Welcome to ADDvise Group Q4 2023 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions-and-answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to CEO Rikard Akhtarzand and CFO Oliver Humlen. Please go ahead. Hello and welcome to today's webcast by ADDvise Group in connection with the release of the year-end report for 2023. My name is Simon Ternståhl, financial analyst, and with me today I have Rikard Akhtarzand, CEO, and Oliver Humlen, CFO. They will both provide their comments on the year-end results. Our year-end results were released earlier today, and the report is available on our website, where we will also make this webcast available in due course. Today's agenda is divided into four sections: business update, financial performance, closing remarks, and finally, after our prepared remarks, the presenters will take questions. If you're participating through the webcast, you'll be able to ask written questions, and if you're participating through the teleconference, you'll be able to ask questions verbally. With that, I hand over the word to Rikard and Oliver to take you through the year-end results. Thank you, Simon. I'm happy to present ADDvise's best quarter so far. We've been able to continue to elevate our platform, reaching our financial targets for 2023 and beating three out of four long-term financial targets. Our overall growth in the quarter came in at 24%, and for the full- year, 44%. Our EBITDA margin reached 32% in the quarter, which is almost 400 bips above our long-term financial target. In the quarter, we have seen some challenges in supply chain based on the problems in Suez Canal, and that has impacted net sales by the end of the quarter or in the back end of the quarter. We have, in the quarter, seen Europe performing well in terms of sales. Moving on to the U.S., we had a broadly flat demand in the U.S. market in the quarter and somewhat weaker development in Sweden. We have also added a couple of new acquisitions in the quarter, making our geographic footprint more diversified. However, the U.S. is still our main market, and it will continue and be that over time. When it comes to organic growth in the quarter, it came in somewhat soft, -16%, and that was driven both by the supply chain disruptions that we saw in the Suez Canal, making it hard for us to ship orders from the order backlog, but even more so the comparable numbers. A number of acquired businesses late 2022 performed extremely well last year but was not part of the organic growth calculation last year. A slowdown in these businesses, but still well above our expectations and the sellers' projections, had a negative effect on group organic growth in the fourth quarter last year. Basically, what happened was that some businesses performed so well last year that a slowdown, but from high levels, negatively affected the organic growth in the quarter. We had a record high EBITDA in the quarter, SEK 126 million, which takes us to a margin of 32%, which is, as mentioned, almost 400 basis points above our long-term financial target of 28%. Looking at our pro forma numbers leaving last year, we were at above SEK 1.8 billion in sales with an EBITDA profit of just shy of SEK 580 million, which both are above the financial targets for last year that we communicated in the market spring 2023. Two new acquisitions were finalized in the fourth quarter: Axelerist, a U.S.-based clinical trials rental shop—I will come back to that later and Labplan, an Irish laboratory equipment supplier within advanced equipment for research facilities. Our M&A strategy remained disciplined, but we have had or added a slight change to that strategy, and we are now trying to, well, we have already started, but we are even more so working on increasing density in some of the already existing subsegments that we have in ADDvise Group. Basically, we have for several years broadened our footprint in the life science sector, and now with more than 20 businesses in this sector, we are increasing our efforts to roll up in existing segments. As mentioned, strong sales in the fourth quarter overall sales. However, somewhat soft organic growth, 24% overall growth in the quarter and -16% on the organic side. For the full- year last year, we came in at 44% total growth, of which 5% was organic and 39% was acquired. As I've mentioned several times before, our ambition in terms of organic growth is to grow in line with the market, and the combined lab and medtech market are expected to grow at around 5%-5.5% per year. So I would say that it takes us to that kind of level looking at the full- year of 2023. We now have 61% of our annual sales coming from proprietary products, and that is a strategic choice from our side because we believe that we have more scalability in proprietary products compared to distributed products. However, we do like the mix of having a portion of distributed products too. So we kind of feel that the levels we are at right now is where we should be in terms of revenue streams coming from owned products versus distributed products. We have had sequential growth in order intake the last couple of quarters. We saw the organic order intake growth drop significantly in the fourth quarter. The reason for