2020 earnings release call. My name is Robin Pulkkinen. I'm the CFO for Revenio Group. I'm joined by Jouni Toijala, our CEO. We plan to run you through the presentation, where Jouni will go through the business summary, followed by my section, where we run through the numbers. After this, you will have a chance for any questions you may have. With these opening remarks, I will hand it over to Jouni. Hey. Welcome. Good afternoon, everybody. My name is Jouni Toijala, and I'm the CEO of Revenio Group. Let's start by going through the effects of the COVID-19 pandemic for the Revenio Group during 2020. We could divide last year in three different sections. The first section is the time before the lockdown, then the lockdown period, and then the life after the lockdown and the recovery period for us. So if we go for the early 2020, January, February, our biggest concern was, is the supply chain going to be impacted by the COVID-19? That went really well, we didn't have any disruptions to the supply chain, no electronics, no plastics part coming from China and so forth. The supply chain was in really good shape, and it has been in good shape for the whole time. If we go to March, we go to April, we go to the May timeframe, that was the hardest period for us. In a way, that was double-sided. The tonometers were selling actually really well because of the COVID-19 and the hygienic requirements. We had really difficulties on the imaging product side because of the lockdowns, and sales team was not able to see the clients. We were not able to deliver or install the devices. And if we go for the Q3, Q4, we saw bit by bit then recovery also in terms of the imaging devices. Let's jump in more detail to the Q4 performance. Net sales, strong growth there. We ended up to EUR 19.7 million with roughly 32% year-on-year growth. The EBITDA was EUR 8.3 million, and the growth was quite significant, +43.7%. During the Q4, we also issued a positive profit warning concerning the July and December. The big reason for that was that we were expecting much more kind of a modest growth, especially in the USA for the second half, but it turned out to be that the actually US business was growing really fast for us in terms of the tonometers plus the probes. We also saw on the imaging side that the Q4 was stronger than the Q3. The overall, we could say that the second half was a way stronger also in an imaging side compared to the first half 2020. And because of the growth, we were also scaling up the production also on the probe side. These were the highlights for the Q4. And i f you are looking at the overall performance of the year 2020, so really the hardest time for us was the April/ May timeframe, especially on the imaging device side. Then gradually, we have been seeing that the Q3 strong pull from clients in the tonometer and the probe side, same for the Q4. And also increasingly, we have seen that the imaging product sales is rebounding in the levels of the pre-COVID during the Q4 2020. That's where do we stand today. And I let now Robin to go through in more detail the key financials for year 2020. Thank you, Jouni. Like Jouni mentioned, our sales performance was, in these conditions, extremely good, especially the second half and the Q4 closing with 31.7% growth, and that's the reported number, of course. The FX was giving us some headwind, so the currency-adjusted growth was almost 36% for the fourth quarter. In this table, you can see there's some adjustment lines for the EBIT and EBITDA. Those are actually helping us to adjust the numbers to more a level where we can really compare apples to apples. There's some one-time items in the reported numbers, which kind of mix the picture a little bit. What we've adjusted for the comparing, so the reference period, meaning 2019, is that we've taken out the one-time kind of CenterVue-related transaction costs. And fo r this year, we've adjusted the Cutica write-down. When you look at this adjusted EBIT line, for example, for the full year, we've actually been able to grow over 24% the EBIT level, and then also the profitability has grown. The same thing goes for the EBITDA line, 24.8% growth and also 35.5% out of the revenue. And also, the profitability has increased during the COVID year. What we've done here is we have not let any people go. We have cut no running legs in the company. Actually, we have continued hiring some more people during the year. We continued all the R&D development project we had planned originally. We haven't cut anything from the day-to-day business and the future investments we have been doing. The area where our spending has been a bit lower is the travel, trade shows and marketing related cost for some part. Of course, maybe there's some people that we planned originally to hire more, which we didn't feel. We did hire, but necessarily not all the positions that we originally thought. If you look at the Q4 numbers, I noticed that many of the analysts have already picked that there also was some one-time revenue or other income from the CenterVue transaction related. Actually, we had a similar EUR 1 million item also in last year Q4. Last year there was a EUR 1 million adjustment to the original purchase price of CenterVue. This year there was some contingent considerations, which we had accrued in the balance sheet, which never took place. We're able to release that accrual, and now it's also sitting in the other income. Basically, in both years we had that same EUR 1 million impact. What's quite extraordinary is that when you look at the full first half versus the second half, and especially the growth. If you remember, we acquired CenterVue in the end of April 2019. For the first half of this year, we had four months of inorganic growth from the CenterVue business. Our currency adjusted growth for the first half was 25.5%. It's actually a little bit less than the reported growth. When you compare that to