Welcome to Carasent Q2 Report for 2024. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to CEO Daniel Öhman and CFO Svein Martin Bjørnstad. Please go ahead. Good morning, and welcome to our presentation. Now, it's been quite a busy quarter with the takeover interest from EG A/S, the relisting process, and acquisition process in Germany. But I'm really pleased with how we managed to keep it all together and deliver a solid quarter. And today, we will start with me giving some highlights on the company update. Then I will hand over to Sven Martin to give a financial update. Looking at the highlights for the second quarter, we signed two new contracts. The contract with The Art of FUE in Madrid was already known at the last quarterly conference, so we spoke about that contract back then. Now we've also signed a contract with inaudible for Acuitis. And what's really important is that now for all products, except our smallest product, Adopus, we have secured strong growth going forward. So, Medrave and Webdoc and HPI already have really strong growth, and we've secured contracts for all other products, except Adopus I mentioned, to also get really good, strong growth going forward, starting by latest next year. So, at the same time, we will keep a really strong cost control and a good cost control, and that means that we should really be able to drive margins during next year. For Adopus, we're launching Adopus Web, where we have the first five customers migrated to the new solution, which is a much better, modern, completely new solution, for a user experience point of view, and also with a much lower costs as it's a pure web solution, a native web solution. So it's really been a solid foundation going forward with this contract. Other highlights is that the relisting process continues, and the first day is the, the first day of trading at Nasdaq Stockholm in Q4, probably in December. It looks like it will be a relatively easy process as we already are listed on the regulated market with similar requirements as Nasdaq Stockholm, so it seems to be relatively easy. In the quarter, it was at quite high one-time cost related to potential bids from EG, the relisting and the acquisition projects in Germany. And there will be similar costs in the quarters going forward, but these are true one-time costs. Looking at growth, signed not implemented ARR is now up to 17.17 million NOK. That's up from 2 million NOK a year ago, so that will really translate into stronger growth in a year from now. We still grow with 15%, when it comes to recurring revenue, and that's the same as last quarter. Profitability-wise, we're close to cash profit, breakeven on profitability, and that includes all the investment in Webdoc X, which, as you know, is a new solution for new markets. So, we can manage to fund that ourselves from present business. And, if you compare to a year ago, our adjusted EBITDA is now up to 16% from 8% a year ago. And we are actually cash flow positive, both in this quarter and last quarter. And as mentioned, we keep doing well, even though we're moving from consultancy income to recurring revenue. And what's important to note is that when moving from consultancy revenue to recurring revenue, it will not translate directly into better revenue. Because if we take away, say, SEK 1 away from the consultancy income, we're implementing a one-hour system for the customers, we cannot add a krona to the yearly ARR, but maybe we can add, like, a third of it. So in a couple of years' time, it will be much better than having these consultancy revenues, as we have solid churn. So it will really translate to stronger revenues over time, but short term, it helps us a little bit. But we're still growing, and what worth mentioning also is that you see that we sold Confrere, so that takes down revenues a bit for this quarter compared to last quarter and previous quarters. EBITDA is up to 16%, as mentioned, and EBITDA, which is together with growth, the most important KPI for us internally, is now at -2%. So we're getting really close to breaking even on an EBITDA level, and then we'll continue to improve from there. Digging a bit deeper into revenues, we can see that we grow with NOK 3 million compared to same quarter last year. If we take away Confrere, we grew with NOK 5 million compared to same quarter last year. Then if you also add signed not implemented quarter recurring revenue, we grew with NOK 9 million, so from NOK 0.5 million a year ago to NOK 4 million, a little more than NOK 4 million this quarter. So in total, I would say that our growth rate is up to NOK 9 million. You can also see that the recurring revenue is a larger and larger part of our revenues. So it's NOK 61 million in this quarter compared to NOK 54 million same quarter last year. It's not that we not have any consultancy revenues at all. We do some work which should give us consultancy revenues, and also different customers, especially with the ones where we sign large contracts, have different possibilities or requirements when it comes to what's easier for them to pay, recurring revenue or consultancy revenue. So some customers really, really, really prefer the one-time cost of the implementation, and