that, or the main reason for that, is that last year in December, or not last year, but in 2022, December, we received the largest order ever in ADDvise Group, and that order value was around 140 million SEK or $14 million. That kind of skews the numbers in fourth quarter 2023. As mentioned, we have seen sequential increase since the second quarter last year, and on the full- year 2023, we reached 3% organic growth in order intake. On top of that, we had another 17% taking us to a total of 20% growth in order intake. Taking you through the two segments, healthcare and lab, starting with healthcare, we saw 12% net sales growth in the segment with robust margins. Basically, the margin in the quarter came in at 28%, which is spot on our long-term financial target. Orders received, we saw that being soft, -8%. But we have seen a normalization of the large pharma inflow of orders we had in the fourth quarter 2022 has normalized during the back end of 2023, and that is one of the main reasons for the slightly softer order intake. And as mentioned before, some of the businesses acquired late 2022 performed extremely well during 2023, which makes the comparable numbers a bit tough for us. However, they are still well above our expectations as they enter 2024 and well above the levels they were at when we acquired the business. We saw continued strong demand for diabetes products in the quarter. We have two businesses operating on U.S. soil in the diabetes segment, and that is also one of the segments where we see potential for increasing density by doing add-on acquisitions. So it's a prioritized subsegment for us. Some of the MedTech businesses, mainly here in Europe, were negatively affected by the problems in the Suez Canal. We had some large capital goods equipment that were stuck on ships, not being able to pass the Suez Canal, so that made it hard for them to convert the order backlog in the back end of the fourth quarter. And also, we have in the quarter added Diabetic Supplies and Kolplast in the healthcare segment, changing the geographic profile of the healthcare segment slightly, decreasing the North American footprint, making it a bit more balanced. From my view, it's a way of mitigating risk and not having U.S. as such an extreme part of the healthcare segment. However, it is and will be our most important market in the upcoming years. The laboratory segment saw net sales coming in at SEK 102 million in the quarter, which is an overall growth of year-on-year at 84%. Organically, the growth in the segment came in at 24%. The strongest contributor to the growth in the segment was the demand for infrastructure for research and development, and most of all, clean rooms and climate rooms. We saw some increased demand in that segment, which is good for us. We also saw our clinical trial rental shops that provide equipment to CROs for clinical studies performing strong in the quarter. That is another subsegment that is prioritized for us, and we will continue and see if we can increase density and roll up within that segment. Once again, order intake skewed based on this very large order that we received late 2022. Adjusted for that order, orders received grew by 24%, of which 8% was organic. The profitability in the quarter for the lab segment was very impressive as I can see it. Of course, that's an effect of a very favorable product mix, a revenue mix. Once again, our businesses within the clinical trials segment have performed strong, and they carry a very high margin, boosting our segment margin. We have a slightly more balanced geographical footprint in the laboratory segment. North America is, for the first time, a part of this segment since we acquired Axelerist. The U.S. market for laboratory equipment is, in the same way as the healthcare market and MedTech market, the world's largest and greatest market. So for us, this is our first footprint on U.S. soil in the lab segment, and we will continue and grow the laboratory segment in the U.S. in the upcoming years. We finalized the acquisition of Labplan, the Irish acquisition, and that will increase our presence in Europe. It will also give us access to a high-quality platform for advanced equipment for laboratory and research purposes. This company has a very strong aftermarket with a strong service organization, which leads to high stickiness among their customers. We are really looking forward to see how that company will develop during 2024 and 2025. M&A and add-on acquisitions is a core business for us, and it will continue to be a core business for us. We are very disciplined in our acquisition strategy. We have search criteria that we stick to. We only acquire businesses that improve and extend people's life with the products and services that they put on the market. Up until last year, our strategy has been focused on building scale and broadening the group offering and basically entering more subsegments in the healthcare sector and the life science sector. But now we have multiple options to increase density in several of the prioritized subsegments. And that is an important step for us to kind of improve margin and accelerate organic growth by building density with the synergies that you can find between businesses in the same sector and segment. As you can see on this slide, we have started to do that already within the diabetes segment in the U.S. and also the equipment for solutions for clinical trials, where our first acquisition took place in 2022, CliniChain, a Dutch company. Late last year, we were able to finalize and acquire their partner, a U.S. partner. So that was the first step of entering the U.S. market with our laboratory offering. A little bit more color on the two just recently finalized acquisitions. As mentioned, Axelerist, it's a business that we both the company and the business that we know and we like. It is a U.S.