Good afternoon from sunny Finland, welcome to Revenio Group Q3 earnings call. My name is Jouni Toijala, I'm the CEO of Revenio Group. With me here today, we also have Robin Pulkkinen, who is our group CFO. I'm going to start first by going through the Q3 highlights, then Robin is going to go more detailed to the finances. Q3, an excellent quarter for us. Net sales EUR 19.4 million, up to 22.7%. What was really going strongly was the sales on fundus imaging side. We managed to sell really well across all the markets, especially in Europe and in the United States. It should be also noted that the tonometer demand continued to grow well as well. If looking the profitability, so EBIT number in good shape, so EUR 5.9 million. The percentages here are looking significantly higher than the last year. I think that it should be noted clearly that in last year comparable numbers, we had EUR 1.9 million Cutica impairment. Please note that one. The cash flow, EUR 5.8 million, slightly down from last year. There were a couple of things which were impacting to this one. First, the Oculo development activities reduced the comparable cash flow, and also changes in working capital. This is due to the investments what we have been putting in to actually increase the stock level because of the kind of a bit more riskier situation related to the components, and I think this is a familiar information for all. If looking bit more deeper to the growth drivers, imaging devices, especially the iCare DRSplus, plus the new product, iCare EIDON UWF, they were selling really well across the markets. We have been also seeing now Q3 that the investments done towards the digital marketing, towards the brand, and the channel integration after the CenterVue acquisition. Those have been successful activities during the Q3. If looking the data, I think the good question is that is all of this growth pent-up demand or not? The answer is that we actually have been able to grow actual market share by a couple of percentages, both in imaging devices and also in tonometer side. From the product portfolio, product quality, product performance point of view, the offering what we now have on the table for sales, it's actually looking really good. With these words, I let Robin to go a bit more detailed through the finances, we have questions after that one. Over to you, Robin. Thank you, Jouni. If you want to switch the slide. One more. There we go. Thank you. Net sales, like Jouni went through, EUR 19.4 million, up 22.7%. For year-to-date, we reached EUR 55 million in sales, up by roughly 33%. The FX has not played a very critical role for the year-to-date numbers, so FX-adjusted growth roughly 34% year-over-year. On this slide, we have some of the adjusted numbers also presented. If I go quickly through what we've adjusted here, basically for the current reported quarter, there actually is no adjustments. For the Q3 last year, what Jouni also covered is that the Cutica write-down or impairment of EUR 1.9 million has been added to the comparable EBIT number here. Then for the full year numbers, we've added in the Oculo one-time transaction cost that was paid out in the first half, so EUR 0.7 million has been added to the EBITA line and the EBIT line for this year. Then for last year, the same Cutica impairment has been added to the EBIT line. Something to take a note back from here, for example, the adjusted EBIT, EBITA, we actually have been able to maintain the same level than last year, so 32.4%. Basically, the EBITA has been growing in par with the top line. Same for EBIT, actually a slight improvement, so the adjusted EBIT 28.5% compared to the 27.6% last year, and 37% improvement. Something looking to Q4, we mentioned this earlier, the second half last year was extremely good. Looking at the first 9 months last year, our organic growth, so currency-adjusted growth last year for the first 9 months, 22%. We look at the comparable Q4, the growth was currency adjusted 36%, so the Q4 growth last year was 50% faster, half faster than kind of the first 9 months of the year. For this year, our growth for the first 9 months, like we said earlier, it's been currency adjusted 34%. Going into Q4, we are coming against some really tough comparable numbers. For last year, to keep in mind that we have the contingent accrual release that was related to the CenterVue transaction. Last year, the comparable numbers also include the EUR 1 million other income that kind of flows straight to the bottom line. Some of the key figures on a more graphic way. No major changes in Q3 in the big picture. The cash is up EUR 4.4 million from Q2. End of Q3, we had EUR 16.5 million in the bank. At the same time, the net gearing went from almost 15 down to 11.2. Also the equity ratio improved during the quarter from a little bit over 57% to 64%. Basically, our balance sheet remains very strong and along with the other growth opportunities, gives us the opportunity to also look at the options of inorganic growth going forward. On the ownership side, there has actually been some more bigger changes in the largest owners. The William Demant, they have increased their ownership. They've roughly bought or invested worth EUR 20 million into the Revenio share. On the top owner list, that's the biggest change worth mentioning. The William Demant ownership went from, I think it was a little bit below 11% to now it's 12.3%. The guidance, no changes to the guidance since August. The guidance still is that the Revenio Group's exchange rate adjusted net sales are estimated to grow very strongly from the previous year, and profitability is to remain at a good level without non-recurring items. The COVID pandemic continues to cause uncertainty related to the markets. The guidance remains as it's been earlier. That's it from the financial side. I think we'll go now to the questions. Yep. Thank you, Robin. Let's open the floor for the questions. Thank you, sir. Ladies and gentlemen, if you wish to ask a question, you may press zero one on your telephone keypad. It's zero one on your telephone keypad. We have one first question from Mr. Sami Sarkamies from Nordea Markets. Sir, please