the second half where we truly had CenterVue in both year numbers for the full year. The second half reported growth 21.4%, with currency adjustment 26.6%, is actually stronger. We are able to grow on the second half currency adjusted over 1% more than on the first half. Even in the first half, we still had the four extra months from the inorganic growth compared to CenterVue acquisition. A very strong second half for the year. Here's some of the key figures and their development. Of course, COVID caused uncertainty during the year, and it actually still continues to do so when we go into the new year. Our balance sheet has remained very strong. Our cash position has been improving, our operating cash flow grew by 23%, was over EUR 15 million. Basically, we have more cash on the balance sheet than we have interest-bearing debt. Our net gearing is actually back to negative after one positive year after the CenterVue acquisitions. Basically, we're in a very strong financial position also from the balance sheet point of view. It's a important item that we would like to keep it that way because we, like mentioned earlier, we also continue to consider inorganic growth opportunities if they emerge when we move forward. Shareholders and share, our ownership table. Basically, there's been actually a lot of turnover over the year. The revenue share liquidity has been really high. There's almost half a billion of turnover over the year comparing to EUR 125 million in 2019. The turnover actually went up 260% year-over-year. Actually the number of shares even, so we have 54% of the shares traded during the year, compared to prior years when it has been a lot lower. In 2019, 22.5% of our shares were traded. Some of the big owners, William Demant has become the largest owner. They flagged that they went above 10% ownership in June. Also another flagging on the ownership list is the Capital Group, which fell below 5% in October. Some of the new larger investors on the list, you can see Columbia Threadneedle number three, TIN Funds number nine, BlackRock and Artisan Partners 14 and 16. Our registered owners count to approximately a little bit over 42% at the moment, and the private individuals still hold about 40%. Our number of shareholders went up significantly during the year. Last year we had about 12,400 shareholders. Today at the end of the last year, we had 20,200. There's a big growth in the number of owners we have. Share price development. I'm sure everyone on this call knows how it's been performing. We started the year at EUR 26.25, closed at EUR 50.30. For the full year, 91.6% increase in the share price. If you look at the drop in March for the COVID pandemic hit really hard. There was a drop from the opening kind of share price of EUR 26.25. It actually dropped 30% to be lowest point at EUR 18.48. From that low point, it's gone up about 175% to where it closed the year. The market cap for the year-end was EUR 1.34 billion. Our financial guidance. Though the COVID pandemic continues to cause uncertainty related to the markets, Revenio Group's exchange rate adjusted net sales are estimated to grow strongly from the previous year, and profitability is to remain at a good level without non-recurring items. The board has proposed a dividend of EUR 0.32 to be paid to the shareholders. That represents a 63% payout ratio. Also kind of going back to the comment earlier on maintaining a strong balance sheet also for the future opportunities that they may lay. That's it from the numbers point. Thank you. If there are any questions, we would be happy to answer. Thank you. Ladies and gentlemen, if you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. Our first question comes from the line of Julius Rapeli from SEB. Please go ahead. Good afternoon, guys, and congrats on the great report once again. I have a couple of questions. Firstly, starting, is it anyhow possible you could provide some help for us on the split between tonometry and imaging sales now in Q4 and for the full year? Thank you. Hi, Julius. Jouni here. We haven't, of course, fully disclosed the detailed numbers about the division between the tonometry and imaging. But I think it's fair to say that if you look the first half 2020, so tonometer sales, we were up, but the imaging sales was significantly down compared to 2019. And If you look especially on the imaging side, Q3, so we started to see the rebound compared to 2019, but it was still a bit under. And then the Q4, we started to be on the same level. There's a clear rebound now what we saw during the Q4 also on the imaging side. Now let's have a see how it's going to go during the Q1. These are in a way the levels that we are able to disclose because we don't disclose the exact split between the tonometer business and imaging business. Anything, o n this one? All right. Perfect. That's very helpful. Yeah, maybe if I can have another question as well. On the gross margins, your gross margin is still at relatively good levels in Q4, but slightly down from previous quarters. Was this due to the change in mix from increased sales in imaging devices? Just thinking how should we think in 2021 on respect of the gross margins? Yeah, I think this is Robin. Hi, Julius. Basically, Jouni mentioned the imaging has been gaining and improving throughout the whole year, basically since April. April was a really bad month, tonometers and imaging point of view. Basically since then it's been recovering and of course Q4 is a very strong month also for the imaging or kind of back to normal month for the imaging devices. That also plays into the gross margin. But also we did have some larger deals, or not specifically large deals, but some quite nice orders on some of the older devices which have lower gross margins, so which also played a little bit into the overall number for the company. All right, perfect. Thanks. That's all from me for now. And the next question comes