Hello, everyone, and a warm welcome to the CELLINK earnings call for our year-end report 2019/2020. This session will be divided into two parts. The first is the presentation by CELLINK CEO Erik Gatenholm and CFO Gusten Danielsson. After their presentation, we will move on to a Q&A session where I will be back with further instructions if you wish to participate. You can already, by now, use the live event Q&A to the right and post questions. Those questions will be released during the Q&A session. With that, I will hand over to Erik. Thank you so much, Isabelle, and thank you so much, everyone, for taking the time. I'm excited to go through this earnings call with you today. We are super excited for the Q5 and extremely thankful for the great work the entire team has put in, and also the confidence in all our investors and shareholders that have been with us throughout this time period. Thank you so much for that. With that, I'd say next slide. As Isabelle mentioned, during this earnings call, we'll be going through a little bit of the bioconvergence agenda, something that's been our driving force for the last six months. We'll have a financial summary. We'll go through a little bit about the acquisition of Ginolis, which is an important milestone in the bioconvergence agenda, and a few other items leading off with the Q&A session. You can go to next slide. You can go to next one as well. When it comes to the bioconvergence agenda and the work that we are doing in this industry, we want to start by looking at the challenges. Today, the healthcare industry is faced by a few major challenges that are essentially driving the development, both from a pharmaceutical standpoint, but also from a medical device and biotech standpoint. If we're looking at the driving factors behind our growth and our future development for the coming decades as a company, we're looking at essentially, first of all, the process of developing new medication and pharmaceutical compounds is extremely complex. It takes a lot of time, and the fact is, it's very expensive. It can cost $2 billion-$3 billion to develop just one new drug. The fact is nine out of 10 of those drugs, they fail in the clinical stages. This is an indication that the pharmaceutical industry is in a major need of better platforms for testing pharmaceutical compounds at an earlier stage. The next major challenge is, of course, that a life is lost every single hour of the day due to lack of organ transplants. The fact is, there's a major lack of tissue both in the transplantations industry, but again, also the first point in the pharmaceutical industry. Lastly, animal studies are a very poor indication of the success of human drug development. That ties also very nicely together, of course, with the first challenge, where we're using animals to study and determine if a drug will fail or succeed in a clinical setting, meaning in humans. It's been proven several times in the last couple of years how animal studies are not good indicators of success for human clinical trials. In these major healthcare challenges, you can go to next slide, we see ourself working in combining a wide range of technology areas and wide range of fields to create essentially this bioconvergence concept, which we believe is the future of healthcare. The question is then, what is bioconvergence? You can go to next slide. Bioconvergence is really a combination and converging of a few different disciplines in the field of biology, robotics, mega trends such as genomics, proteomics, AI, machine learning, and big data. Now, what we believe here is that for the next coming decades, to answer major healthcare questions such as cancer, diabetes, we need to combine a lot of different technologies. CELLINK was started as a bioprinting company about five years ago. At that point, we understood that bioprinting is an extremely powerful tool. Bioprinting will change the world of medicine by providing on-demand human tissues that can be used for drug screening and drug development, in fact, reduce the use of animal trials. Of course, in the future, in coming decades, be a source of tissue for implantation purposes. We also understood from the fact that we spent a lot of time with our customers, learning from them that bioprinting itself is not going to make that impact unless it's combined with complementary technology platforms. Over the last couple of years, we've learned that bioprinting, combined with, for instance, genomics, combined with artificial intelligence, microscopy, and novel material sciences, has really the impact to make the change that we want it to. You can go to next slide. That has been our driving agenda forward for the last couple of years, and that's where it comes into the question of, what is our agenda moving forward? Looking at our agenda moving forward, we see ourselves working very strongly in the fields of, for instance, drug discovery. We're working in regenerative medicine, CRISPR gene editing, and these are potential expansion areas for us moving forward. I know we've been talking a lot about mergers and acquisitions. We've been talking a lot about our strategy for it, and I think it's important to mention here that our strategy as a company is not to acquire companies. We are not an acquisition engine that is driving to just find the next acquisition target. What our goal on this planet is to drive the bioconvergence agenda, combine novel technologies that will impact healthcare, and solve these major challenges like cancer, diabetes, and the lack of organs. The question becomes, how do we do that? Well, one way is to do a very aggressive R&D agenda to develop the greatest technologies, be on the cutting edge of science. Another way of doing that could be to acquire companies. For us, it's all about getting into those areas the fastest and having the largest impact on the market, gaining the most market shares. Sometimes in certain areas, it's all about acquiring business quickly, helping those companies grow, and getting access to those technologies. Sometimes it's about in-house R&D that is the successful and the fastest route forward to our strategy. You can go to