Good morning, and welcome to the BICO press conference. All participants will be in listen-only mode. Should you need assistance, please signal the conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star and then two. Please note this event is being recorded. I would now like to turn the conference over to Erik Gatenholm. Please go ahead. Thank you. Thank you so much everyone for taking the time today. We really appreciate it. I'm Erik Gatenholm, Co-founder and CEO of BICO. I'm here with Mikael Engblom, Interim CFO. The purpose of this call is to present the preliminary results and provide a trading update for the group. I would like to start by, of course, thanking the entire team for the continued strong efforts in Q2, and it's truly been a great pleasure working with everyone, serving our beloved customers around the world. We're on an exciting journey together to create the future of life-saving treatments with our customers and look forward to continuing to serve their laboratory needs. Next slide, please. With that being said, we now see market slowdowns in emerging biopharma and biotech as a consequence of the recent macroeconomic challenges. While demand for our products remains strong and we can point to healthy underlying demand worldwide in the second quarter, which is reflected in a high order intake and continued interest in the product portfolio, uncertainty ahead has impacted our way of working, and it's leading to a more cautious approach. BICO's core business remains strong and sustainable in the long run. Our automation, lab software, and workflow products are designed to improve efficiency and significantly reduce costs for our customers. We will continue to deliver these capabilities to demonstrate strong ROI for BICO products, even in the current macroeconomic environment. I'm very confident in our products, technologies, and our team's ability to serve our customers, as customer satisfaction is the single most important thing for us. We live and breathe our customers. We're in this business for the long run, and our ambition is to build a healthy, growing, and profitable business over the coming decades. Our ambition is to reach profitability and reach a positive cash flow so that we can further finance our investments with the cash flow from operations. In the second quarter, the company achieved a preliminary organic sales growth of 9%, including one-off customer credits related to accounts receivable and -12%, including the credits. Next slide, please. Sales and marketing activities have continued throughout the first part of the year, and we're excited to continue to see more and more conferences and trade shows take place. As a laboratory tools and software and reagents provider, these venues are essential as we get to interact with many of our customers, understand their current and future needs, find and meet partners, and expand our brand names. The majority of our customer base is pharmaceutical companies such as Roche, Novartis, AstraZeneca, and many more, and academic institutions, and we remain committed to serve these great customer segments. Next slide, please. I'll take you through some of the preliminary numbers for the second quarter. Preliminary net sales, excluding customer credits for the second quarter, amounted to SEK 543 million, compared to SEK 293 million for the same period last year. That corresponds to a growth of 85%. Including customer credits, the preliminary net sales was SEK 484 million, corresponding then to a growth of 65% compared to last year. As Erik mentioned, the organic growth in the second quarter amounted to 9%, excluding the one-off customer credits, and -12%, including the credits. The preliminary EBITDA, and excluding the customer credits for the second quarter amounted to SEK -20 million compared to SEK +11 million, in the same quarter last year. That corresponds to a margin of -3.6%. The preliminary EBITDA, including the customer credits, amounted to SEK -63 million, corresponding to a margin of 13%. For the first six months of the year, the company achieved a strong organic growth rate of 22%, excluding the credits, and 8%+ including the credits. The net sales for the period amounted to SEK 1.020 billion, corresponding to a growth of 141%. The preliminary net sales, then including the credits, amounted to SEK 962 million, corresponding to growth of 128% compared to last year. The preliminary EBITDA for the period, then excluding the customer credit effect, amounted to SEK -39 million, compared to SEK -24 million last year, and it corresponds to a margin of -3.8%. The preliminary EBITDA, including these credits, amounted to SEK -82 million, corresponding to a margin of -8.6%. Next slide, please. With this rapidly changing market environment, we can see a shift in our customer liquidity and buying behavior, with purchasing decisions for larger CapEx being pushed forward, for example, impacting sales across biosciences and bioautomation. Assuming a more reserved market situation in H2 this year and potentially next year, we have made the following operational changes to our ways of working. We've improved our sales processes to better assess customers' liquidity and ability to pay for evaluating credit history and setting reasonable prepayment requirements where necessary. Favoring working capital and due to a more conservative approach to credit terms during the quarter, the company has chosen to decline some orders. We've reviewed old inadequate accounts receivable processes and improved collection and invoicing activities by enhancing collecting processes and adjusting payment terms. Proactive resolutions of old accounts and uncertain receivables result in a total credit and credit provisions of SEK -69 million in the second quarter, resulting in a negative EBITDA of SEK -43 million. That is the net of the credit and the cost of