-based provider of rental solutions for equipment used by both CROs and the big pharma companies when they carry through their clinical trials. And as mentioned, this acquisition was sourced through our own organization. So basically, it was CliniChain's partner in the U.S., and it was a very approachable new potential target to have that kind of our own organization based on the knowledge and experience they have of the partner companies. I guess that kind of takes down the risk on a potential acquisition. Labplan, an Irish distributor and service organization for advanced instruments used mostly by Fortune 500 pharma companies operating in Ireland. This company has a long operational track record of being a strong partner to many of the world's largest pharma companies and supplying critical equipment that they use in research and in pharma production. Labplan has a large portion of their revenues coming from repeat business like service contracts and disposables and consumables used in combination with the equipment that they put on the market. As you can see, the projections of the global laboratory equipment market are growing quite fast, or the projections are that it will grow quite fast the upcoming years. It's a robust market, but if you compare it to the MedTech market, it will grow faster. So it is prioritized for us to increase the portion of laboratory segment revenues in ADDvise Group as a whole. Oliver, I'm handing over to you to walk us through the financial slides. Thank you. Thank you, Rikard, and good afternoon, all. Moving on to the financial performance of the quarter, we've seen a generally favorable margin development throughout the year. This continued into Q4 with an EBITDA margin of just shy of 32%. If you look at the principal drivers behind these profitability levels as a whole, it's the continued strong sales of higher-margin products. Within the healthcare segment, this includes pharmaceuticals, although, as mentioned, we have seen signs of a normalization of demand within this area towards the end of the year. On the lab side, we saw a continued high sales pace within equipment for clinical trials. I would also like to highlight our recent acquisitions, which are helping to structurally solidify our margin profile. If you look at companies like Coolplast, Diabetic Supplies, and Axelerist, they all have margins which are in line with or even north of those of the overall group. We saw strong contributions from them in the quarter and are obviously in the process of fully consolidating these in the current quarter. If you zoom out for the full year, EBITDA amounts to SEK 426 million, which corresponds to a margin of 31%. Looking at our key profitability metrics, we have seen a significant year-over-year improvement, both isolated in the fourth quarter as well as for 2023 as a whole. In the quarter, EBITDA was up 39%, EBIT up 20%, and net income up 7%. For the full year, EBITDA is up 130%, EBIT has doubled, and net income is up 28%. You will notice that the relative improvement is lower as we move down the P&L. There are a few explanations for this, which I will go through. First, as we touched upon also in the third-quarter report, depreciation has been elevated during the second half of the year as we have unwound certain lease-based contracts faster than expected. With these contracts now off the books, we do expect depreciation as a share of revenue to normalize in 2024. Another factor is finance costs. Due to our structure, we have limited scope for tax deductibility of our finance costs. And we also had significant one-off costs in the second quarter related to the refinancing of our bond loan, which carries into the full- year finance costs. As a consequence, we did pay both during the fourth quarter and for the full year more tax than our pre-tax earnings should suggest. We also had negative currency effects of nearly SEK 18 million isolated in the fourth quarter, which weighed on our earnings. Internally, this is something that we're taking a very hard look at, all of these three items, depreciation, finance costs, and tax, to ensure that going forward, more of our operating earnings drop through to the bottom line. Moving on to cash flow. When we talk about cash flow from operations, what we look at is the underlying cash flow that is generated by our businesses. Then we deduct changes in working capital as well as investments in our asset base, which includes leases. Compared with the third quarter, our cash flow more than doubled in the fourth quarter. Cash flow from operations amounted to SEK 78 million, which