next slide. Looking at our business today, our structure is essentially three business areas, and these main business areas are, first of all, bioprinting, which comes from the core introduction of CELLINK. We have biosciences, we have industrial solutions. Something I want to guide you to is looking at the bottom of these circles and how these interconnected circles are working. The first one is disease and tissue modeling. Our bioprinting business area is all about producing diseases and tissue models. It's printing human tissues that can be used for pharmaceutical development, that can be used for cosmetic product development, and then in the future, for implantation purposes and for tissue repair. In this business area, we have our innovative BIO X platforms, our Holograph X, LUMEN X, and many other complementary technologies. In conjunction with that, once we have printed a tissue or we've printed a disease model, the next step is to do analysis of that model. For us to really understand how a cancer tumor works and how it's affecting the patient, we have to look at the micro scales, we have to look at the single cell that drives that cancer tumor, and we have to look at the cancer tumor as a tissue. How do we do that? Well, first of all, we have to sort that single cell out. We have a lot of single cell sorting technologies. We have technologies that can be used for cell line development. We have bioreactors for scale-up of these cells. We have a very strong single cell genomics workflow that can really enable the sample preparation steps for essentially looking at the genetic composition of these cells. Another step is, of course, doing live cell imaging of these printed tissues to understand the long-term effects of these drugs on human tissue. The bioscience business area is really all about disease and tissue analysis. Lastly, once we can print the tissue, once we can analyze the tissue, well, then the last part becomes how do we diagnose the tissue? If we know how to cure a patient, or if we know what will work on the patient, then it's all about being proactive to understand that patient's disease at an earlier stage. That's when all the diagnostics comes into play. That's where our industrial solutions technologies are really focusing on mainly today. You can go to next slide. Looking at the market, which is important, of course, from a perspective of understanding where we are today and where we're anticipating to be in the next coming years and decades. First of all, our total addressable market today is about $24 billion, and we're focused on an industry such as single-cell analysis. We're focusing on 3D cell culturing and cell line development. In this industry, you see peers or competitors that we call them out in the field, such as 10x Genomics or Berkeley Lights. These companies have been successful at growing their business from the fact that they've been able to develop innovative systems that can truly make an impact. We also see that their products are typically quite expensive and quite prohibitively priced, which gives us an opportunity to make a very good impact on the market with our products in our segments, and also the fact that we can actually offer workflows that many of these companies can't. That's really the era that we're entering into right now. The era of workflow enables us to essentially couple together a wide range of technologies to get more insight and get into the customer's work, and also drive their development forward. Of course, looking forward and into the future, we're looking at being able to offer products more for the bioprocessing and cell culturing industry, which is about a $45 billion industry. Of course, the single-cell analysis and the 3D cell culturing, those are subparts of that major industry. All combined, this is part of a bigger picture, which is about a $200 billion market that we see ourselves being able to lead in in the next coming decades. You can go to next slide, please. As I mentioned, it's all about the workflows. Looking at a customer's workflow, this could be one of the examples, especially for drug screening or drug development, where the customer would start by printing single cells, sorting these cells into well plates, expanding and growing these cells so that you know you're starting with exactly the right cell type. You're mixing those cells into a bioink, printing out those tissues. With our liquid handling robots and systems, you're dispensing different molecules and compounds onto those tissues, and then you're imaging these tissues using our live cell imaging products. This workflow is something that we can do a plug and play at a lot of different pharmaceutical and biotech companies around the world. There's been a missing piece to this workflow, and that's been really the integration or the architecture that brings all of this together, which is something very exciting that I'll be talking about a little bit later in this presentation. It has to do with the latest acquisition of Ginolis. You can go to the next slide. With that, I'll leave off to you, Gusten. Thank you, Erik. Of course, it's a great pleasure for the two of us here to present our greatest quarter so far. I'd say we've had a very strong quarter in terms of the growth we've shown during the end of this year. Important here to notice, before we go into details, is that this is our first and only fifth quarter that we're going to introduce to all of you. We're now converted from a broken year into a calendar year, and we did this by extending our year to 16 months a year, which means that the Q5 is four months. In order to be able to compare this with previous numbers, with the numbers you'll see as in the corresponding year is also four-month period last year. With that said, we reached a record-breaking SEK 239 million of net sales in the quarter. This was up from about SEK 50 million last year, corresponding to growth about 377%, which a lot of that growth is, of course, from our acquisition of SCIENION that we did during the fourth quarter last year. That has been incorporated from the 1st of September, meaning the full quarter of this period. What's