goods. This one-off adjustment significantly reduced the due accounts receivables in the group. Products returned and credited are as anticipated to ship to other customers in H2 this year, which increases our capacity to deliver products in H2, the company's historically strongest part of the year. Next slide, please. Given the changing macroeconomics and integration of the subsidiaries, the company has also decided to implement cost savings. Given our financial target of achieving a positive EBITDA result, the cost reduction program targeted to reduce expenses by SEK 100 million on a 12-month basis. This includes, but it's not limited to organizational restructuring and improved efficiencies. The cost reduction are expected to materialize gradually over the rest of the year and be in full effect from the first quarter of 2023. The new finance team has made a big difference to our business, with clear improvements in process made in a short time. With the expense reduction program measures taken and reducing accounts receivable, we remain focused on maintaining momentum in the industry, leading with our technology and streamlining our organization for efficiency. Next slide, please. We are committed to our vision and mission, which is to be the future of life-saving treatment by reducing the organ shortage and speed up drug development by providing accessible life science solutions that combine biology and technology. We thank you for joining this call, and we appreciate the opportunity to talk to you on our business and preliminary numbers. The full financial performance and outlook, as well as an update on cost reductions, will be presented in the interim report January through June 2022, scheduled for August 24th, 2022. We now welcome any questions and comments that you may have. Thank you. Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star and then two. At this time, we will pause momentarily to assemble our roster. Our first question comes from Ulrik Trattner from Carnegie. Please go ahead. Great. Thank you very much, and good morning. A few questions on my end, and if we can start off with the accounts receivable. I know, Mikael, you've been going through these since you became the Interim CFO. Are you comfortable with the current credit situation contained in the remaining receivables? Because this sort of SEK 59 million is roughly 10% of your outstanding receivables end of Q1. Secondly, what are the type for the typical customer that is driving these provisions? Yeah, I can start by answering Ulrik. Yeah, I mean, we have done a big work of going through the outstanding accounts receivable with focus on the due receivables in order to reduce the working capital and collect. In this case, we have found that the best solution for some of these customers that have old outstanding debt is that they return the goods and we credit the invoice. It's part of that review and with the review that we have done, we feel confident that the accounts receivable that we have recorded are, you know, collectible. That is the answer to that question. After your second question, Ulrik, and very important one, I think we can shine a little bit light on the customer groups and the ones that are affected. As an example, some of the customers include small and medium-sized biotech, where these customers have now in the current macroeconomic environment, have had a much harder time raising capital than anticipated. That, of course, affects their ability to pay. This is something that where we as a company in a proactive manner, have come to agreement on how to proceed with these customers. Others include academic customers and universities, for instance, where the instrument has perhaps not solved the solution as anticipated. That of course has gone through reviews from technical experts and application specialists, and we have done work with the customer to find a way where these products can really solve the customer challenge prior to coming to any other agreement. Okay. Just on the provisions you made now in Q2, could you give us some hint about sort of the age of these receivables? We note that there's been quite a lot of sort of overdue receivables in recent quarters. Are these to be considered old receivables, or are these quite newly sort of accounted for receivables? The credits, as you say, I mean, we've had quite a few customer accounts receivable that were more than 180 days due. At the end, it's in that range where the vast majority of these credits belong to. Great. Thank you. My second question is on the slowdown in organic growth, which on my end, it sounds a bit worrisome. You really sort of point out your softer market outlook for the second half and possibly 2023. You talk about the biosciences and bioautomation, but in my book, bioautomation is mainly driven by diagnostic companies. Which segments are you particularly worried about for the coming six months and for 2023? Very good question, of course, it's first of all very important to mention that our goal is to continue to build this business for the long run. We are positioning ourselves to build this company as a continuously growing and profitable business over the next coming decades. We look at our customers' needs. We want to serve those needs. We will continue to serve those needs to ensure that they are happy with the products and offers that we provide. With that being said, of course, yes, smaller medium-sized biotech customer segments that are hit with the current economic challenges. They're having harder time raising capital. This results of course in more uncertainty. We don't know, I think, to the extent of which these macroeconomic effects will impact the entire life sciences industry. It's hard for anyone to say that, I think. With that being said, what we're doing wisely and in a healthy manner in which we believe is the right thing