from the line of Pauli Lohi from Nordea. Please go ahead. Hi, I'm Pauli Lohi from Nordea. Thanks for the presentation. I would have a couple of questions. First of all, about the fixed costs in Q4. I think the costs recovered a bit sequentially after Q2 and Q3 costs being down a lot year-on-year. Do you see that you still got benefit from COVID-19, that there were less travel and marketing expenses? Yes. Those costs haven't rebounded at a full level, so they are and most likely would remain below normal, of course, for even the first half, at least for this year. So that's is not the case for the Q4. There were some certain larger projects that closed and also some compensation related items that were a bit higher than in the earlier quarters. But basically there will be general spending in travel and trade shows, for example, is still quite low, most likely for this beginning of this year. So we haven't really started traveling heavily in the company. Okay. If we exclude the COVID related or travel related costs, what kind of outlook you would have for the fixed cost in the coming 1-2 years? I think we plan to hire more people. That is in the plan. Of course, we are now following carefully how the pandemic continues or develops. Even in the board level, We haven't really made a full decision on all the investments for the full year necessarily, so we're keeping a close eye on how the pandemic develops. But the plan is if the world returns back to normal at some stage, of course, we plan to continue to grow aggressively. Okay. One more question about imaging. You commented that the demand was actually almost normal in Q4. Was that very clearly about the new product DRS+ or do you see broad-based demand increase and maybe pent-up demand after pandemic in all products? Yes. If we look at the second half 2020 and the Q4, there were quite high demand, of course, for the DRS+ because it's a quite unique product. It has TrueColor confocal, which is really affecting to the image quality. It's in a reasonable price point compared to the competitors. We have had constantly quite high demand for that product. Also so-called EIDON family, that was selling really well. We managed to clear a bit of older DRSs actually from the stock during the Q4. That was really good. We basically see also for the ongoing basis that there's continuing to be the demand for the EIDON family and for the DRS+. Those have been selling pretty well. Okay. Thank you. No further questions from me. The next question comes from the line of Pia Rosqvist, Carnegie. Please go ahead. Yeah. Hello. It's Pia from Carnegie. Thanks for taking my questions. On tonometers and the exceptionally strong growth you saw in 2020, you have disclosed, of course, that part of the reason is a strong growth in U.S. and you also received some larger orders. Now looking into 2021, and particularly for tonometers, can you describe the growth elements? Are there any particular elements driving growth on top of the very strong growth you saw in 2020, please? Hi, Pia. Jouni here. Hi. So I think that what has been the trend here is actually around the hygienic requirements and the easiness of the use. I think that's according to our understanding, that's going to continue still when going forward. I think that there's definitely a trend now regarding the rebound tonometry, and related clinical workflow that it's quite easy to handle the increased hygienic requirement. You only just change a probe, and that's it when you change the patient. And I think this has been the trend already during the Q2, which was driving, in a way, our growth and the resilience during the Q2 still on the Q3, Q4. I think that's in a way a one single, if I had to point out one point, that would be it, what's perhaps the growth driver also for 2021. And then t hat, of course, impacted to the use of probes during 2020, and our assumption is that it's also going to impact the probe usage during 2021. Anything, Robin, to add on here? Yeah. And I think of course, we hope that the imaging also continues on the trend it's been. It's hard to say. It's more delicate when it comes to any changes in the pandemic situation, clearly. We need to keep a close eye on how that develops. Okay. Thank you. And if I can continue, still on tonometers, can you help us understand how much of the demand is so-called replacement demand, or is still most of your sales new sales? Sorry, Pia. I don't have a full answer on that one. So I would assume that the products what we have sold, they're still TA01is, which they have been there for a long time, so they are still working. I have a feeling that there's also now a trend that we are taking market share from the Goldmanns and from the NCTs, i.e. the air puffs. I don't have full figures, but we have been gaining market share from others, that's for sure. Anything to add? Yeah we have ongoing replacement campaigns in the U.S., for example, which is the biggest market for us. So there we do get some tonometers back. Vast majority, of course, is new customer sales. The good thing about the replacement kind of offers we have out also is we get a lot of competing technologies which we replace with our instruments. So it's kind of working nicely there, but basically, it's still the big volume is in new customer sales. Okay. Very clear. Thanks. If I still may continue on tonometers. So do you have anything particular to share on the home device and how the take-up of that develops? I think it's exactly the same status what we discussed after the Q3. From the percentage point of view, the sales is increasing a lot. In terms of the euros, of course, compared to the other business, we would be really willing to have more euros in as well. Percentage-wise, growing fast, but there's still room to grow in absolute euros. Okay, thanks. Still a question on costs. So can you quantify the so-called temporary cost savings or cost savings from less