Good afternoon from Finland and welcome to Revenio Group Q3 earnings call. My name is Jouni Toijala, I'm the Group CEO and as always with me we have here as well Robin Pulkkinen, our CFO. I'm going to go through the highlights for the quarter. Robin is going to recap the financial performance, shareholder and financial guidance for 2025. Q3, e xtremely good quarter for us. Top line EUR 25.9 million, 8.1% growth. From the currency-adjusted terms the growth was 8.7%. Operating profit EUR 6 million, up 9.1%. If you look where the growth came, really good quarter in Europe, especially France, Germany, and U.K. They were growing nicely and the growth was quite a lot, dominated also by screening-related device and software sales. Also in the USA, good growth, especially on the dollar terms, but slightly muted because of the exchange rate impact. Robin is going to cover a bit more detail The foreign exchange rates i n the U.S. and also in the APAC, and APAC fell short of the targets and the logic mainly was related to the strengthening Euro. We sell in two currencies, so in the U.S. we sell in USD and for the remaining part of the Europe, LATAM and APAC, we sell on Euro terms. Good news from the software solutions part. We also launched the ALTIUS, our data management platform running on cloud in the USA during the review period. If looking the whole first three quarters, we are currently in the middle of the guidance. We are going to of course reiterate the guidance. We are on the net sales perspective EUR 78.5 million, reported growth 7.5%, currency-adjusted 9.1%, profitability on the good level. If we look at the other events, as I said earlier, we have been able to grow really well the screening-related hardware and software sales. Also, MAIA microperimeter was launched and was in sales already starting from the quarter due. I hand it over to Robin. Thank you. Going through the numbers a little bit more in detail. Like Jouni said, 8.1% growth in the third quarter and 7.5% for the whole year. Some might have thought the FX impact would have been higher in the third quarter. Actually, if you remember, the second half of last year the FX was quite a roller coaster. The third quarter in the comparison period had quite a bit of headwind and vice versa on the Fourth quarter. Last year we had almost EUR 900,000 of tailwind in the numbers. Looking at the fourth quarter, most likely the FX-adjusted growth will be t here will be a bigger difference compared to the reported number. Gross margin at a very good level. Of course, dollars is pushing that down, but we do have some costs that used to be posted in the variable cost related to commissions that are now in the OpEx side. Also, we've had quite nice good deals, direct deals where we've gotten a better sales price and also saved in some of the outsourced kind of reps commissions in the U.S. and also in Europe. The sales mix has had an impact there. Overall profitability grew in the third quarter and as well as the whole year. If you look at the adjusted operating profit, up 11%, 11.5%, and for the whole year 16.1%. Basically, there's been roughly as much adjusted costs in the reporting period as well as the comparison period, so EUR 700,000, EUR 800,000 in both. In a way, it does not really, if you look at the year-to-date number, the adjustments are pretty much as big in both lines. EPS is up this quarter if you are kind of looking at the third quarter FX rate. The bigger items when you look at the financial expenses for us is basically the Euro against US dollar and U.S. against Australian dollar. Those were pretty stable throughout the third quarter. There are, I think, basically very close to zero kind of financial expenses in the P&L. In the first half, if you remember, there was like almost EUR 2.5 million of those. Those do pull down the EBIT, EPS for the whole year or year- to- date. In the third quarter, we didn't have those unrealized FXs. Sales growth in more of a graphical view basically looks pretty similar to what we've seen before. I think the fourth quarter always is the strongest quarter for us. That's been at least for the last 10 years or even longer. There is no reason why we won't think that wouldn't be the case this year as well. Of course, we're looking to finish well the fourth quarter. Also, in terms of the guidance, to be able to keep the guidance, that requires that we do well in the last quarter as well. EBIT improved, so same thing like the sales. The last quarter of the year typically is the quarter where we make the most profits. Looking at 2023, it's roughly 35% of the annual EBIT was done in Q4 last year. 36% of the EBIT was done in the last quarter. Something similar if we can. The business model is quite scalable. It's really driven by the top line. The OpEx is rather fixed or very fixed. In a way, the higher top line drives profitability as well and kind of same for the guidance. With the higher top line to keep the guidance, most likely, unless something very surprising happens, should mean a very good quarter. Also from the profitability point of view. C ash flow is slightly higher than last year. There were some on the working capital, the payable sides went down. We haven't actually had much orders from the contract manufacturers in the third quarter, so that side pulled it down slightly. The finish for the quarter was very strong. September was clearly the strongest month for the quarter and that resulted in the accounts receivable going up. Those two combined kind of had an impact on the cash flow as a whole for the quarter. The unrealized FX from the first half