Welcome to Biotage Q4 2024 report presentation. [Operator's Instructions] Now I will hand the conference over to CEO and President Frederic Vanderhaegen and CFO Andrew Kellett. Please go ahead. Good morning, good afternoon, good evening, depending on which part of the world you're joining us. It's my pleasure today to introduce our interim report, Q4 and full year 2024. Joining me today is our CFO, Andrew Kellett. On the agenda today, I will briefly introduce our vision and missions, then I will turn it over to Andrew to give a deep dive on our Q4 and full year highlight. I'll cover as well our strategic priorities, and Andrew will finalize it with the financials update. Next slide, please. Our mission statement of empowering our customers to simplify and accelerate discovery and development is defining on how we drive our long-term growth and industry leadership. This is how we create value to our customers and shareholders. As we reflect on our Q4 2024 results and subsequently on our 2025 priorities, we are staying true to our vision and mission. Despite increased volatility and macroeconomic challenges affecting the sector, Biotage is very pleased to report a 10.5% growth in revenue during 2024. We have seen a slightly improved gross margin reaching 62.7%. Adjusted cash from operations increased 33% year over year, equivalent to 106% of our Adjusted EBITDA. In summary, these results show that our product and services remain in high demand and that we can face both current and future headwinds in the sectors without deviating from our long-term strategy. I'm particularly pleased by the performance of our core business that is now reporting sequential quarter-over-quarter growth and, excluding China, is resuming back to mid-single-digit growth. As we have seen in Q4, our Swedish business can be quite volatile on a quarter-by-quarter view. Our revenue is derived by our customer base that use our product in productions, while our long-term growth is defined by how many new customers we get specified in clinical phase II, or short-term revenue is defined by those customers in production mode. We remain true to our long-term growth strategies, and we are pleased to report that we continue expanding our customer base in clinical phase II, but we also have to balance this with our short-term imperative. As such, our 2025 priorities will be to further integrate the Astrea businesses to realize full revenue and cost, as well as knowledge synergies between the two businesses. We have put new leadership in place to execute the strategy execution and derive the cost savings initiative that we have defined. We will remain true to executing our long-term vision for the Astrea business, which aims to develop new solutions to address customers' needs, expanding our service offering in column packing and binding ligands to our beads. Astrea will continue to be volatile through 2025. We are completing our strategic review of oligo businesses, which we have defined as not being part of our future strategic focus for the company. Throughout the year 2025, we will continue driving disciplined operational executions, pivoting to profitability and cash maximization, streamlining our cost structures, and driving operational excellence across the business. We will continue focusing on high-growth drivers and enablers, accelerating our application development and executing our new product launches. As such, we will increase market penetration in the attractive peptides and purifications market. We continue remaining committed to our three-year revenue plan and profitability targets. I'm now turning over to Andrew to give you a deep dive on our financial results. Thank you, Fred. Good morning, everybody. The Q4 report, along with the presentation, is available on the Biotage website under the investor section, and then financial reports. As Fred has just indicated, the business had a solid Q4 performance and continued momentum for the full year. Revenues for the first time exceeded SEK 2 billion and grew by 10.5% on prior year. We also grew our gross margins, underlying EBITDA, and underlying cash from operations in the year. For the full year, our core Biotage business grew revenues 1.3% excluding China and narrowed the decline to just minus 1.9% including China. China continues to be a smaller part of our total business, below 5%. Astrea full-year revenues grew 23%, and our full-year recurring revenues remained strong at 72%. In drug discovery and development, we delivered full-year revenues of SEK 1.46 billion, up 11%, and this accounted for 71% of our total revenues. In analytical testing, we delivered full-year revenues of 596 million SEK, up 9%, and this accounted for 29% of our total revenues. In the fourth quarter, we saw similar trends to what we've seen throughout the year, a gradual momentum building in our key Western markets and continued headwinds in China. Total revenues in Q4 were 582 million SEK, down 9.5%, reflecting the very high weighting of Astrea revenue in Q4 2023. Highlights in Q4 include the sequential quarter-on-quarter growth in the core Biotage business of 6%, small molecules back in growth at 2%, and growth in systems revenue at 3%, with Q4 systems revenue the highest quarter since Q4 2022. Large molecules declined in the quarter, as expected, attributed to the strong comparable period, although they were still very strong at 220 million SEK. Our gross margins for the full year were 62.7%, up one percentage point, with Q4 margins 61.8%, up 0.7 points. Astrea had a very strong margin performance, delivering 71% in Q4, up 10 points, and 66.7% for the full year, up 5 points. The core Biotage business delivered full-year margins of 61% and Q4 margins of just under 57%. In Q4, in our core Biotage business, margins were impacted