Good morning, everyone. My name is Cecilia Edström, and I'm the CEO of Bactiguard. I hope you're all well and safe. I'd like to welcome you to this presentation, which will both highlight developments in the first quarter for Bactiguard and set the stage for the AGM, which will be held by postal voting next week. I can assure you that we have a lot of activities ongoing, and although we don't see them in the numbers quite yet, I am confident that we will have traction throughout the year, and time will work in our favor. Let me start by taking a global outlook related to the COVID-19 pandemic and how it has affected us. To date, COVID-19 has infected more than 140 million people worldwide, and more than 3 million people have died. These are terrible numbers, and behind every number, there's a human being, family, and friends, and we all suffer. The first wave, which came around this time last year, was followed by a second, and we are now in the middle of the third wave. To date, the U.S. has the highest total number of cases, more than 30 million, followed by India and Brazil. However, in the U.S., the number of new cases is quickly dropping. Vaccinations are well underway, and half the population has received a first shot of vaccine. In India, on the other hand, numbers are skyrocketing, with more than 300,000 people infected every day. The hospitals and ICUs are bursting with patients. There simply isn't enough capacity, and new lockdowns have been imposed to try to curb this new wave, which is much more serious than the previous. In the EU, the vaccine rollout has been slow, and most countries and healthcare systems are struggling. However, there are also positive developments. Look at the U.K. and Israel, for instance. Infection rates have dropped dramatically, and life is actually returning to more normal following successful vaccine campaigns. I will now turn to Sweden. We have unfortunately seen a rapidly increasing number of cases, but fewer patients have died in the third wave. This is most likely linked to vaccinations, where elderly people who are more fragile have been first in line to receive the vaccine. When the first wave hit us, we knew very little about the virus and how patients should be treated. Since then, new therapies have been developed, and patient outcomes have improved a lot. What is currently alarming is that the ICUs are full or almost full and very highly utilized. There has been a recent increase in deaths in the ICUs. What we are seeing is that secondary bacterial infections are increasing. This could unfortunately be a side effect of the immunosuppressive therapies that have recently improved patient outcomes. A very recent study from Italy, including close to 800 patients with COVID-19 in intensive care, show that almost 50% of the patients suffered from hospital-acquired infections in addition to COVID. More than one-third of those infections were caused by multi-drug-resistant bacteria, meaning that they are much more difficult to treat with antibiotics. Half of the patients who were infected in hospital developed ventilator-associated pneumonia, a very serious condition. 10% suffered from catheter-related bloodstream infections. Patients who suffered from septic shock had almost doubled mortality. These are shocking numbers and clear evidence that prevention is critical and key to increased patient safety. Therefore, the Bactiguard portfolio of products and technology can be one piece of the puzzle of saving more lives and should be standard of care in any ICU unit. Let's now turn to some financials on the first quarter. Sales were lower than last year, and the currency effect in this quarter was significant. Our business with BD has been negatively affected by the drastically reduced general admission to hospitals and postponed elective surgeries during the past year. The recovery we began to see in the fourth quarter continued this quarter, and royalties, which we receive on end customer sales, have now increased two consecutive quarters. This is encouraging as it indicates a clear recovery in U.S. healthcare. We also generated the first recurring license revenue from Zimmer Biomet in the quarter. This will increase as production is gradually ramped up throughout this year. When it comes to our BIP portfolio, our own product portfolio for infection prevention, sales were lower than last year. We have a currency effect here as well. We are actually seeing increasing end customer sales, which should pave the way for an improvement throughout the year. EBITDA was significantly lower than last year. The main drivers were lower sales, of course, primarily caused by negative currency effects. We have also invested in sales and marketing campaigns and people, investments which will initially increase cost, of course, but generate increasing revenues ahead. When you look at the net profit, or loss in this case, it may look alarming, I'd like to remind you that we depreciate our technology by about SEK 6 million every quarter. That is actually increasing in value as we go along, and it has no effect on cash flow. Operationally, we had an important breakthrough with Zimmer Biomet in the quarter. We've also had very high activity. At the beginning of the year, we received the sought-after CE mark, which will pave the way for launch in Europe in a few months. Production has just started. I'll come back to that