go ahead. Hi. Thanks for taking my question. I have actually a couple, but let's take them one by one. Starting from tonometers, where you're saying that you grew sales in the third quarter. Can you elaborate on the growth rate? For example, how does that compare against growth rates you had in the first half of the year? On Q4, do you think you'll be able to grow tonometer sales in Q4 relative to last year? Sure, I'll try to take that. If I recall right, our first half growth this year was over 40% FX adjusted. I think it was almost 45%. Of course, the comparables for the first half this year was a lot easier. Kind of the COVID pandemic, our sales hit the bottom April 2020, and it's been getting better since then. The growth this year was really strong in the first half. Now we're still above 20 for the FX adjusted. Even last year Q3, if I recall right, it was roughly 17% growth. It's still in a very good level. Of course, when you go into Q4, the comparable number is very big. In the big picture, we do see that there's room for growth for the tonometer and the imaging business in the short term. In the next 1 or 2 years, I would think the imaging devices probably have a better chance of faster growth compared to tonometers. Kind of in the big picture, the tonometers also continue to grow. I can't really comment on a single quarter right now for the growth expectation for Q4. Okay, thanks. Are you able to compare growth rates during this year within tonometers and fundus imaging that what sort of differential are we talking about? I think that if looking at the fundus imaging, that's really growing a lot. We are not talking about the 10%, we are not talking about the 20%, we are not talking even the 30%. They are on the different growth path, and that's partly explained, of course, the market share. Then we had on the tonometer side during the COVID, we really had a huge spike. I think that's explaining. On the tonometer side, we have returned pretty much the regular growth rate that if you go back into the years. I think that we have returned to the kind of a normal growth pace on the tonometer side. Then if looking at the fundus imaging, we are seeing a really, really strong growth on the fundus imaging. That is due to the good products and we are really gaining the market share as well on that side. Okay. I think you mentioned that in both tonometers and imaging, you've been able to gain market share, a couple of percentage points. Was that over the past year? Just wanted to verify the time frame. I think it's about the one and a half years' time. When we updated the strategy a bit more than a year ago, we crunched the numbers, we crunched the numbers about 2 weeks ago. Again, we have been able to grow quite well on both sides, also from the market share perspective. Okay. Moving on to your cost level. Are you now proceeding at full speed related to all activities, or will we still see costs rising in the coming quarters as you're starting the activities that may have been on hold during COVID-19? I think Robin might go perhaps the details, but what we see currently, perhaps two buckets. The trade shows are back. We had a first trade show here in Europe about three weeks ago, so beginning of October. Also, we still see that we have to invest on the software solution side. We are going to hire the people also for the Oculo team when going forward next year. I think that's also in the line what we have been communicating. Do you want to comment on the overall cost level, Robin? Yeah, I think the changes in future costs is related a lot to the changes in the headcount. We're still going through the planning phase, but it's clear that the headcount is probably going to be higher this time next year than it is today. Also, travel is still very limited, and now we're just getting back into the trade shows. I think there's the base level might still go up a little bit, but I think the bigger change is related to the capital allocation and what the investments we've decided to next year. Nothing significant, I think. Yeah, it's a lot tied to the headcount where we end up for the future. Okay, thanks. My final question would be on potential divestments of Cutica and Ventica that you are reminding in the report. It seems that you have made some sort of progress here. Are we getting closer to some sort of announcement, and can you please explain what kind of deal structures you may be looking for these non-core assets? Let's first start with Cutica. We start to be end of image collection. We have been running the clinical trials in order to get enough images. That has been bit delayed, so we were estimating to finalize the Cutica image collection about the summertime, but due to the COVID-19, so that's a bit more delayed. After we have that one closed up, so then we can test the AI algorithm. I think we are wiser towards the end of the year, early Q1 related to that one. Discussions related to Ventica, because that's more mature. There discussions have been ongoing, but we don't have anything to announce Q4 on that one. The work is still ongoing, but the strategy is still very clear. Capital allocations are still very clear. Really the key message is that we are going to be fully focused on the eye care market, and the capital allocations are following that one as well. We are not currently investing more money to the Cutica and Ventica, and rather now trying to find an optimal solutions to find a good home for them, whatever is the model. Okay, thanks. That's very clear. I don't have any further questions. Thank you for the good questions. Thank you, sir. Next question is from Mr. Daniel Lepistö from Nordea Bank. Sir, please go ahead. Thank you. I have a couple of questions. Basically, first of all, could you give some more color on the current challenges with the component availability and pricing? As you said previously, you have somewhat increased inventories, but maybe if the situation persists, do you see the kind of issue being more of the availability related to these components or the pricing related to these components? Will this be more of a top line or profitability issue? How do