corresponds to a cash conversion of 62%. The principal difference, if you compare to the third quarter, was working capital. We had a SEK 35 million working capital outflow in the third quarter and a small inflow in the fourth quarter. Working capital is something that we are very focused on internally, and we have a number of ongoing initiatives to optimize our subsidiaries' balance sheets. This means looking at everything, including the delta between AP and AR, inventory levels, structurally changing the payment terms that our subsidiaries work with against both customers and suppliers, and so on. In the last quarter, we also had meaningful negative effects from the unwinding of leases, which I referred to earlier. If you look at the cash flow impact in the fourth quarter, it was approximately SEK 25 million. And as I mentioned earlier, these leases are now concluded and off our books. So you should expect a significantly lower ongoing lease cash cost in 2024. If you look at 2023 as a whole, cash flow from operations amounted to SEK 332 million, which corresponds to a cash conversion of 78%. This is also an improvement on the previous year. Moving on to the balance sheet, our financial position remains solid. Our net leverage at year-end stands at 2.3 times EBITDA. This is pro forma for all acquisitions. We leave 2023 with a solid cash position of around SEK 300 million, pro forma for purchase prices paid. We also have credit facilities with our bank, which are undrawn. So from a liquidity perspective, we feel very comfortable. If you look at debt maturities, our long-term financing is a SEK 1.45 billion senior secured bond, which we put in place in May of 2023. This bond runs until May 2026. It has no amortizations, and we are well within all of our covenants on this financing. We do have some capacity left under the bond framework, which gives us the flexibility to continue to pursue acquisitions which align with our strategic and financial criteria. That was all from me. I will now hand over to Richard for some closing remarks. Thank you, Oliver. Well, a quick summary of the key takeaways from the fourth quarter. We have seen continued growth in the quarter and on a full-year basis. Net sales grew by 44%, of which 5% was organic. That is basically in line with our ambition to grow in line with the market, our underlying market. We had significant improvement of profitability in 2023 versus 2022, and our operating profit margin, EBITDA, came in at 32%, and that is almost 400 basis points above our long-term financial targets. We have been working hard to optimize our cash flow and capital structure, and we have seen improved cash flow at the back end of 2023. We will continue with our efforts to improve cash flow this year. As Oliver mentioned, we have several initiatives that are ongoing to improve our balance sheet. Speaking of balance sheet, our financial position, net leverage, came in at 2.3, leaving last year, which gives us room to continue our M&A strategy. On the M&A side, we have an ample M&A pipeline. We, as mentioned, will be a little bit more selective, trying to increase size in already existing subsegments, basically to build density that gives us more opportunities to leverage on businesses we already have to drive synergies for improved margin profitability and, of course, also growth. Well, I would like to open up the floor for questions. 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 Christian Lee from Pareto Securities. Please go ahead. Thank you. Good afternoon, Rikard and Oliver. I have a couple of questions, please. The organic sales decrease of 16% seems mainly to be due to the normalization of your pharmaceutical segment. What would the organic growth have been in the fourth quarter if we exclude this impact from the normalization effect? Since we haven't disclosed that in the market, and I don't have the numbers in front of me, I'm not able to give you the exact number of that. But of course, as mentioned earlier on the call, we have not only the pharma business, we have several businesses that have overperformed 2023, well above our expectations and the sellers' expectations, which and since they haven't been part of the organic growth calculation, when they then normalize and come back to more normalized level, that will skew the comparable numbers. What I can say, Christian, just to add to what Rikard said, I mean, the normalization of healthcare would be the single largest contributor to the development in the quarter. Okay. That's very helpful. Thank you. Should we expect the margins to come down in the Healthcare Segment as you have very strong margins in the Pharmaceutical business? Our overall margin target is 28%. You shouldn't expect the levels that we are at right now. My view on the margins is that the group can, with some fluctuations, continue and deliver around 28% margin. That is our long-term financial target. Yeah, sure. You showed very strong margins in the Lab segment. How should we think about the margins in 2024 when you have consolidated Labplan and Axelerist? Do you expect to maintain the margin levels shown in 2023? I think I can start, Rikard, and please fill in. But I would say that the margins that we've