a little later. The BD business, as I mentioned, is stabilizing. We're now back at more normalized levels. We have several interesting new dialogues underway. Looking at our own portfolio, I mentioned that we've invested in our sales organization. Early this year, we recruited a new global head of sales and established our own sales force for the Nordic region. Our ambition is to increase the marketing activity and intensity and make Bactiguard more visible and influential. We are already beginning to see the results of this investment and expect to see an increased effect throughout the year. Very recently, a major clinical study was published. That is showing or confirming the efficacy of the Bactiguard technology in preventing infections. I'll come back to that as well a little later. We continue to roll out our wound care range and disinfection range. More Swedish pharmacies are taking it into their range. We are also rolling it out across Europe, most recently in Spain and Greece. We'd like to make our technology available to as many patients as possible to prevent them from infections and ultimately save their lives. We base it on our unique technology, which is both effective and safe, and offer it both through licensing agreements and our own product portfolio. These two actually interact with one another. The clinical evidence we build for our own portfolio actually helps us in the regulatory process and also providing proof of concept for new license applications. We expand globally. You can see from this map that the portfolio of catheters is now available in Europe, in India, in China, and gradually being launched in Southeast Asia. The wound care portfolio is primarily offered so far in Southeast Asia, but we are now rolling it out in Europe, the Middle East, and also in India over time, so that there's clear room for expansion and growth. I'd now like to focus on our license business and the agreement we established with Zimmer Biomet now close to two years ago, in September of 2019. The collaboration we have is moving forward at very high speed. A very important milestone was the CE mark that we received in January of this year, and that paves the way for production now and commercial launch in Europe in a few months. As we ramp up production, we will generate revenues from the concentrate and from production. As the products reach the market later this year, we will generate royalties with one quarter delay. At the same time, we are preparing for product registration in the U.S., and these efforts will now be intensified. The partnership we have with Zimmer Biomet is very valuable to us, and it has the potential to expand Bactiguard's license business significant. In April, production started at our facility in Penang. These are some images from there, which are fresh out of the printing press. Bactiguard will initially act as a contract manufacturer for Zimmer Biomet. This can continue for some time, as our facility is FDA-approved, so we could actually become contract manufacturer also for the U.S. launch. This is another benefit of the acquisition of Vigilenz that we did last year. It's expanded our production and product development capacity in addition to adding a broader product portfolio. How can a successful license business be built? Let's take a closer look at how BD did it. Our agreement with BD has now celebrated 30 years. The first Bactiguard-coated Foleys or urinary catheters were approved by the FDA in 1994. Since 1995, a number of different line extensions have been added. Bactiguard-coated catheters have been very successful for Bard, now later BD, and also for us. They have become standard of care and an important driver of BD's acquisition for Bard a few years ago. How did they do it? At launch, in the mid-1990s, there was very limited clinical evidence. What Bard then did was to introduce a risk-sharing model where they offered a money-back guarantee if the hospitals and the clinics didn't see the reduction in infection rates that were expected. This was done to kick-start sales. Over time, they built more and more clinical evidence and generated very strong volume growth over a period of 15 years, until they reached about 40% market share and became the clear market leader with Bactiguard-coated urinary catheters. After the initial 15 years, volumes have been very stable, and BD is the clear leader in infection control. Bactiguard-coated Foleys actually became a game changer for BD and standard of care in the U.S. and Japan. I can see this repeated. Our technology has the potential of becoming a game changer for new applications and for standard of care. Just to put it into perspective, if Zimmer Biomet were to coat all their trauma implants with the Bactiguard coating, it has the potential of generating license revenues, which is about three times bigger than the license revenues we currently receive from BD. It doesn't end there. The pandemic has temporarily reduced the investment capacity for new potential partners and led to a bit drawn out processes. It has also put infection control in focus. The interest in Bactiguard's technology is clearly increasing, and we have several interesting dialogues underway with focus on new orthopedic applications, dental implants, and different types of products for the bloodstream, such as stents and dialysis catheters. We know that Bactiguard's technology is