you see this? Let's start first with the cost. That's still very clear, and we have already faced that one that the prices are coming up. We have been, of course, following that one, but the prices are definitely going to go up. There we have already done some price increases, planning to do more. That's partly covered on that one. Then, of course, it comes in a way to the bit more bigger package that how big part of the sales price is actually the bill of material and so forth, and what's then going to be the impact for the gross margin and so forth. The prices are coming up, and we are then transferring partly, definitely those also to the sales prices. The second thing is really the availability. What makes it a bit complex, we should actually, as we speak today, we should have a clear view what do we sell after 1 year, what do we sell after 1 and a half years. We are doing the commitments. We are doing the forecasts about the sales booking the components. That, of course, is not optimal because the crystal ball should be quite good in order to be able to do that 1 efficiently. We have been tackling that 1 to make a commitment towards our suppliers, increased a bit the stock level, and so far so good. No hassle. We have been able to deliver the products that we have got from the orders point of view. To be clear, this is developing on a weekly basis and our operations team is working really hard on solving these issues. So far it's okay, but it's a tough place to get everything balanced. All right. Thanks. My other question is that when thinking about this excellent fundus imaging device demand, has there been any indications that there could be any restrictions to access hospitals, like they issued during the pandemic, especially in the U.S.? Has there been any issues? No. U.S., Europe is okay. We have had, still because of the COVID, some restrictions on going in certain APAC countries, but that's easing up a bit. When discussing with sales across the global distributors, there's no red flags on the COVID as we speak, and that's a good news, of course. The U.S. has been going really well even during the COVID times. All right. That's great to hear. Okay, my next question is related to the market share estimates you just gave and said that you have grown a couple percentage points in the fundus imaging and in the tonometer market. As I recall correctly, last time you updated this figure, it was that you had 5% market share in the fundus imaging device market. Does this mean that you're still below 10% here? Definitely below 10. Closer to 5 than 10 or almost in the middle. We have clearly been able to now gain the market share. I think what's good to remember here, based on our calculations, the overall market for fundus imaging is roughly half a billion USD, and we still have a single-digit market share on that one, which is growing quite aggressively. The overall fundus imaging market is going single digit, less than the 5%, definitely, and we have been really able to gain the market share. On that perspective, it really looks good. Yeah. Okay, maybe one question if you can answer. The tonometer installed base, you were updating us a couple of years ago. It was 82,000 devices in 2018. Do you have any updated figure on this tonometer installed base? I don't have an exact number, but I think it's over 100,000 at this time. It was still my understanding. I don't have an exact number to give. All right. That's fair. Maybe my last question is about basically the Q4 and the Q4 demand, as it has been your strongest quarter. Maybe you answered this partly already, but how would you compare it to last year's Q4, which was exceptional in terms of demand? Yeah, Q4 is always our strongest quarter traditionally. A lot of that, actually, looking at the APAC and EMEA, it's more flat. Especially U.S. is very Q4-oriented. My understanding is that they try to spend the remainder of their budget at the last week of December often, the last week of the year is often the best, which is also keeping us a bit nervous where we end up at the end of the year, typically. The growth, of course, year-over-year, even though it's the best quarter, the growth should be similar, hopefully, throughout the year. It's been a really difficult two years because there's been such big movements and changes between quarters. Looking at the comparable number growing half faster than the whole year last year, that puts that number very tough for us for this year. Of course, we'll do our best, but I can't really comment what we think we're going to be. It's probably the toughest quarter for this year in the comparable side. It is. Not probably, but it is. Yeah. Fair enough. That was all from me. Thank you for the answers. Thanks, Daniel. Thank you, sir. Next question is from Mr. Juha Kinnunen from Inderes. Sir, please go ahead. Hello, gentlemen. This is Juha from Inderes. Most of my questions have been asked, but perhaps one more about the cost inflation and pricing. Could you elaborate a little bit about your pricing strategy? Are you using an idea where you are in a mature state that you are raising prices more aggressively and perhaps sometimes with the new products you are trying to gain market share and pricing them very affordable, or do you use it like a same gross margin target for everything? I don't fully go to the details of the pricing. Our pricing strategy or policy, but the first thing is, of course, to understand what's the value that the device brings, and then how do you position that one in a specific market compared to the other products which are there. It should be priced based on the value that it brings. As an example, taking the value of rebound tonometry and then doing a cost-plus pricing so that you take a bill of material, you just add the margin. I think the Revenio Group would be a totally different company if the pricing had been done in that way. I think this is more or less the best answer that I can give. In a way, in a nutshell, we look at the end user prices, we look at the value and the uniqueness that the devices can bring, and then we price accordingly. Now if thinking the price increases