for our management team to do is to take a proactive and cautionary approach. This is how we believe that we will build a sustainable and long-term business. In terms of outlook, I mean, it's hard to say, much like many others of our peers that were reporting preliminary numbers now for the last week. We see peers are reporting negative organic growth. We see peers are reporting very low organic growth as compared to expectations. I think it's important to mention that with that taken into consideration, we're still reporting a positive organic growth for Q2, excluding the customer credits. On H1, we're reporting a double-digit organic growth. I think with that being said, it remains to see where the macroeconomic effects will take our customers. We are at the mercy of our customers, and we will always continue to be at their mercy. Our job is to serve their needs in every possible way that we can. All right. Just follow up on that one. If you're mentioning that the main customer groups affected as of now would be the smaller non-profitable biotech companies. What's your current exposure to those types of customers? As well as secondly, do you believe that you'll be? Yeah, sure. Sorry, let me add something. I was gonna add some shed some more light on that. Of course, we also are seeing some delays on CapEx and larger purchases by pharma and industry. That, of course, remains to be our biggest portion of our customer base. Pharma and industry is together with academic users are the majority of our customer base. We are seeing some delays on larger CapEx purchases. That, of course, goes without saying. As you know, our Bioautomation business has to do with larger sized products and instruments and workflows. That of course by nature would in that case be affected. It is across borders, but then the question is of course, you know, will these orders come in in the next coming months, quarters or year? That remains to be seen depending somewhat on the macroeconomic effects and the ability for these customers to feel comfortable with proceeding with their investments. Okay. Just obviously, it looks like in at least the SEK 59 million that you've been too generous in terms of the payment terms to these companies, and now you've done an overhaul of your entire business. Do you expect demand for your system, given that you're a new player on the block with quite disruptive systems, to have a slowdown in demand, given that you are giving them less favorable terms? I think it's, you know, the terms of how other laboratory equipment companies are doing business in this industry is of course dependent on the customer needs and the customer's ability. Of course, some pharma, some very large pharma indicate sometimes very long payment terms and set that as a requirement for all of their suppliers and vendors. I think those things are sometimes those things you can't avoid in certain dealings with different pharma, especially large pharma as they set their own terms. With that being said, I believe that we have proactively now set a very healthy process and procedure moving forward. I really appreciate the increased efforts that we're doing on ensuring the liquidity of our customers. I believe that this is a very healthy step for us as a company to ensure our long-term growth and our long-term ability to serve our paying customers. All right. Last question on my end, and then I'll get back into the queue. The cost saving program of SEK 100 million, but you state it is sort of to enable you to reach your financial target of positive EBITDA. Could you shed some more color on that? Are you confident that you should be able to achieve positive EBITDA for the full year 2022? I can say that the cost savings program is an important program that we will roll out. Of course, we're gonna shed some more light on the cost savings program in the Q2 report and the conference call associated with that. Of course, our ambition remains to deliver on a positive EBITDA. It's definitely our ambition. Our ambition is also to work the cash flow to ensure that we can reach positive cash flow and finance our investments with our own positive cash flow. Those things, of course, remain to be our ambition. You know, we're doing the important steps now to proactively prepare the company for however tomorrow may look. We're also positioning ourselves for the longevity of the business to build a long-term company. Sure. Just what does that entail for 2022? Obviously, the ambition is to reach positive EBITDA and positive cash flow. Your financial target is to have a positive EBITDA during this period. Is there something that we should expect, or is this overly ambitious? I mean, the target remains. Of course, we have to work through the plans and the execution of cost savings, et cetera. The target remains. Great. Thank you both, Erik and Mikael. Thank you, Ulrik. Thank you. Our next question comes from Rickard Anderkrans from Handelsbanken. Please go ahead. Hi. Good morning, and thank you both for taking my question. First one, you know, on the restructuring side, are you looking over the company structure? Are you considering to divest any assets or part of the business to sort of strengthen up? Thank you for the question, Rickard, and good to have you here. I can't comment on the details of the cost saving program at this time. Of course, what we have mentioned previously is that it involves certain organizational restructuring and it involves, of course, ensuring the company is more efficient. We've previously mentioned in Q1, in association with the Q1 report, that we are committed to more integration of the acquired entities from 2021. This is I think a step in the right direction to ensure that we achieve efficiency, efficiencies within the group. I think integration of these daughter companies is gonna be a crucial part of that. All right. Fair