and proven technology platform, but you know what's more important than anything? We have a team of over 120 hand-picked data professionals in healthcare. These people are rare species who can interpret such complex data like in healthcare. This is a real dramatic change for us that we cannot only collect data in an almost unparalleled way, but we can also translate them into value for all sorts of healthcare professionals and any stakeholder in the system. In that, in essence, it's a major milestone on our journey to becoming a leader in the healthcare data business, and you saw the slide of Michael with the number twos and number ones. In Germany, we are proud to be the number two in the data space, and that's the linchpin for what we aspire to do in this space. What do we now have in the mix? We believe that we have three fundamental ingredients that make us unique in the data market. First of all, it's the unique access to data. We have close to 1.5 million healthcare practitioners globally that touch our systems on a daily basis, and thereby an unparalleled and very fast access to real-time data that come out of the doctor's office, out of the hospitals, out of the labs, out of the pharmacy. That is an unparalleled advantage here. Secondly, we have over 20 years of experience in communication, in delivering context-relevant information to healthcare practitioners right at the point of care. When the action happens between the doctor and the patient, we can deliver context-sensitive, context-relevant information to the healthcare practitioner, which becomes even more relevant given the sheer amount of facts and figures and data a practitioner has to process during the interactions with a patient. Thirdly, now with Insight Health, we also add, in a very credible fashion, the piece of data and analytics to the mix. This investment, coupled with what we've done ourselves, puts us in a great place, and these three pillars, access to data, communications, plus analytic insight, are the foundation for further expanding and growing our data business and will allow us to unlock value for our customers across different target groups. Maybe a little view under the hood again. I introduced the data lake that we have. The data lake is so vital because if you have access to such an amount of data, you need to collect it in a very, very meaningful way to translate it into information. Otherwise, it's just a non-valuable collection. We've really invested over the last three years, not only to learn the ropes, but to collect enormous amounts of data. We have a doctor's panel of over 6,500 healthcare practitioners and doctors. We have already accumulated close to 1,000 doctors into what we refer to a longitudinal panel with more than 900,000 patient records, which allows us to also ultimately deliver real-world evidence studies. We process over 4 million prescriptions per month, and the number of new health records that we add every month almost tripled. The coverage in the pharmacy segment through the colleagues of Laura Fisher and the likes remains stable. That's represented with the red color here, Insight Health also has, or is bringing over 20 years of expertise in terms of data sourcing into the mix. We now have a representative pharmacy panel with over 6,000 pharmacies. We have access to the full wholesale data in the German drug market, and we have all the statutory insurance data, which gives us a view on the doctor's prescription patterns. It goes without saying that all the data is stored in compliance with the highest standards with respect to data security and privacy and fully GDPR compliant and anonymized. Based on the great footprint that we have in the healthcare practitioner segments, we cover the full cycle from anamnesis, diagnosis, therapy, prescription to distribution. That gives us a full view on how the pharmaceutical market is actually ticking on a near real-time basis, an unparalleled capability. We believe it's also important to focus those great assets and those great capabilities into dedicated offerings for different target groups. We cater and we intend to deliver value to four distinct target groups. Let's begin with target group number one, which is very, very dear to all of us at CGM. That's healthcare professionals. Healthcare professionals are under intense scrutiny. They have 5-7 minutes per patient. 5-7 minutes to process new regulations that come out every quarter. 5-7 minutes that are available to process 760 medical guidelines. 5-7 minutes to process drug interactions and counter effects if two drugs are accidentally prescribed simultaneously. At the same time, the doctors' population is shrinking, not only in absolute numbers, but many of the doctors that are there intend to work part-time or as employed. Very, very few or fewer and fewer doctors intend to open their own practice in rural areas. There's a shrinkage of supply while at the same time there's a massive increase of complexity. There we believe, and that is also at the heart of our vision, that we should give healthcare practitioners, in a non-invasive way, the tools into their hands to make the most possible out of those 5-7 minutes. For patients get more and more literate about health. All of us are wearing watches like this, and we monitor our personal health all the time. We offer dedicated solutions to better prepare and inform themselves or to manage their personal health actively on the back of data. The wider public, one of the most painful things during the pandemic was that the response, the federal response to this pandemic was not dissimilar to the response to the plague in the fifteenth century. Keep a distance, wear a mask. I believe deciding on lockdowns with a huge lag between having actual data and then trying to respond to that with two or three weeks of lag, this is not very helpful and not very useful. We're very excited to work with the Robert Koch Institute and also to be part of a European program to become better at steering or working through pandemics. I'm gonna talk about this in a minute. Last but not least, the industry, the pharmaceutical industry. How can they best allocate their R&D spend? How can they best allocate their marketing spend? We help them with real-time information. I'm gonna get to a couple of examples here as well. Let me begin with the most important group, the healthcare practitioners. We are supporting our healthcare practitioners with our THERAFOX tool. I'm elaborating on that again because I first introduced it on last year's Capital Markets Day, and I wanna be honest here and tell you how it evolved so far. We are seeing over 2 million interactions on that platform, which is fully cloud-based, and it delivered in a software-as-a-service model. It clearly seems to deliver value there. It helps to prevent adverse drug reactions. Adverse drug reactions are responsible for about 10% of all hospital admissions in the German market, so over 500,000 hospital admissions. Not all of them are avoidable through THERAFOX, but lots of them could probably be preempted. We're talking about up to 30,000 fatalities due to adverse drug reaction. We have actually seen tremendous momentum in our THERAFOX platform. The user base has been growing by 40%, and we not only see adoption in the CGM base, but we also see adoption from other, from third-party systems because they like the solution so much. We've also come up with a new release, and that is not so easy in THERAFOX because it's a medical product. It has to go through excruciating certification, rightfully so, because doctor's recommendation might be built on the outcome of THERAFOX. We've come up with another release, the 4.0 release, which offers higher performance, is more responsive in the design, and has a new user interface. Since we've launched it, the ratings have also gone up. THERAFOX, for us, also economically speaking, represents an enormous opportunity based on what we see in levels of adoption with our doctors' population, where we stand today, and to what extent we could grow it at hardly any marginal cost. We don't wanna rest on our laurels here. We wanna continuously evolve TheraFox, and the next frontier for us is medical decision support, where TheraFox adverse drug reaction tracker was based on really identifying interactions between medical substances and then an alert would pop up in the shape of a fox head. Now we come to the point that we wanna offer to healthcare practitioners the opportunity to have the relevant medical guideline in short form right at their hands. That saves healthcare practitioners a lot of research time, and it also ensures that they are in compliance with those medical guidelines, which is the thing that becomes increasingly relevant and increasingly important. Just to give you a clear example, our patient George, 55 years, married, 2 kids, has probably a funny diet for what he's facing. He is facing hypercholesterolemia, so too high cholesterol levels, but he also likes meat a lot. He takes a drug called Simvastatin. Because he doesn't feel well, he has a cold, he gets an antibiotic prescription, Clarithromycin, which is against his cold. Those two should not be taken simultaneously. The old THERAFOX would just have this pop-up with the head of the fox, and now we say we come up with an entire therapy, recommendation based on actual medical guidelines. No research needed, what else could I do, but a clear recommendation with a full therapy recommendation. We are going live with this in the Q1 2023, so already a sneak preview under the hood and a clear proof that THERAFOX as a great product is for us a foundation to explore the great opportunity of medical decision support, which is targeting the pain point that will increase over the next year that there's too little time for too much demand for medical supply. This to me is a game changer and is going to be helpful here. Another example, which is actually in the pocket of many healthcare practitioners in the German market, is the so-called Arznei aktuell. We are very proud about this. It's a drug database for your pocket. While you're on the move, why not use the modern means of communication? When you're on the golf course, take out your phone and research in the drug database, find out about drug interactions. We have more than 500,000 listed products. It's like an online encyclopedia for all the medications that are out there that are legal, that are proven. All sorts of interactions are being tracked. There's background research possible, et cetera. We have more than 60,000 healthcare practitioners signed up and who are actively using this platform, which we believe is a great digital reach into healthcare practitioners to populate even more decision support tools with them. Subscription, subscription-based model versus an ad-based model. Both is possible. The next example is what I refer to on a federal level. We are very honored and humbled to have been picked by a consortium of the French and German government, and we feel that we are in a very illustrative round there with the likes of Fraunhofer, of Sanofi, to jointly develop AIOLOS. I have to read it out here, Artificial Intelligence Tools for Outbreak Detection and Response. The essence is really that this should be changing the way that governments respond to pandemics. Everybody who works in healthcare knows and understands that COVID was probably just the beginning, and we're going to see more of those. Fortunately, we have data and analytics in our hands, which is why we need to up our capability to respond in a swift and intelligent way. We are very excited to be part of that consortium, to apply data and AI, to bring in our assets, and to be working with academia here as well. Now I'm going to go into the industry a bit. There we are talking about the magic 360 view. You can spend money on advertising and you cannot measure the effect. What we can do now with the addition of Insight Health into the mix, we can, based on actual research and actual analytics on how the market is performing, what is crossing the counter in pharmacies in Germany, in what region, deliver targeted marketing messaging so that the marketing money from pharmaceutical company is not spent for nothing, but it's spent in a very meaningful way, and it can be continuously optimized. This is also a big opportunity for pharmaceutical companies to get way smarter in allocating their funds. Where historically we only had the communication bit, we now add the analytics bit, which improves the decision-making in pharmaceutical companies quite a bit these days. Two examples of what we are about to launch and what we have launched in this field. Don't stumble over the name. This product, DARWIN, is not about selection. It's about going to the core, going to the source of the problem or the challenge. DARWIN is actually the first joint project or product that will be launched between Insight Health and CompuGroup Medical. It was issued as a challenge to the teams of Insight Health and CompuGroup that within the first 4-5 months of the acquisition, we wanna bring a joint product to the market. Here's DARWIN. It's combining diagnosis and prescription on the back of data from CGM's AIS systems in combination with data sources of Insight Health. It allows for deep analysis, both on the actual consumption and prescription of drugs based on different diagnosis or even different groups of specialists. Big benefits for the pharmaceutical industry. Number one, they can steer their marketing way better. Number two, they can target certain diagnosis they probably weren't aware that they would go along with their drugs. Number three, explore new indications and based on that, file secondary patents rather than going through a seven-year cycle for filing a patent, being much, much faster with monetizing their development efforts. Last not least, competitive intelligence. We will go live with this great product end of September, early October. We have a nationwide roadshow. 