seen in some of the quarters of 2023 are extraordinary. I don't think you should expect sort of 40%-50% margins for the segment as a whole going forward. I think you should expect a very healthy margin profile. If you look at the acquisitions that are coming into the segment, Labplan is in the low to mid-20s. Axelerist has a reported margin of around 50%. That is, of course, with some lease effects there. So the cash margin will be lower. But I think you should definitely expect very healthy margins in that segment. But I wouldn't dare to promise those levels that we've seen in Q4 going into 2024. Thank you. Perfect. And my final question, please. Having beaten three of your four long-term financial targets - and this is obviously a question for the board - but would it be relevant for you to update some of the long-term targets? I mean, my view, and as you said, it's a matter for the board. But still, I mean, my view on the long-term financial targets is that since the market and the underlying businesses fluctuate, this is our view where we believe that we can maintain I mean, where we can kind of consistently be at. However, I mean, we will see some fluctuations both on the upside and the downside from the 28% margin target and also from the 30% growth target. And I mean, if you look at ADDvise Group, let's say three, four, five years down the line, it will be harder and harder to kind of keep the 30% growth target, for example. But as you said, Christian, I mean, this one is something that the board is more responsible for than me and Oliver. Yeah, sure. Super helpful. Thank you very much. That's all from me. The next question comes from Christian Binder from RedEye. Please go ahead. Hi, and thanks so much for taking my questions. One quick additional one about the normalization in pharma, but also the supply chain problems due to the Suez Canal. Can you elaborate a little bit more on do you expect those problems to persist kind of through most of 2024, or what are your current expectations for how it's going to develop? I think yeah, sorry. Go ahead, Richard. I mean, to kind of answer the Suez Canal question, that's kind of looking into a crystal ball, and it's all about geopolitics and things that we don't control. But I believe that we or I hope is probably a better word. I hope that it will kind of resolve in the upcoming months. We have already seen some improvement in some of the European businesses early this year. But it's extremely hard to speculate when it comes to geopolitics and the Suez Canal. Theoretically, from what I understand, there is a 10-day delay shipping all the things south of Africa and up to Europe. So I mean, that is, of course, a big challenge for the shipping industry and for everyone waiting for products and components from Asia, basically. So it's extremely hard to say. All right, got it. And then. Oliver, I don't know if you want to add some more colors to that. Yeah, I can maybe address your second point that you had there, Christian, on the normalization in the pharma space. There, I think I mean, as Richard touched upon earlier, we've had businesses which have developed way better than what we could have expected or what the sellers did expect. I think we alluded to that already in the quarterly reports early 2023, that these businesses were delivering significant contributions to the overall growth. I'm not too concerned about this normalizing because I don't think that's something that we expected to grow into the sky either. These are still businesses which are performing very well and I would say above the expectations we had when we acquired them. That being said, Oliver, I mean, we also have an ample pipeline of new drugs, some of them generic that we will launch on the market and some proprietary that we will launch during this year. So there are, I mean, plenty of possibilities for an upside too. So it's not only the fact that the pharma segment has come down a bit and normalized. We also are investing in new potential blockbusters. Got it. That's very helpful. And then another question about your increased focus for your M&A agenda. Can you elaborate a little bit more on which specific aspects of any given niche you're looking at? Is it primarily the opportunity for consolidation or other aspects that make certain niches more attractive for M&A? I mean, since we are coming from a very disciplined multiple, we have a very disciplined multiple view when we acquire businesses. And if you have a very tight—I mean, if you have tight—search criteria, that will eventually lead to the fact that your options on the M&A pipeline will decrease and drive multiples. So, I mean, we have now for 12, 13 years built a broader platform. And now, once we have a footprint in many different subsegments, we are able to scale these subsegments, building density. And some of the prioritized ones that we see is, as mentioned, clinical trial rental, where we see great opportunities in the acquired businesses to improve logistics, for example, and to find synergies both on the cost side, but most of all on the marketing and sell side to increase our market efforts. The same thing goes for diabetes. We have, as I see it, decreased risk in our Diabetes