of the year actually doesn't have any impact on the operating cash flow. The balance sheet remains strong and unleveraged. The net gearing is back to negative. It always kind of jumps up when we pay dividends and then we kind of build the cash balances again and it goes down to negative. We're approaching again the kind of recent history record highs in the equity ratio, almost 80% of the balance sheet at the end of Q3. On the shareholders side, William Demant is still the biggest owner. The whole top 10 list is more or less the same. William Demant actually did increase their ownership in the third quarter. At the end of the second quarter they were below 22%. They've bought basically 2.5% more shares during the quarter. The selling side is not really fully clear to us yet. The shareholder registers don't show exactly where they bought them. There are some of the bigger owners that don't have verified data for the last day of the quarter yet. Probably in the next month or so we should know where those shares came from. Basically, the Finnish ownership versus foreign ownership is exactly the same as at the end of Q2. On the country level, the Denmark part of course went up while Demant bought more shares. The other end of that trade is still a bit open in the systems. The guidance is basically unchanged. The currency-adjusted net sales are estimated to grow 6% - 15% from the previous year, and profitability excluding non-recurring items is estimated to remain at a good level. Thank you, Robin. I think it's time for questions. If you wish to ask a question, please dial pound key 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. Thank you for the presentation. I have a couple of questions and I'll take them one by one, starting with MAIA microperimeter, which you mentioned that it has been very well received in the market in your report. How big did the contribution from that product was in Q3? Are we talking about million euros or more? We don't disclose exactly the sales numbers. The MAIA is still selling only to the pharma. There are not that many deals that we close, but they tend to be bigger in size. There is monthly variation quite a bit, but I don't know. Jouni, do you want to open more? Nothing to add too much on that front except that we haven't started the marketing too much on the product. We are delivering the orders we have got and the new deals which we have in the pipeline. We haven't done aggressive marketing and sales for the product yet. Also, from the production side, no production limitations. We are able to ship the product, which is of course good because it's a new product. I understand. There were some of those deliveries in Q3. Yes. Okay. I was just wondering about the volume growth on the other portfolio than the microperimeters. I was trying to figure out whether there is something, because you mentioned the fundus imaging and the screening side was doing well, but was there something that wasn't doing as well, or can you open those a bit more? If you look in general, the tonometer business was growing Fundus imaging and perimetry business was going. Software business was growing. Where we had the differences, where was that? Europe very strong. U.S. strong, especially USD terms, then because the lower local currencies in APAC. The growth in the APAC was not as high as we were expecting during Q3. Now it looks better during October. The growth in APAC regions for the certain key countries, that was slightly muted. Would you say so, Rob? Even down during the quarter. If the APAC would have been able to reach kind of the, kind of even a flat tier, I think we would have had a really, really strong quarter. I think it's really APAC driven. Maybe this time a bit softer, softer or that kind of, what was the soft part for us within the quarter. Out of kind of product groups, if you would exclude the price increases, did you see growth in all the product groups as well? Yeah, yep, we did. Okay, great, thanks. Continuing on the price increases which you mentioned that you have already agreed on in the U.S., I guess in addition to the one you already made in the beginning of the year for the whole portfolio. Were they already visible now in Q3, and is it still the plan that you are aiming for covering whole tariff impact with this price increase? We already did a slight increase for the probes during the Q2. In terms of the probe prices or the price increases have been in already during the Q3, and now we are bit by bit when we start to run out as an example imaging business or tonometry hardware. Then we are going to increase the prices. Yeah, I think we're very close to that now with many devices. We are now starting to ship the tariff-impacted inventory, which will then, of course, increase the prices. That does have kind of an impact on the percentages, of course. We will not be able to increase the prices with a margin. It's more or less a pass-through, if that's the right word to use. We increase the prices to cover the additional tariff by product. If specifically, you were after the answer to the question that as an example, did we have higher prices for tonometers and fundus imaging devices during Q3 in the USA? No, we were shipping the tariff-free stock probe already increased. Okay, great, thanks. That explains. I'll leave the turn to others. Thanks. The next question comes from Jack Reynold- Clark from RBC Capital Markets. Please go ahead. Hi there. Thank you for taking the questions. I had a couple please. I'll take them one by one. Regarding iCare ILLUME, you mentioned it was a strong quarter in Q3. Could