200 decision makers have already signed up. Very excited and very pumped up to deliver this joint project to the market. Another example that we've launched in Italy is the sales booster, and here again, this intends to make the interaction between the sales rep from a pharmaceutical company with a local pharmacist who has little time, more valuable based on actual information. The sales rep can, prior to having the consultation, the appointment in the pharmacy, get information, real-time information on the stock of the drug that they are marketing to that specific pharmacy. She or he can come very well prepared with maybe supplies that have to be replaced, maybe with corresponding OTC products, bring sales materials and thereby create a way higher yield out of this consultation with the pharmacist. At the same time, the pharmacist has the benefit that she or he feels this is a really meaningful conversation because this guy seems to have a view into my storage and brings what I'm lacking. Here again, another example how we cater to target group number 4, the industry. What is very dear to our heart and at the center and has to be stated here very clearly that data privacy and security are at the center of what we do in the data business. At CGM, we are dedicated to keeping the data of patients and doctors safe, and we want the data to work towards their advantage. First of all, we have decided over anonymous cloud environments that we wanna have our own data center and storage in Koblenz in Frankfurt. The CGM Medical Cloud, fully certified under our ISO 27001 IT security and ISO 9001 quality. Number two, we are constantly challenging ourselves to keep the data rightfully, locally anonymized, highly secure transferred, permanently transformed into synthetic data based on algorithms, and apply a trust center approach. Any data records that reach our data lake are fully anonymized and cannot be re-identified to the actual patient. Number three, clearly no compromise in compliance. Of course, we are fully GDPR compliance, and we are fully committed to European values and legislations. We are also actively participating on European level activities such as the European Health Data Space or the aforementioned AIOLOS project. On top of that, we work with external stakeholders on a national level to ensure that the data privacy offices, and we have one of those in each of the German states, are really aware of what we do and how we do it and why this is unlocking value for the sector. Now a bit of a hard jump into Evita. In the data space and across CGM, you will recognize throughout the day that we are very confident that we will deliver on the promise that we've been given to you. I'm now speaking for the data segment in terms of what we will be doing specifically in order to achieve the margin improvement and in order to deliver our contribution to the desired margin improvement. First of all, clearly product consolidation. We have data portfolio or data products in our CGM portfolio, and we have those inside Insight Health that we of course now can bring together. We have a product roadmap that we can combine. We can use platforms jointly, and the first example of that is the Darwin program or Darwin product that I just shared with you. Product consolidation, doing things once. Second thing, THERAFOX. We believe that THERAFOX is such a great solution, we will be able to scale it out into the vast majority of the CGM population and probably also outside it because it's just so desirable, so practical for healthcare practitioners. Thirdly, the combination of Insight Health and Intermedix communication and analytics puts us in an unparalleled space and makes us a very, very powerful partner to the pharmaceutical industry. Where we historically used to come up with just one piece of the puzzle, we can now entertain such conversations with both pieces. Last but not least, organizational efficiencies. We wanna build a more functional organization. We have lots of brands accumulated in the data space, and here, of course, is an opportunity to streamline functions and to be way more focused. As we speak, we are computing the numbers, but rest assured, we are very, very confident that we will deliver our share to the margin improvement 2023, 2024, and 2025 and beyond. In summary. We have a unique opportunity lying ahead of us. We are confident that we will continue to deliver solid growth and continue to gradually establish the fourth pillar of business inside CGM. The last two years, the addition of Insight Health are vivid proof that we are very serious, and we are very credible. We built on a fantastic and unparalleled sector reach to healthcare practitioners. Based on that, we can capture this market faster than any other player out there. Our offerings help in addressing the increasing supply-demand gap in the medical sector. For healthcare practitioners, for the industry, for governments, we are right at the spot, and this is our sweet spot with the business. We support the industry, backed by real world data, to allocate their funds, steering our marketing and R&D dollars and delivering and developing drugs that are really meaningful and that make a difference and improve healthcare as a whole. Trust me, we're just at the beginning. We have a rich product line. We're going to venture into real world evidence. We have a true 360-degree view, so our growth projection is 8%-12%, and we will deliver our share of the bottom line. Thank you very much. May I ask all the speakers for the first session up on stage, please? Thank you. Can't have too many of those. Yes, go ahead. Okay. It would be great if you could. Yeah, I see the first hand. That's cool. Please raise your hand and give us a sign when you want to ask a question. Frederic is there with the mic. Please wait so we can all hear your question. I think the first one from Laura maybe, who raised her hand first, and then we will go to Charlotte next. Laura Metayer, Morgan Stanley, if I may say that, please go ahead. Perfect. Thank you for taking my question. I have three questions, please. The first one is on the EBITDA margin midterm guidance. You mentioned you had EBITDA margins of 25% and 27% at some point, but at that time, CompuGroup was growing at a 2% organic growth. Also you had a different business mix 'cause you had a lower share of the lower margin businesses like HIS and CHS. How can we get confident that you can expand the margin to that level with a higher share of the AIS-HIS and CHS businesses, which are lower margin, but also accelerate the organic growth to more than 5%? That's the first question. The second question, please, is on the midterm guidance for HIS. When we look at your expectations of the revenues from the Hospital Future Act, EUR 50-80 million until 2025, if we add up this number to the 2022 revenue, it actually implies a CAGR of 5%-8% growth. Meaning that basically your guidance would imply you're just growing from the Hospital Future Act. Why are you not expecting the HIS business to grow faster than this if you're already getting a very big tailwind from the Hospital Future Act? And the last question is: you've obviously lowered the CHS guidance for the data business today with the inclusion of the Insight Health acquisition, but why are you keeping the same overall guidance for the CHS business? Why is it not lower? Thank you. Very good. Laura, many thanks. You posed questions which we actually can go in sequence, and we'll chip in then Hannes and Eckart also later on in order to elaborate on the HIS business and the CHS business. You asked a general question regarding the EBITDA margin increase for the company overall, and you address the point that our portfolio is changing, and that is indeed the case with a higher footprint in HIS and HIS coming in traditionally with a bit lower margin. That does have an impact. We are cognizant about that. The second point is we are investing into data solutions, as Eckart was mentioning, and also data business growing. That does also have an impact. There are some businesses which basically are maturing, where we used to invest a lot. Think about the telematics infrastructure, just in order to elaborate for all of you, where we have been investing in 2017, 2018, 2019 along the route, and where we actually managed to increase the recurring revenue share to a 50% level already by now, and we are going to increase that even further. That's part of our overall increase story in leveraging the recurring revenue. Now you mentioned the point that we grow 5% or 2% in the past. How does that actually square out? Well, if you grow 5% organically, then in essence you generate more contribution margin. Although we do have a changed portfolio, and since we are not investing so much anymore into the buildup of resources, where we invested a lot in 2021 and also trickling throughout 2022, that will have an impact for us. Why are we confident that we can basically grow 5% organically instead of 2% in the past? Because we have built an abundance of excellent solutions which are needed and asked for by our customers, and we are ready to go into sell mode. With that, I wanna hand over to Hannes to explain a bit more on the HIS challenge. Yeah. Thanks for the question. Good question. First of all, speaking about the 50 to 80 until 25, we are Speaking actually about 4 years, part of it is already this year, so that might answer a bit of the question. As we said, there is a lot of growth opportunities. We speak about 6-8. If we end up at the 50, I think that's a fair portion to be considered in 4 years might be opportunities to come. On the other hand, as I said, we are experiencing this delay from the approval. What we see now in the market, first countries started to state that approvals came in late, so hospitals, you might get longer time for that. We were quite, let's say, conservative in getting out with that guidance because we have our experience with that regular funding program is that it might change a bit the timeline as well and extend it even. That would increase the volume in total, but we would then see also further revenues to come in 2026. Hannes, if I may build on that, and Laura, maybe that was also where your question was directing into. There is always, when you have a governmental program, a little bit of overlap with any way ongoing businesses which we had planned to do, but now the funds are available and customers go after that. Michael. Okay. I will now speak to the CHS guidance. Firstly, as you rightfully pointed out, with the addition of Insight Health into the mix, that has shifted our margin profile a bit. But trust me, we have also now all of a sudden we are at the rate where we wanted to be at 2025. We now have to sort things and go alongside with like managing the PMI and things of that nature, and thereby carefully adjusted the guidance a bit. I may have been a bit conservative here, but deliberately so. You asked the second question, why is the CHS guidance as a whole not lowered? That has to do with the fact that the share of CHS data is way higher than it originally was. In comparison to the TI share, that accounts, of course, gradually for more if you take into account the years until 2025. Very clear. Thank you. Next question from Charlotte Friedrichs of Berenberg. Yeah. Thank you. I'll also stick with margins as a topic for my first two questions and then one general question on the hospital market. The first question would be around the building blocks to getting to the 25% and 27% EBITDA margin. One element for sure is a more stable trajectory in R&D, but can you give us an idea of how much you think you can get out of the centralized purchasing and also the other OpEx optimization that you did mention? The second question would be on labor cost. I understand you have very good pricing power, but could there be a situation potentially where you have a bit of a timing lag between seeing higher labor costs and being able to pass that on to your customer base? The third question is on the hospital area. We had earlier this week one of your competitors in this space, Nexus, talking about wanting to be more acquisitive and seeing some changes in the market, and I'd be interested to hear your take on how the market is shaping up at the moment. Thank you. Thank you, Charlotte. It seems like that question on the margin expansion is still circling in everybody's head, and rightly so. Let's be very specific here. We gave, for the first time as a corporation, a midterm guidance on margins last year, right? We said we will each year, as we usually do, give annualized guidance. When we go out with our preliminary numbers in the beginning of February next year, we will give you a full set of what our expectation is going to be for 2023. You see the building blocks, you saw them from me on a general note for the overall company, and you rephrase some of them, and you see it by each of the segment. You will also see that in the afternoon. Please, just, stay with me and bear with us. We are going to give you the detailed one then when we go out in February 2023. I don't want to shy away from the question regarding the 25% level for 2023, and you also alluded or referred to that with regards to the labor cost. That's why, and maybe you noticed that I said around 25%. I also mentioned there might be a little bit of a timing lag or price increases, labor cost inflation, and that needs to be balanced. We wanna make sure that we treat our people in the best way possible. We have excellent people out there doing excellent work for us, so we wanna make sure that they earn what they deserve to earn. We will make sure that at the same time, we also are not going to invest at the same amount of new people taking on board as we did in the past, and that will also help us here to contain the overall level of labor cost. Then pricing power, as I said, with the number of recurring revenue and with the share growing and with the additional modules and features which we bring to the market, is for us a huge lever. Hannes. Yes, if I got the question right, so acquisitive, I would state it as follows. I spoke about the supplier market a bit in my presentation. We will see consolidation on this market. Will it be through acquisitions or will it rather be on, let's say, organic churn? I expect more organic churn to come at the moment, as I indicated. Acquisition is always a topic and you know, we will speak not about details here in this session. When it comes to acquisition, I would say it's rather in the area of special modules. Where you have high investments into products with long-term R&D projects, I would rather say this will be the acquisitive part of the market. Specialty modules, but not the core platform modules. They would rather churn organically. This is my estimation. Okay. The next question comes from Florian, and we'll take Martin right after that. Yes. Thank you very much. Florian speaking from Kepler Cheuvreux. I have three as well. The first one is on pricing power. You are, in a positive way for me, actively talking about pricing power. I think if you're frank to yourself, pricing power was never really driving CompuGroup. If you talk about 2% organic, no churn, where's upselling or where's the pricing power? Is the gap from 2-3% organic to 5+, is that pricing? And don't you have to be much more aggressive on pricing in the way we are seeing inflation and when it comes to margin, because that's 100% margin contribution. The second question is around THERAFOX. If I'm not wrong, remembering right, 6-7 years ago, I think the THERAFOX was around already. What has really changed here? The product was around 7 years ago, whatever, maybe 10 and longer. What have you changed that THERAFox is really becoming a success story? The last one for the HIS segment. You have invested so strongly in the G3 platform now, and now you're seeing the benefits when it comes to order intake. Really kind of nailing down what is really allowing you to offer compared to your competition, i.e., what is really the gap you're closing with the G3 platform? Thank you. Very good. Thank you, and a nice observation, Florian, regarding the situation with the 2% organic growth, where actually, it's true, we always had pricing, but the pricing basically was mainly on the contracts where we renew with our customers the recurring revenue on an annual basis, which is actually also not everything of our portfolio because, you know, there might be contracts running on the software maintenance and on the hotline service fee for three years or two years. Some might be, price indexed, some might only allow us to do it every second or every third year price increases. Going forward, for sure, we will have to do price increases. I mean, Eckart was talking about the watch, so I still wear an old-fashioned watch, right? Maybe I'm an old-fashioned guy, but I open up envelopes at home, and I see energy bills going up, telecommunications going up, everything will be going up. Here is why we believe we are in a unique position to actually leverage that pricing power because the doctors are proactively approaching us now and saying, "Our staff becomes more expensive." The same situation which we just talked about, right? If you can find solutions to help us digitize the workflow better and find some saving opportunities for us, come on and be my guest, right? We will need to leverage that. THERAFOX. THERAFOX, four things. First of all, we have the full certification as a medical product now, which was not in place then, and it's a very, very excruciating process, rightfully so, trust me. Second thing is the levels of adoption that we see, that we have 10,000 doctors using