Operations by acquiring Diabetic Supplies because our first business within the diabetes segment was business-to-consumer, most of all, cash basis. Diabetic Supplies is more insurance coverage, private insurance coverage, part of the reimbursement system in the U.S. So what we are doing here is that we are broadening our footprint in the diabetes segment. And there are some back-end synergy opportunities that we see basically on warehousing and so forth, customer service. One more segment that I believe is worth mentioning is the orthopedic segment. We have one business in the U.S., very interesting business in the orthopedic segment. And I believe that we should continue and investigate potential add-on acquisitions within the orthopedic segment. The same thing goes for pharma. We are investigating several potential pharma acquisitions, both generic and proprietary drugs, not R&D, but proprietary drugs that could potentially increase the size of the pharma segment. These are four segments where we believe that we should focus on in terms of building density. Perfect. Understood. That was all from my side. Thank you so much. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no more questions at this time, so I hand the conference back to Simon for any questions from the web. Rikard and Oliver. To start things off from the written questions, we have one from Anders Wallsten at Accountants Consult. "Tax in relation to earnings before tax was higher during 2023, which means a higher tax rate. Do you plan on decreasing the net financial items to arrive at a more normalized tax rate, or do you believe it will solve itself when EBITDA hopefully increases and may be also supported by lowered interest rates? Yeah, I think I partly addressed this during the presentation. Ultimately, the reason behind the tax rate is primarily the fact that we have a structure whereby we don't get tax deductibility for our finance costs. There are two ways to address this, and we're looking at both. One is obviously to minimize our finance costs, and the other is to maximize the degree to which we can achieve deductibility for tax purposes. This is something that we're looking into, and we're working very hard to make sure that our effective tax rate is, yeah, at the more normalized level, I would say. Thank you. And secondly, from Anders, what are the biggest risks in the company according to you? I mean, I believe that we mitigate risk on many different levels, both the fact that we are in a non-cyclical segment. We are operating in a non-cyclical segment driven by long-term demographic change. We are well diversified in terms of subsegments in the life science sector. We are also diversified from a geographical standpoint. So I mean, I would say that we are operationally low on risk. But if you add the M&A strategy, of course, the financing opportunities and the capital market is important for us. So I mean, for us, that's the fuel, basically, for our M&A agenda. That might be considered as a risk if you feel that the M&A agenda is an important part of the company going forward. But I really believe that we mitigate operationally or operational risk in a good way in this company. I think that's something that is quite beautiful in acquiring a disciplined acquirer in a specific niche like we are. Thank you. Two questions here from a private investor. "You gave us an update on the M&A pipeline, but could you please elaborate on your view on the current M&A climate? Yeah. I mean, I think the M&A climate is good at the moment. It, of course, depends on geography. But if you look at our M&A pipeline, I would say that 65%-70% is U.S. And still, I believe that the multiples in U.S. are very attractive compared to Northern Europe. The multiples here in Northern Europe have come down, but still, they are significantly higher than U.S. And we are in discussions for the first time in many years not many years, but for some years at least, with Nordic potential acquisitions. And that is, of course, based on the multiples coming down in the Nordics. So a good M&A climate, I would say. Thank you. Following up on the M&A, Lars is asking, "How do you find the right balance between not being too aggressive with doing acquisitions while still capturing good opportunities in the market? Yeah, and that's the everyday balancing act that we have. Of course, when the market, the stock market, and the market in general and when it's a bit softer in the market, of course, then you get more opportunities. But at the same time, it might be harder to finance, and it's not always as appreciated by the stock market when you finalize acquisitions in a slightly more softer market. But I mean, my view on this is long-term. This is a marathon. We continue with the same strategy that we have had for many years and try to execute on the pipeline without getting carried away on multiples, basically being disciplined and staying within our segment. That's the success, the magic source, I would say, for us. Great. And then we have one question from Alexandru Vlaicu from Oresa on the same subject, asking, "How advanced are you with other M&A add-ons, and what is the expectation for new deals in 2024? With the cooling market, do you see