even more pleasing for us to see is that the development of our traditional business, the business we had prior to acquisition, has been growing very steadily and in the fifth quarter, reaching 73% organic growth during this period. What we see if we look in deeper to the numbers is that we have growth all across our product portfolio. During the year, we've had challenges, especially with products that are strong in academic sector, where we're seeing that more academic labs have been closed down than our pharmaceutical customers. This is something that's impacted our growth all across this year during this pandemic. In the first quarter, we did see some more of these customers opening up, placing orders, and accepting them for delivery into the labs, and this is the reason why we've been able to see and show higher organic growth in the first quarter versus previous quarter this year. This is also up from last year where we had 47% growth in the same period last year, which is, of course, pleasing to see is the profitability in the quarter. We have a financial target, which says that we want to grow with at least 35% organically year-on-year, and on top of that, through acquisitions. In addition to that, we have a financial target saying that we want to do this while maintaining a positive EBITDA margin. The last few quarters, we've had negative EBITDA margin, and now in the fifth quarter, we have broken even and we're now showing SEK 40 million in EBITDA in the quarter corresponding to about 17% EBITDA margin. The reasons behind this are both seasonality, where we see that especially Cellenion has a very strong end of the year, where you see a large portion of the sales coming through in the last three, four months of the year, as well as a big portion of the profitability are corresponding to that period of the year. I wouldn't extrapolate these numbers into seeing that this is something we would expect to see every quarter in terms of profitability. This is also something where sometimes when we grow fast in a quarter, the balance here is we're trying to grow the organization as fast as we can, but when the growth is faster than we can build the organization, we will be more profitable some quarters compared with others. This meaning is that we will maintain our financial target of achieving a positive EBITDA margin, but we're not trying to maximize our profitability at this stage, rather than maximizing our organic growth and doing this while maintaining a positive EBITDA margin. In the quarter, we also showed a positive EBIT as well as all the way down to earnings. We had about SEK 13.1 million versus SEK -18 million last year in the same period. This corresponds to about SEK 0.26 earnings per share in the fifth quarter. If you look a little bit on the rolling 12 months net sales from consumables, this has increased quite significantly in absolute terms, now reaching SEK 35 million in revenue from consumables. This is driven both by the acquisition as well as continued growth in the underlying business that we have in the group. What we've seen during the whole year, and especially or still in the fifth quarter, is that lab closures and activity is down, meaning that we see less consumable usage and purchases of these consumables during the period. In relation to our total sales, this is still increasing from previous periods, and we're now at about 11.9% of our product revenue stems from consumable revenue. This is something we'll see as long as the lab closures continues, and we anticipate when labs are more active, specifically when our academic labs are back in the labs working with these instrumentations. This will hopefully grow faster than our product sales. We can go to the next slide. In this slide, we've broken down the numbers a little bit more. We have now two segments in our accounting, which we haven't had before. We are showing the net sales for laboratory solutions, which is basically the old CELLINK. Here we include CELLINK, CYTENA and DISPENDIX. This amounted to SEK 87 million of net sales in the quarter, which was where we saw the more than 70% growth, or 73% organic growth. In addition to that, we now have the industrial solutions segment here, which is the SCIENION acquisition. This amounted to SEK 152 million in the quarter, which was of course, a very strong ending of the year. There was a couple different factors that contributed to this. First off, we had a lot of customers placing orders and a lot of deliveries taking place in the fifth quarter where the team at SCIENION and operations there has been doing an excellent work to getting these systems out to customers in order to help out with their projects. We also have some contribution from COVID applications here, meaning that SCIENION are contract manufacturing COVID tests for some of their customers that just don't have enough capacity and can't build the platforms fast enough, where we then are producing some of these COVID tests in-house on our instrumentation. If you want to dig in deeper to this, you can look under the notes where you'll see the service revenue stemming in the group. I want to also point out that all that service revenue is not related to these COVID applications since we do have contract manufacturing for a wide range of different applications. This is something that will continue even if we don't have any manufacturing for COVID tests in SCIENION. What you see also, we show in the segment gross margin on these two different segments. It's very similar across the whole group in terms of the gross margin structure. What's pleasing to see is the gross margin is now up at more historical levels compared with previous quarters. The reason for this is both that we now don't have any significant sales in terms of what we call sanitizing business as we've had in some of the previous quarters. Also that we see improved pricing power in the market for our products. During the whole year as well as during Q5 we've had a headwind in terms of currencies, which is affecting our gross margin here, where we see that we're pricing all our products in US dollars and euros, and we have majority of our costs