travel, less marketing, less campaigns during 2020? Well, we haven't really disclosed it, but basically, it's very significant. We're talking about in the millions. I'm just trying to remember what we disclosed in Q3. I think it was EUR 1 point something million we disclosed there. Yeah. As the saving. On the travel side and the marketing and the trade shows, that of course, mostly also was true for Q4 and probably is, of course, because nobody can travel, it's probably true for the beginning of this year, too. The one change perhaps to that cost base is that, of course, we have been constantly increasing the investments on the digital marketing side. I think that's one caveat if taking out the travel and trade fairs and so forth. I think their situation is going to be about the same, but the digital marketing, we are putting more money on that one during 2021 and during the Q1 and Q2. Yeah. Yep. Okay, thanks. To your capital allocation policy, or I try to remember, do you have a dividend policy? I'm just looking at the dividend, and it's still sizable compared to the earnings per share. Is it fair to assume that looking at the changes in your ownership structure, that the payout ratio is rather declining over time? Should we assume it to remain at the current level? I think my maybe not fully studied answer would be that my feeling is that our current board is kind of and us. We consider ourselves as a growth company where the dividend payment is not necessarily the number one target for us or for what comes to dividend policy. I think the ownership and the board seems to support the idea if we have better use for the money, that's also an item to take into consideration. So it's not really. Yeah Something we can guarantee that we will continue to grow the dividend every year, but for the last four years, it's been growing with EUR 0.02 a year. From EUR 0.26, EUR 0.28, EUR 0.30, now EUR 0.32. It's been on a growing trend, and I think if we don't have any better use for the money, it will continue to do so also in the future. There's no commitment to that. Okay. Clear. Final, before I jump into the queue, the European Medical Device Regulation, you talk about that in the report. In practice, what kind of impact does it have on you now in 2021? We, of course, started, so if thinking the MDR, so we were already doing the homework last year, then it was postponed one year. Then, of course, the work is ongoing. Of course, we are going to be compliant based on that one. And I think one of the biggest change there is going to go then, or what's going to happen is related to the software. As an example, software as a medical device regulations and so forth. Of course, in the products that are requiring that part of the regulation, our quality team is already working heavily to be compliant on the MDR-related requirement. It's the, in a way, bread and butter what we do, because otherwise we are not able to sell anything. Okay. Thank you. Hopefully that answers. Thank you very much. Yep. Thanks. Yep. Thanks. Just as a final reminder, if you do wish to ask a question, please press zero one on your telephone keypad now. We have one more question from the line of Daniel Lepistö from Danske Bank. Please go ahead. Hi, this is Daniel from Danske Bank. So I have couple of questions. First, about the guidance. You state that you expect the profitability without non-recurring items to remain at good levels. So does this translate into that you expect no further margin expansion from the current levels, at least near term, or how should we see this? I can't really open exactly what it mean percentages wise, but I think the wording is pretty similar we've used in the full year guidance in earlier years. Of course, in this COVID-19 environment, we don't want to be too aggressive also in the guidance. I think it was a very long discussion in the board yesterday regarding the earnings. So I think our current earnings, probably, idea is that we don't probably expect to have a similar full year than we did, like, for example, Q4. Lower kind of guidance compared to the second half were kind of adjectives we used. The next question is that, is the VET-related tonometer market included in your $200 million global market size estimate, and how big is this VET business currently for you? The VET is not in there. The VET is quite small market. Our product has a very large market share, actually. It's not in the $ 200 million, but it's a very limited market size in the whole. Our market share is, my estimate would be above 80%, my understanding of the market share. So it's a very big share, and it's a very profitable business because there is no regulations and no kind of sales permits that you need to apply from FDA or China or anywhere else. I think Taiwan, I think there's one or two countries that require any sort of documentation or approvals for selling it. The kind of the costs related to running the businesses are very efficient. Okay, finally, when are you planning to unveil your new strategy, and are you still planning to hold the Capital Markets Day jointly with this? Yeah. We are going to have a Capital Markets Day 16th of March. Right, Robin. It was in the release at the end. The day before our AGM is the Capital Markets Day. Okay. Yeah, I must have missed it, but yeah. Thank you. That's all from me. Thank you, Daniel. Thank you, Daniel. As there are no further questions, I'll hand it back to the speakers for closing remarks. Hey, thank you everybody for your time. Of course, if there's questions popping into your minds later on, so you can, of course, ping me and Robin, so we are happy to help. But with these words, I really hope that everybody's going to have a sunny spring, and we are definitely going to then meet when we have the CMD. For mid of March, so have a good start of the spring and see you hopefully in Capital Markets Day 16th of March. Thank you everybody. Thank you.