in those cases, we really also charge those type of revenues. Looking at the EBITDA, we improved it from NOK -11 million to NOK -1 million, or if we take out Webdoc X, we're moving from NOK -4 million to NOK 4 million in the quarter. Digging a bit deeper into the financial performance, we have, as we mentioned before, a well-functioning base, and that's all products except for HPI and Adopus. And those other products or ex- the operations, they are 87% of our revenues, and have a good organic recurring growth of 16%. What's worth mentioning then is that Metodika is actually shrinking in the quarter, and the reason for Metodika shrinking by 15% in the quarter is that, with the new deal with Volvo, we are doing a lot of consultancy work for them and during the coming 12 months. This work, we price very low, but we have much stronger recurring revenues when it's been implemented. So it really hurts us here now, but a year from now, where we're implementing Metodika at Volvo, we will have our recurring revenue, the new recurring revenue of 6 million NOK from them, and then all the consultancy work will also be at full price again. So a year from now, that Metodika will really help us drive growth and profitability, but it hurts us short term. For operations, the margin is now EBITDA margin is now up to 25% from 20% a year ago, and EBITDA margin is up to 17% from 12% a year ago. If you're looking at HPI and Adopus, the two products where we have some more challenges, we're doing large improvements also there. That group, which is only 12% of our revenues, had an organic recurring growth of 7% in the quarter. And then we should mention that HPI actually grew with 25% in the quarter. So HPI is growing really well now. Adopus is still not growing, but we have Adopus Web coming, which we really believe in, and now when we have the first customers coming online, they will help us spread the word. So I'm very positive about these two products also. Adjusted EBITDA for those two are now NOK 2 million, and EBITDA and CapEx close to zero for those two products. In Webdoc X, we have lowered costs a bit more. We're now at -NOK 6 million from -NOK 7 million in EBITDA and CapEx. And we continue to move in that group from consultants to employees. And during June, we've removed the last consultants in that group, and starting after summer, we'll only have employees. So it will help us control costs even further next quarters and coming quarters. At the head office, we've gone from -NOK 8 million to -NOK 5 million, and I think that's a reasonable level and roughly where we will be going forward. Finally, looking ahead, we will continue to develop our sales model. As I've mentioned before, we are really doing a lot with our marketing and sales, focusing on inbound marketing and outbound sales. We have revamped all our web pages. We're doing a lot of advertising on LinkedIn and other social media, and we're buying search words and so on. We're still learning, I would say. It will take some time for us to really move into a different mode of selling, but I really believe in that. Many of our potential customers know they need to change systems, but it's quite a big change to do for a business or for a clinical hospital. We need to help them to make the decision and to push them over that hurdle. Given how satisfied the customers who have migrated to our systems are, both with the systems and with the process, we can really market that. But it's something that will take us some time to learn and get better and better at. Another focus for us, in order to deliver the strong organic growth, is to deliver new development on time. Basically, all of our products are dependent on us delivering our solutions on time for those customers. That's an important area to focus on first. Efficiencies of resources is something that we work with every day, and we're continuing to work with every day. If every quarter gets 3%-4% more efficient, and then we add that over time, it translates into big improvements, and that's basically the most important part of running business, is to always improve and improve much quicker than new problems arise. So, that's really where everyone of us really focus our attention. When it comes to Webdoc X, it now looks most likely we'll certify in Q1 next year. And then we'll have a system which is ready to be used in Germany. There will still be a lot of small parts of different types of caregivers we need from the systems, but then we will be able to start rolling it out to the first customers. And, it's been a very intense quarter when it comes to our operations in Germany. We've had many discussions with possible pilots, acquisition targets, and also collaboration partners. So we spent a lot of time in Germany this quarter, and every time we're there talking to customers, talking to potential partners, we feel stronger and stronger that this is the right place for us to be. So I really look forward to to start rolling it out during next year. So with those words, I will hand over to Sven Martin Bjørnstad. Thank you, Daniel. Some of the highlights here from a financial perspective, this quarter was a clear step in the right direction. Firstly, we show that our