by the softness in the oligo service business, which had a negative impact of approximately 1.8 points. Some provisions on a small number of specific inventory items with an impact of 1.5 points, a mix which had a negative impact of 2 points. FX had a positive impact of 0.4 points. Q4 mix was impacted by both higher system sales and the composition of specific product sales. Broadly, systems deliver margins in the high 50s-early 60s%, whereas recurring revenues deliver margins in the high 60s-early 70s%, depending on the type of product sold in a particular period. For the full year, the oligo service business had a negative impact on the existing Biotage margins of approximately 0.6 points. FX had a negative impact of 0.5 points, and mix had a positive impact of 0.4 points. Excluding the oligo service business, margins were comparable year on year. We are now in the process of a strategic review of our oligo service business and will report when we have concluded this. In Q4, we delivered an Adjusted EBITDA of SEK 167 million, and for the full year, SEK 547 million, up 6%. In the quarter, we delivered adjusted cash flow from operations of SEK 181 million, and for the full year, SEK 579 million, up 33%, clearly demonstrating our ability to successfully convert profits into physical cash. We finished the year with gross cash of SEK 434 million and net cash of SEK 184 million. In the year, we funded acquisition and out payments of SEK 287 million, a dividend of SEK 128 million, and investments in tangible and intangible assets of SEK 169 million for future growth. So to conclude, we've delivered a good full-year performance, delivering revenue, margin, EBITDA, and cash flow growth despite the market headwinds we have faced. As we look at 2025, we will have a disciplined approach into the operational execution of our strategic priorities. We will pivot to profitability and cash maximization, streamlining our cost structure and driving operational excellence throughout the business. We plan to further integrate Astrea to enable us to fully realize the long-term revenue, cost, and knowledge synergies. This will incur estimated one-off integration costs of approximately SEK 25-30 million in 2025. With the leadership changes in the commercial teams that have already occurred and future ones we are making in Astrea, we are likely to see much more revenue volatility in 2025. As we enter 2025, with an Astrea backlog down on what we entered 2024, and as that backlog typically gets converted in H1, we can expect this to have a corresponding impact on reported revenue. Despite the short-term volatility, we still believe we will deliver on our long-term vision for the business. We're also focused on high-growth drivers and enablers, accelerating application development and execution of new product launches, and increasing our market penetration in the attractive peptide purification market. Above all, we remain committed to our three-year revenue and profitability goals. Operator, I think we're now happy to take questions. If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Mattias Häggblom from Handelsbanken. Please go ahead. Thanks so much. Good morning. Thanks for taking my questions. I have two questions, please. So first on Astrea, you had a monster Q1 last year, you would say, up 78%, and you speak about the quarterly volatility for Astrea in 2025 and the backlog down by the end of the year compared to the year before, which I guess speaks to some of those challenging comps. I'm more interested to hear how we should think about 2025 as a year as a whole for Astrea. I don't know what consensus model for Astrea in 2025. We carry 15% growth for the year. Anything you can say to help us frame fair expectations for Astrea for the year would be helpful. And then secondly, also on Astrea, you've now been in place as CEO for five years roughly, and there's been some departures within the Astrea team. You're speaking your CEO statement about a relatively young organization. I think I heard you talk about a new leadership team in place. So any additional color on those organizational changes would be helpful. Thanks so much. Yeah, Mattias, thank you for the question. This is Frederic. I'm going to answer your questions. First, we don't provide a full-year guidance. We provide a long-term guidance for the business. And as Andrew and I have stated early on, it does remain intact. Our commercial organizations today are focusing on expanding our customer base in clinical phase II. We recognize that this has limited impact on the short-term revenue, but it's fundamental to our long-term growth trajectory as those customers who are evolving. And when we are seeing those in clinical phase II, the product gets specified and will later on evolve through clinical phase III and subsequently in production. To give you a perspective, when we see customers in early stage discovery, we enjoy a revenue in the $10,000 to 15,000 a year. As those customers evolve subsequently in scaling up, we can increase that by the tenfold. But that doesn't offset a customer that is in production. We generate millions of dollars on columns business. I think this is where we have to balance our short-term imperative and long-term strategy. As I said early on, we remain intact to our long-term strategic objectives because our customers' base, as we are seeing, is constantly expanding on a year-over-year basis. We are penetrating more molecules, more workflows as we speak. Considering the management changes, as I said, pivoting to further integrating the structures, and we have come to the conclusion that it was time for us to change leadership there. Subsequently, some of the commercial leaders have also decided to pursue a new endeavor outside of Biotage. That has little