very well-suited for different types of medical applications. It's very versatile as it can be applied to any shape and form and almost any material that's used for medical devices, both for short-term and long-term use. We are convinced that ongoing projects and studies will lead to new licensing agreements. Our goal of establishing one or two new deals per year remains unchanged. Although we already have extensive clinical evidence, we are investing in new studies. In March, a study was published in a world-renowned international journal for infection control, which further confirms the Bactiguard technology. Later this year, the results of a Belgian study will be published where ICU patients were connected to ventilators via endotracheal tubes from Bactiguard. This study may provide further clinical evidence for patients cared for in ventilators. This is urgent given the secondary lung infections that we are seeing in the ICUs where they're treating COVID-19 patients. This is clearly encouraging as our technology has the potential to prevent further complications for already critically ill patients, and I'll say it again, should become standard of care in any ICU. Let's take a closer look at the Indian study that was published. In addition to demonstrating a close to 70% reduction in the risk of infection, this Indian study provides new insight into how effective Bactiguard's technology is in an environment where infections caused by multi-resistant bacteria are a major problem. Our Chief Medical Officer often refer to, where do you test cars? Well, test them in the worst possible conditions, i.e., in the north of Sweden. This is, in a way, India. India is the toughest conditions. A lot of infections and a lot of multi-resistant bacteria. Our technology has proven its efficacy in this tough environment. This study was published in a very world-renowned international publication, and it's received a great deal of interest, both in India but also in other countries, and this has led to many new contacts and potential collaborations. I'd just like to mention one before I hand over to Gabriella for deeper financial review. The Vision Zero for Healthcare-Associated Infections in India platform was established two years ago in connection with the Sweden-India Year of Health, and it's actually supported by both the Swedish and Indian governments. In April of this year, two years after the initiation, we had the first product meeting the other week. There's a great deal of interest in the collaboration between Indian hospitals, Swedish hospitals, including the Karolinska Hospital and Institute, and companies to improve the standards of care through training and other activities. We see the opportunity of establishing collaborations in this context where we can provide both innovative products, but also training. In addition to focusing and investing in clinical evidence, we are also investing in our sales force and in education and training. We have our own Nordic and Malaysian sales team now. We talked about that earlier, and we do see traction when our sales team can focus on our own portfolio and spread that across hospitals and different channels. We provide training in the Bactiguard Academy. We have instructional movies, and we develop clinical guidelines, and we do this in collaboration with leading hospitals. All of this has had to go more viral during the pandemic, but we actually do reach out and receive a lot of interest. With that, I'd like to hand over to Gabriella for a financial update. Thank you, Cecilia. Good morning, everyone. My name is Gabriella Björknert Caracciolo, and I am the CFO of Bactiguard, and I will go through the financial update. On this slide, we look at the sales development and profitability in a rolling 12 months perspective. Looking back during the second half of 2020, the pandemic had a clear negative impact on our operations due to the reduced regular healthcare and postponed interventions. As Cecilia has mentioned, we still see the pandemic impacting our revenues, but we also see signs of recovery, mainly in the licensing business, but also a stabilization on sales of the BIP portfolio in certain markets. Starting with the licensing business, the blue bars in the chart. We have a solid platform in the recurring license revenues from BD, our licensing partner since 25 years. Revenues from BD vary slightly between the quarters but are essentially stable on a yearly basis. It's roughly about SEK 100 million a year. The revenue from BD is impacted by the weak U.S. dollar rate, but excluding the FX effects, we can see a recovery where both the BD volume is higher than Q1 2020, and also the royalty fee is increasing slightly the second quarter in a row. This indicates a recovery in the U.S. market since the royalty is based on previous quarter end user sales. One of the highlights of this quarter, as Cecilia also mentioned, is that we have initiated the production of coated Zimmer implants in Malaysia. This is also now starting to generate license revenue and contributing to the recurring revenue base. Sales of our own product portfolio is also growing in importance in terms of size, here shown in the green bars. Due to the Vigilenz acquisition, we have a broader product portfolio and also a more stable revenue stream. To mention a few highlights, we have sales growth in Southeast Asia, Europe, and the Middle