underlying year revenue growth is robust, with 15% recurring revenue growth, and also that through signing new contracts, we the growth for the next period also looks promising. Secondly, our margins are improving with the 16% EBITDA margin and EBITDA minus CapEx close to zero. Our signed ARR grew 20%, organically year-over-year, and this was driven by a major increase in our backlog of signed, not implemented ARR, because of the large contracts we have signed. We didn't have these sort of contracts in the last few years. Last contract of this magnitude was Siemens image management for Aleris in 2021, and now we have signed 3 such contracts within the last couple of quarters. So it's clearly setting a very solid foundation to see accelerated growth in the coming years. And we now, without these contracts, we still grow very solid in the quarter, where we have net upsell of 13%. Churn continues to be very low, 2% year-over-year. And we also have this, still have this inflow of new customers, mainly for Webdoc, where we continuously sign new customers. It was 4% in the quarter, and this is a very important part of our growth because these customers typically buy at the lower price, and then they add more functionality, paying more, and it also grow their business faster than the market is a typical profile of the Webdoc customers we sign. Looking after the P&L for the group, there is some points worth highlighting as well. Firstly, we have good underlying growth for all product categories. If you look at the year-over-year figures, Webdoc is 17%, or 18%, adjusted for currency, which is strong and around 20% for the first half of this year. The other EHR category grew 9%, adjusted for currency. For this category, we have signed Volvo for Metodika and Frederiksberg for Aleris, in total, around NOK 10 million ARR. So if you compare that to the figures we are now reporting, it's clear that we have secured a very strong growth, only from these contracts alone for this category in the next few years. The platform products, as you can see, declined, but that was because of the divestment of Confrere. Adjusted for this in currency, it grew nicely at 14%. This is HPI and Medrave, and here we also have the VGR contract of NOK 6 million ARR, coming next year. Also, HPI's strong underlying growth makes this category also strongly positioned for the coming period. Consulting declined, as mentioned, by Daniel, and because-... Profit margin increased from 82% to 85%. This is because we sold [inaudible], which had a dilutive impact, but also because we have renegotiated with our hosting supplier in Norway, reducing costs quite significantly. So you can see that even though revenues increased by NOK 3 million, costs actually decreased by NOK 1.3 million. So this is a very nice improvement for us. And if you look at the profitability as well, you see major increases in EBITDA, and we are close to breakeven on EBITDA minus CapEx. And if we exclude the investments into Germany, Webdoc X, we now have an EBITDA of NOK 4.4 million in the quarter, or 7% margin, and it's improving rapidly. We constantly work on the cost base. In this quarter, we have ended the R&D consultants with an impact of NOK 6-7 million on an annual basis. Some of this will be replaced by employees, but net impact is positive for us. We also are in the process of migrating to a new hosting solution in Sweden that will reduce costs. And also, when we move customers from Adopus to Adopus Web, we can cut costs significantly for that product, which is still quite high. So these are some examples, but in general, our plan is to keep costs flat and grow revenues. And then to be able to do that, we need to do these cuts and become more efficient, because we need to add costs in other places, such as sales and compliance, etc. But we see great potential to continue to become more efficient as we grow. We have a high gross margin, so if we are able to keep costs flat, then we can scale our margins quite rapidly, as you see from this slide. Finally, we have the positive cash flow also in Q2, driven by the improvement in profitability, a good working capital effect from annual invoicing for some of our products, and dramatic reduction in CapEx. So in summary, from a financial perspective, we continue to grow well. Our underlying growth is robust. We have signed major contracts for future growth, and our profitability is improving rapidly. So with that, we can open up for Q&A. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. We don't have any questions from the call in line, but we have several questions posted in the chat, so we can start with those. First one from Emilia at inaudible, "Any updates on your targets of organic growth and profitability? Are you confident you will reach the target of 15% organic growth? Do you also expect to break even on EBITDA for a full year? Yeah, thank you for that question, Emilia. Yeah, yeah, we feel that our targets are solid and, and we're delivering on those. So, we're pleased where we are and are moving forward in a, in a good fashion. This type of business is quite easy compared to other businesses at least, to foresee, as we have a small churn, we know the rate of our growth, and we can keep a good cost control. Yeah. Next question from Mark at Redeye. First one: "Could you comment on the quarter-over-quarter growth rate in Webdoc? Was there some currency or just lower activity among clinics? Yeah. So, I mean, we'll always have some movements up and down, when it comes to growth, if you sign a large clinic or not, or a couple of large clinics or not. So we're growing roughly around 20% in this last half year. What we did have in the quarter, which impacted this quarter a bit, was that we had a couple of customers that came online, where they had told us that they were much larger than they were. So what it means is that in Webdoc, we charge per visit. So, in the regular pricing increases we do, we look at the number of visits a customer have had in the last period, and then we increase by the growth they have. When there's a new customer coming in, we charge them based on the number of visits they say they will have or have. Especially one large customer was not even close to, I think there was some miscommunication. I think it was basically what they thought the full growth going forward, and not really what they had. So we had to repay some of that in the second quarter. But in general, we're growing well, and we keep growing around that 20%. Yeah, there was some currency effects also, compared to last quarter, but the growth rate of around 20% for H1 is representative of where we are currently trading, I would say, for Webdoc. Next one, how does new safe clinic signups for Webdoc look like? So yeah, we actually had the first couple of so-called cold calls, to mention it, where we actually, it's us reaching out to customer and they not, not them reaching out to us, we managed to close contracts, so I'm really happy about it. It's still, as we spoke about, and as it has been for quite some time, a challenging market to sell in, especially with VGR, where there's a lot of unknowns and taking these type of big decisions, which is to change system. You don't do that when you have a lot of unknowns around you. So it's a bit of a challenging market. It's been that for quite some time, and it will be so for quite some time going forward, but still we manage to grow at around 20%, so I'm quite happy about it. Yeah. Great. Next one, can you update us on the impact of what is happening in Stockholm related to private clinics politically? Yeah. So, in Stockholm, we have the new leaders in Region Stockholm have been really trying to move care from private providers to public providers. I'm very doubtful that that will actually happen. So it will probably result in less care in total and more queues in Stockholm, and then there will be more private care again. So long term, the trend has been for a very, very long time that the private care as part of the total care is increasing. That's because the private care providers are obviously much more efficient. And I think that's what will happen later on, again. But short term, we actually have this movement away from private care provided by private providers to public providers. But for us, it's not really a major problem because what's happening in Stockholm is that many of these private clinics are moving from public care to private care, and private is both insurance and private pay, because the need for care is there. And if the public is going to provide less care to the population, more larger parts of the population will pay for the care themselves, either insurance or private pay. And Webdoc is really good when you have a mix of different buyers of care. So it actually supports us and many of our customers in Stockholm; they use Webdoc for private and insurance patients, and they use TakeCare for the public patients. So they use two systems in one clinic. That's what we want to move away from with the new eReferral solution and so on, and are moving away from. But that's been the case, and also our part, Stockholm market is quite small, so even if the market is not growing at the moment, we can still grow. So I don't think, and we don't see any major impact on us, and it can be both a bit positive and negative. All right, next one. How much further can you strengthen your gross margin, roughly? I would say the most near-term improvement we have there is the one I mentioned where we move Adopus customers to Webdoc. Adopus, the costs we have there is around 1% of a bit more than 1% of our revenues today. So that could be an improvement, but it will take some time to materialize. The Webdoc hosting cost is reported in OpEx, as it's not directly linked to the sales. So but there we also have potential, but that won't improve the gross margin. In the more long term, we have also quite high cost in our other product in Norway, but that's more a long-term potential. Next one. You said that you delivered development, new development on time. Can you talk a bit more about the development and the launch of Adopus Web, the surgical functionality in Webdoc and Webdoc X? Yeah, so I think what I said about that, it's important to deliver new development on time. Anyone who's worked in software know that that's part of the challenge of working with software. So it's very important to have a really