still in Swedish Krona, meaning that our gross margins are decreasing as the Swedish Krona have strengthened over the year. The last thing I want to point out in this slide before moving forward is our net debt/net cash position where we had above SEK 750 million in net cash going into the first quarter here of the year. We've of course acquired Ginolis, which will have an effect here in Q1 on our net cash position. We'll get more back to those details a little bit later. One last thing I would like to point out before going to the next slide here is the Ginolis transaction will be included in what we call the Industrial Solutions segment in our Q1 and are anticipated to be included from 1st of March. In the next slide here, we are showing our rolling 12 months net sales in the group. What you see here is during the fifth quarter, meaning the calendar year of 2020 now, we reached over SEK 360 million of sales with over 73% organic growth. All these charts looks a little bit strange because of the significant both organic growth as well as strategic or acquired growth that we have achieved during the fifth quarter. Shows you some of the development we've had over the year. We can go to the next slide. We were touching upon the gross margin in the quarter, what we've seen over the past year is that we've had a decrease in gross margin from a peak at about 80% about a year ago or more here, down to about at the bottom here in last quarter, I think we were somewhere at 66% gross margin, now over 70% again. Looking at our business model, we have higher gross margins in the consumable segment of our sales versus the instrumentation. Really what I'd like to point out and show is the profitability of the business are not dependent on increasing gross margins in terms of the product mix, rather than when we increase the portion of sales stemming from consumables, this is not driving OPEX in the same way as sales from instrumentation are doing, and that's really where we'll see conversion into a more high margin business in the future. We can go to the next slide. If we're looking a little bit at the revenue from consumables, we've had a steady increase in sales of consumables, and as you can see, SCIENION has a quite similar structure in terms of sales from product versus consumables. It's slightly lower than the rest of the CELLINK Group, instead they also have higher revenue from services versus the rest of the group, where they are somewhere around 20% of their revenue stem from services in the fifth quarter. What we see here now is that we've declined from about 14% of our revenue, of the product revenue stemming from consumables in the third quarter down to about 12% now. The driver here is really the lab closures, and as soon as this opens up, we will see a change here. What we see today is that we have customers accepting their deliveries of instrumentations, but they ask us to hold off, for instance, bioink orders because they have a best shelf life, so they don't want that to expire before they can use these in their labs. We can go to the next slide. In the fifth quarter, we see continued strong growth in our North American region. We have 143% year-on-year growth. That's now about 50% of our sales stem from that market. This is very similar to the fourth quarter, where we showed very similar numbers. We have succeeded very well with our direct sales force in the U.S. All across the product portfolio, from bioprinting into biosciences, has been performing very well in the U.S. We've had a strong growth in the sample preparation equipment in the U.S. compared with Europe, which has been part of the driver of the difference in the sales between Europe and North America, where we've been able to sell more, for instance, I.DOT systems in the U.S. versus Europe. We also see decent organic growth in Europe, about 30%, but clearly lagging behind both Asia and North America. We've communicated about the transition into direct sales force in Europe for about a year now, and this is something we're continuously working on, and we're implementing the same organization structure in Europe as we have in North America, and we're starting to see this paying off. We have good hopes for Europe to pick up pace in relation to the rest of the world in the next few quarters. In terms of other areas here, this is fluctuating heavily, depending. It's a very small number, so that's why we have a negative number there, and Asia is performing quite strong during the fifth quarter here as well. We can go to the next slide. Getting back a little bit to our long-term financial targets and goals here. Well, we are focusing on organic growth, and as Erik mentioned previously, when we look at our business and what we want to achieve, we have very customer-centric view of this. How can we improve the value proposition for our customers? Our go-to is to develop these products ourselves, finding different ways of offering this to our customers. However, from time to time, we find that there's a better way of reaching our customers through M&A, and that's why we also have a goal of adding on additional revenue on top of the organic growth through transactions. With that, we'll go to the next segment. Great. Thank you so much for that, Gusten. I want to spend a few minutes on the acquisition of Ginolis. The transaction, in brief, it was a transaction of about EUR 70 million. We followed the previous model of combining cash with shares, which is a successful model that we have applied in the past. Really the reason why we're doing that is because we want to maintain some kind of long-term commitment from management and long-term commitment from the previous owners to stay with the companies for as long as possible. It's an important step in our acquisition agenda when we do acquire companies. Of course, looking at how this company fits into our portfolio, we have a few different models and a few different areas that it will fit in nicely through synergies, and we'll talk through them now on the next slide. Firstly, of course, the Ginolis platform, it's called Xanthia. It has a very innovative modular aspect to it, where you can actually