East. The growth was primarily driven by wound care products, but we also saw a positive development in the demand for our catheters in certain markets. During Q1, the sales of the BIP portfolio accounted for approximately a third. The yellow bars shown as the new license revenue. This is a lumpy revenue in nature and connected to the deal-making process. During last year, we did not close any major new license deals, and that is obviously mainly to the lower investment appetite impacted by the pandemic. Currently, there are dialogues ongoing. The strategy of establishing one or two new licensing deals per year remains. As you can see, this is also impacting the decreasing trend of the EBITDA, driven by the combination of the revenue composition and the increased investments in sales and marketing. Next page, please. Looking at the financial overview, the comparison with the first quarter 2020 is impacted by the timing of the acquisition of Vigilenz as of March 1st, 2020, which means that only one month of Vigilenz operation is included. The revenue total SEK 41.8 million, a revenue drop compared to same quarter last year, total SEK 48.1 million, a decrease of - 13%, and currency adjusted -3%. BD revenue is impacted by the negative FX effect amounting to -SEK 3.7 million. In addition, Bactiguard had a large order intake for disinfectants in March 2020 due to the outbreak of the COVID-19. EBITDA landed on SEK 1.9 million and an EBITDA margin of 5%, mainly explained by currency effect, lower BIP sales, and increase in sales staff and marketing cost compared to Q1 last year, where the EBITDA margin was 30%. The net result of -SEK 10.5 million is related to depreciation of our technology by -SEK 6.4 million every quarter, which is according to plan. Furthermore, this provides a tax shield as the value of our technology increases with new application. The cash flow is not impacted by the depreciation. Next page, please. As you can see in this overview of our cash flow, for the first quarter 2021, we had a negative operating cash flow of -SEK 0.9 million, mainly impacted by the result, but also impacted by increase of our customer receivables and at the end of the period, as well as a minor stock increase. In the beginning of the year, we renegotiated the term of the loan agreement with SEB with regards to the covenants and an increase of the credit facility to SEK 45 million from SEK 30 million. Other terms were unchanged. At the end of the period, we had utilized SEK 14.1 million of the credit facility and available liquidity, including the credit facility, amounted to SEK 40.3 million compared to SEK 49.7 million previous year. That was boosted by the Zimmer license payment in Q4 2019. To summarize, we have a high activity level, and forward-looking, we are optimistic and convinced that our technology will play an important role for infection prevention, saving lives, increasing patient safety, and reduce healthcare costs. With that, back to you, Cecilia. Thank you, Gabriella. Our growth strategy is clear. We want to provide effective and safe infection prevention to as many people as possible across the world. By adding new licensing agreements, adding new applications, but also generating recurring revenue from our license partners, because recurring license revenues for us means that more patients actually get access to our technology. We also intend to broaden our product range. We already have broadened it considerably by adding wound care and disinfection over the past year. We also want to increase our market coverage and penetration in every single market that we're present in, every single hospital or healthcare clinic. We're also focusing a lot on home care and elderly care because what we are seeing is that care for patients is moving to the homes more and more because of the high occupancy in the hospitals and the shortage of beds. Our technology can, in addition to reducing infections, also reduce other complications, so the number of emergency visits by the mobile teams can be reduced. I am convinced that the interest and the use of our technology will grow over time. I can see many reasons to invest in Bactiguard. The first and foremost is that infection prevention has never been more important to sustainable society and healthcare. We provide a safe and effective technology. We have a lot of clinical evidence to back it up. There is major market potential, both in license applications and for our own product portfolio. The license business in itself is huge. We have to team up with the right partners and for the right applications, because if you find the right partners, like we did with BD, or Bard at the time, way back, and with Zimmer Biomet now, you can actually create a lot of value for both companies. We are set for profitable growth. We have a long-term vision. We have long-term committed shareholders, and we have a very dedicated management team who want to move forward on this journey and establishing Bactiguard a standard of care for infection. With that, I would like to conclude and open up for questions. I'd just like to remind you that we have the possibility, or you have the possibility of posting questions on the chat that will be picked up by our moderator, Jenny Rosberg. Thank you, Cecilia. Gabriella, please come up again. I think I actually would like to start off with checking if the operator have any