it, and we have over 2 million interactions on a daily basis. Thirdly, we are now working very closely with Angela's team and bundling that, and we have a very convincing story to tell, and we can give our core products in AIS, which Angela is going to talk about, a way more premium look and feel, by injecting this way of decision support at the doctor's practice right at the point of interaction. Fourth, it's now the foundation for medical decision support. It's a starting point where we work on the back of databases with rules-based engines that sit on top to help address the increasing demand-supply gap in medical healthcare. Thanks for that good question, and I would love to speak very long with you about that, so we can maybe also spend some time during the break, because it's a very important question. Let me just pick out a few USPs to answer that question in the audience. If you compare what we built with G3 with, let's say, the common systems being on the market, most of those systems have been built over the time, over a very long time with a more or less administrative character, and the systems have grown up out of the admin part. Over 10, 15 years, it grew, adding medical functionalities, but the origin is actually administrative systems. You could say to bring out your invoices. We built the system from the beginning from a medical perspective, and the way we store data is from a pure medical point of view. We have a standardized medical data model in the system. That sounds a bit technical, but in projects like the Hamburg-Eppendorf project, that was the winning element, that you can model data from a medical point of view and you can further use the data in semantically correct way. Next to that was part of the big investments, we have a system which doesn't consist out of many connected modules. It is complete, workflow-based, resource steering, and the way we manage the data was built in from the very beginning. Everything runs in the same fashion, in the same mode. On top, it's web-based, so very modern, intuitive usage, which reduces onboarding time of your staff. Those are key aspects of the USPs of G3. If you want, we can spend some time during the lunch break. Martin, did you want to ask a question? Please go ahead. Yeah. This is Martin from BNP Paribas Exane. Two questions, please. If I could start with the Hospital Future Act. First of all, do you see any upside to the current EUR 55 million in orders by year-end? And also, if you could talk about the competition for these funds. Is this any different to the regular business, or is this mainly just involving the top three players or so? And then also on the revenue distribution, how you would expect that. Is that more back-end loaded, the EUR 50 million-EUR 80 million, or is it more front-end loaded? And also, how much is recurring? So maybe if you could start on that. Actually it's three questions: upside, Competition. competition, and the distribution. Yeah. Again, I spoke about the 1,200 opportunities out there, and out of that, we now created a kind of 55 million. Of course, there is still a big funnel. What we see now is that, taking the 55 as a first shot, now tenders are coming. More and more customers start to bring that out for competition. It's also a bit part of answering your second question already. The first shot was clearly those customers who say, "I have my strategic vendor. I will buy the modules from that vendor. I will not look into the market if I'm not obliged to." Some public hospitals, of course, need to go out for tender. I would say we have a good funnel. There is potential to go very high on the guidance. I would not say that there is a big upside as of now, which we would guide. On the competition part, the Hospital Future Act is built in a way that I would say from a software point of view, 70%-80% of the modules customers are buying through the so-called funded by the Hospital Future Act work in the best way if you take these modules from your existing HIS vendor. Then there are elements out which customers can go out for competition, like the patient portal or some decision support systems, and we see that now coming up, as I said, also connected with the first questions you asked. You could call it all the existing players are working predominantly with their existing customer platform with a very high probability that you upsell most of the modules being funded. Second, the third question, back-end-loaded revenue distribution. I would say from the revenue, the vast majority will come in the first 2-3 years, because it's project volumes, perpetual licenses with services, and then there is an element of maintenance remaining. It's a little portion which goes beyond the 25 guidance we gave. The big portion, I would say more than 80%, will be front-end, front-loaded. As we mentioned in our call in August, we started already invoicing on a low single-digit EUR million amount. As Hannes said, we are ramping up over the next 18 to 24 months. Yes. Okay. Maybe just a follow-up on this one. His funds, they will be mostly distributed in or visible in revenues in 2023 or 2024? In both years. In both years. So- I mean. Evenly distributed. What we try to do with our customers is, as you know, I tried to explain that before. Hospital projects are always connected with huge amount of service hours, you have to deliver on top. That starts with analysis, process definition, configuration, training, and that stuff. What we try to do with our customer is to balance that out over the years, so that we will not peak too much in service capacities to be built up. So I would say Michael gave the answer. It's for both years. It Just, I mean, you're experts, right? We have to follow also certain milestones regarding percentage of completion revenue recognition, so that's why it's pretty much evenly distributed. Okay. Thank you. Thank you. Can I ask one more question? Just on the margin again. Obviously this 25% margin target implies just 2% cost growth or so. Can you quantify if there's any just one-off expenses that you have this year that will not reoccur? Next year, for example, the preparations for the Hospital Future Act, maybe the US CLICKDOC push, and so on. Yeah. Maybe just for the benefit of everybody listening in, the specific one-offs which we show as adjustments to EBITDA are well known. I think the question is more, is there within the adjusted EBITDA some extra cost which you didn't specifically call out but is not going to recur? Yes, and that's why maybe that notion actually got a little bit lost. We have a lot of contracted labor, so I'm not talking about own labor, but contracted labor also in order to build features, products, solutions, and also actually to help us roll out some solutions into the market. These one-off costs are going to disappear next year. Super. Thank you. The next question comes from Andreas Wolf of Warburg. Thank you. Two questions. You've mentioned several times that doctors feel that they have to catch up with regard to digitalization. What are, from your perspective, the main impediments for faster digitalization pace? Are doctors waiting for the next stimulus, or are they comfortable with their financial situation anyway and feel they don't have to do anything? And the second is on the medical decision support. Could you talk about the market opportunity that you see here? Is this basically local German product, or do you also see internationalization potential? And could you also talk about who will fund the product? Because back in 2008, there was an approach to launch such products funded by the health insurance companies. Thank you. Yeah. Andreas, the AIS presentations I get to come after the Q&A session and after the break. Nevertheless, I don't wanna shy away from the question. The question has many answers. As an example, yes, governmental funded programs do help. I mean, think about the program, for instance, in France now, Ségur de la santé, and Emanuele will talk about that, the MedMij Project in the Netherlands. All of these initiatives help doctors also to invest more. Think about the funding on the telematics infrastructure here in Germany, right? If a doctor is not compensated for actually buying a connector, why would a doctor want to do that? We all remember the years 2017, 2018, when there was a little bit of, may I call it, resistance at the time from doctors to participate until, at that time, Health Minister Spahn said, "We're going to impose a penalty fee of 1% on the reimbursement revenue in total if you don't participate actually in the telematics infrastructure." Yes, sometimes that element is there. The main part is now that, of course, the doctors are receiving the same kind of envelopes that I was just talking of that we all personally are receiving. Of course, the employees are coming and saying, "Inflation goes up. What can we do here? We want a salary increase." Of course, the doctors are coming and approaching us to say, "Is there anything we can do? Can you help?" and so forth. Think about artificial intelligence solution. How can we make processes easier so that we don't need to have always when we have an emergency situation, a helper sitting next to the doctor analyzing the patients and so forth. There are lots of opportunities, and my colleagues will talk about that later on. The second question was on medical decision support. I can take it. Arno. First of all, we are going to launch it in Germany, and we wanna make sure that this is going to be a great product and a successful product. We can assess and evaluate if we wanna venture out into other markets. Based on the technology stack that we have, where we have a common interface layer across the AIS footprint in Europe, we could potentially, going forward, also inject the solution, which is a database plus a rules-based engine, into the other AIS systems. That remains to be seen how it will resonate in the market. The second part of your question was with respect to the funding. There's different options. There's a subscription option. I'm a firm believer that doctors' practices are interested in higher throughput and better compliance. If there's fewer doctors and we give tools into their hands that they can deal with more patients on a given day, I think there will be willingness to pay. If that is not the case, we can still go the advertising route, or we can go the transaction route. All options are on the table. We have actually developed the product with extensive work with focus groups, and the head developer of the product is actually a medical doctor, believe it or not. We make sure that this is really resonating with the target groups. Then together with Angela and Emanuele, I will see what's the best and smartest go-to-market. As we stand right now, I'm firmly convinced that this product is great. Thank you. One last question over there, please. Hi. Thank you very much. You said this time and last time also, that you hold the R&D level constant. Could you specify a bit more, how many people are now working on real innovative products, and how many people are working on basically technical debt from all the acquisitions you made? As a computer scientist myself, I can imagine that there's a lot to do also on, like, you have several parallel products, I would call, that do basically the same thing. Are they, like, merged in the back end already, or do you have to do a lot of this type of work for the old software? And then a second question about capital allocation. I think you did last year, still a buyback on much higher share price levels. Are there any plans to do that on these now much lower share price levels? That would be much appreciated from a shareholder perspective. Yeah. Thank you. Two very good questions. On the R&D spend, how much basically is maintenance mode, how much is lights-on mode, regulatory requirements, and what is new product? We actually don't disclose that detail. Back to the general question, you called it technical debt, if I heard that. I call that actually a technological opportunity because we buy with these companies that we buy, as Hannes has pointed out and also Eckart has pointed out, sometimes solutions, products, sometimes market access, right? Then we combine. Yes, for sure, over time, with a lot of acquisitions, you need to ensure that the backbone is fully harmonized and that you get the best out of it. Now, on the R&D expense in general, this is, as I said, contracted labor and own labor, and that's why we are highly confident to say we can keep that on an absolute level. Your second question on capital allocation and share buyback is one that hurts a bit, right? With the timing, was obviously not the right moment in time when we did the last share buyback and then, the inflation scenario came into the market. Technological stocks that are growing strongly like ours were a bit under pressure. Timing was wrong. The question could have been, why did we not engage in a share buyback some months ago? When you look back today, you would say, "Thank God we didn't," right? That's a means, a share buyback always, among the other three means to use your funds. Let's also say, during the past three years, we acquired a lot of companies, and we did some sizable acquisitions that moved the needle for some of our segments also significantly, and we feel now is the time also to retire some debt in times when inflation might go even higher. That's why I think the overall program and the shifting of gear, which we are announcing to refocus on margin expansion and on EBITDA generation, is exactly the right one, that we have future funds available and then to do share buybacks or to do additional acquisitions going forward. A quick follow-on on the several products and the technical opportunities you said. Do you have any plans about, like, shutting down, like, older products or acquired ones that are basically in parallel to your newer products? Yes, we can give you some example. I don't know if you wanna mention some, Hannes. I don't wanna speak about brands here, but we are actually doing that, and we do that quite carefully. I think you understand that we will not announce end of life dates publicly. All of our products, and we sort it out quite consciously, have long-term plans and we move things together very consciously together with our customers so that they have all the time successful solutions and that stuff. We have effectively a product in the area of EA, for instance, where we really stop developing and moving now customers into the new generation. Great. I think there are other examples around. If you want to, Derek, I mean, that's part of your story later on this afternoon. You can tell about taking the best of both worlds, and maybe that gives you also an illustration after the break. Super. We're now going into the lunch break. For all of you out there on the screens, we're planning to resume presentations at 2:15 P.M. or 1:15 P.M. UK time, and we're looking forward to welcoming you back then. For all of you in the room, in order to make the most of your time while you're here, we've prepared a glimpse behind the curtain. We're going up there now for a 30-minute lunch, and you have the opportunity to talk to all of the speakers today. I don't know whether you noticed, but all of you have a little number on your name tag. We took the liberty. It's really small, so you have to go and find what it is. We took the liberty of splitting you into 3 groups, and group number 3 is with Stefan Herkommer over there. In half an hour from now, we will come up there and fetch you. Group 3, please join Stefan Herkommer. Group 3 is with Frederic over there. Group 1 is with me. We will have the showcases, so we wanted to make sure you get to see all 3 of them. We will take you around and have some sort of time management. Yeah. First, enjoy your lunch