combine a wide range of robotics and a wide range of our products from the portfolio into this modular design. One example is we're going to offer a modular, but the first of its kind, essentially tissue manufacturing workflow. The customer can choose a bioprinter, a large liquid volume dispenser, an incubator, a microscope, et cetera, all coupled together into one workflow. We see this being possible really thanks to the fact that Ginolis' modular robotics platform is so well constructed and designed in a way that it can really enable these synergies. The second one is, of course, due to the increased demand of microfluidics and lateral flow IVD tests. It's a driving underlying factor for us in terms of continuing our expansion for SCIENION and also industrial solutions side. During Q5 and also parts of 2020, SCIENION did a great commitment to providing systems for manufacturing of COVID tests. We've seen that that's also something that Ginolis has done and will continue to do. We're excited to be part of that. It feels good to be able to provide products and technologies that can truly make an impact on the healthcare industry today. Of course, lastly, really what we were talking about previously on the slides, the era of workflows. Ginolis modular platform is an enabler. It will enable us to really couple together a wide range of products within our portfolios, in an integration manner, so that we can have a more combined offering all under one software roof. As I mentioned, the main synergies that we see are really with the bioprinting systems, but also with the industrial systems expansion, and it gives us the capacity now to offer our pharm and biotech customers something more reproducible. Over the last couple of quarters, we made a commitment, and this was a strong commitment from everyone in the CELLINK Group, to continue to push our products forward to the pharm and biotech industry. This is a commitment for that to increase the reproducibility and also the high throughput. As I mentioned, the Xanthia platform, it fits really well with the SCIENION footprint and their product portfolio, where you can both develop multiplex assays, medical devices, and lateral flow IVD tests, but also manufacture them and downstream for these customers. You can go to next slide. You can go next one. As I mentioned also on the bioprinting flow, really have a combined modular unit. Everything from the start of the tissue manufacturing, printing the tissues in high throughput, analyzing that tissue, feeding that tissue, and then dispensing different compounds on that tissue, and then understanding the effects and efficacy of these compounds. You can go to the next slide, please. In terms of integration strategy, I'll go over this quite quickly, but something that we've learned over the last couple of years and through the past acquisition is that it's really important to have a strong plan in place on how we will integrate these companies. It's a testament to how we acquire companies. I think the growth that we managed to do in Q5 and the great result that we were fortunate to show was really a testament to how we integrate companies and that we can do that successfully. The first thing is, of course, we develop a very strong 100-day plan, with the business area manager, in this case, this is Holger, and support the group executive team, but also, of course, support the executive team within the acquired entity. Do strong onboarding activities where the Ginolis team members and colleagues get an opportunity to work strongly with the CELLINK family and the CELLINK Group, and where we have these strong synergies, they will be implemented in the next coming 6 to 12 months. It's important to also look at, of course, the commercial capabilities that we can do together as a team. The transaction is not one-sided, it's of course two-sided, where CELLINK both gets added capabilities in terms of robotics and modularity, but Ginolis also get access to large distribution channels, larger sales networks, and the ability to scale up their operations department with our manufacturing, both in Berlin, Gothenburg, and perhaps also in the U.S. You can go to next slide. Looking a little bit on our historic transactions, we've shown this a couple of times before, but what I want to bring your attention to is the last bullet point here on these three transactions, where we don't necessarily think we can acquire businesses cheaper than anyone else. We want to show you how synergistic this transaction has been for us. DISPENDIX required about 11x revenue two years ago. They're now at approximately 1x revenue in relation to that transaction size. We've been able to achieve this really while integrating them into our workflows and to our global sales team and marketing, being able to put the systems next to other systems in the group and really increasing the value offering for our customers. Same thing here with CYTENA, acquired them a year and a half ago at about 7x revenue. Now they're somewhere between three and five times revenue in just one and a half year. They've really done an excellent job in CYTENA in being able to utilize the resources in the group and integrate their solution into workflows, especially with DISPENDIX and other instrumentations in the bioscience business area. I'll just mention SCIENION that we acquired in August, September here. We acquired them at about 3.7 x sales, and now with the latest report updated here, that's at about 2.7x. Of course, the majority of that is not a selling effect rather than the performance of the team at SCIENION, which has been extraordinary. We'll go to the next slide. I think we'll skip all the way down to CELLINK outlook 2021. To round off before we open up for a Q&A session here, Erik, do you want to go through the outlook? Gladly. With that, of course, first of all, thank you so much for listening in, and thank you so much to all our team members around the world. We're super proud of everybody today. There's been a lot of great work that went into Q5. Important to mention is, of course, that we will continue this strong growth agenda moving forward with our financial targets