Good afternoon and welcome to Revenio Group Q4 2023 earnings call. My name is Jouni Toijala, Group CEO, and with me here today we also have our CFO Robin Pulkkinen. The agenda for today is that I'll start by going through the highlights of Q4, including the short summary of financials, then also the same for 2023. So overall business highlights plus high-level financial performance. Then Robin is going to do the deep dive to the numbers, and then we are going to go through the changes in shareholder structure plus the financial guidance for 2024. So let's start with the Q4 business highlights. So the quarter went exactly as we expected it to go. So if we first start from the tonometer side of the business, so strong sales for IC200, including the probes. Imaging device sales, especially DRSplus, EIDON family with the ultra-widefield function. Sales growth was strong for Q4. Then if we look at the overall progress on the screening side of the business, so referring to iCare ILLUME, so also good take-up on the iCare ILLUME side. And if looking at the gross margin, looking at the EBIT, so good performance also on profitability level. So if we look at the numbers, so net sales up 3.1% up to EUR 29.1 million. Robin is going to cover the currency exchange rate part, but for the Q4, not major impact on that one. EBIT, EUR 9.5 million, up 1.6%. And then cash flow slightly or quite significantly lower compared to the previous year, but we closed a couple of big deals, so this is due to the accounts receivable. So Robin is going to cover on that one, so nothing to be worried about. EPS up to EUR 2.27, up from EUR 0.21. So, moving back to full-on 2023, a couple of highlights here. As you recall, we renewed the organizational structure February 1st, 2023. That has been a good decision for us, and everything is up and running really well. If you remember, we structured the sales out from the product management and marketing. Then we included all product management organization functions in one organization, same for the R&D. That change has been going really well. Then, on the screening side, we have been launching new disease modes to the ILLUME. Now we have the AMD. We have also glaucoma in. Then we closed the Ophthai partnership for the ILLUME. And then also new product releases, a couple of those. IC200 Quick Measure. Then we also launched a new software version for the COMPASS perimeters, and the sales of the COMPASS picked up quite well also during the Q4. Then on the positive note, end of last year, we also received the regulatory approval for DRSplus in China. So we have been applying that one for a really, really long time, but finally we got everything sorted out a bit before Christmas. So that's a really good thing. Then a couple of big deals during the end of Q4, one in Germany and one in the U.S.A. related to the DRSplus, and also in the U.S.A. also the IC200. And then as of end of November, we also kept the CMD and gave guidance for the long-term growth target, plus then we updated slightly this strategy. In terms of the numbers, so net sales for the full year, EUR 96.6 million, slightly down. If we take the currency-adjusted numbers, so we had the growth 2.2%, and then EBIT down then from 29.7 to 26.3, so roughly 10% or a bit more than 10%. Robin is going to cover the cash flow part and the overall earnings per share, EUR 0.7 down from EUR 0.8. But with these words, over to you, Robin. Thank you, Jouni. So a bit more details on the numbers. Like Jouni covered, 3.1% growth in the last quarter of the year. There was no FX impact on the last quarter, but for the whole year, looking at the whole year sales, almost at the same level as last year, reported sales is actually down by 0.4%. Also the gross margin, rather stable within the quarter and the whole year. Well, actually the whole year is down 1.3%, but when you look at the FX impact during the last couple of years, there actually last year the FX, there was a headwind for EUR 1.6 million for us. Compared to 2022, there's a tailwind for EUR 6 million. So it's actually a quite big impact on our numbers. In the last quarter, we didn't have any non-recurring costs, but for the whole year, we incurred EUR 1 million non-recurring costs for certain one-time projects. So when you look at the quarterly numbers, the reported and the adjusted are the same numbers, but for the whole year, the Adjusted EBIT is actually EUR 27.3 million and 28.3% of sales. The EBIT percentage is down 2.3%. If you look at the gross margin, it's down 1.3%. So the biggest part of that is actually the gross margin that has brought down the profitability. Also then the OpEx is impacting 41%. So the year-end was extremely good. Considering that, like we've discussed earlier, we didn't have the microperimeter products in our portfolio this year, so we ran out of stock. We'd be kind of catching up that gap in Q3 and Q4, looking at the trendline. The Q1 and Q4 are pretty much on the trendline like we've seen in the earlier years, but like we know, the second and third quarter were below the trend, and that has been the challenge for us for the whole year. The Q4 sales performance was actually quite good when you leave out the micro perimeter. So there was double-digit growth for the main products that we had in the portfolio that we could sell. It's double-digit, actually closer to 15 than 10, so a quite good finish for the year. Also the profitability for the last quarter was the highest we've had so far, EUR 9.5 million. Basically one-third of the more than one-third of the profitability for the whole year was generated in the last quarter. There're a few reasons. Basically, the sales mix, but also the operating costs increased during the whole year quite moderately. So