impact on our short-term revenue. As we rebuild an organization with new capabilities and fresh expertise, we believe that the team will be capable to continue executing on the long-term imperatives that we set for the business. We don't expect these management changes having an impact into the business on the short-term level. Two quick follow-ups, if I may. So firstly, on the long-term prospects for Astrea them being intact, could you remind me what those are? Are those the same as for the group, or are they specific? I'm not sure exactly I fully get. I want to make sure I fully understand what you referenced there. And then secondly, in terms of the leadership and the new leadership, so to say, is that now run from centrally, from Biotage, or do you have a new team in place at Astrea or perhaps both? So I'll take up just the second question. So I think we have, I think through last years, we have started to bridge between the two businesses. So I think the chief scientific officers from Astrea has now a broader role and is overseeing the two businesses from a technology and scientific standpoint. Andrew was the former CFO from Astrea and also oversees responsibilities for the whole business. We'll continue driving synergies and cost synergies by leveraging the back office activities and senior leadership activities across the two businesses. When it comes to the commercial organization, the business model is still fundamentally different in terms of revenue generations and activities. So we remain focused with a commercial team that is dedicated to Astrea. The size of our business, though, does not need to have a dedicated general management or CEO for the Astrea business. So I think from that perspective, we don't intend to replace the general management CEO type of function that we inherited from the acquisition of Astrea at the time. When it comes to our long-term objective, it is about seeding customers in early stage discovery. And as such, when one of those customers goes into production, then we can enjoy the long-term revenue in several millions. So while we cannot predict if and when a customer that we have seeded in clinical phase II will get into a production mode, I think the model relies upon us seeding as many of those molecules as possible. Last year, we were fortunate to have one customer that evolved into production that started to generate revenue for us. And we hope and trust that by seeding as many molecules, we get more customers moving sooner into production mode. Thanks so much. The next question comes from Ludvig Lundgren from Nordea. Please go ahead. Yes. Hi, Frederic and Andrew. So continuing a bit on Astrea, comparing to last year, you have really changed the geographical sales split, with about half of it coming from Americas now. Can you comment a bit on what has been driving this shift? Yeah, I mean, hi, Ludvig. Yeah, I mean, I think this is kind of one of the kind of commercial strategy in action. As we work with our customers and they're bringing their products into production, that can obviously have quite a significant impact in the amount of product we're selling them. So what we've seen in the growth in the States is one of our customers is moving one of their products as now has got into production, and that's much commercialization. And therefore, you can see a rapid swing up in the level of demand for the product. So Ludvig, if I can chime in as well, I think it's well known that the most dynamic market when it comes to innovation in the large market space is the U.S. market. I think our efforts about seeding customers in clinical phase II is primarily driven towards that market. We cannot predict ultimately if and when the manufacturing will end up into U.S. or Europe, or if the customer is going to produce the molecule themselves or go through CDMO or CMO for production. I think our revenue recognition is dictated by the ship to addresses. But as Andrew indicated, last year, one of our customers decided to produce into the U.S., and that is what has driven our short-term revenue. Okay, very clear. And then you have previously highlighted that the three largest Astrea accounts make up a significant share of sales. So are these three accounts still active, and how do you view the growth potential from these in 2025? Yeah, I think we haven't lost any single customers. They are all active. You know that the product is all specified into the downstream processing. And as such, the process defines the product. And we haven't seen neither a loss in market share. Our customers are having very, I would describe it as interesting molecules. What we reported early on, one of our customers in the plasma business is resuming back to normal growth rate, which is one of the drivers for business onwards. The other one that we are operating are more on the non-plasma business, which is recombinant proteins, and that ones remain solid from an outlook point of view. So I would say we haven't lost a single customer. The customers, the plasma demand resumed to normal for us, and the non-plasma business remain intact from an outlook point of view. Okay, understood. So then kind of a follow-up. So in Europe then, the business was significantly lower in Q4 2024 compared to last year. Could you say anything about the underlying drivers for this? I believe plasma has been somewhat weaker here in Q4. And also then how you view the European market then into 2025? Yeah, I mean, yes. I mean, clearly the plasma demand, I mean, I would say the plasma demand was low. It was just phased differently. So rather than in 2023, that plasma demand was very back-end loaded. In 2024, it was much more, in a way, front-end loaded into the first three quarters rather than the fourth quarter. That's why you've got that big