you talk about where you saw the strength? Was it more accounts signing up to iCare ILLUME, or was it greater usage in the existing accounts, or a mix of both? If you first recap the ILLUME solution, it's a combination of the hardware DRS plus ILLUME cloud solution plus then the iCare RETCAD AI and where we saw the growth. We saw extremely strong growth in Europe when it comes to the installed sites or new customer sites. There were a huge amount of new sites in general now in use during Q3, also Q2 and Q1, so the amount of the sites is increasing. For us, that means that we have been able to then also sell quite a lot of new hardware related to the ILLUME sales, so it impacts the DRS plus sales. We have also been able to increase the actual AI report count, so that's also steadily growing, not at as high speed as the new sites, but it's a really strong growth related to the new customers and new customer sites. Fantastic. Thanks, Jouni. My next question was on MAIA. You mentioned that it's currently quite focused on your pharma clients. What is the plan for rolling it out more broadly to a broader range of clients to really increasing the salesforce efforts there? What do you need to see before you start ramping there? There are perhaps two things in a way. We have been quite selective now to provide the devices to the customers who have been waiting for them for quite a long time. We have concentrated on that and those are going to go for pharma. We have been doing all the sales by our own. We haven't yet trained, as an example, all distributors to sell the new MAIA and distribute the new MAIA. That's the plan for next year. The second topic is linking to the new drugs, geographic atrophy related drugs as an example in the USA. If you look to next year especially, we are ramping that part as well. What comes to pushing the product, marketing it more aggressively, and then also thinking about the features and the user experience as well, and make that one simple in the coming years. Those are the two areas where we are especially going to focus during 2026. Fantastic. Jouni. Super clear. I guess one very quick one to follow up if that's okay. Are you planning to do a capital markets day at any point soon? I think the time starts to be next year. Talked about it. Yeah, I think Jack. That's the plan for next year, not this year anymore. I think Christmas is coming really fast. Next year, I think it's a good point and we have been discussing that one already. Fantastic, exciting stuff. Thanks for taking my questions. All the best. Thank you, Jack. The next question comes from Daniel Lepistö from Danske Bank. Please go ahead. Hey, it's Daniel Lepistö from Danske Bank and I also have a couple of questions. Maybe starting up with these costs related to the ILLUME or RETCAD FDA process. Can you sort of remind us how much are you anticipating of these costs, and how are these costs going to be faced when looking forward? I think we'll start to see something now in the fourth quarter, but I think next year there is going to be a bigger impact on that. We haven't fully disclosed what it is, but it looks to be a seven-figure cost for next year most likely. We're still working on the full plan. It is quite a big cost and it's going to go through the P&L. I think once we get clearer plans and also guidance for next year, we'll get back to that in more detail on how it impacts next year. This year, Q4, if I give a number, maybe EUR 250,000. Around EUR 250,000. Earlier, what we have been discussing, Daniel, is that the combined FDA clearance amount, perhaps we land on somewhere around $2 million. We are, that's now more in the planning. Okay, that's very clear then on these RETCAD approvals. In the big picture, I think you noted that you gained some new approvals during the quarter. Can you walk us through that? What key regions are you still missing for this solution apart from the U.S. when it comes to the regulatory side? Europe is really well covered. We've got also the TGA for Australia, and of course in the APAC, depending on country by country, there might be interesting countries. I think the main target is really to get the FDA clearance. That would really move the needle. All right. Okay, that's great. Maybe final question on this. Still on this MAIA microperimeter. Can you maybe discuss a bit this, you know, addressable market and market opportunity for MAIA specifically? I mean if we look at ophthalmic perimetric market, how big of a portion that is and how do you see yourself, you know, playing in that market with MAIA? I think there's two. If you look at the overall perimetry market, we have been discussing $300 million roughly perimetry market. That's traditional perimeters. Microperimeter is bundled on that one. What it doesn't include is that the microperimetry goes to the clinical use, and when the new drugs are coming. The logic there is that how to measure the efficiency of the drug, and that's not quantified. We haven't yet fully quantified that one either. I think it's a topic for the next CMD for us to come up with the number. Of course, the drug development and the approvals of the drugs hopefully are also a bit more further away also in other parts than the USA. Anything, Robin, to add. I think in the past, like when we only had the prior MAIA generations, we were thinking that the MAIA market was like EUR 10 million or so, EUR 10 million -EUR 20 million. If it gets into the clinical use, it's clearly significantly larger. Okay, that's great. That's all from my side at this point. Thank you. Thank you, Daniel. The next question comes