for the whole year, our OpEx is up 3.3% year-over-year. So there you can see the scalable business model going also the other direction, not only when we grow, but also when we have had a tougher time on the top line, we've also been able to scale the costs. Most of that is actually, like we discussed earlier, the variable bonus payments are quite low for last year. So that is one driver for the higher profitability. Looking at this year, maybe that's something that if we assume that we keep our guidance, the bonus pool is definitely going to be a lot bigger than last year. But also, like we've discussed earlier, the DRSplus ILLUME FDA clinical trials are ongoing. We have the new MAIA coming out with the clinical trials. So we're going to have some more clinical trial costs in our P&L this year, which is something just to keep in mind going forward. So it's something that actually goes through the P&L, and we don't put it on the balance sheet. So it's going to be impacting the profitability this year. But the good thing is it's one-time costs, so they will go away then the following year. Cash flow. So the Q4 wasn't as good as you would have assumed, but of course maybe a good reason for that. So we did have a really good end of the year. The AR increased significantly. So due to these larger deals and overall, we have finished extremely well. And then, of course, the Q4 sales is significantly higher than the Q3 sales. So the AR did go up, and that's the main reason why the cash flow, operating cash flow, was lower on Q4. For the whole year, we also had the working capital changes and then the certain tax payments in Q2 that were partly related to earlier years was the other reason why the operating cash flow didn't develop as favorably as we've seen before. But I'm sure Q1 hopefully will be then maybe a turn to the other direction when we collect the money that is outstanding. Balance sheet remains very strong. The equity ratio is again at its highest that's been, so 72.7%. Net gearing minus 3.6%. So we have EUR 21.5 million in the bank at the end of the year, and then interest-bearing debt of a little bit under EUR 18 million. So the kind of net debt position is -EUR 3.6 million that we have at the end of the year. The board will propose to the AGM that we will pay a dividend of EUR 0.38 per share. That roughly adds up to slightly above EUR 10 million. On the shareholders, there's actually very little changes. Surprisingly, it's not often that it's so stable. Basically, the Finnish ownership has gone down 0.4%. And basically, all the 10 names on the list are pretty much all the same, but maybe one or two have changed positions or places. So nothing much to report here. And then for the guidance, Revenio Group's exchange rate adjusted net sales are estimated to grow 5%-10% from the previous year, and profitability, excluding non-recurring items, is estimated to remain at a good level. And then we're good for questions. Yeah, thank you, Robin. Let's move to the question part. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Nikko Ruokangas from SEB. Please go ahead. Hello, this is Nikko Ruokangas from SEB. I have a couple of questions, and I'll go one by one. So first of all, your sales growth improved from Q2 and Q3 quite a much. So you earlier had slower demand from PE-driven optometric clients. So did these sales come back, or did your sales improve in other segments? Hi, Nikko. Thank you for the questions. We were able to find new clients, so optometry and in general ophthalmology. So that was the reason for the growth. All right, thanks. And overall, if we think about your development, so Q4 has been traditionally quite a big quarter to you. So how do you see the market in Q4 and maybe going to 2024? So did you see the market improving, or was this improvement in your sales growth only gaining market share? So if we go back to last year, so the Q2 was the most difficult for us. And then we were started to be able to turn the dial during the Q3 and then, as you can see, of course, during the Q4. And if we look at the regions, so the U.S.A. selling well and then the Europe selling and growing pretty well, APAC more or less stable. So I think that there has been a positive improvement also kind of from the overall, from the market perspective in general, I think. But I mean, we have really good products, which are extremely competitive. So I think that has helped us a lot during the Q4. But do you have anything to add, Robin, on this one? Yeah, I think April was the most challenging month probably ever for the company last year. So I think since then, the development has been positive quarter after quarter and month after month. So of course, going into this year, I think the comparables for Q1 are quite challenging, but we're quite optimistic that the Q2 and Q3 we should be reaching nice growth levels again and for the whole year to reach the guidance of 5%-10%. So I think the sales team is also fully behind that guidance. All right, understand. So would you describe that the market environment is currently at least a little bit easier compared to maybe six months ago, or? I would say certainly more favorable than Q2 last year. Okay, thanks. Then about some bigger deals you mentioned about. So could you indicate at least some kind of fallback that how big impact did these have in Q4 and how much should we expect 2024 and 2025? So yeah, there were a couple of deals that the size are seven-digit, but still a lot lower than the MAIA deal the year earlier. So nothing to compare to that. But the good thing is that they're not fully delivered. So we are going to be delivering against those agreements, hopefully for this year and maybe even next year some. But we don't have any kind of