now, and we will come to pick you up in half an hour. Thank you very much. Dead-born rooster broke my leg. Well, my baby, she's useless. Got in my bed early this morning for to mourn. Lives down by the railroad track. Dead-born rooster broke my leg. Well, my baby, she's useless. Got in my bed early this morning for to mourn. Lives down by the railroad track. Thirty seconds. Ready? All right. Ladies and gentlemen, dear investors, analysts, and bank representatives, welcome to the second part of our Capital Market Day. Michael, this morning, talked about our overall CGM strategy, followed by a presentation of Hannes and Eckart, where they talked about our hospital and data business. This afternoon's session, it's all going to be about our largest segment, which is the Ambulatory Information System, also known as IS. I'm Angela Mazza Teufer, and I joined CGM seven months ago after having spent almost 20 years in big corporate companies, such as SAP, where I was almost 14 years, and the last 3 years at Oracle leading the RPM business for Europe. Now, I'm super excited to be part of this amazing company called CGM, not only because we are the number one IT healthcare provider, but also because if you talk about the speed of digitalization and potential for growth, that's the industry you wanna be in. After my presentation, Emanuele will talk about our IS business in Europe, followed by a presentation from Derek, who is covering the US region. I'm obviously responsible for our DACH region for IS, Telematic Infrastructure, and CLICKDOC. The IS business is the business that our Founder and Chairman, Frank Gotthardt, started 35 years ago. We provide doctors and healthcare practitioners with software and IT solutions that enables them to focus on healthcare. We are serving more than 67,000 customers in more than 35,000 practices in Germany and Austria. We are the clear number one provider in both markets, with over 30% of share in Germany and Austria. We are the only provider in the market which can operate interfaces between all players, meaning government, doctors, clinics, and insurance companies. At the last Capital Market Day, we announced midterm targets for organic growth for the first time. The AIS segment has delivered on premise, and if we exclude the US, we actually grew by 7% over the last 12 months organically. The DACH region has even outperformed this excellent performance. Now, you might ask yourself, "Why did you outperform?" Well, throughout the last 12 months, we had a number of digital modules and processes which were established in doctor practices, and let me share a few with you. More than 50,000 customers installed modules to handle eHealth record. Secure communication for eSecNote and doctor's letter became mandatory, as well as ePrescription. The pandemic called for additional applications. For example, the vaccination modules or the certificates. In these times, it's not only about growth, but it's about resilience. We offer a must-have solutions that generates a high share of recurring revenue. As the number one player, started decades ago, our product portfolio consists of a wide range of product addressing all GP needs from smaller practices to larger practice. Core system are used for practice management, billing, and other crucial functions in practice. Excellent regulatory knowledge is obviously a prerequisite in order to be successful. On top, we offer a value-add service to enhance our patient journey to support IT security, and you have heard this morning from Eckart about our database solution. More than 70% of our revenue is recurring revenue, and that's a very strong number, showing how resilient our business model is. We have four main product in Germany. We have CGM MEDISTAR, we have CGM TURBOMED, we have CGM ALBIS, and CGM M1. Those products offer a quite big range of applications which can run through practices no matter if they are small, large, basic one, or very sophisticated one. Now, let me spend a few minutes on our M1 product. Why do I bring this up? Well, we see in the market a huge trend, smaller practice closing and larger one opening up, meaning medical care centers, or in Germany, the MVZs becoming quite dominant. Why is this happening? Well, younger doctor like and prefer to be employed. We see a move from countryside into the cities, and we have quite a large population of all the doctors which are retiring. That's a great opportunity, mostly supported by clinics, to open up those medical care centers. This product has been in the market over 25 years. We have more than 8,000 doctors and over 3,000 practices using it already today, and it covers over 20 specialists very successfully. Over 320 medical devices are connected. Let me give you an example, ultrasonic devices. Secure access to patient data from anywhere at any time. We are about to launch our so-called CGM M1 PRO later this year with additional functionality, and obviously in order to optimize the processes in those medical care centers in order for the practice assistant to be more efficient and also faster. I just give you one example, intelligent appointment management. Stay tuned. More to come later this year. Digitalization in healthcare is not a hype, it's real. What does it mean for our GPs, and what is our answer to that? Let me start with mobile work. Doctors needs to be able to access patient data from anywhere at any time. Our answer to that is our mobile app, which we have today for Albis, Turbomed, and M1. Decision support. We talked this morning. Our doctor can access data through an intelligent algorithm which helps them to do the right thing for their patient, and Eckart talked this morning about how this works and what's next. Digital patient interaction. We all have experienced it during the pandemic. We had to learn and start to like to interact virtually with our doctors, and our answer to that is our product ClickDoc. Data access. Doctors need to access patient data from anywhere at any time. When they are visiting them at home or in care facilities or when they're retired, they still need to have access to the data. Our answer to that is CGM memory. Connect to larger network. The interface from patient to doctors to insurance companies is absolutely needed. Our answer, telematics infrastructure. You see, digitization is here, and it supports a day in, day out a doctor practice. In summary, we see three drivers behind this development and obviously a growth area. One area or one pillar is definitely driven by our government. The second one, from the patient, meaning us, we also have some requests for the future. Doctors are willing to optimize and digitize further their practice. Now, let's see what's planned from what we know as of today. Let me start with the regulation-driven demand. eHealth record and ePrescription update are coming with new functionality. Secure communication, so-called KIM, the outlook for the doctors. They can use it for eSick Note or digital communication. Compliance cash register. That's important for the doctors in order to ensure that they are compliant when they deal with cash in the practice, and yes, it's still happening. From a patient-driven, meaning from us, well, within our ClickDoc solution, we have a lot of functionality coming out. I don't want to expose much at this point, but let me give you just one example, secure patient record. Patient can share documents with the doctors in a secure way. Secure messenger, TI-M. Secure end-to-end encrypted communication between doctors and patient are going to be possible. Now, what are requests from doctors? Well, as I said, they wanna further optimize their processes in the practice. Let me give you an example. Medical referrals today are coming with a QR code, and we are going to offer a scan option which is faster and even more secure. Doctor-to-doctor communication. Doctor letters will be digitized and optimized. We are also going to have a mobile app for our MEDISTAR customers. Decision support as well. We heard it this morning. I'm going to repeat myself. They're coming with new functionality. The doctor can enter now a diagnosis through the PC, and this will automatically be distributed to health departments. Last but not least, very innovative, is the start program voiceover, meaning you talk to your PC instead of typing in the text. Now, let me talk you through a potential patient journey to illustrate my points. As I said, we are the only vendor who really support a fully end-to-end patient journey. I wanna show you here on this example the touch points of some of our modules, but also more important, the significant data traffic we have throughout our CGM network. Let's start with Martin. Martin wakes up, and he feels ill. He then makes an appointment through our ClickDoc module. When he arrives at the practice, the receptionist checks him in using one of more than 35,000 times installed practice management system, which we have in Germany and Austria. The practice assistant is then connecting it to the telematics infrastructure, which we also have 54,000 connectors out in the market. Through the secured network TI is providing, the doctor can check and update Martin's eHealth record. Martin cannot go back to work, so his doctor issues an eSick Note for him, sending this through the secure messenger, KIM. So far, we had over 8.4 million eSick Note which were processed in Germany, which is more than 30% share. The doctor decides that Martin should be vaccinated and issues a certification with a tool that we also have rolled out more than 33,000 times. Last but not least, e-prescription. He also issues an e-prescription for Martin, which we currently also have roughly 30% share, which have been rolled out throughout Germany. Martin leaves the practice. The assistant prepares the bill of the treatment, and we have more than half a billion chargeable data set in Germany and Austria per year. That's massive. We support doctors during any interaction with the patient, and that's at the heart of everything we do. We put doctors first. We will strengthening our margin, which is already on an excellent level. We are introducing a new customer centricity, and we want to support even faster to the demand of the doctors. We are shifting from a bill-led organization into a functional organization, and we are creating a lot of efficiency and obviously are able to optimize a lot of processes. We will also have a dedicated sales force going after new names and also after psychotherapists, which is another trend we see in the market, an increase in that area. Last but not least, we are obviously also increasing our ARPU, driven by price increases and obviously the modules, add-on modules we already have and customer might not have, or the additional ones which I just shared with you, a couple of minutes ago. We are set for success. Let me recap my messages. We have an excellent product portfolio to build on. We are taking customer centricity to the next level. We are the only provider supporting an end-to-end process, and we will offer best-in-class customer service. We have an attractive and loyal customer base reflected in recurring revenue, which is over 70%. With the level of digitalization I shared during my presentation, including the market trends, we are well-equipped to confirm our growth targets of 2%-5% on average per year until 2025, as well as obviously to continue to strengthening our already excellent margin in the DACH region. With that, thank you so much. Now I'm handing over to Emanuele, who is going to cover our EMEA business. Thank you, Angela. Sure. Hello to everybody, and welcome also from my side. Let me spend few seconds introducing myself. I'm Emanuele Mugnani. I'm 52 years old. I'm an engineer. I'm Italian, based in Milan, but traveling around Europe because I have the responsibility of the AIS and pharmacy business for CompuGroup in Europe. This means that I manage the organizations that manage all the business we do with doctor in all the country out of the DACH region, and that I manage the pharmacy and the dental business in the full Europe, including Germany. I joined at CompuGroup nine years ago now, so I'm in the healthcare space since a while. I entered the company as general manager of the pharmacy business unit in Italy, and I had growing position in the company till last February when I entered the board with this role. Let me start, as my colleague have done, celebrating a little bit what we have done in the last 12 months with a team of 2,000 people working in the organization I lead across Europe. The organic growth of the AIS business was 7%, and this outperforming our target, and the organic growth of the pharmacy business in last 12 months was 6%. That is an incredibly positive results. Considering that a year before in 2020, there were some important one-time spending in some of the countries, in particular, in Germany, with the TSE, the fiscal needs, and things like that. The other big success, in my opinion, of the last 12 months was how we were able to bring innovation to the market, because this is what will lead the growth next year, and it will be the focus on what I'm telling you in next 20 minutes. Let me only mention some examples, and then we will go into more detail with the next slide. We launched new third-generation product for AIS in Italy and in Czech Republic, launched with live customers. We launched the new product, the new generation product for pharmacy in Italy, for parapharmacies in this moment, but it's launched and in the market. We launched end of last year, but in last 12 months, CLICKDOC in France, and this is one of the cornerstone of our strategy and of our growth, and how we will manage the patient journey, in the different countries. We launched a lot of modules, and this is one of the things that allow us to grow. Let me only in this case, mention the dental market. We launched the new module for the electronic co-pay plan for dentists in Italy, an example of something related to regulatory. We launched the new X-ray image viewer for dentists, very appreciated in the market. We launched a new module for 3D dental chart to improve therapy and patient management for dentists. Only in one market, and these were all modules developed in one country and launched in multiple markets. Good example on how we are able to get synergies across countries. We have a broad presence, and this is a big value for us. This is a big value exactly because through the leading and broad presence across Europe, we are able to catch the synergies, and I just mentioned to you an example. We are able to grow at different speed in different market in different years because this is also connected to a lot of local consideration environment. This allow us to differentiate our revenue streams. There is always a country going faster in 1 year and then another one in other year, and this allow us to constantly grow in Europe year by year in last years. Some numbers. Have you seen the slide before, 11 countries, more than 1 market. I just choose some of the bigger countries to give you an idea. More than 85,000 healthcare providers served in France, where we are the clear number one. We are the number one in Czech Republic with more than 15,000 doctors that have our core system. We have more than 12,000 doctors in Italy, and we are the number two in the market. Let me jump immediately to the pharmacy side, where we are the number one in Italy. More than 50% of pharmacy and parapharmacy in Italy use our system. This is a good example, and we will go later a little bit more in detail, how being present on different area of the healthcare space allow us to follow the patient journey better than our competitors. Also in Germany, where there are four players in pharmacy business that are about the same dimension, we are one of the leading provider with 3,000 pharmacies