questions on the line. Do we have any questions on the line? Not yet, but if you do wish to ask a question, please press zero one. Okay. While waiting for that, you are speaking about pickup in market activities. I think all of us would like to better understand what that means. I would like to start off with the license business and the BD agreement in major markets like the U.S., U.K., and Japan. What can we expect from the pickup in market activities when it comes to the revenue growth in the license business with BD? The BD business has been very successful for us and for them, as I mentioned. It also has been stable over a very long period of time. What we are now seeing is that after a dip, which we saw in the second and third quarter of last year, we are actually getting back to more normalized levels. This is a clear indication that the hospitals in the U.S. primarily are getting back to more normal. People dare to seek healthcare treatment for their other conditions. Elective surgeries are starting, so that will contribute to the pickup. Within the current applications, there's no major upside, as I see it, from the BD business. That will be in the event that they want to add new applications, because they're already at such a high market share. Okay. We move to the business with Zimmer Biomet and the news during the quarter. In terms of timing and also maybe investment you have to do to support the go-to-market strategy, what can we expect in the short term, the coming quarters, and also maybe in a little bit longer term perspective when it comes to revenues? Yeah, we are very excited about the Zimmer Biomet partnership. We found a very good match between us and them. We were able to utilize the CE mark we already had within our portfolio that came with the Vigilenz acquisition to get a CE mark also for Zimmer Biomet's trauma implant coated by us. We saw some license revenue in the first quarter. This will gradually increase as production increases and volumes increase in the buildup for the launch, which will happen in a few months. We will also receive royalty revenues with one quarter delay. I expect that we will see royalties coming in towards the end of the year, maybe in the fourth quarter. Okay. Good. Investments, actually. Yeah, exactly. A comment on the investments. Exactly. Yes. When we acquired Vigilenz, we also gained a production facility, which is FDA approved. We have invested about SEK 2 million into that this quarter, into that facility to expand capacity and pave the way for manufacturing. That will set us in a very good position for continuing manufacturing for quite some years, but also adding on potentially contract manufacturing for other partners. We're getting the revenue from a new line of business, which is contract manufacturing. Interesting. We have another large region, China, and the license agreement with Well Lead. What about the activity level from that partnership, and what can we expect from the next coming quarters? The activities are intense, and they're focused on getting locally manufactured products approved for sale in China. These are normally quite lengthy processes. They have been going on for some time now, but I expect that we will get more visibility, and can expect to actually have registration towards the end of the year. That will increase visibility on revenue streams going forward. Okay, all of us, of course, very curious about next license agreement timing. What about the pipeline? Can you share something about the pipeline and maybe geography? What can we expect? Much as I would like to share what is ongoing, I can't share any details. Let me say this, we have several interesting dialogues ongoing, and I see a great potential in securing at least one or two licensing deals in the near future, i.e., this year. What is clear is that the increasing clinical evidence that we see for different applications is giving us value, and that is a major asset because companies know that we know how to get products approved. We're not just any startup company with a great innovation. We have a product portfolio, we have longstanding license agreements, and we have clinical evidence to back it up. Okay, good. I would actually like to turn over to the direct sales force you are building up. New to the Nordic region, it came with the Vigilenz acquisition in Malaysia. With the direct sales force, you really have the feet on the ground, so you can measure activities. Maybe, please share with us from the direct sales force really what you experience in the Nordic region and in Malaysia. In Malaysia, you can actually compare with last year when it comes to activity levels in sales, right? Yeah. We actually had a call with the global sales team this morning. If I start with Malaysia, it's a great asset to have your own team on the ground. More feet on the ground means more sales, more interaction. There, what we experience is that they are now beginning to look at Europe and other markets to see how can they expand. Whereas before they were primarily selling under tenders, which of course generate recurring revenues, but they are now also looking at pharmacies, GP clinics, getting new channels, and introducing the catheter portfolio to the ICUs. That's a major strength. The Nordic team was established early this year, and we took over the business from the distributor on the 1st of April. What we are