enough. Just a little bit more on the receivables here and then where they're coming from. Is it a particular business unit or company? Yeah. I mean, the receivables are linked to a few of the group subsidiaries. That's where we have done the crediting. Okay. Acquired companies then? Well, we don't want to go into details of which subsidiaries that has been involved, but it's related to a few of the group subsidiaries. Okay. I'm looking at the convertible bond. Can you remind us when that will need refinancing? Is it 2026? Or and maybe if you could also add and remind us a bit more on some of the terms of that bond? I think we will have to come back with more information on that. I believe the date is for 2026. That's what I believe. Don't take my word for it at this point, unfortunately. We will have to come back with more detail on that too. Great. Thank you. Just looking at organic growth, can you comment how was the month of June in terms of organic growth compared to, you know, April and May? Can you say anything about how July has started? Unfortunately, at this time, we can't give any more details on Q3 or Q2 than has been provided in the press release and during this telco. All right. Fair enough. The final question, maybe Mikael, if you can take this one. Where do you think BICO currently in terms of, you know, internal control in the finance operation compared to where you want to be? Are you like three out of 10, six out of 10? Could you add flavor to that? It'd be interesting to hear more. Yeah. I mean, I've only been with the company for a couple of months. I mean, we have identified some areas that we would like to strengthen. There has been a lot of acquisitions done last year, and we are working to consolidate and align reporting and forecasting and things like that. I mean, we are on a journey to create strengthening processes. What we mentioned with accounts receivable is a very important area. I don't wanna give any grading as you ask, but I think we are moving you know in a fast pace in the right direction. All right. Fair enough. Thank you very much for taking my questions. Thank you. Thank you. Thank you. Your next question comes from Jakob Lembke from ABG. Please go ahead. Hi, and good morning. I have a few questions, and I think I'll start with one on the organic growth in Q2. I'm just wondering, first of all, if it is including or without FX movements, and then you're sort of considering the level in Q2, and that you're now more conservative with the diligence of the customers and the market slowdown you're seeing. Where do you see organic growth going for the foreseeable future from here? Yeah, I can answer the first part of the question. The organic growth is including FX, we say. I don't have the numbers available, what the numbers would look like excluding FX. As for the second part, I mean, again, as mentioned to Ulrik and during the telco, I mean, the future is somewhat uncertain for certain customer segments. We are being proactive to that. Our goal is not to build a business on unreasonable expectations. Our job is to serve the customer needs and ensure that they get the product and service that they need from us. Based on those premises, we will ensure that the customers also with our improved processes now and proactivity here will pay for these products within reasonable time. I think that with that being said, we can't unfortunately go into the expectations for the rest of the year, but we will continue to serve our customers and build a long-term business. That's our job. Just to follow up on the organic growth. I mean, the U.S. dollar is up, like, 10%-15%, year-over-year here in Q2. I mean, is the risk that the organic growth is actually negative in Q2? As I mentioned, I mean, we have published the organic growth, including the FX effects, and I don't have that readily available what the FX effect is. I mean, we are not selling everything in the U.S. Okay. On the cost development in Q2. I mean, to my understanding, you have been looking to balance costs since the end of last year, and yet costs are still increasing at a very high pace. Can you just comment on that development? Yeah. I mean, our strategy has been to grow into the cost base, as you say. The strategy has been to increase the cost base to support future growth, but at the same time plan for a very high growth rate, so we will grow into the cost base over time. With the slowdown now and with the uncertainties ahead, we have revised our plan and are then looking to reduce the cost base also in absolute terms by this cost reduction program. Can you also comment on the sort of working capital movements and the CapEx and free cash flow in Q2? I know that you may not have the number, but sort of roughly where you think it will be. I think we'll have to come back on that, in the Q2 report when we have done our cash flow analysis and finalized our close. Okay, sort of considering the market slowdown and the cost reductions, when do you think you will be able to achieve a positive free cash flow? That is difficult to say, and that is something we'll have to come back on. I mean, the first step is of course a positive EBITDA result. But then you have working capital, you have CapEx, before you are at a level of a positive free cash flow. For sure it comes after, you know, the time when we've achieved a positive EBITDA result. We'll have to come back later on assessment of that. We haven't done any targets on that. The first and most important target is to have a positive EBITDA result. Okay. Are you looking also to reduce the CapEx? Because it has been a quite substantial number also over the past quarters. We have informed that we're doing a cost reduction program of SEK 100 million of reducing expenses, and you know, some of those expenses are personnel costs and other costs. Of course, personnel costs can also be