Good morning, welcome to our quarter two 2026 earnings call. My name is Michael af Winklerfelt. I'm the CFO of Boule Diagnostics. With me today, I have our new CEO, Johan Folkunger, who joins us for his first investor call. We will be recording this session. After the formal presentation, we will open up for questions on the line and in the chat. I hand it over to you, Johan. Thank you, Michael. Starting my new position on June 22nd, I have now been with the company for three weeks. I've spent this time familiarizing with the business and the organization to define priorities going forward. Despite the short time in the company, I'm impressed by the competence and commitment in the organization. There is a strong pride and engagement to continue the transformation to serve our markets and strengthen our business. In the near term, I will continue familiarizing myself with the company and look forward to working together with the board of directors, management, and employees to drive the transformation journey the company's going through. Let's look back at the second quarter, and I conclude it has been a quarter characterized by a challenging market environment and geopolitical disruptions. As we operate on a global market, this has clearly affected us. Sales so far in the year have decreased, much related to exchange rate fluctuations, representing a significant headwind. Adding to that, also a moderate underlying organic decline where the order intake for both instruments and consumables decreased compared to previous year. This is mainly due to the geopolitical tensions in the Middle East, including disruptions to shipping related to the situation in the Strait of Hormuz, but also related to limited access to US dollars for several key customers. Given these challenges, it is encouraging to see that our OEM sales, after a weak first quarter, is recovering with organic growth and improved profitability compared to the same period last year. At the same time as VitalScientific U.S. made a positive contribution to the quarter's overall result. We also see an improved overall gross margin of 2.2 percentage points compared to the previous year, partly due to an increased share of OEM sales. It is also gratifying to see that sales of instruments in the veterinary segment increased by 35% compared to the same period last year. During the next six months, we expect a number of procurements. This combined with lower inventory levels at several important distributors, makes us look forward to the second year with confidence. If we look at the operational aspects of the quarter, we strengthened our operational capability by expanding our commercial presence with a new regional sales manager in Cameroon to accelerate growth in French-speaking West Africa. We have also streamlined our direct service support organization in the U.S. in both field and back-office functions, and established a dedicated LATAM task force to improve customer support and increase our ability to quickly respond to customer needs across the region. Furthermore, during the quarter, we established separate operations functions for CDS, our OEM business, and diagnostics, which creates fundamentals for a strengthened focus in each segment. If we look at the regulatory aspects, we conducted three successful audits by BSI and FDA in the first quarter, and in the second quarter, we completed a fourth regulatory audit conducted by the Korean authorities without any remarks. The continued positive outcome confirms the strengths of our quality management systems, the efficiency of our compliance process, and the high-end consistent quality of our manufacturing operations. Let me move over to the Q2 financials for the group. Group sales amounted to SEK 112 million, compared with SEK 129 million in the same period, a decline by 13%, primarily driven by negative currency effects of 8% and a moderate decline in organic growth due to the reasons mentioned earlier. Gross profit amounted to SEK 45.9 million, corresponding to a gross margin of 40.9% compared to 38.7% last year, which means an improvement of 2.2 percentage points. The improvement is mainly reflected in a more favorable sales mix, where an increased share of OEM sales contributed positively to the gross margin. Adjusted EBIT for the quarter was SEK 3.3 million, compared with SEK 4.4 million for the same period last year. The result was impacted by weaker sales in diagnostics, which makes it hard to absorb the operational expenses. This is, of course, not satisfactory. We will continue to work focused on increasing profitability going forward. Operating cash flow amounted to SEK -1.5 million, compared with SEK 2.9 million in the same period previous year. Michael will speak further on this topic later on in this presentation. Available liquidity at the end of the quarter amounted to SEK 26.2 million. I will now move over to give a brief on the diagnostics business for the second quarter. Sales declined by 17.9%, as I mentioned earlier, much related to currency headwind and market turbulence. In addition, the corresponding period last year included an extraordinarily large order from India. The currency impact for the diagnostic business was 7%, and the organic growth -10.8%. Reported revenue was SEK 80.4 million, compared to SEK 97.9 million in the same period last year. While gross margin improved due to a higher share of reagent sales, this margin was also impacted by the negative currency effects. Adjusted operating margin in diagnostics was negative, affecting the overall adjusted EBIT, as mentioned in the previous slide. Moving over to our OEM business. As stated earlier, it's encouraging to see that the CDS/OEM business grew with 7.6% organically. This growth was, however, counterforced by a currency impact of 9.5%, resulting in sales declining with 1.9%. Gross margin increased from 47.5%- 50%, primarily caused by product mix. Operating expenses were reduced by 48%, primarily due to lower project costs than in the same period last year. Looking at adjusted operating margin, that one doubled from 15%- 32%, which is a very nice development. An overall good quarter for OEM business with profitable organic growth. With that, I hand over to you, Michael, to take us through the financial summary. Thank you, Johan. Looking at the financial summary, as Johan outlined, sales decreased with 13% in the quarter, as we discussed before, this was mostly due to currency effect, but also due to negative organic growth in the diagnostics segment. The reasons for that, Johan outlined, were mainly the geopolitical turbulence that we saw in the world, and also that a lot of our customers, due to this geopolitical turbulence, they have low access to hard currency. The gross margin increased with more than two percentage points. This is mainly due to a mix effect with a higher share of reagents and OEM sales. Let me also point out that on the gross margin, there is also a currency effect, where a strong Swedish krona and a weak U.S. dollar put downward pressure on gross margin. It's very gratifying to see that we actually, despite that currency headwind, that we managed to increase gross margin. Operating expenses were 5% lower than last year, which is a reflection of the cost cuts that have been acted. Strict management of costs continues to be an area of focus for us. Even though the operating expenses were reduced, the weak diagnostic sales in the quarter pushed down adjusted EBIT to 3.3%. Operating cash flow was SEK -1.5 million in the quarter. Receivables increased in the second quarter, partly due to the difficulty for some of our customers to gain access to hard currency, as I previously mentioned. Inventory also increased as we built up buffer stock for the close of production in July. A large part of that inventory increase was also in finished goods. In the quarter, we also had high interest cost, that was a strong driver for the negative cash flow. If we then look specifically at the operating cash flow, we can see the trend. As we have pointed out several times before, the operating cash flow is something on which we have strong focus. As mentioned on the previous slide, operating cash flow was negative in Q2, breaking the positive trend that we have achieved during the four previous quarters. We will, of course, work very hard to get back to that positive trend. Moving over to liquidity. Liquidity continues to be hard-pressed and is also, of course, an area of focus for us. We ended the quarter with a cash position of SEK 20 million and unused credit facilities of SEK 6 million. In total, liquidity decreased slightly from last quarter as we continue to amortize on our debt. With that, I'm leaving back to you, Johan. Thank you very much, Michael. I think we open up for any potential questions from the audience. No questions? No one in the chat. Okay. I think it remains to wish you all a very nice summer and wish you welcome back to our Q3 report in October. Thank you very much. Thank you.
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