already seeing is that we get increasing interest. We get increasing traction with the end customers, and that is very encouraging. I'm convinced that we will see continuous improvement and traction throughout this year and beyond. If we look at the other markets, it's of course a challenging situation out there. In India, with 300,000 patients infected every day, I think it's the largest number in any country in any day, albeit the second-largest population in the world. What they are seeing is, yes, it's difficult in some cases to get access to the hospitals, but when you're in, we actually get recurring sales. Many of the hospitals have converted from general hospitals to COVID-19 hospitals. When they've started using our products, they recur. The orders come and become recurring, and that is a great confidence. In the Middle East, their lockdown's on and off. We've found new ways of making contact, and we are also seeing good traction there in end customer sales. Okay. Moving on to the product portfolio, I would like to hear a little bit more about the wound care category, because that's the newest one coming in with the Vigilenz acquisition. What can we expect in terms of activities in Europe, in the U.S., etc.? Yes. I say this, Vigilenz has been a very successful acquisition for us in many ways, both the capacity and production, but more importantly, the access to the portfolio, which has many new applications, and there are more to come. Last year, when there was a shortage of protective equipment, we focused on this product, which you saw, primarily for disinfection, and that gave us a boost. When the market then started producing more disinfectants, the sales growth does not follow that track. What we are seeing is that the interest in the wound care portfolio is growing. We are looking for partners now who are strong in wound care, who can actually complement their portfolio with our products and make a good package. We've started in Spain. We are rolling out the portfolio in Greece. We are gradually rolling it out in the Middle East, and other countries will come. Also in Malaysia, we are finding new channels and new opportunities. This will be a clear growth area for us in the months and years to come. That will stay. That will not be a temporary one. That will stay. Also speaking about acquisitions, what about the M&A pipeline? You must be tempted after the Vigilenz acquisition, right? Yes, it is tempting. Vigilenz was a fantastic acquisition, and it is a fantastic acquisition. It's tempted us to look at it, but I would say that we are strategically opportunistic. We will look at potential opportunities that complement our portfolio and maybe our footprint, but I don't see that we, in the near future, will become an acquisition machine. Okay. I would actually like to ask a couple of questions to you, Gabriella. It will, of course, be about the financials. I would like really to start with the EBIT margin. Besides revenue growth, what's the plan to take you to the EBITDA margin of 30%? Thank you, Jenny. Very good question. First I'd like to state that we will continue to invest, it's all about sales. It's all about recurring sales. We need to grow our own sales in terms of our products, but also grow the licensing business. That part, that segment, has a higher margin, and we need to increase that part of the revenue as well. It, at the end, comes back to revenues. You are investing heavily in the platform, and taking a look at the cash rate, it was negative for the quarters. Do you have enough working capital? I can tell you that we do have a plan, and the management team, our larger owners, and the bank is strongly supporting us. With the focus that we have and all the activities ongoing, we are at a good place. I feel comfortable. You feel comfortable. Yes. Yeah. Good. You are a CFO and also the Deputy CEO. What is your main focus the next coming quarters? Good question. I think my focus will be on establishing the platform for growth. That is my priority number one, and it's about establishing a multi-channel solution, and especially the digitalization is key for us. I think that becomes extremely important when we approach the D2C segment, the direct- to -consumer. One of the examples that we have here is the launch in Greece. This is where we really see the potential. Maybe if I can add something in addition. We also strongly believe that our technology is addressing the sustainability perspective, and this is something we would like to focus more on, and to really make sure that the message is spread so that we all can contribute to this important question. Infection prevention is key. Definitely. Sounds like a plan. Okay. I would actually double-check again if we have anyone on the line with the operator before we turn back to you, Cecilia, here. Yes. We have a question coming from the line of Mattias Vadsten from SEB. Please go ahead. Your line is open. Yes. Hi, thanks for the update. A few of my questions were already asked here, but I have a few more, although on the same topics. Firstly, I'm happy to see that you're up and running with producing Bactiguard trauma implants. Can you elaborate a little bit how we should think about the margin profile of the agreement as you act as a contract manufacturer for Zimmer, as you mentioned? When is it reasonable to expect that the structure changes to be more similar to the