from Pia Roskvist-H eins almi from DNB Carnegie. Please go ahead. Hi Robin, it's Pia from DNB Carnegie. A few questions, and if I start with your sales pipeline, do I remember correctly that you have referred to some kind of mid-sized orders for screening solutions in earlier quarters? What's the status currently? That's a very good question. Short answer is that, according to my memory, not too much discussed, specifically mid sized orders for screening. Maybe I don't remember either right now. Sorry. All right, okay. Maybe it's me not recalling correctly. Anyway, let's then discuss your guidance and your outlook given that Q4 is really typically a very strong quarter. I'll try to get some hedge here. Are there any specific changes in your sales force in the U.S., or are you fully comfortable that with your sales force you're again able to achieve this really strong Q4? If I comment the first salesforce, we have slightly renewed the sales force. We have been getting extremely good and extremely professional new salesforce members in the USA, and that team has clearly put us also on the new tables with the bigger customers. That's going quite well. Of course, the question is when the pipe turns to sales, and there I don't have a crystal ball to say, but any. Yeah, I think probably Pia will ask why you didn't change the guidance at this stage also. As a result of these changes, there are actually very interesting large deals, quite a few we have in the pipe, which are very difficult to forecast if or when those would close, and that could have a big impact on the Q4 numbers. We actually ended up being a bit reluctant to change the upper end either or the lower end. There are quite a big swing factors that we have in the pipe currently for the quarter and the next year. All right, good. Maybe these were the things, the larger or, yeah, larger. That might be actually yes, yes, yes, and not related to screening. Right. These orders are in the pipeline. Just to be clear, now for Q3, there were no kind of larger orders that turned into deliveries? It was a very, very typical quarter. Nothing larger in there. Yeah. Okay. All right. If I continue, you booked some non-recurring items. I think you don't specify them, but do I read correctly that they possibly relate to some M&A project which have not yet turned into news? Yeah, I will not comment on those specifically, but if we have M&A costs, we would allocate those as non-operational costs because we are actively working on that side with the M&A. That's really nothing to do with the day-to-day business. Any costs like that, we would categorize there. Okay. With regards to M&A activity, how is your pipeline looking like currently? Is it drying up or do you have many active discussions? Ongoing. Actually quite busy. a few discussions, ongoing, very interesting opportunities. I don't know if we can comment too much. Jouni, do you have any? I think you covered it well. Okay. Finally, two questions, if I still can continue. First of all, with regards to sales in Asia-Pacific, why did sales fall short of your expectations? If we disregard the FX effect, is the demand more muted for these specific products or any other explanation? What we hear from the region, of course, it depends a bit quarter by quarter. There might be certain fluctuations, of course, quarter by quarter regarding the sales. The main reason has been that if we go for, I mean, Australian dollar or Japanese yen or won and so forth, we have had stronger Euro development against those currencies, and that has slightly impacted, in our mind, the sales. Again, as I said, it depends month by month, quarter by quarter. If you look at October, now, I mean, really good progress in APAC countries during October. It might be that it's for sure a bit currency-related item, but also maybe regarding the quarterly fluctuations. Anything you would, Robin, like to add? Yeah, I think the currencies have an impact. We have a number of distributors, for example, who have been asking about pricing and asking about payment terms and things, clearly referring to the FX. There's no doubt that that has an impact. Okay, that's clear. Thank you. Finally, if I can come back to something, Jouni, I think you mentioned with regards to a new product on the data management platform which has been launched in the U.S. Any assessment on the kind of market opportunity, the target market, the size of that, and yeah, any more color would be appreciated. If we first start with the target market, we have data management platforms already existing. Choice Forum is a really high-end ophthalmology-related platform around the Choice ecosystem, which also covers the surgical workflows and so forth. That is not where we are wanting to play. Then we have Topcon Harmony, which is quite a big platform as well, and the biggest chains and so forth are partly covering that part. Where we are targeting is a bit more smaller optometry stores at first. There is a huge amount. When we ran the study already a long, long time ago, there is a huge amount of clients that do not have any data management solution. How they manage the data, how they connect the devices to it, that is the segment where we are going to start first by integrating our devices, then case by case the others. Key also for our side is to enable the replacement sales at the beginning. If you want to move from DRSplus to EIDON or so forth or upgrade the fundus imaging device, we can then handle the data import and export and all those things. What this brings for us in the long run is that we have been discussing the