using our system and allowing us to manage the full prescription journey you have seen during the break. We work to make the life of the doctor easier. This is one of the key point that is important to understand because we work on all the aspects of the doctor. We are their supplier of IT and of digitalization or of a pharmacy. We are the unique point of contact. We are able, and we have a proven track record of that, to address all the needs. The business one, there is a need of efficiencies, there is a need to our customer to improve their margin. There is the administration part, the legal part. There is the clinical part that we are able and we must support. There is the need of more high IT security, and this is a growing need in general in the IT space, much more in healthcare. Is a key fact that we are by far the main or usually the unique supplier of IT of the doctor because it's the doctor that drive the patient journey. This is the clear reality in every European country. Patient digital is a value, but patient digital alone does not bring value to the value chain. As the doctor and the pharmacist the main point of contact that push the patient to the digitalization because the communication between the healthcare provider and the patient is the key success factor. We have the most complete set of functionality, and we are able to provide that with our products that are from a long term in the market. I will not go through each of these points, but we have a very complete and broad product that allow us to have very loyal customer. We are able year by year to increase the offering, even if our product are very, very complete. We usually do that through modules. Last two big things launched, the vaccination module, launched in many countries because of the clear and fast change in the environment. The e-bill, the new e-billing model that we are launching in France that completely reshape the architecture of our product. I will go in few seconds in the strategy of our G2 and G3 products. On one side, Angela show you a slide with the product. I would have need five slides to show you all the product we have around Europe. But let me underline, we have the leading product in each of the market, and not only for doctors. We have for doctors, we have for pharmacy, we have for paramedics, we have for physiotherapists, we have for nurses in different countries. These are just three examples of product that are in some countries even synonymous with health record or for product for pharmacy. On one side, we are managing the transition from this product to the new generation product that is a reality. I'm not here to say to you in five years we will launch a new product. WINGESFAR is the core product for pharmacy in Italy. The new generation cloud product is launched. It is in the market, already have the first customer and installation, 200 orders signed. We have the new product for doctors in Italy launched, live in 6 regions out of the 20. There was a question before about the migration part. Let me bring a very clear and I believe strong example. We have seven AIS for general practitioner and pediatrician in Italy of the second generation. This came from some acquisitions. These are very complete, very well-recognized products. We will have one product. The six regions were chosen exactly to speed up the phase out of some of the seven before the others and have less investment. The real point in each of these countries, we are the winning player for the relevance. We are the leader. We are the leader in the country, and we are the leader in Europe. Please remember, by a very clear and detailed analysis we have done, both in AIS and in pharmacy, there is between 50% and 70% of the functionality related to the market and the country that are common, that can be developed only once. If I ask a colleague or three colleagues around Europe to come here and to make you a demo of an AIS product, the things that you see will be about the same. The same processes, the same flows, probably different user interface. There is the other 30 percent. There is the other part of our value. Because you can have synergies across countries and so develop better in the future or today, but you need local knowledge. In each of the countries I mentioned, we have local people. We have product manager. We have local product people. We don't have only salespeople. We have a deep knowledge of all the local requirements. Where the market is going. Some of the topics are already mentioned by our colleagues. I will try to go to the one that are still not mentioned, because for me are very important. There is a general need of higher digitalization. This is not only, and it's true for example was just mentioned, the mobile working or because there is a new generation of pharmacy and doctor, but also because the market is changing. There are much big practice and clinics, doctor side. In some countries we're allowed, there is a strong trend on pharmacy chains. Big organization and big customers have bigger needs of IT. They have management that want business intelligence, that want control. They need to manage communication inside the organization. They need to manage a more complex organization communication with supplier. This is a great opportunity for us. On top, the much bigger organization wants to work with a reliable supplier. In a lot of the countries where I mentioned, our competitors are very local, even regional. The fact that the market is changing brings us in a situation where we are really the unique player that can provide solution to this kind of customers. The three pillars of growth, they are very similar to the ones of the colleagues, but in the next slide, I will try to give some clear explanation and details on what's happening around Europe. The regulation-driven demand, this is clearly growing. It is clearly growing not only the demand, but also the direct investment of the nations in the healthcare. The expansion of value and new models, and I make some example before, and how we are able to enable patient journey. I will have a couple of slides in few seconds that explain you our approach around Europe. Let's start from the regulatory-driven demand. There are multiple programs around Europe. This is clearly the trends, and these trends have some clear characteristic. The first one, they have different waves. It is not a one-time revenue because they continue adding new things, and they continue adding new requirements, and they continue adding newer scale player inside the program. The second characteristics that is absolutely common around Europe, and that for us is the right approach and is very important for us, the trend is setting the standard, not creating solution. Setting the standards and allow the commercial player to play for the best solution. With our leading position in the market, we have a proven track record, for example, with the Ségur de la santé project in France, to be the leading provider of this solution in the market and to have direct funding from the country to the IT player, not through the healthcare player. The Ségur de la santé is a program launched in 2020 that, as I said, will have different waves. This year there is the first wave for doctors. Next year, the second wave for doctors. Then will be the wave for paramedics under definition. This brings directly to every IT player that are able to deliver the certified solution to the patient more than 300 EUR each healthcare provider. We are the only player with the two main products certified by the French country. There is no other product certified in this moment by the French country on Ségur de la santé. Our competitors are following and trying to do that. We already had 90% of order intake, so 90% of our customer already signed with us, by the way, with a completely digital process. They order an example, and we will speak after how we are working on efficiency. We are ready from mid of October to start the installation of the new package that will bring us EUR 7 million of revenue this year. Let me repeat that. It is very important. This is not a one shot. This is one wave only of the French program. Then there is a MedMij program in the Netherlands. Then the European recovery fund have clear indications that some of the money have to be spent in e-healthcare. For example, in Italy, the plan already defines exactly where have to be spent between 24 and 25. This is a continuous and growing stream of revenue for us. The value-added models, I will go quicker on that because you already heard from my colleagues a lot of examples. I tried in this slide to mention the new things because it's full of models that we have on the market. There is a very big need of business intelligence by the single doctor, but much more by the organization I mentioned before. There is a bigger need of workflow inside and outside. Let me make a step back. Workflow and communication. The Ségur de la Santé program. What will change exactly for the doctor and the patient? Today, the e-health record is optional in France. This will become mandatory. The citizen can only make opt-out and no more opt-in as it is today. There will be only one certified way of exchanging information, any kind of messages and documents between doctor and patient. Today, all the interactions are out of the system, and this completely will change with the specific modules the way in which is managed the flow inside the country. A lot of clinical, and for example, decision support system add-ons. This is one of the trends, but I will not repeat what my colleagues said. There is the convergence to the new product. The convergence on the new product is the other key step in our evolution. What are we doing or what we have already done? We are working on three streams. As I said at the beginning, we have the leading product in the market. They are very complete, not always, but in a lot of cases they are quite old. Most of the customers, of the doctors are okay. There is on one side the new generation that wants a different user interface, but it is also, in our opinion, the need to be the leader. Because when we will realize that the market wants and needs a new interface, you have already to be in the market and to be there. This is why we are working as first step, or we have already worked to completely innovate the interface of our main product. We made the work to split the back end and the front end. We worked on the front end, and this is a live example, already migrated. You have on one side the old interface of HelloDoc, and you have on the other side the new interface of HelloDoc that our customer have today in France, that is completely new and modern. The database is the same, the logic are the same. The clinical part is the same. The interface changed, and we spent a lot of time to understand where we want modernization and where we want instead experience that recall the old experience. The second step is to make completely new G3 modules. I mentioned the vaccination module is probably the best example or the billing modules. We are developing G3 module only once, and this have a lot of advantages. And again, I mention it, real cases that are live. First of all, less investment. We do once and not seven time in Italy or three times in France. Second, our customer starts learning to use the new interface of our new G3 system. Start to use part of the new system. When we will be ready, we are ready in Italy, we will be launched in France with the full new generation product. The barrier to change are less. The option or the idea they could have to evaluate other product is less because they are already used to use exactly that kind of user interface, and they appreciated that. The third pillar of the strategy is the platform organization. The product, the new generation product for pharmacy in Italy and Germany will be one product. There is one team developing that. The new generation product for doctors in Italy and France will be one product or is one product. Also for pharmacy I have to say is. We managed to have distributed team, so we maintain the local knowledge. We hired people that know the new technology better, and we started to create a platform. We have some few things we can even share between segment, the database model. There are things that we can share at market level, core modules that are developed once. The sales process of a commercial drugs is the same in an Italian or in a German pharmacy. Yes, the prescription is very different. We have the local layer. For example, for pharmacy, very detailed analysis, functionality by functionality, Italy, Germany and Netherlands, that will be the next step. 70% of overlapped functionality. The patient journey. Two examples. CLICKDOC, our core product, launched in France end of last year. We have 3,500 customers that use our CLICKDOC calendar. We have 9,000 doctors that subscribed for our video consultation. We have more than 230,000 patient users registered on Clickdoc in France. We are managing on the Clickdoc platform today more than 160,000 appointments per month on Clickdoc. Now I want to bring you through a patient journey in Italy. Because this is, in my opinion, one of the best examples that show how we are able, with our solution, to follow the patient for the full journey. Francesca, our model, is ill. The first thing she would like to go is to go to internet and look for advice. She will go to Medicitalia. This is a portal. It's a CompuGroup solution. More than 600,000 registered users. More than 3.5 million unique users every month of people that go on the portal and make questions to specialists or look for the answers already provided by the specialists in the past on the same topic. Francesca understood she needed to go to a doctor. Through the local version of ClickDoc, she researches a doctor and makes a booking. She can make a video consultation used by a number of doctors in Italy, or she can go to these GPs to have a prescription. As said before, 12,000 doctors in Italy are using our system. They manage all the clinical and administrative part on the CompuGroup system, and they issue the prescription, and they send immediately the prescription. The doctor can choose if he want to send always automatically or by choice the prescription again to the local version of CLICKDOC. Francesca open CLICKDOC and can choose a pharmacy. On our application send the prescription. In Italy, we have e-prescription since 2017. Actually, 2017 was the launch, but was very slow at the beginning, and can send the prescription to her preferred pharmacy and is the patient that choose the pharmacy. It can have a preferred pharmacy or can choose a different pharmacy every time. More than 1.5 million prescriptions already managed through CLICKDOC in Italy. Then Francesca can go to the pharmacy. If she has a preferred pharmacy, probably also have a loyalty card. 2.2 million citizens in Italy have a loyalty card of a pharmacy managed by CompuGroup. She take the drugs for the e-prescription, but she also can have advantage and buy some commercial products. She would like to have the drugs at home. The online e-commerce is a growing space, and we have a solution called PharmApp, the leader in the market, more almost 500,000 users that allow the pharmacy, so our native customer, to compete with the online pharmacy and to completely manage the typical e-commerce process. Can be a click and collect or can be a full delivery of the drugs at home, of the prescription drugs and of commercial products. If unfortunately Francesca is chronically ill, she can follow on CareMap the full end-to-end journey. I explained to you where we are. Now let me go a little bit more in detail why we thinks the action we have done will allow us and increase our marginality. For all the things that I explained to you, we are building and increasing year by year the revenue per user, and we are adding new offering, new modules, CLICKDOC. We have a clear organic revenue grow with no change on cost. Our FTEs in AIS Europe and Pharmacy Europe are flat year by year from last year to this year, and we can grow also next year with no additional resources. Investment on R&D. The transaction from G2 to G3 is the key point why we are going from next year to reduce the spending we have in R&D. This is not related with less innovation. We will continue to have same innovation, even more in some countries, but we are starting switching off modules from next year or to full product. This year we switched off one product in Pharmacy Italy. Because our business is strongly connected to regulation, every time you have a new regulation, you have to implement in any of the product. The fact that we are exactly in the moment in which we have on the market G3 products that will substitute multiple G2 product, it starts gaining us efficiency. Then we have clear focus on efficiency. I mentioned it before, the completely digital end-to-end ordering Ségur. Let me make you another example in France. We have a completely new approach on the market, with very tailored approach on customer base for doctors and paramedics, and we have a completely e-marketing digital process for our paramedics market, with the Epsilog, the VEGA solution. To give you an idea, we had in last month about 2,000 leads, completely digital, with a conversion rate of 50%. 