one with Becton Dickinson as you spoke about during the presentation as well? Thanks. Thanks, Mattias. Glad to have you on the line. I'll try to answer that question as well as I can. Let's start with the last one. When will it grow into becoming a BD type of agreement? That will take some time, of course. We are gradually ramping up production. There will initially be European launch. In parallel, we will go into mode of having the U.S. registration process, which will pave the way for a global launch in a couple of years. That's where the real potential will come. As you know, there will be milestone payments in the process as we reach certain stages in the U.S. regulatory process. With respect to the manufacturing, we of course apply a decent margin to the production, but it won't be the same type of margin as we see in the license business itself, which is a value-added pricing. Thank you very much. That's very clear. On Well Lead, we were speaking about this before, but if I'm correct, it hasn't ordered products since Q4 2019 now and contributes to the sales of BIP product, although it ordered concentrate last quarter as we know. We know that it will move from sales of BIP products to license sales as fast as locally produced catheters achieve regulatory clearance, as you spoke about before. However, shouldn't one expect an order from Well Lead of product soon, or how should we think about that? That's a good question. The visibility, I'll try to increase the visibility. Well Lead, as many of you know, is both a distributor for Bactiguard, but also a license partner. Initially, they're acting as a distributor. They are increasing their intensity in the market. China has also been affected by COVID-19, it's been difficult to visit the hospitals. China is ahead of the rest of the world in terms of recovery and opening up. We expect to see traction, in particular in end customer sales, and that's important for paving the way for locally produced products and also gaining clinical experience that will support the regulatory process. I expect that towards the end of this year, we hope to be able to at least have one of the products registered on the back of the registration for urinary catheters that we already have, and then the others will follow. Thank you very much for that. That was all from me today. Thank you, Mattias. Thank you, Mattias. Okay, two final questions for you, Cecilia. You have seen changes in the industry during the pandemic. Will they stay post pandemic in the industry, the changes we have seen? Yeah, it's a very good question. The need for infection prevention will clearly stay, and the awareness of the need for infection prevention will stay. Viral infections lead to secondary bacterial infections. We have increasing number of multi-resistant bacteria. The most effective measure we have at hand is to preventing infections in the first place. We are in a very sweet spot. We have a technology which is both effective and safe. Looking at how we interact with one another, we are more digital than we have ever been. I think the developments that we've seen over the past few years has been fast-forwarded by at least five years because of the pandemic. What we are seeing is that although it's difficult to establish new contacts, unless you have friends and partners who have those connections, it's easier to reach people on a day-to-day basis. Our Chief Medical Officer, for example, goes viral almost every week talking about our clinical evidence to Indian doctors, to doctors in the UAE or in Mexico or wherever. We're as close to one another, whether we are in the building next door or on the other side of the globe. That will also stay and create opportunities. What will be your main focus the coming quarter? My main focus in the coming quarter is to drive the licensed business, secure that we make very good progress in those dialogues that we already have, and support our own team, support the sales team in getting the tools that they need to break through and establish Bactiguard as standard of care in the ICUs. Of course, get our leadership team to work very effectively together. Some of the team are new, others are getting more and more into the business to really gain traction and prepare for the bounce back, because there will be a bounce back. There's a huge healthcare backlog out there that needs to be dealt with, and infection prevention is key in shifting that backlog. Okay. Thank you, Cecilia. That was the last question from me. Please wrap it up. Yes. Thank you, Jenny. We're in challenging times. We are seeing a viral pandemic that is spreading across the globe. The number of cases are increasing in numbers in most areas, but we're also seeing the positive signs of the vaccination campaigns. As we talked about, infection prevention has never been more important than it is now. It will be a central component of future healthcare. We are seeing that bacterial infections are serious. They lead to increased mortality, but the good news is that they can be prevented. Bactiguard has one piece in the puzzle in our portfolio of catheters. Our partners have other pieces in the puzzle through their applications. If we act together like we do in the Vision Zero for Healthcare-Associated Infections, if we can team up with hospitals, academia, and companies, I think we have a very bright future ahead. Thank you very much.