the sellers still interested in selling? I mean, the gap between the spread, of course, is increasing. I mean, it takes a bit of time. When the stock market multiples go down, then it takes a bit of time before that is reflected in the private M&A market, especially in the small and microcap segment. But still, I think we will have typically the same pace this year as not maybe last year. We did four acquisitions last year, but I would say somewhere between two and four acquisitions during 2024, given that the multiples are right and still attractive, and we find the businesses that we think fit well into our strategy in ADDvise Group. Thank you. And following up on that, David Kantola at EQ asks, "Could we expect these acquisitions to be more and smaller bolt-on acquisitions in the density segments going forward? I would say both. I mean, we are very disciplined in terms of size. We never look at platform acquisitions. We never get carried away on size because size quite often drives multiple, and we don't go there. But as mentioned before, we are looking at some add-on acquisitions. And to be honest, we have already finalized add-on acquisitions, but they are so small that they are below the threshold for when we need to go public with these acquisitions in the market. Basically, we have acquired some small service businesses as add-ons. So that's an ongoing activity that we have, basically. But I would say, for me, the sweet spot in terms of size is businesses' sales tend to $20 million in sales with a healthy operating margin of somewhere between 20%-30%. Thanks. Moving forward, we have another question from Lars. "Despite your decentralized model, isn't it difficult to be a good owner of your subsidiaries when some of them are operating in different continents far away from your head office? I mean, yeah, of course. I mean, we are flying back and forth to the U.S. a lot. But we just recently recruited a U.S. manager. So we have people on the ground now in the U.S. covering, what, almost 60% of our operations, reporting to headquarters here in Stockholm. And that is a fantastic gentleman that used to be the CEO of one of the businesses that we acquired a couple of years ago. And he has private equity background and is a very solid, reputable person that will be on U.S. soil. And we are setting up our office in Fort Lauderdale, and he will continue to recruit. Business controller to that office. So that being said, we are broadening our headquarters too because it becomes a big effort for everyone flying back and forth to the U.S., obviously. We're trying to align our headquarters geographically with where we have our operations, basically. Great. And another question from a private investor asking, "Does ADDvise plan to announce short-term financial goals/targets for 2024? We are reviewing our short-term financial targets, both in terms of format and in terms of ambition. Up until last year, we have set our projections and forecasts on a pro forma basis, and we are evaluating and reviewing that. Once we are ready, we will release the targets in the market. But for the time being, you should rely on our long-term financial targets. Thank you. Ahmed from SEB asks, "How large is the order backlog? I think the markets would appreciate if you presented order backlog in the quarterly reports. You have the answer in the questions. Since we don't disclose the order backlog, I can't comment on that. Right. And following up on that, Oliver Eliasson at Pareto Securities, "Congrats on a strong end to a great 2023. When you mention a normalization of depreciation and leases as a share of revenues, are you able to provide a figure of what you consider normal level going forward for D&A and lease impact as percentage of revenues in 2024 and forward? So for D&A, I think the best way to think about it would be to look at where were we in 2022. I think we were around 3% of revenues, and in 2023, we were around 8% of revenues. And I think that's given the fact that we've added some new businesses since 2022 which will affect depreciation, I think the correct answer is probably somewhere in between 2022 and 2023. So let's say around the 5%-6% mark. But it's going to be considerably lower than in 2023. That's sort of my ballpark for 2024. And in terms of lease expense, I would say that the running lease cost should be somewhere in the SEK 6 million-SEK 8 million per quarter range. So again, considerably down on 2023 because we won't have these one-off effects. Thank you. Another question here from Aleksandrov Laiku at Oresa, "How do you see the prospects for 2024 in terms of organic growth? Are you expecting headwinds on the market/top line that should also have effects in the profitability, or should we still look at an organic growth in the range of 5%? I mean, as mentioned several times before, I mean, our ambition is to grow in line with the market. That's our long-term view on organic growth. And I mean, you could argue that we should grow faster. But from our view, we believe that from a capital deployment perspective, it's better to allocate the cash flow needed to invest in organic growth towards the M&A strategy. We believe that we can generate more value for our shareholders by doing