set at at least 35% organic growth in the coming years. Also, of course, a positive EBITDA margin. As I mentioned in the beginning of the presentation, it's important to reiterate this, our strategy is not to go out and acquire a lot of companies. Our strategy is to become the leading bioconvergence company on the planet that offers innovative solutions that can truly impact the healthcare industry. One way and method of doing that is by acquiring the latest and greatest technologies and integrating them successfully. Another way is through aggressive R&D agendas. Whichever way gets us there faster, we will proceed with, but really our goal is to continue that bioconvergence growth and build a very successful and healthy company. Right. Want to give the opportunity also to everyone to put this date in the calendars. We're going to have our first capital markets day on the 12th of May in conjunction with the release of our Q1 report. Put this in your calendars, and we promise that you'll have great fun learning about our technologies, listening to customers and R&D leaders in order to understand our technology better. With that, I think we'll open up for a Q&A session. Yes, that's correct. Let's wrap up this session with the Q&A. If you join online, you can use the live event Q&A to the right and post questions, and we will publish them, and Erik and Gusten will address. If you're calling in, you can ask questions directly to the speakers. We have had a few participants who addressed that they would like to ask questions. We will begin with Ulrik Trattner from Carnegie. Please go ahead, Ulrik, you do so by unmute yourself by pressing star and six. The mic is close to Leo. Thank you very much. Yeah. Hopefully, you can hear me all right. Yes, we can hear you. Perfect. Thank you very much. Good afternoon, Gusten and Erik. I know you guys are in Boston, so perhaps it's good morning, and congratulations on this stellar quarter that you had. If you can help me out, please, with both the SCIENION on development in Q4. I know when you acquired a company, we were looking at flat-ish year-over-year growth for SCIENION on the expectations for 2020. How has that developed, if you're looking out for the full year of SCIENION, and what should we expect going into 2021? I think if you look at the performance of SCIENION in the fifth quarter, there is a significant seasonality to this that the end of the year is stronger, both in terms of revenue as well as in profitability. I think a large portion of their EBITDA generation is in the end of the year, this is in effect we do believe we'll see in the next year here in 2021 too. Other than that, we don't see that there's any differences in the outlook we have on the business of SCIENION from when we announced the deal. We said that they should be able to grow in line with our financial targets. That's great. Obviously, we're seeing some growth across for the base business of CELLINK, which is great. Would you call it out, any specific systems? Is it the I.DOT system or the single-cell dispenser that is driving the organic growth? I know that you have introduced some new systems from CYTENA in recent times. Just your thoughts and prospects of that going into 2021 as well. Great question. I think from that perspective, we see a great growth opportunity from both the UP.SIGHT, which was recently launched, competing with product offerings from companies such as Berkeley Lights and a few other players in the cell line development field. We see that the UP.SIGHT is being a very competitive platform. It has the benefits, it doesn't have the bulky size. It has the capacity to be implemented in multiple different laboratories due to its fact that it's actually democratizing the technology and ability for the researchers to work with this. From that perspective, we see tremendous growth in the future from our cell line development products. Also from our single-cell genomics workflows with the I.DOT, of course, as a star product. What's most important to mention here is the combination of the different systems. Again, bioprinting itself, if we take that example, that technology is making an impact, but it's not going to make the size of the impact that we want it to unless we start combining it with complementary technologies. That's what we're going to be doing with the I.DOT and with the UP.SIGHT as well, either by building it and integrating into the robotic systems of Ginolis or by building other workflows around it. Just a small comment in terms of where the revenue growth comes from. I think during the first 12 months of this year, we saw a significant revenue contribution from DISPENDIX as they were growing during the pandemic. Meanwhile, in the fifth quarter, I'd say we saw more of a recovery on the bioprinting, which had quite significant organic growth in the quarter, performing better than anticipated from our side. It was growth all across the product offering. Great. Just on the new product offering, because I know that also as well from CYTENA, that a new product is launched within the microbiology field and printing of bacteria. It seems like a quite interesting product. If you can just allude a little bit more, because I believe that that is a completely new vertical for you guys. Yeah, that's a great question. The UP.SIGHT has the capacity to work with microbial systems as well. Of course, we have the B.SIGHT that has been operating within the bacterial field or the microbial field. The microbial industry is an interesting one. We haven't had our foot in it as strongly previously. We see, of course, potential growth in that industry going forward with the bioprocessing products that we offer, both the C.BIRD, also the bioreactors that we've been offering through our partnerships. Definitely the microbial field is an interesting one. It hasn't been on our radar as much. I have to admit that. Our focus is really on mammalian cells and working with mammalian systems to start with. Great. Thanks. Just a few question on this Ginolis acquisition. We haven't been provided with that much information on sort of the margin profile of the company as well as how the dilution