solid orders yet for the year, but there's a good outlook that they should continue at what level and at what stage is still open. Yeah, understand. Then on the costs. So you mentioned about the clinical trials that will lead to increased costs this year. So how much clinical trials were there in 2023? I mean, how much more is there coming now in 2024? There was very little last year. So we're talking about in percentage, it's a huge increase, but we're talking about probably above EUR 1 million. [crosstalk] EUR 1.5 million-EUR 2 million, if I had to guess, somewhere around there. So it's more than a 1.5 million EUR increase. Okay, so EUR 1.5 million increase in 2024. Yeah, yeah. But then not everything is yet done. We don't know all the details for all the MAIA trials, for example. But if you have to forecast or model something, if you use EUR 1.5 million-EUR 1.8 million or EUR 2 million, somewhere around there probably is going to be the cost increase. I think the one concrete addition compared to the normal run rate is the FDA approval and the clinical studies for DRSplus plus the ILLUME plus the AI. So that's roughly a bit more than EUR 1 million or between EUR 1 million and EUR 1.5 million. All right, understand. Thanks. Sorry, Nikko. Sorry, Nikko, going back. So of course, that's a kind of a one-off, so not visible then 2025. Yeah, yeah, understand. And then one final from me. So you say that there were a good pickup in ILLUME sales. So is it at any kind of significant level that we could be seeing that in your sales in Q4 already, or? I would say that the percentages are looking good, but we start from such a small base. So on that front, not moving the needle. But the trend is looking good, and the level of interest is looking good. And I think this applies in general for the screening-related cases because if we go for these bigger DRSplus deals, so they actually went to the screening and not in a way in the traditional use cases where our clients are using our devices. So we have a competitive product, which is DRSplus for the forthcoming screening-related client cases. So that's a really good thing, and we are happy for that. All right, understand. That helps. Thanks. I guess that's all from me. Thank you, Nikko. Thanks. The next question comes from Daniel Lepistö from Danske Bank. Please go ahead. Lepistö from Danske Bank. I have a few questions as well. Maybe going back to the discussion on the margins and the margin guidance, you note that these would be remaining on the good level. But maybe still going back to the topic on the clinical trial costs, I guess you said that there would be EUR 1.5 million or EUR 2 million headwind from these trials this year. So I guess quite the quick and dirty look on the sort of a cost base and so on with the bonuses as well coming this year. I guess margin expansion with even 5%-10% sales growth, it could be quite a tough ask. Or what's your view on this? Yeah, it's hard to cover for one-off costs. We don't have any specific rabbits in the hat to cover for those. So it's really something that is going to hit this year, the profitability, and we didn't have it last year. But we typically have clinical costs often on and off, like for the earlier releases as well. So this is part of the business. And if we want to do deals or business in the U.S., we need to do the trials. So there's not really much we can do about it. Of course, helping the long-term growth. So that's for sure. It won't help this year's sales, really, but it's a cost or investment for the future growth. Yes, absolutely. Thanks. Maybe then on the sort of product launches, maybe on the microperimeter, can you remind when exactly this year you're looking to launch the new product? For microperimetry, MAIA, the new version of that one, we are shooting for Q4 on that one. Okay, so that won't have any sort of additional contribution to the growth outlook if it's only for a Q4, or? Let's have a see on that one because so if we would have a product, so we would have basically orders put in. So the goal is actually to have something to ship already during the Q4 and start collecting orders in some stage for sure. Okay, that's clear. Maybe on the sort of the next topic, I guess, on the FDA approval for the ILLUME and the, I guess, Thirona AI, assuming this is the combination you will seek to get the FDA approval on the sort of first track you have discussed. So what's the sort of status on that one as you will be doing clinical trials and so on? I guess any sort of news on that this year would be a kind of tight schedule, or? You are full-on money on that one. So clinical trials, so we're happy working on the pre-sub for FDA already. So good shape on that one. Then we have, based on the feedback when we receive it, so we have to run the clinical studies and then do the application based on the clinical study results. So for sure, I'm pretty sure that we don't have the approval for 2024. So it's going to be first half 2025 earliest, hopefully Q1, but remains to be seen. All right, that's clear. I guess my final question, maybe on the home tonometer product, you note that, okay, you submitted some applications for the reimbursement on planned schedule. What's the sort of next step here? When are you expecting to get a sort of answer, whether you will get the full or partial reimbursement for the product? Yeah, so the procedure goes so, with all the glaucoma specialists in the U.S.A, we did the documentation. We passed the application on time for so-called HCPCS, which is the Healthcare Common Procedure Coding System. So that goes to the so-called CMS, which is the Centers for Medicare and Medicaid Services. So the documentation is in. And then we are waiting for feedback early Q4 from