1,000 became customer, and this was a completely digital process. In summary, as my colleague have shared with you, excellent positioning, and we strongly believe the positioning across market is a value. Strong customer base. We have real and proven innovation. We are not telling the story of the future. We can create synergies, but we have local presence, and we outperformed our target in the past. If we are able, and we strongly believe this is absolutely and completely feasible, to meet the target between 2% and 5% of organic growth in AIS and between 0% and 2% on pharmacy with a cost base we are sure we will have, we will absolutely meet our margin target for next year. Thank you very much for your attention, and I hand over to Derek Pickell, our CEO of CGM US. Thank you, Emanuele. Good afternoon, everybody in the room. Good morning to our friends, wherever you are out there in the U.S. I am so excited to be the last presenter of the day after you all just had lunch and are probably settling into a nap mode. Hopefully I can try to wake you up a little bit. We'll see how it goes. Anyway, my name's Derek Pickell. I actually came into the business with the acquisition of eMDs in 2020. As a way of background, I've been in healthcare technology, healthcare tech-enabled services in the U.S. market for over 30 years. The last 12 of those, running companies with private equity firms. Kinda new here a little bit, not as new as Angela, but new a little bit. The title of the presentation, as you see here, is called Integrating to Unleash Opportunities in the U.S. Market. In 2021, when we first came into the organization, we spent a lot of time integrating the organization, right? We had to combine leadership teams, we had to combine go-to-market sales organizations. Spent most of that time really around integrating the people, integrating the processes, and also integrating our internal infrastructure and systems. In 2022, our movement was more about integrating products. Being able to take what were CGM legacy products, working with them, and spending the time and development effort to integrate them into the eMDs solutions, and conversely, doing the same thing with eMDs into the CGM products as well. We are literally just going into a stage of proof of concept, I would say now, where some of those integrations are now in the field. You know, we're obviously modifying, making them better, and working through them. At the end of the day, really the goal here is as we get them up and running and operational in Q4 of this year, we will start in a big way, taking them to market from a marketing campaign and expect that those revenues will hit more in 2023, 2024, and 2025. Since the last time we talked, we had organic growth of 3%. Some people will say, "Well, geez, Derek, you know, you guys are supposed to be in the, you know, 6%-9%." Not in our budget, though. We knew going in that in 2021 and into 2022, most of our time was gonna be spent in integration and getting ready to take these systems and these products out to market. We've actually. If you look at our budgets for the last 18 months, we either achieved or exceeded both revenue and EBITDA budgets for the U.S. market in 2021 and through into the first half rather, of 2022. Now, as I mentioned, we've been able to successfully bring some of those products to market. We're excited about that. What I'll try to do is at a high level, talk a little bit about the company. I think we're kinda new to many people, from the U.S. side in who we really are and what we're trying to do. If you look at the vision, not very different than what we have from a corporate perspective, and I think it's been very consistent in our business for some time. We wanna be the premier ambulatory lab software company, as well as the tech-enabled revenue cycle management company. The whole goal here, as everybody has said prior to me with Angela and Emanuele and the team, is to really make the provider's life easier from an administrative, from a financial, from a system perspective, so they can spend more time with the actual patient, right? That's what it's all about. Our ultimate goal is that by doing this and helping the provider, then in theory, the outcome from a health environment will be much better for the patient as we move forward. From a company perspective, we think we're well-positioned with being able to be a leader in this market, right? We have over 1,800 employees. Number four in the U.S. market as we go forward. We have recognized brands now. I mean, if you go back and if you talk to somebody in the U.S. about CGM two years ago, I know personally, and I've been in the industry for a long time, I wouldn't have known who CGM was. We're now branding everything in a CGM way, and we hope soon we'll come out in best of class and those kinds of things as well, where all of a sudden CGM will have a presence in the U.S. that it hasn't had in the past. We talk about from a marketing perspective that we eat our own cooking, right? What's that mean? Basically, we have providers, we have actual providers on staff, and they are acting providers, so they're out there seeing patients, and they're using our software. They are the ones that are coming in to help us really do new features, new functions, how the product from a clinical perspective is going to work. Obviously, having it out there in the market is important. When we look at our original product that we developed some years ago, it was actually developed in a lab, quote-unquote, "where the developers were downstairs and the actual practice itself was upstairs," and they would literally take the software, use it upstairs, see what worked, what didn't work, bring it back down to the developers, and do it differently. Very focused on making the provider more efficient, more effective as we move forward. At the same time, on the non-clinical sides of the business, we have 1,300 revenue cycle financial people of our own that are actually using their products as well and some of our services, which I'll talk a little bit about. We really are a user of our software. We get and we know, and the people who use it are not bashful to come to us from a product management perspective and look at it differently. We also talked about a large client base, right? Both in the AIS side and also in the lab side. Over 60,000 providers in AIS, over 4,000 labs on the lab side of it. The thing that's exciting to me about this is the upsell opportunity obviously is pretty incredible when we look at it, and we'll talk a little bit more about that. Really the expectation is the upselling of a lot of the new products and a lot of the new services are really what's gonna help us in a big way get to the bigger organic growth numbers in the out years in 2023, 2024, and 2025. The other thing that's kind of interesting with that large client base is the amount of volumes of data that we're at. I mean, everybody's talking about data, right? My friend Eckart Pech over here, we've talked a lot of how we're gonna be able to monetize this data. You get an idea just in the US alone. We literally this past year, we did 600,000 minutes of telehealth visits, right? Of somebody actually calling in and doing it on our products and on our systems. We have about a quarter of a million users every day in our products and in our services. Millions of patients who are impacted by our solutions on a regular basis. You'll see a lot about electronic data interchange in the US, which we'll talk more about. We literally have tens of millions of transactions that process through our systems. We also have literally tens of billions of financial transactions that go through our products as well, which we haven't started to monetize yet, which I'll explain in a little bit. One of the items on here that I think is worth really kind of spending some time with is the 51 million prescriptions that we did in the past year, right? I mean, we've been doing ePrescribe in the U.S., geez, I'd say at least 15, 20 years. Now, it's obviously changed over that period of time, but it's something that we've been doing for a long period of time. We charge our customers, right, for ePrescribe. They pay a per provider, per month type fee for that. The thing that's exciting about it, this was the beginning of our ability to monetize data in the U.S., where we had pharmaceuticals. We have a company called Surescripts, which some of you might be aware of in the US, which basically is the go-between between the provider and the pharmacies, and we process all of our transactions through Surescripts. All of these companies are now providing us royalties in some way, shape, or form. This year alone, we're expecting to get $ low single-digit millions in just royalties through our ePrescription business on top of what our customer pays on a regular basis. Just an idea of where we can start seeing more growth from a data perspective. Quick look at the company, right? Just a little background of the vision, who we are, kinda who we are from a client perspective, and wanted to spend a few minutes on the actual solutions that we bring to the table. You'll see on the right-hand side, there's kind of blue circles, if you will. The blue circles are really our core solutions in the US, what we bring to the market. The more orange-based ones are everything that's kind of an add-on into that core solution, some of which we've started to monetize, others of which we haven't even started yet. I'm gonna spend a few minutes more on each of the core four solutions just to kinda give you an idea of what those are. The first one is called our APRIMA product, CGM APRIMA, and that is our best-in-class electronic health record and integrated practice management system. The things about ARIA I think that are kind of interesting, is we talk about saving time for the provider, you know, and kind of our big claim to fame here from a charting perspective and from a documentation is that the physicians can do it very quickly. We have one of our CMOs, our chief medical officers. He's actually in Long Island, New York. Tough guy, I might add, for anybody who knows that area of the country. He will come to you, and he'll tell you that by using the ARIA software, I can see so many more patients on a regular day, which is obviously critical for them as they're trying to make money and they're going forward. One of the other kind of exciting things about this is we won best in KLAS two years in a row. What is KLAS? KLAS in the U.S. is an independent organization that basically ranks software and services companies in the U.S. So it's a good marketing tool. I mean, it is a little pay-to-play, but at the end of the day, from a marketing perspective, it really goes out pretty well. One of the other features that I think is worth talking about is anytime, anywhere replication, we call it. So why is this important? Basically enables some providers who don't work in an office, and we've talked a little bit about where that is going in this market, and they're going out to see geriatric patients. They're going out to see chronically ill patients. They're in palliative care. They're in hospice care, which are all obviously high growth areas within the U.S. on the healthcare provider side of the market. It enables them to take their laptop, take their tablet, whatever, and it doesn't have to be connected to anything, right? Because they're going out in some rural areas, they're going out into assisted living facilities, and frankly, grandma doesn't have Wi-Fi or doesn't have those things, so it enables people to use that. I mean, I sat with one of our largest customers, has about 250 providers now, and they're growing pretty big. That's all they do. They do what we call primary care home care, and they don't have walls, right? They don't have an office, and she explained to me, she goes, "Derek, you don't understand. We go in to see grandma, and grandma's under the bed, right, 'cause she fell. We can't have a big system, and we can't be worrying about whether or not we can get access to Wi-Fi because we need to know what meds are she on, what are her chronically ill issues, right? It's easy to have it right there on their laptop or on their tablet. Kind of a big area, and we'll see a lot of growth, we believe, in that adjacent market. The other big area is what we call our ARIA Health Services. Now, we've branded ARIA separately from CGM. The reason we've done that, and you'll hear that for another one of our solutions, is we sell ARIA now in more of a B2B environment as well. Right? We actually sell ARIA to other EHR companies who don't have a revenue cycle or a credentialing solution. We've kind of started to take that market this year, and we'll see a lot more of that. We have over 1,300 offshore resources, mostly in India. I think we talked a little bit about that earlier with a few of the people. We have a lot of offshore. Obviously, it's a blended model where a lot of the back-office work is done by our offshore operation and a lot of the onshore work and the client management, the direct client interaction is done by people who are locally based. Then we've also in that solution, we've built our own proprietary software. It's not something that we necessarily would sell to a client, but it's what we use from a workflow perspective to enable more productivity, obviously ultimately getting to better margins in that business as well. We're NCQA certified, which is kind of important in that environment. I mean, NCQA, it's a governmental agency about quality, and it's really heavy in being able to get a standard from that perspective. We talked about the B2B market. We hadn't really had a sales team that was selling in the B2B market, and we just started that this year, and we're hoping for some good activity in the second half of the year. Then on top of the ARIA business, we have the eMEDIX business. Now, this was a legacy CGM solution, and it's all about a clearinghouse. For those of you who, I don't know, you might be familiar with HIPAA in the U.S., which is a governmental regulation, and it went into effect a few years back. It's a Healthcare Information Portability Act. It's really wrapped around patient privacy, but it's also about mandating electronic transactions. It was the government's, U.S. government's anyway, push to say, "We have to get rid of all