that. And since we are on a mature market, I mean, with most of our businesses, we are on a mature market. There is not plenty of room to really accelerate organic growth. That being said, the 5%-5.5% or 5%-6% mark, a combined lab and MedTech market, is what we are aiming for. Thank you. Another question from here from Alexandru, "Do you expect to at least maintain the current pro forma EBITDA of SEK 572 given also the potential market headwinds? Since we haven't commented or given any projections or forecasts for 2024, I can't give you any kind of answer to that. I mean, you need to rely on the long-term financial targets. And once we are ready, we will communicate and come back to the market with short-term financial targets. Okay. From Darabut, "Congratulations for a terrific 2023. Are you considering buying back shares if the price continued to lag the intrinsic value of the business? On the other hand, if some interesting acquisitions come up, will you be looking to raise equity at these prices? I mean, still, I mean, buying back shares and dividend, it's a board, it's a question for the board. But my view on buying back shares is a good way to allocate and deploy capital if you don't see any acquisitions that can kind of increase value more for shareholders. And one more thing is that since we are not listed and traded on a main market, we are not allowed to buy back shares on First North. In order to do that, you need to be listed on a main market, basically. Thank you. And from Jan Glevén, "What was the reason behind the demand for generics a year ago within the healthcare business? What can you say about the demand for generics going forward? I mean, this is a structural thing. The demand for generics is still very high. Many healthcare systems in many countries are steering away from the expensive non-generic drugs in order to make the system more financially efficient. What happened a year ago was that I mean, obviously, there are several states in the U.S. I mean, we are only operating with our pharma segment in the U.S. Obviously, there are many states in the U.S. Once you get into a reimbursement system in one of the states, that will boost your sales. That, I mean, might affect the demand overnight, increasing sales dramatically. That is what happened in the fourth quarter of 2022. Then over the year, last year, this demand kind of more normalized. In order to keep up the momentum, you need to enter more states with your drugs, basically, or launch new drugs in the same state where you have insurance coverage or reimbursement. Your part of the reimbursement system. Thank you. And two questions here from Peter Hedlund at Börsveckan. "Firstly, other operating income is up substantially, even net of other operating costs. Is this currency effects, or what's the reason? This relates primarily to revaluation of earnouts. We obviously assess on a quarterly basis whether we think it's the value that we have ascribed to a certain earnout is still fair given the performance of the business. In some cases, we value these earnouts upwards. In some cases, we take down the value. This is ordinary course, and we do this every quarter. I think the reason these are of a somewhat bigger magnitude this quarter or for 2023 is because we had a quite high pace of acquisitions in 2021 and early 2022 where you have the first or the second earnouts relating to the 2023 financial year. This is ordinary course and something that we do on every company that we acquire. Thank you. Secondly from Peter, "Can you state your net debt excluding leases but including earnout liabilities? That can be calculated easily from our report. I don't have that number in my head, but the numbers are all in the report. Great. One question here from Johan Enbom at JVE Consulting: "The earnings per share has been kept around SEK 0.15-SEK 0.20 per quarter for the last two years despite heavy growth. Can we expect the earnings per share to grow healthily in the coming years in line with the revenue growth and EBITDA growth? This ties back into the points I made earlier. You can expect that we will be working very hard to improve the bottom line and to increase the rate of operating earnings which pass through to earnings per share. Lastly, "Are you thinking about listing on the main market? Well, I mean, that's always an option for us. But I mean, the last three, four, five years, we have been extremely busy with executing on our M&A pipeline and being in the capital market, both on the equity side and the bond side, a couple of times per year. So we haven't. I mean, time is a limited resource here at our headquarters. And when the time is right, I strongly believe that a main market listing will be good for us without promising anything in terms of time or so. I mean, I believe that's a quality stamp. But you need to have enough time slots in order to take us through a process like that. Thank you, Rikard and Oliver. That concludes today's presentation. Our financial calendar, which is shown on the slide, is also available on our website where you will also find contact details should you have any follow-up questions. Thank you all for participating, and have a great day. Thank you. Thank you all. Bye. Bye.