the CMS, are the codes going to be received or not? And then at the same time and after that one, then we start the discussions between the payers, so the insurance companies and so forth. So hopefully, we are wiser on Q4 related to codes and then the final reimbursement early 2025. So that's a schedule and procedure, how it goes. All right, that's very clear. Thanks for the answers. Thank you. Thanks. The next question comes from Pia Rosqvist-Heinsalmi from Carnegie Investment Bank. Please go ahead. Hello, Jouni and Robin. Thank you for the presentation. I've still got a couple of clarifying questions. First, with regards to your sales guidance for 2024, earlier you talked about a weak H1, but is my understanding now correct that you're no longer referring to a weak Q1 other than saying that the Q1 comparables were hard? Yeah, I think, well, hopefully, I will see how the interest starts to perform, but the expectation has been that they will start to go down, which will help then the PE-driven optometry. But yeah, definitely, I think that the Q1 is challenging due to the comparables. Then, of course, we have easier comparables in Q2, but I think in general, we have certain new product launches coming out that will be supporting and helping the second half more than the first half. So that's also one reason behind the thinking there. But I think in general, the economy and interest rates were one driver for those comments earlier, or would you? So, I would say, right, Robin. So, no change for the earlier comment and view related to first half. So, we see second half then in a way in a better look what comes to the growth. All right, thanks. And still a clarification on the expected launch for the new MAIA microperimeter. So your sales guidance as of now includes some expectation of microperimeters supporting your sales in H2. Actually, not too much. It's more upside, I think, that part. Yeah. Some, but if it's zero, it doesn't really change the guidance. All right. Okay, thanks. Another question relates to these bigger orders you mentioned in the release. I'm particularly interested in understanding the demand for the DRSplus for screening purposes in Germany. So first of all, is this solution now sold with ILLUME, or is this excluding the ILLUME offering? That's only the DRSplus deal. So if we go back to the strategy, so we have a two-fold strategy. So we want to maximize the device business as well. So if the combination or if there's a demand for screening solutions, which require extreme liquid camera, but then the client has decided that they don't need, or they use, as an example, human grading in their screening solution and not AI-assisted. So for sure, we want to sell the best device for the purpose. And that's another part of the strategy. And this is linking to that part. And then, of course, the other part is the DRSplus plus the ILLUME plus the AI. But to sum up, sorry to be long here, but this was the DRSplus sale only. Okay, thanks. And what kind of or what type of client are we talking about? And does this kind of shed some new light on the potential in the European market? I mean, can we draw any broader conclusion about the demand for screening solutions without AI? So I think we don't fully want to disclose the type of the client, but for the client segment where we are already operating and where we have a strong position. And then the other segment where we have been especially selling during 2023, the ILLUME plus the DRSplus plus the AI. So those are going to the non-traditional segments like diabetic clinics and so forth where we are not currently operating. But this bit more bigger deal, which we closed during Q4, so that went to our existing client base. All right. Then maybe yeah, you mentioned China during the presentation and the market approval there. So with this, what kind of sales efforts are you now doing in China, and what kind of sales potential do you see in China for this year? So if we go back on time, back for a long, long time, so at the time of CenterVue when we had the so-called DRS, so that was a product before the DRSplus. So we had the China approval for the DRS fundus imaging camera. That device went to its end of life. And of course, during the same time, for China, we had the tonometer approvals. So we have been continuing selling the tonometers in China. But then now we have a DRSplus approval for China, which we received during the Q4 last year, which is, of course, extremely good because now we have a competitive imaging product for China. What comes to the sales strategy. Sales potential in China, so related to sales strategy. So we established a sales office, and we have a small team now in China. We have been working towards closing the distributors in China during the second half last year. Now, of course, we have now even the product for them to sell starting from Q1. I don't go to the numbers, what we have budgeted and planned for China. Again, if we are really able to get the sales up, so that's a nice upside for us also for 2024. Okay, thanks. And then finally, just to clarify, the extra or one-off costs for 2024, so can you still quantify what you now have signaled? So higher clinical costs, higher bonus accruals, are we talking in total about EUR 3 million for 2024? So looking at 2023, our salary costs, actually the personnel costs came down, if I recall right, a little bit more than 1%. We did even hire some people during last year. So I kind of I wouldn't give you an exact number how much the bonuses are, but they are in the millions, the whole pool. So depending on what the payout is, what the performance is. So it's anything between EUR 0 and EUR 4 million, depending on what the performance is, but in that range. And then the