disparity kind of quarter on quarter. But when you look at the kind of the year, you'll get a more kind of considered view. Okay. And is there any reason why the total amount of sales in 2025, so to say, will be lower than 2024 for plasma? I believe the inventories now are more in stable levels. So it's a similar level, so to say, from that end market, fair to assume for 2025? Again, we don't comment on the outlook. We are responding to demand of our customers, and as Andrew indicated, we entered the year with a sizable backlog in 2024 that basically increased our demand and our revenue in 2024. We are entering 2025 with not such a strong backlog, so that's certainly going to have an impact on our revenue outlook for the plasma business. Okay. Final one. [crosstalk] Sorry. Look, if it's worth just kind of commenting that kind of plasma, we are not losing business to others. That is a baked-in Biotage Astrea product. It is customer demand dictated. It's not that they're moving supplier. That is not the cause of any changes in orders. It is purely the customer. Yeah, okay. Great. And then final one on small molecules. I believe sector peers have been somewhat optimistic about the market improving here in Q4 with quite okay exit rates. And some peers at least have been guiding for quite solid growth in 2025. Could you comment anything about the market here, like the exit rate for the market at least in Q4? Yeah, I think you've seen that 2024 was characterized for us on the small-molecule by the China situation. I think we believe that China has come to a bottom here. We don't expect China to be a substantial growth driver for us given the small impact it has on our business. But we also, and we have demonstrated in Q4, we have seen mid-single-digit growth resuming back into that space. So I think as we have new product coming to the market that will probably influence that small-molecule sectors, I think we remain optimistic into that space as we think about 2025. Okay. Thank you for taking my questions. The next question comes from Karl Norén from SEB. Please go ahead. Yes, good morning. Can you hear me? Yep. Hi, Karl. It's Karl here. Yeah, it's a question on the analytical testing side. I mean, now two weak quarters in a row with really no real growth. I think when I asked that question in Q3, you said it was more temporary, but now it's coming in a little bit weaker again. So could you just explain what is the driver of the weakness here? It seems to be related to the U.S. Yeah, I think the main driver of our analytical testing business is the U.S., and I wouldn't necessarily read a lot into it. We've seen our business growing, and we still think our analytical testing business is a solid growing business, so yeah, I mean, I kind of, yeah, again, I wouldn't read a lot into that. We certainly have a lot of confidence in it, and certainly, as we look into 2025, we think the drivers behind it are still solid, and we still expect progress there. Okay, so growth to be expected in that space going forward, it sounds like. Yeah, I would add to what Andrew said. We are aiming to launch product in that segment to support the growth there. So I think that is what helps us to remain confident throughout 2025. Yeah, that's good. And then on the small molecule side, I noticed that you started to quite a big step up sequentially and the growth year over year again reported at least. And I noticed that the system sales are quite much up here. So I'm just wondering if that's related totally to the peptide system sales, or are the other segments also seeing growth there? I think our peptide systems have been strong. We have increased our output with our partners by 50%, so 5-0. That has certainly helped us to clear a little bit of what we had as a backlog, but the demand has remained very, very strong. We also have seen demand expanding across the different segments and not only specific to the peptide. So that's where I think we remain cautiously optimistic as well when it comes to the equipment. But our strategic focus is next to the equipment also to make sure we leverage our installed base to drive consumables across the business, which is a key imperative to continue driving margin expansion. Okay, that's all for me. Thank you. The next question comes from Ludvig Lundgren from Nordea. Please go ahead. Yes, just a final one, if I may. So just regarding NIH funding, we've seen a lot of rumors about this indirect cost limitation, yeah, being implemented probably from the U.S. government. How much of an exposure does Biotage have to these types of funding channels? That's for our U.S. business, Ludvig. It's kind of mid to low single digits. It's very small. So it's not, yeah, it would be a slight headache if it was curtailed, but we've seen lots of reports that even in the first Trump administration, NIH funding actually increased. So if it did cut off, yes, it was a slight headache, but I'd say it's low to mid single digits of our U.S. business only. So it's a relatively small amount. Okay. Thank you. Bye. [Operator's Instructions]. There are no more questions at this time. So I hand the conference back to the speakers for any closing comments. So I want to thank you. I want to say that we continue executing flawlessly towards our operational execution focus this year and profitably, as well as strong cash conversion for the year 2025, and that despite the volatility that we have seen in Asia, we remain confident on our long-term outlook for growth, and we are confident in the prospects of our business. We don't believe that the management change will have an impact on our short-term revenue, and we are continuing to serve our clinical phase II customers to drive towards our long-term objectives. I want to thank you all for joining us today.