software-assisted clinical decision making by combining the different modalities, whether it is the fundus imaging, whether it is the IOP data, etc. Now we have a platform which stores the data, on top of which we are then in the long run able to develop the AI functionalities with the RETCAD team from the Netherlands. If you look at the strategies, the ILLUME is fully focused on retinal screening. ALTIUS is then going to manage the data coming from the devices, and on top of ALTIUS we are able to build the software-assisted decision making tooling and the applications in the long run. This is a first step towards that story, starting from the USA, and the product is already FDA cleared, so we are good to go. We have had the product in testing for almost the whole full year, but now we launched it to a wider audience during Q3. Super. Thank you for the additional color. I have no further questions. Thank you, Pia. The next question comes from Sue Goda from Infosys. Please go ahead. Hi, my name is Eric Carlson, I'm calling from CapeView Capital. I was wondering if you could maybe talk a little bit more about the business environment in the U.S. You touched on it, but just how is the demand environment looking? Are you seeing any change there in terms of demand? You talked about uncertainty before. Would you say it's kind of stable or improving or how would you describe the environment? I had a question on the probes side as well. You should have pretty good understanding for the mechanics of the probes business. What kind of growth can we expect for the probes business over the next couple of years? We're talking mid single digits, high single digits or how should we think about it? Maybe I take the first question regarding the U.S. demand and Robin takes the probe part and thank you for the question or questions. If we first take the U.S. demand status, we were slightly bit more worried during the, of course, during Q2 when all these tariff things came up and then we more or less decided towards the end of Q2, Q3 that this is going to be the new normal. We have to ramp up our game by getting more competence and more sales force in the USA in order to be more efficient and more on the client's skin. That has been working quite well. We have been able to increase the amount of the leads because of doing more investment on the marketing side and is looking the Q4. Currently, I mean we are looking positively to Q4 and also towards the next year as well. Of course there's a lot of fluctuation, change and so forth, but I think it's a new normal. We just have to live with it and plan accordingly and execute more efficiently. Do you, Robin, want to comment on the probe side? Yeah, the probes have been always growing very well for us. I remember when I started 10 years ago it was over 20% annual growth on the probes, and once the number of devices we have out is well over 100,000, closer to 140,000, and the size of the devices outside is not growing as fast anymore. Even though we still sell a little bit more devices, the probe growth is still actually double digit and even high double digits. It's slowly coming down, but it's not hitting single digit in the next couple years hopefully. It's one of the very fast growing areas consistently year after year. Thank you, that's very helpful. Thank you. The next question comes from Joni Sandvall from Nordea. Please go ahead. Yeah, thanks Joni from Nordea. Jouni, you were mentioning lower contract manufacturing now during Q3. Are you expecting this to ramp up now in Q4 because you are also speaking about increasing inventories in the U.S.? Should we expect relatively strong cash flows then in Q4? Yeah, I think the manufacturing is not really happening like systematically every second week the same amount. It varies how we make the orders in, but I think typically I would expect them to grow. Also, the cash flow for Q4, I would expect it to be, again, the strongest of the year, unless something surprising happens. I would think that that's the case normally. I think it's always been the strongest quarter for us in the cash flow as well. Okay. Nothing special to expect from that part, maybe. Second question, still coming back on the tariffs and price increases, actually, how large price increases do you have to make to mitigate the tariff impact? Have you seen in the U.S. any resistance on these increases that you have announced? The good news is that nobody manufactures anything in the U.S. basically. That's kind of helping us. Everybody's in the same boat. The tariff is put on, of course, the transfer price, which we import to the U.S., and that's significantly lower than the selling price. I would guess on average maybe around 5% price increases would more or less cover the tariff impact if the tariff is 15%. That kind of gives an idea. The import value is one third of the sales value. Okay, no real resistance from there. The last question, still on the marketing spend. Been speaking about this for some time, maybe now, c an you give any early indication how much delta you are expecting for going into 2026 on marketing? We're actually still working on a budget next week, so there's some work to be done. We don't really have an answer for that. Okay, thanks. That's all from me. Thank you, Joni. As a reminder, if you wish to ask a question, please dial on your telephone keypad. It seems that we don't have any more questions. I wish everybody a nice rest of the autumn period. We resume back in early February, right, Robin? Thank you a lot for the participation and extremely good questions. Thank you. Thank you. Bye.