that we are implementing related to the, as an example, the increase on the component prices. That's top of the existing pricing strategy that we have put for the devices. Anything, Robin, would you like to add something, or did I miss anything? I guess that depends on country and customers. Just as an example, our probe costs more for the customer than the whole measuring eye pressure in India costs. It's almost impossible to get the same price in the U.S. than in India, for example. The single probe costs more than what the doctor can charge the customer. This is an example. All right. Do you see any problems with taking the higher cost and putting them in the price? Is there some segment that is definitely so price sensitive that you have to lower your gross margin, basically? I think that if looking now at the cost increases related to components, that's a universal challenge. I see that all our competitors and the players across the industry, they are definitely going to move also the price increases related to the components to the end user prices. I think that's going to be the case. it shouldn't be a problem. No. All right. One last question that is very simple, but you probably won't disclose it, but let's try. What percentages of your sales currently comes from home products? Yeah, we have kind of stopped giving the share even between the imaging and tonometers. I can't really comment on that one. It was a good try, Juha. It grows fast. It's growing fast. The home tonometers is the faster-growing area in the tonometer business for us. All right. Thank you very much. Thank you. You're welcome. Thank you, sir. Next question is from Madam Pia Rosqvist-Heinsalmi from Carnegie. Please go ahead. Hello, this is Pia Rosqvist-Heinsalmi from Carnegie. I'm wondering about the share of consumables as a share of total sales. Can you give an update on how much of your sales today is so-called recurring revenue? We can't give there, again, either the exact percentage, but seven years ago, I think the probes were roughly maybe one-quarter of our total sales when we only had tonometer business, and it had been growing 1.5% to 2% a year, the share of the probe sales. I think that trend gives maybe then some tools to do an estimate where it might be today. Every year, the probes have been growing faster than the tonometer sales. Okay, this trend has continued this year. Probes are accelerating faster than the so-called basic devices. Now it's a bit tricky year because last year we also had extremely good probe sales because of the COVID and the hygienic reasons. It's maybe not a perfect year to look at, but in the bigger picture, I think they have been growing faster, yes. Okay. Good. The imaging sales must have been really strong. Are there any more sizable orders, or would you describe the sales growth as broad without any particular larger orders included? I think if looking really across all the regions and looking more or less at the top 20 countries, we have been actually managing to sell well broadly. Of course, there are smaller and bigger deals, but I think there's not any kind of really big highlights on really big one-off deals. If looking overall, the fundus imaging product portfolio is in good shape, and it's competitive and it's young. DRSplus was out about one and a half years ago. Really in the early phases of the product life cycle. We have an EIDON Family, it's a bit more older, we have a really good update, which is the EIDON UWF Module, that's only a quarter old. We saw the first sales during the Q3 for the EIDON UWF. Nothing special to mention on the big one-offs. Okay. On the home device product and iCare HOME2, what kind of plans do you have understandably, and you also said that home sales is growing really strongly? What kind of initiatives are you running and how do you present the home device at trade fairs, et cetera? How are you working to speed up the home sales even more, or are you very happy with the growth rates currently? If looking the percentages that how much it's growing, it's one of the fastest-growing device categories, what we have. Of course, the question is that it's still a reasonably small amount of the overall business because the overall business, as an example in this quarter, grew really strongly. I think that's good to keep in mind. If looking the Home2, the next key step for us is to go and get it approved in the U.S.A., get the FDA approval. That's of course the step one to start scaling the Home2. Also what we have to see is still look perhaps the business model that and the channel that are we getting the maximum performance out from the existing sales channels, meaning the distributors. That's perhaps one thing that what we have to look at a bit more detailed when going forward. Okay. Thank you. Maybe finally, what are your biggest concerns today regarding the coronavirus pandemic? Looking at your sales numbers, you have performed really well, and as such, the pandemic burdened the imaging sales last year. As of today, are you really concerned that the pandemic still might affect your sales development? If really discussing with the sales, discussing with the distributors, from the USA, we don't hear too much concerns related to the COVID-19. In the Europe is the same. Of course, now the good question is that are we again getting more infections, but no red flags. Related to the APAC, as an example, Australia is big market for us, they are now easing up the COVID-related restrictions, that's helping us up there. Same applies for the certain countries in APAC. Really currently no red flags, but of course, this is a bit of a moving target, let's hope that the situation remains the same and remains to be better like it has been during the Q3. Okay, good. Thank you. That's all for me. Yeah. Thank you, madam. We have no other questions. Back to you for the conclusion. Hey, if there's no other questions, so I think we are done for today. Really, thank you for your time, and I think the next time we are then having a yearly reporting earnings call, which is going to be then early February. Thank you very much for your time and the interest. Thank you.