this paper," right? We have to find a way to do things more electronically. Companies like eMEDIX really popped up really quick, as you might imagine. The idea is we are in between a provider who wants to know, is the patient eligible? Do they have insurance? We can get that information from the insurance companies, and then once they actually see the patient, they have to send a claim. I guess you guys call it invoices here. But you have to send a claim to whoever the payer is, whether that's a governmental payer or that's a commercial carrier, and then you get your payments coming back. All that happens in electronic format. Big area, and we'll talk about in the US, the patient journey will include a lot of this eMEDIX information that you won't see in probably any of the other organizations. Bottom line is every provider in the US to get paid for what they do needs a solution like this. Kind of exciting. The last area that we'll talk about is the lab. Another big area for us, over 4,000 labs that we have installed. LabDAQ is the core laboratory information systems. Been out for a while. Then recently, last year, we added SCHUYLAB. The excitement about SCHUYLAB is it has a more Spanish version. We are now taking that. We just had meetings actually in Mexico, South America, where we're seeing bigger opportunities to be able to take SCHUYLAB into Spanish-speaking countries that we never had before. We haven't sold that yet. I mean, we're just now bringing that to market. The last item you'll see here is AP EASY. AP EASY is for anatomical pathology, and basically in the lab, that's the analysis of tissue versus blood or liquids, those kinds of things. We never had that solution before, and it's obviously an easy thing to upsell into the existing LABDAQ business, but it also is an opportunity for us to go upmarket. You know, the reason we have so many labs is they're really small labs, mostly associated with physician offices or with reference labs. We don't play really big in hospital labs or big clinic labs, those kinds of things. By bringing AP EASY into the mix, we now can play better into that market. When you look at our kind of patient journey, if you will, probably the biggest difference that you'll see here is really more wrapped around things like eMEDIX and ARIA, right? The systems from a software perspective do a lot of the same things. When Kimberly here feels sick, she goes on, she can make an appointment online. When she does that appointment online, the system will check eligibility for her. Why is that important? In the US, if you're part of a commercial carrier, most likely your payments as a patient are gonna be much higher than maybe what they are somewhere else, and that's all changed a lot in the US as we go forward. One of the things that we'll ask after we check eligibility is say, "Okay, Kimberly, you have a copay, which means you're going to see your primary care doc of $25. Would you like to pay that now?" Literally online, they can actually pay for their copays and those kinds of things. As we go into it in different areas with insurance at the end, she can pay online as well. Once we get into the prescription, she gets her prescription, and then the visit is done, our ARIA Health Services business comes into play. In that environment, we actually process the insurance claim, we follow up on it, we bring the cash into the provider. Obviously in today's world, we're seeing a lot more demand for that because the providers can't find people to work, right? I don't understand what happened to all the workers, right? I mean, all of a sudden, nobody can find people to work. Well, somebody's got to be working, so it's a great opportunity for us to actually go in and say, "Fine, we'll do that for you," right? You're already using our systems. Let us be your staff as well, and we'll work together, and we'll partner together. The last part of my presentation I'm going to spend on the strategy and execution to get us to what we're looking for for that organic growth in out years, right? This hasn't changed. If you saw this last year, I mean, our strategy has been pretty much consistent in what we're trying to accomplish, right? To grow our business, we have three areas that we're going to focus our attention. One is winning new customers, right? We haven't really gone out heavily to say, "Hey, I'm going to go find a new customer." We've been spending a lot of time talking about, how do I sell to my existing customers? The reason we think this is important and why we've invested so much money in the APRIMA solution is there is a big change we believe going on in U.S. healthcare right now. There's something called the 21st Century Cures Act, which Michael mentioned in his opening, and what that requires is high level of certification, but a high level of interoperability and being able to talk to other systems. There's a ton of EHR and PM systems out in the US, and many of those are old legacy systems that just, they just don't have the ability from a technological perspective to achieve certification in that environment. We have some of them, right? We're migrating those as well into our new solution. We think there's going to be a great replacement market over the next three years as we move forward. We're excited about that on the winning new customer side. Then of course, retaining and monetizing the base, and then we'll talk a little bit more about the eMEDIX component of it. Winning new customers, big component of that is we've now bundled more. I know, Angela and I have spoken a lot about this, to try to get away from just the one-time hits. I mean, we still have those, but most of our proposals that are going out net new now are going to be subscription. It's all going to be subscription model, and we're doing it, and we're bundling a lot into a subscription. An average physician, you know, who's a full-time physician will pay somewhere between $499 and $699 per month for those solutions, and that's how the market is expecting it to come out at this point in time. Great opportunity there when we talk about that replacement market. We talked about these adjacent markets. We're seeing great opportunity also again in that geriatric, that chronically ill area where we're getting a lot of net new because they're new provider groups. I think we talked about it, somebody else talked about it might have been Hannes Reichl, where we have physicians who are just tired of working in a certain environment, and whether it's a nursing home, assisted living facility, or even in a hospital, they're banding together and they're developing or forming these primary care home care groups where they're actually going out to see the patients in the assisted living facility, in their homes, you know, in the nursing homes, what have you. We're seeing big growth there, as well as in the palliative care and hospice care. We're seeing great opportunity where we think we can grow more. Then also new customers in a B2B, again, a B2B environment on the ARIA side. We're really seeing a great opportunity there where we can go in and be the back office for some of these EHR and practice management companies. They white label our solution. We're actually in there doing the work for some large EHR companies, and we're in there as ARIA, obviously not as CGM or as APRIMA or anybody like that. We think there's some big opportunities there. When you talk about retaining and monetizing the large client base, right? Obviously, first and foremost, we got to find a way to make sure we keep as many customers as we have. In the U.S., it's an interesting market. I mean, we will always have, because it's an independent physician market, somewhere between 7%-9% attrition. We budget that. I mean, that's just the reality of it, right? That's physicians who, I'm sick of it, I'm going to retire. You know, they die. You know, it gets there too. There's also the environments where they're just, they sell out, right? We're always going to have some level of attrition, but if we can keep everybody else happy, I'm okay with 7%-9% because we believe we can make that up in other ways. One of the big upsell opportunities into this base is selling the ARIA solution into our technology base. You know, depending upon the type of software customer that it is, they could be, if they're just in software maintenance, I mean, we could get as little as $1,500 a year from those CompuGroup providers, right? I mean, others could be more. It might be 6,000, depends upon how they're provided and how they're buying our solutions. If we move them to the ARIA RCM business, you go from that few thousand dollars a year to up to $20,000 a year with that same provider because of all the services that we're providing. It's a great opportunity for upselling into that market, and we're just now. We just actually last year started. We developed a sales team that's 100% committed to selling into the existing technology base and upselling the RCM business. They're more experts in RCM and what that means. Same thing on the lab side. We have all these labs who also have to do billing and revenue cycle management. We've just started now. We have two people who are going into that lab base and trying to sell ARIA services into that as well. You know, we talk about further monetizing data. We've talked a little bit about that. We're going to continue to do that. We see big opportunities there, and we've already had people approaching us on, "Hey, how can we get access to your data?" Things like clinical trial organizations, pharmaceuticals, I mean, all those environments. We don't currently in the US have a good data warehousing structure, so we'd have to build that. It's not going to come right away, but over time, we'll be able to get that and, again, over the next few years, we'll be able to start monetizing and seeing more of the revenue coming in from a data monetization perspective. The clearinghouse, right? I mean, the exciting thing about the clearinghouse is everybody uses it, right? All of our clients are using somebody, and most of the time it's all third parties, and it's third parties where we get a little bit of a royalty. You know, we might get something because we brought those clients to the table to these other EDI companies. You know, obviously, if we can migrate them from that third party to our own internal solution, we get revenue, but more importantly, we get a much bigger margin associated to that than anything else. From a margin expansion perspective, from an organic growth perspective, upselling our existing client base, our existing software customers with eMEDIX is one of the huge drivers that we see over 2023 through 2025 to help us build our business, both from a top and a bottom-line perspective. We're excited about that. We talked about this path. I mean, we've talked a little bit about it already, but there's still more, right? We have a lot of systems because we had a lot of acquisition over the years, so we're doing a lot of migration. Obviously, by migrating and keeping those systems under more of a single go-to-market, it's gonna save us a lot of money in development, support, technology, those areas. But frankly, I'm more interested and more excited about kinda the second and fourth one there, which is 'cause they're both top and bottom-line improvements where we can bring the clearing house in, big opportunity, and where we can upsell revenue cycle management into that existing base. One of the things that we did too is in the beginning of 2021, one of the big moves we had, CGM had a legacy RCM business that was all onshore, so we were able to actually move all of that to our blended model, and that went live within literally three months. We see a lot of opportunity there, and there's a ton of roll-up opportunities in that space. A lot of small mom-and-pop organizations that have less than $2 million a year in revenue who are just wanting to get out of the business now and willing to let go of their business. I mean, we pay them as a salesperson, so we see a lot of opportunity that comes in that environment. I guess at the end of the day, I would say we as a US executive team and a management team are pretty excited about where we are positioned today. The investment from CGM has really made a big difference for us to be able to invest in those go-forward products in a big way. We think the market and the industry is set up well to be able to also help funnel growth to us because of the 21st Century Cures Act. Obviously, we talked about the large client base, some good brands, and we expect to get to that 6%-9% organic between now and 2025. That's all from me. Hopefully you haven't had death by PowerPoint here for some time. I know it's a little tough, but I believe we are now gonna be moving into the Q&A for the second session. Correct? Yes, that's right. For the second Q&A session, we've got Angela, Emanuele, and Derek on stage, as well as Michael. As always, please raise your hand and give me a sign. I can see you already. That's great. If I may ask that all of you just ask all your questions in one go, that would be much appreciated. Yeah, maybe we start from Martin over there. Yeah. Thank you. Maybe I can group the questions into, one is on the AIS. You mentioned that you have seven products in Italy that you're now consolidating. First of all, how difficult is that with the customers? Have you any customer feedback so far? And also is there any one-off cost involved, and do you expect the same things to do, so some consolidation of products in other markets such as the DACH region? That's on the AIS side. In the US it's more on a high level. Can you talk about how the US business compares to the European markets in terms of resiliency of revenues, so also when you look at a weaker macro environment to come? You're number 4 in the market, so how important is size? Do you need to become bigger also to qualify for resellers and so on? Thank you. I will pick the first question. Yeah Naturally. Okay, let me go a little bit more in detail on this point. We have seven product. We already have migrated 250 customers. We usually manage this in different waves. The first wave is we bring the product in the market when we strongly believe it's ready and is complete to gain new customers and to migrate customer. In the first wave, we are completing this wave now, is we are not switching off products. The customers that should believe that a new product bring more value. We have in this moment in Italy with CGM STUDIO very good and positive feedback on the customer experience, on the level and the speed of the product, and a very high customer satisfaction for all the migrated customers. When we reach a moment in which the number of customer on a specific product is so low, we push a little bit more. About the cost, there is a little bit, the installation is completely remote. Nobody have to go there. There is a little bit of training cost, but it's a revenue stream for us because we sell training. Can be e-training, can be remote session. This is the case for the doctors. In other markets we have on-site training, so there is a cost, but there is revenue, so for us implementation brings marginality. As it compares to the European market, I think the biggest difference is they're all wrapped around, you know, from a reimbursement perspective and things that we have to do in the US that we don't see as much in the European markets from that perspective. As far as opportunities, we think they're as great because of the governmental regulations as well. I mean, we had big pushes some years ago from a regulatory requirement, and then this 21st Century Cures Act is the next big one. I think that'll force the issue as well. You talk about the number four in the market. Now, I don't personally think. I mean, the ones and twos are athenahealth and