clinical trials. But for last year, the bonus pool was very small, and not even everybody received it, so. All right. Okay, thank you. That's all for me. Thank you. Thank you, Pia. The next question comes from Joni Sandvall from Nordea. Please go ahead. Yeah, thanks, it's Joni Sandvall from Nordea. Thanks for the good presentation. Maybe I have a question related to how you expect the growth to be divided between imaging devices and tonometers in 2024, and what should we expect from the gross margin? A good comment, but perhaps the product mix. Then Robin perhaps comments the gross margin part. So I think the same trend is going to continue also during the Q2, sorry, during 2024. So if we go back 2022, 2023 as well. So constantly, the fundus imaging business has been growing faster than the tonometry business. And I think that's a relevant expectation for 2024 as well. And if you look at the growth drivers, so on the tonometry side, I see 200 growing nicely because of the new features what we introduced, probes growing nicely, home as before, growing nicely. Then if you go for fundus imaging, DRSplus, one growth driver, EIDON Ultra-Widefield, growth driver. Then we introduced the COMPASS new software version, 4.0.0. So that has been selling well during the Q4, expected to sell this one and then this year as well. And then we have a microperimetry coming. So those are more or less the growth drivers. And of course, some backlog also related to the screening solution side of the business. So I think the revenue mix is perhaps the one thing to keep in mind, and that leads perhaps to Robin related to gross margin. We haven't disclosed exactly what the different product line gross margins are, but if you go back before CenterVue, the Revenio Group gross margins were even up to 85%. When we acquired CenterVue, they're around 62%. We've been able to, of course, like we've discussed earlier, improve the imaging business gross margins over the years now. But it's still the gross margins on the tonometry side are extremely good, on the device side especially. So I don't think the imaging device gross margins will probably never reach that same level. Just simply the weight of a tonometer is a couple hundred grams, and the weight of an imaging device is, I don't know, 20 kg. So simply there's so much more technology and hardware in there that reaching the similar gross margin levels are probably not doable in the coming years at least. So in a way, it will be lowering the gross margin, the higher imaging growth, but then hopefully the software solutions and the screening will start to help in improving it in a couple of years. Okay, thanks. That's clear. I think we went through the MAIA quite well, but I think, Robin, you mentioned that there would be some other products also coming online in H2. So can you give any indications what should we expect during 2024 in addition to MAIA? We spent 10% of our revenue on R&D, so there's new stuff cooking all the time. So hopefully we get something out this year. I don't know if you have anyone else to comment. No, not too much. But I mean, plenty of work going to the new products. So nothing else to comment, unfortunately, at this stage. Okay, that's clear. Just wanted to hear if you have something to tell. Yeah, sure. Thanks. And then lastly, on the M&A side, I think you have been screening the market all the time. So how is the market looking when considering the valuation levels currently? And have we found something interesting in the market? I think we still have a slight mismatch between the valuation expectations that the targets would like to have compared to what we would like to pay. And I think that still remains a challenge. But would you agree on this one? So constantly working on the different opportunities, but that's still the case. It's very attractive targets, but the valuation, I think, is the challenging side for us now. Okay, thanks. That's all from me. The next question comes from Pia Rosqvist-Heinsalmi from Carnegie Investment Bank. Please go ahead. Hi, thanks for taking my question. A small and short one. With regards to the good demand you've seen in IC200, the tonometer, do you know if that's driven by now replacement demand or new clients? I mean, that's hard to say for sure. For sure, both. So if we go back in time, so we still have quite a lot of this original so-called TA01. So if you recall the original tonometers from 10, 15 years back, so they are still working really well. And the clients are using, and certain clients start to do the replacement. So that's one part. And of course, there's still untapped market for handheld tonometers still in the world. And we have to remember that the iCare IC200, that's the only tonometer in the world which is able to measure in supine position. So that's a unique feature, and now combined with the quick mode measure. So that's also the one reason that in certain cases, our clients want to measure on supine or inclined position. And that's the only tonometer which is able to do that one. Okay, thanks. And then another question came to my mind. With regards to the different regions, you usually give an indication of which of your markets have performed well and which maybe have been quieter. Can you give a recap on Q4, so which markets were good and which maybe quieter? Yeah, U.S. performing really well as always during the Q4. Europe performing, growing really well. The APAC most stable, but growing. Okay. All right. Okay, that's all for me. Thank you. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. I think we are done. Thank you very much for the interest and for all good questions. And I hope you are going to have a good spring, and we are here soon again. Thank you. Thank you.