factor will be as it's part paid with shares. Can you just start off with the margin profile of Ginolis? Would you call it out to be sort of accretive or on par gross margin-wise as rest of the group? In terms of dilution, at what price will the shares be transferred and what type of dilution should we calculate? In terms of the margin structure of Ginolis, it's in line with the gross margin of the rest of the business, I'd say. It's not going to improve our gross margin, you're not going to see any significant changes either due to the transaction. In terms of the transaction payments here, the enterprise value is EUR 70 million, 60% is paid in cash. The 40% that are paid in shares is based on the volume weighted average price during a specific period, we will announce those specifics in conjunction with closing. It's close to or around where we are today, that's what you should use when you calculate this. Great. Thanks. Just a few accounting questions before I go back into the queue, and I'll let someone else ask the question. Just looking at the capitalized R&D and the high depreciation rates in the fifth quarter, as well as sort of the cash flow, could you shed some more light on that? Obviously, quite a substantial part of your R&D is capitalized R&D, and that is quite tied to depreciation, I guess, as well as to the cash flow. Could you provide us with a little bit more insight to the capitalized R&D and the depreciation rate? Yeah, the depreciation here, why that's increasing quite significantly is mainly due to the transactions. Even if we're using IFRS, when we buy a company, we do purchase price allocation, and you can see the preliminary one in the report, in the end of the report, where we allocate the purchase price to different assets that we then start writing off. Basically all immaterial assets and so on that we are identifying, we write off during a specific period of time. A lot of our depreciation is connected to our acquisitions. Then, of course, we are capitalizing R&D in the quarter. We capitalized about SEK 20 million worth of R&D expenditures. This is, in terms of our total investments into R&D, is quite a small portion of it, and over the year, we're looking at in relation to what we're truly investing into R&D, it's not that significant in my opinion. If you look at the cash flow conversion, yes, we're showing positive EBITDA and EBIT in the quarter, but the cash flow, I think, was SEK -7 million operational cash flow. This is depending on where you have the cut-off date. Most of our sales came in the end of the year, in the end of the quarter. Which means that most of our revenue is in receivables by the end of the period, which is, of course, decreasing our free cash flow conversion here in the quarter, and that's something that will change over time. Great. Thank you very much, both Erik and Gusten. Thank you. Once again, congratulations on this stellar quarter. I'll go back into the queue and come back with further questions. Thanks. Now we got a question from Rickard Anderkrans from ABG. Please go ahead and unmute yourself by pressing star and six. I think we should go on because we will receive the questions through the live event Q&A. Maybe, Erik, you can address that, and we can get back to Rickard later. Gladly. We have from Brad from ABG, "Has the organic growth rate fully recovered to pre-corona levels? If not, how should we understand the upside, please? Thanks." I think that it's a very good question, Brad. If we look at Q5, right, and we say, are we on par with what we expected to do during a healthy year? I would say that it's in rough numbers, right? Because we, of course, expect a lot more during a normal year since the end of the year is a very important period for laboratory budgets, for end-of-year budgets, and things like that. I would say that during the Q5, we have seen effects still from the coronavirus pandemic, and we will continue to see effects in the coming quarters forward. I know that might perhaps not be the answer that we all want to hear, but quite frankly, we're still affected by the pandemic at this stage. I'm afraid that I won't be able to tell you indicatively when we will get out of this. I'm hoping, of course, if all goes well with vaccination and everything, maybe conferences will start back again up in the fall. Yes, for Q5, there was a corona effect, especially on the laboratory solutions side of our business. I can address the next question, which is also from Brad here. "With the fullness of time, what do you see as being the product mix between instruments and consumables, where today it is about 88% to 12%? Could this, for instance, be 50/50 in the future, and when?" Yes. Today, we're 12%. We do see it's going to take a long time before this is a significant part of our revenue because of our growth on the instrumentation. As long as we're placing a lot of instruments, this is going to be the bulk of our revenue. When we reach a more mature state, this will increase in proportion to our business. If we can reach a 50/50 level in the long time perspective, I think it's possible. I think we're not 80/20 kind of company, but it's more likely that we could reach something like 50/50 in the long term. Okay, let's see if we can hear Rickard better this time. Please go ahead and unmute yourself. Right. Hopefully, you guys can hear me now. Sorry for that. Yes. We can hear you. Great. Good morning and good afternoon, Erik, Gusten, Isabelle. Thank you for taking my questions. I'll keep myself short here. Congrats to another outstanding quarter. First of all, I would like to ask, I saw a report out that indicated that the FDA has begun to recognize 3D bioprinting as an alternative for preclinical testing. However, I've been unable to verify this via publicly available documents or any publications. Is there any substance to such claim, and can you talk perhaps a bit about the potential impact for CELLINK if something like that would pan out? Gladly. Somebody shared this report with me. This was a market report. It was also publicly shared on Twitter. This was a few weeks ago, and in that report, it was essentially stated or sourced FDA