capitalized development costs, which we record as CapEx. Okay. Understood. If we move on to the credit provision, I mean, as I understand it, you are starting to be more conservative here now in the end of Q2 in what terms or what sort of customers you are taking on. Is there any risk that there could be more credit provisions from sales that have occurred over the past six months but are yet not overdue? Yeah. I mean, you can never, you know, exclude the risk of future bad debts. There is also, I mean, changes in the economy that could impact, you know, customers' ability to pay going forward, et cetera. We have done a review of the accounts receivable, and we feel confident with the accounts receivable that we're recording in the half year close. Okay. Can you just update us on the financial position? I'm thinking about your ability to refinance the convertible bond and also settle any potential outstanding earn-out obligations. Yeah, I think we can't comment on the cash flow in the second quarter since we haven't, you know, finalized the close, the cash flow analysis and things like that. I don't want to comment on the, you know, financial position in detail on end of June. As you know, by end of March, we had a substantial cash reserve, and we have had a negative cash flow. What we are doing now is some activities in order to improve the cash flow situation, in order for us to fulfill all the obligations that we have as a company. When it comes to the long-term outlook, that is something on cash flow. That's something we'll have to come back on later. Okay. Just on earn-outs, I mean, I think in the end of Q1, you recorded expected earn-outs of SEK 470 million. Are you still expecting to pay those here within the coming two, three years? I mean, earn-outs are of course based on certain target fulfillments, and these are being judged each quarter. It's difficult to say anything about the future there. That is something we'll have to monitor and then adjust these liabilities depending on how the forecast looks like. We'll have to come back on that. Okay. Understood. Just to follow up on one of the other questions before me, I mean, are you considering selling any of your acquired businesses to sort of ease the pressure on the balance sheet? We don't have any plans in selling any of our businesses. I think what's important to mention is, of course, that, and especially starting Q1, is that we are in an integration process of acquired entities from 2021, and we have also slowed down our M&A activities remarkably. Okay. It's the final question. I mean, now with your sort of more restrictive payment terms and the slowdown in the market and the effect to small and mid-size biotech, is it reasonable to assume that you're no longer selling to 20% of your previous customers? I can't comment on that. I don't know where that number comes from. What I can say is that we are very committed to offering our products and solutions to customers that are able to pay for them within a reasonable and process-approved time period. We're committed to continuing to work with these customers to ensure that they use our products for the right purposes and ensure that it serves them value. I can't comment on the number that you presented. I don't know where it's from. Okay. Totally understand. Thanks for taking all of my questions here. Thanks, Jakob. Thank you. Once again, if you do wish to ask a question, please register by pressing star then one on your telephone. Our next question comes from Karl Norén from SEB. Please go ahead. Yes, good morning. I have a couple of questions. Maybe if we start with the overdue receivables. I think you have, like, SEK 300 million in overdue receivables as of end of last year. I'm just curious how you can be so confident that you only need to write down SEK 60 million of this, given that you now state that the macro environment is significantly worse versus six months ago. How can you be so sure that you don't need to write down even more receivables? Yeah, I mean, this is a judgment that you do every quarter, and some of these receivables are not, you know, long overdue. There we believe that we have more about, you know, the collection process, how we push the customers to pay, reminders and things like that. Some of these are more linked, we believe, to, you know, how we work with our customers to collect money more than the customers are not able to pay for these products. I have a question regarding. I mean, you speak a lot about EBITDA. I think it's more timely to look at the cash flow. Given your burn rate, it has been around SEK 200 million in negative free cash flow per quarter during the last few quarters. I mean, it's really SEK 100 million in cost savings that's gonna make that big of a difference, or how should we view it? Because I think the cash flow has been, you know, the big drag down in the case of BICO recently. Yeah, it's correct that we've had a big negative cash flow. We have made an assessment of different measures we need to do in order to improve the cash flow. It also includes, you know, working capital, CapEx, as well as cost reduction. We have different types of measures in order to improve the cash flow situation. Okay. A question on organic growth. I mean, quite a big difference versus your previous reported quarters. I'm just curious really what is driving this, and is it some kind of COVID impact that you're seeing that you had tougher comps in some business areas? What is really going on in the organic growth? I think a lot of other biopharma companies I speak with and look after are reporting quite positive organic growth in Q2. A good question, Karl. I think that, I mean, we would have to evaluate this in more detail ahead of the Q2 report that will come out in August. We will definitely shine more light on the different business areas, the segments and their