NextGen. I mean, being one or two doesn't make you win business in my mind, right? We look at it from the perspective of some of those ones or twos have been around for a long time. We're coming in a little bit as a new guy, which is a good thing in my opinion. Being number 4, though, is important 'cause there are a ton of other down markets, very small, $5-$10 million businesses that we don't wanna be. I think you'll see a lot of those go away, and there will be kind of a. I think we talked about it. I think it was in the hospital market here in Germany. We think there's gonna be a lot of consolidation over the next 3 years. Okay. Next question from Florian. If anyone else wants to ask a question, please give me a sign. Okay. Yes. I have two questions left. The first is on the DACH AIS market. You mentioned you want to go into the psychotherapist market. I think there's one very obvious target in that market. Is that not the kind of easier way? If I look at the history of CompuGroup, growing organically into new markets looks to be impossible. Why is it different, or is the one peer obviously on your agenda? The second one, it's probably a bit more for the European part. There's this one big CLICKDOC peer in France, way more expensive if we believe into numbers and financing rounds. They are not starting the journey. As you said, your kind of customer is the doctor and the pharmacist. I think the CEO starting the way around saying, "The patient is our starting point, and we are highly successful." Just looking into my iPhone, I think CLICKDOC download rates or numbers in here in Germany, I think it's 54 something, so way out of your sight of a client. Doctolib is number two and way higher when it comes to download statistics. Are you approaching this target or this kind of market from a wrong angle, or do you think that your strength or your integration will really kick in in coming quarters and years? Yeah. I'm happy to go with the first answer. Yep ...on the psychotherapists. We actually have started and have finished a new cloud solution for psychotherapists, which we are right now testing with quite a few customers and are about then to launch it later this year. It's definitely a market where we see a huge potential for us because we would be the only provider having such a strong cloud solution, obviously with all our knowhow over the last 35 years we have established. We are pretty confident with our new solution that we are going to run and lead that market in a few years from now. On CLICKDOC, Emanuele- Yes, yes. You might wanna take that. Let me answer the second question, as we know, is one of the hot topics. Clearly we have full respect of new competitors entering the market, but we strongly believe our approach is the right one. First of all, we don't forget the patient. We have a clear strategy on the healthcare provider, but we work a lot on the patient experience, and we want the patient have the best experience as possible. We strongly believe the value is in the integration, in the complete effective integration between the patient and the doctor side. Our aim is to touch all the contact and communication point between the doctor and the patient. In the long term, we strongly believe this is value. I ask you, how many time in the last months or years you have any kind of contact with any of your doctors? How much this is a value if this can be completely digital, completely automated, and with complete integration so where you are ensured to have real time and right information, and the doctor is sure they can have quicker and easier way to manage that. Think that your own life. Now think how many time is a value. I'm not saying not. You looked for a specialist on internet, and you decided to go to a specialist because you are booking on internet. Is that also a value? But which is the bigger value in the experience of a doctor and the experience of a patient? We know probably we have a gap in the timing, but we are sure we are there, and we have the right strategy. Okay, next question comes from Charlotte. Yeah. Two- Can you switch the mic on. Can you switch the microphone on please? directly talk to us please? Yeah. Okay. Now. Ah. Sorry. Two more general questions. The first one is around the profitability levels in the different regions. I'm guessing DACH is probably the highest margin region, followed by AIS Europe and then the US. Is that correct? If we look a couple of years out, are there any structural factors that would distinguish the regions in terms of the types of margins that you can achieve in a mature state? The second question is on the integration and streamlining of projects. My impression during the session today was that it's a bigger focus topic for you at the moment. Is that a correct impression or am I wrong there? Thank you. Emanuele, you wanna answer first on the second question and then I'll go back to the mar- Okay, can Margins of business? Can you go a little bit more in detail, sorry, on the second question? The second question is if you're putting a particular focus on streamlining this year or the coming years because it's a topic that at least in my recollection- The internal organization? Yes. Okay. Yes. Yes, for sure. As always, we are now a big corporation. It is a matter of waves. There were years in which the efficiency, the streamline of processes was a focus, a strong focus in this company. We never lost that DNA, but for sure, the spending in a little bit more R&D, a little bit more investment, a little bit more support, not too much, in last two, three years probably was a little bit more. For sure the focus on streamlining and controlling our workforce and also our external contractor is a focus in all the areas, so both in R&D but also in operational and administration. We said earlier that we are shifting gears. Maybe for a phase we have been a little bit too explorative, if I may use that term, and now we're focusing again, and as Emanuele says, we have the DNA on board in order to execute. Brings me to the margin topic. The short answer is yes and yes. Thank you. Just for everybody, in case you don't remember the question anymore, the question was, is the margin higher in the AIS DACH region and then next is AIS Europe and then next is US. That indeed is the case. The second question was do you see basically an amalgamation over the time to come? Yes, we do. I mean, let's go back in time. Before we had the beautiful acquisition of eMDs and Derek joining us here on board, we said it and there were a lot of question marks also when I came on board as new CFO, "Michael, please make up your mind. Are you going to divest the U.S. or not because it's at 0% EBITDA?" It's no longer at 0% EBITDA, but it's already moving into the teens%, and we are moving in the right direction. Yes, our German market, our core market, is the most profitable still. Thank you. I mean, if I may, Please The one thing about the U.S. market too you need to understand is the growth is coming from some of the services business, which obviously is gonna be a little less margin than what we would have if it was pure software. That being said, as we move more of our business to the eMEDIX piece, that has higher margins. We're hoping that, you know, the combination of the two will keep us and get us up closer to what we have in the German market. Next question comes from Laura. Question for Derek, please. Just wanted to go back to the churn rate that is structurally higher in the U.S. Do you mind just re-explaining why that is the case? And also, I just wanted to check, does that mean that there are more market shares kind of moves in the U.S. market than we'd have in Europe in the European market because the business is more sticky, or it's not related? I don't think it's related. I think if you look at our client base, I mean, that's really the key, right? The majority of our client base today anyway, and it's changing over time, is, you know, average 3-4 doc groups, and they're purely independent, right? If you go down market, you look at some of our software that's sitting in the 1 and 2 doc groups, those guys have been in it for a long time. They've been using our products for a long time, and frankly, between reimbursement complexities, COVID, a lot of those are just giving up. I think because of that we're seeing a big kind of exodus of some of the smaller guys, and the independents are still wanting to be independent, they're just getting bigger. We see. I've, I mean, been in this business for 30 years, right? In that market it's always been in that kind of high single-digit attrition, but we've budgeted that every year knowing that that was gonna be the case. Next question comes from Sebastian over there. Regarding the 2%-5% growth in Europe in AIS, what is basically holding it back? I don't want to say, but you have regulatory tailwinds, new modules, upselling. Doctors recognize that they are lagging behind. You have pricing power. We have, like, 8% inflation, and you have, like, CLICKDOC where for me opportunities are popping up basically everywhere. What is basically holding it back at 2%-5%? It looks quite low, but yeah. Regarding CLICKDOC, do you have any incentives in place for the doctors to use CLICKDOC like yeah, a monetary incentive or something like that? Because I think the point from a colleague was right, to be the biggest platform and the first mover is quite important there as well. Any yeah aims to speed that up. On the 2%-5%, I don't know who of you wants to answer. Well, I can start. Yep You finish. Yep, please. Well, we say 2%-5%, right? This is, we also overachieved what we promised a year ago. We are confident as a team and are confirming that this is what we will deliver. Obviously, our ambition is still to outperform these numbers. Yeah. We are not raising our midterm guidance if that was the question. Of course, I mean, honestly, if inflation keeps popping up, we will need, and we set this, to increase prices, and that will have an impact on the organic growth rate also. At this moment in time, we're sticking to our midterm guidance. About CLICKDOC, again, I'm not sure what you intend about economic incentives. Let me say, on one side, we have the right pricing position in our opinion. For the first time since when I'm in CompuGroup, we are not the most expensive in the market, even if we believe we have a good price. We believe inside our CLICKDOC solution, there are a lot of functionality that activate new revenue, direct new revenue for the doctor. That is what I mean, but, your goal should be that every customers of you, every doctor you have is using CLICKDOC, right? That should- Correct Be your goal because if I just This is our goal. have one doctor who is using Dic- Yes CLICKDOC, I will not use CLICKDOC. No. So- This is it. Every doctor, and I go further, every paramedic, physiotherapist or nurse in the country in which CLICKDOC is launched use CLICKDOC. Yes. This is our final goal. Okay. Great. I'm glad we're all aligned on this one, and then we've got the next question from Andreas. Thank you. I have a question on G3 for AIS. It seems like this long-term project has gained some momentum. Has there been a technological breakthrough, or was this basically a result of steady efforts? The second is on average revenue per user. In the US, obviously the number is higher than in Germany. The Scandinavian countries used to be the benchmark. Could you speak about where the Scandinavian countries stand today and where Germany, France and Italy stand? Thank you. Emanuele, it sounds like we start with Europe again. Yes. Let's start from the G3 topics, and then I will go on the ARPU. The reality is that we reached a turning point on our strategy. We spent the expected time, if I think about pharmacy and dentist. We spent a little bit more than originally planned. The technology choice, the architecture, what we have done, is aligned on the strategy when we started developing the G3 project. Simply, we were able in last 24 months to be a more effective organization, to be more focused on the platform business as I mentioned before, and this is why we arrived to launch the product in last 12 months, really, but not because we made any completely change in our technological architectural strategy. About the revenue per user, I don't want Michael kill me. No, you can answer in general. The question was Scandinavia comparison, for the other regions. Uh, in, uh- specifically. Okay. In different country, we have very different revenue per user. You also have to know or to remember we have a customer we serve direct and customer we serve indirect, and so through distributor, and also in that case, the revenue per user is different. Let me speak about my market, because the range is very big. We have countries where a user that already have our product and only have the maintenance fee goes from a little bit less than EUR 1,000. In some of the countries, for example, in the Nordics, we have revenue per users that is in the order of several thousand EUR. This is increasing year by year. Let me again give you an example. In France, it is one of our bigger markets is increasing between 5% and 7% every year. Yeah. You want to comment for Germany maybe? On the G3 side, happy to do so. We definitely, as I said before, right, are going to launch our new solution for the psychotherapist, which is a G3 product or a cloud product. From an IS perspective, obviously we are already developing it, but we have no rush, I would say, for the German market because doctors still feel confident to have the solution they have. Keep in mind, they are using some of those solutions in 20, 30, 35 years. Definitely a strategy is here, but we have no rush, and we take it step by step and are actually going after those markets where we see a higher demand and increase, which is the psychotherapist at this stage. Thank you. All right. I don't think I've seen anyone else wanting to ask a question. Last chance of the day now. If that's not the case, then I hand over to Michael. Yeah. Thank you. I would actually like to ask all my colleagues who presented today back on stage if that is possible, please. In essence, we started the day 11:00 A.M. German time, so 5:00 A.M. US East Coast time. Those of you listening in here on the broadcast, thanks for enjoying 5 hours of coffees with us. I hope that everything will be recorded well so that you can listen also later on from the West Coast and so forth to our presentations. We really treasure that you came here in person and took the effort and spent the time with us. That's a really nice interaction. We also treasure everybody who's listening in over the web conference. I hope we were able to answer all of the questions. In case we didn't, I just wanna ask Frederic and Claudia Thomé on stage. Frederic and Claudia Thomé, our investor relations team, please come on stage here so that you're also being seen over the web. Mm-hmm ... because you are in contact, and I know that, with Frederic and with Claudia. Come on in. Move a bit closer here. This is the whole team, and the two of them have helped us greatly by anticipating questions that you as investors, as analysts, as representatives from the financial institutions and, as other, interested parties might have, and they helped us prepare the whole day. There's one more person missing that actually also helped a lot, and that is my assistant, Steffi. Steffi, I hope you can hear me, and maybe you can also come on stage here because you are the one helping us here with the setup in Koblenz. We thank everybody very much. We wish you a fantastic end of the summer season, a great Labor Day in the U.S., and we look very much forward to engaging with you throughout the next couple of weeks and seeing you in the next touch point on November third presentation of our Q3 results. Many thanks. Bye-bye.