that had recognized bioprinting for certain preclinical development processes. I think this is a bigger subject that is coming about. Now, I don't know if FDA has set any guidelines. We don't know if that is something that they're preparing. What I can refer to is essentially a few years ago, I think in 2018, FDA did at least come out with guidelines for regular 3D printing. It does take some time for them to establish guidelines in new industries, and bioprinting is a very new industry. I can point you to the right direction because just about a few days ago, there was a new report that came out, and this report is from Karolinska Institute. This is a very nice report, and it essentially talks about new methods to replace animal trials. We know that the EPA has been communicating a lot about the reduction of use of animals for cosmetic testing. We know that the European Union has been very strong on banning animals for cosmetic testing. We're also seeing now a major movement in the Swedish industry and the market, where we're essentially pushing this agenda forward. Quite frankly, as a company, we are strongly committed to and have always been very committed to reducing the use of animals for the development of pharmaceutical compounds and for cosmetical compounds. The report is unfortunately in Swedish. I have it here. It is about 100 pages. I am not sure if you see it on the camera, but we can send out a link, or we can provide the title for it after the call, perhaps. I really recommend you reading it because it does mention bioprinting in a few places. It does mention 3D cell culturing and a few different methods that will be alternatives to animal trials in the future. Great. I appreciate it, Erik. Pivoting a bit into cell line development, as far as I know, there's no official published methodology on how to demonstrate clonal assurance. Is that underway, and how high could the bar be set there? Do you have any estimates on the number of legacy cell lines out there that could require new and up-to-date practices? Just sounds like a very interesting sort of opportunity for you guys. It's a very good question, and I don't have all the answers to it, so I'm going to have to get back to you with the exact details on the scientific side. What I can say that with the launch of the UP.SIGHT, we have doubled down on our clonality, right? The first systems, the F.SIGHT, the B.SIGHT, and the C.SIGHT, those products we're offering single clonality, which means that essentially when you're dispensing these single cells, you're taking a photo and documenting that a cell was shot out. Listening to our customers, which is something that we do very diligently, these customers came back and said, "Hey, you know what? It's great to see that these cells are shot out, but it would be even better if we could see that these cells land in each well," right? That we know that these cells are placed in the right location. The brilliant engineers and team at CYTENA, they went back to work, and they developed this amazing scanning technology, which essentially now takes an image of the cell as it's being shot out from the cartridge, and then a picture of that cell is being scanned from the bottom, showing that that cell has landed in the right location. The double clonality is an important aspect for the industry and something that I know we're going to be pushing very strongly from the commercial side. We're seeing a great interest for the product already. That's a testament to the great engineers and developers that have brought this to the market. I wish I could tell you more about the specifics, but let me get back to you on that. Sounds great. Just a final one from me, please, if I may. On the European sales force, can you talk a bit more about how that's coming along? Can you talk a bit more about the scale of that initiative in relation to your current commercial infrastructure in the region? Yeah. In terms of the European sales force, that was a commitment that we went into about a year and a half ago. We went from having a pretty substantial distribution network all over Europe to deciding to open our own offices, locations, and hire individuals to run the sales. It's paid off, especially during the pandemic. We've seen that our previous distributors and our previous partners in that region, we see that they've had a harder time, or they perhaps reduced their presence, while at the same time, we've been able to focus on digital sales opportunities and communicate directly with customers. During the pandemic, I have to say it's been vital for us to have a direct dialogue with our customers in Europe, in America, and in the APAC region. We have been able to work directly with them because during the pandemic, it's not as simple as just offering a product for their need and then delivering it. It's an ongoing communication. It's understanding that they're not in their laboratories. It's understanding that they need deliveries of reagents two months later. It's understanding that the deliveries should be by DHL or it should be by FedEx because all other delivery methods are banned due to the pandemic. Having that dialogue, I know that it's rigorous and it's time-consuming, but it's only possible to do that when you own the customer, when you have direct access to them. That is what makes the direct sales channel so successful and which is why we've been able to show 143% of growth in America. That's because we're so close to the customer, and that's why we've been able to show continuous growth in Europe as well. To your question, the strategy forward is to continue to build that sales channel and to have a leading sales force, both in the biosciences, in bioprinting, and also in industrial solutions in Europe. Great. Thanks a lot for that. Thank you for taking my questions. I'll get back in the queue. Thank you, Rickard. Okay. Thank you, everyone, for listening in to this earnings call, and thank you for all the good questions. Our next report will be released, as Gusten said, on the 12th of May, and we will then also arrange our digital Capital Markets Day. Have a great Thursday, everyone. Thank you and goodbye.