individual performance and the underlying organic growth, et cetera, et cetera. With that being said, I mean, I think it's important to mention that we have declined orders in Q2. That's an important statement. That's the proactive work that we're doing to ensure that we can continue a long-term business with our paying customers. We're also looking at our peers. I think it's very important to look at our peers because our peers are in the same segment. We can't categorize BICO as a biotech today. We can't categorize BICO as a pharma or a biomedical company or medical device company. It's a very specific segment, which is laboratory tools and equipment. With that being said, I mean, if you look at our direct peers, some of them are reporting negative organic growth for Q2. That's an important thing to look at. We have to compare apples with apples. When doing so, I would say that with our new proactive approach with our healthy way of doing business, I believe that reporting a 9% organic growth for Q2 and 22% organic growth for H1, quite a healthy approach from looking at the uncertainties around us. Okay, fair. I am a bit curious on that you said that you have declined some orders. Can you maybe shed a bit light on how much that is? Will that impact the second half sales, or how should we see it? Because I guess the margin and cash flow will be better if you decline it, but will it impact organic growth in the second half? We can shed more light on that in the full report in August. As I mentioned, we will also of course report on the three segments, the business areas that we're doing business and their individual organic growth. Okay. Thank you for taking my questions. Thanks, Karl. Have a good day. Thank you. Our next question comes from Dylan van Haaften from Bryan, Garnier & Co. Please go ahead. Excellent. Thanks, guys. Just two short questions from me. One on outlook, one on the install base. Just maybe to zoom out a little bit, I think everybody reads this outlook as quite negative. Could you maybe tell us if you've done any sort of benchmark analysis where you've looked at sort of previous downturns and how we could think about sort of the aggregate mix price and volume growth if we consider this as sort of a longer protracted sort of capital sales downturn? You know, any comments there would be very helpful. My second question would be on what percentage of your installed base right now is just straight capital sales, you know, no strings attached, you know, money changing hands? If there are any additional return provisions in contracts that could, in a more protracted downturn, lead to returns. Thank you. I can start with the first one on negative outlook. I mean, again, what I've seen and what our sales departments have seen, especially Q1 and conferences, trade shows, exhibitions. There is, of course, continued interest in the products. There's continued strong order intake. That's important. But with that being said, we're also seeing some cautious approaches, and as I've mentioned previously, especially for a small and medium biotech with inability to raise capital at this time, but also certain larger CapEx expenditures that drive business for our Bioautomation business area and Biosciences. Now, how will the outlook look for the coming quarters and years ahead? Nobody knows. I think that's important to state. If nobody knows, then there is uncertainty. If there's uncertainty, I will, together with my very capable and experienced management team, make healthy decisions for the business to ensure the longevity of our company and our ability to serve our customers. I believe that the things that we're doing now are to ensure the longevity of the business, a healthy approach in how we're doing business with our customers, and ensure that we can continue to serve their needs. That's our priority number one today and will always continue to be our number one priority. You had a question about installed base of equipment, and I think that was comparison with reagents. Is that right, Dylan? If their reagent rental contracts and if there might be any return provisions. You know, I'm just thinking about if you're a biotech in the current market, you might, you know, if all things go poorly, want to return the device if possible, if allowed in a contract. It's you know we can't shed too much light on this at this point. What I can say is that you know normal way of us doing business is not to allow returns in that fashion. We have come to agreement in very special cases to allow for these provisions. With that being said, we have done the credits in Q2 to clean up these one-off provisions. Moving forward, again, we've set a proactive and healthy approach to doing business with these type of customer segments that have stated and shown inabilities to raise capital or have lower liquidity. For these customer segments, either we don't do business at this time, or we ensure certain healthy upfront payments, or some other provisions to ensure that we can actually get paid for these products. Understood. Thank you very much. Just maybe one question on that top line. Would you give more granularity on order intake in the second quarter? Obviously as a non-IFRS measure, but is that something you can offer the market? It's as we mentioned in the press release. Unfortunately, Dylan, we can't go outside the bounds of that. You know, looking at the second quarter, we had a high order intake. There continues to be interest in the product portfolio, and there's strong sales activity. The marketing activity is out in the field. I would say that's what I can tell you. Excellent. Thank you very much, Erik. Thank you, Dylan. Have a good day. Thanks. Thank you. That does conclude our question and answer session and our conference for today. Thank you all for attending today's presentation. You may now disconnect your lines.