efficient development team with clear goals, clear processes, and you know, talented employees who like their work, and that's what we work a lot with. So Adopus Web was developed far before it started being developed, far before I joined. I don't know what timeline was back then, but it seems to be a really good product from what I can see. It's a really good product, but it's always the customer who decides who will see when it meets customers, but the first customers are really happy about it. And now we remove our largest customer from the old Adopus site, Adopus Web, so it will be really interesting to see how that plays out. And then it's word of mouth, which is really important. We're also working with marketing to strengthen the message, but it is all these industries are quite small, so you typically talk to someone else and say, "How is that working?" So, but we believe that Adopus Web will really change the view of Adopus among customers. Marty also asked about the certain function of the Webdoc, so the certain function of the Webdoc, we roll out for the first pilots after summer, a month or two after the vacation ends, and be ready to be sold in October, November, and rolled out in a general fashion around January next year. So then that's when everyone can use it. It's taken a little bit more than 12 months we planned for. So the development time is maybe 14, 15 months from 12 months, which we had planned for. But we're getting better, and we need to keep getting better at pace of development. And that also goes for Webdoc X, where we've done a lot of improvements in how we develop the team composition, the management, basically all management of Webdoc X have been replaced in the last 12 months. And I feel that we have a really good pace there now, and talented employees who like what they do and really the energy of building a new system. So, I feel confident about Webdoc X being a really good system. Then it takes time to really meet all the needs of the customers. These are big, complex systems. Now, what's important is to work closely with customers to make sure that we build things that the customer really appreciate and need, and that we do not overcomplicate things, and building things for the sake of it's cool building things. We need to build what customers actually need. Finally, from Mark, do you see a risk of having a competitor like they make a due diligence on you? Not really. So we knew that they were a competitor, so the due diligence was sensitive information that we did not want to give a competitor, we couldn't give to it. And that's always how we have to situations like this. If you have someone who wants to put a bid on you, then obviously you give them access to as much as possible for them to be able to give their bid, but then you have to restrict your access to things that a competitor might take advantage of, and I think we found a good balance. Next one is from Christoffer Castberg. What are the overall expectation both for the company and existing shareholders with the move to Nasdaq Stockholm exchange, any capital markets they planned related to the move? So, we see that, I mean, most of our employees are in Sweden, most of our customers are in Sweden. The interest for companies like ours is large in Sweden than in Norway, so we believe that Nasdaq Stockholm is the right exchange for us. We're looking to make it as easy for all shareholders to transfer their shares and to keep holding their shares in Carasent. We are planning for haven't planned for capital market yet at least, but we're planning for activities to make Carasent more well known to the public in Sweden, so that we look forward to doing during the autumn. Okay, final question from Alexander. It's in Swedish, but I will try to translate. During the quarter, we had a strike within the healthcare sector in Sweden, and the parties agreed, but the union leaders flagged that it could come more of these going forward. How does this impact Carasent? So, our customers were not directly affected in a major way, so it's nothing that we see in our revenues and are unlikely to see. What it means is that the queues in Sweden, which are already really long, will keep getting longer. So, ever since the pandemic, the public system have lost even more of their efficiency. Queues grew during the pandemic, and now with the strike, they're growing even more. So it will obviously put a lot of pressure on the system, and that's really where we can support them. Our products help our customers get more efficient and be able to support, take care of much more patients per hour. So we believe that it's not something that hurts us. It's most likely to have a positive effect on us, especially in the long term, as when the queues grow, either the public will have to buy more care from private providers or they, more private or more patients will buy the care themselves, either through insurance or private pay. So and that's where Webdoc comes in, but also many of our other products. So we don't see that to have any negative effect on us, possibly a positive effect. Okay, that was the final question. Okay. And I would like just to thank you all for your interest today, and wish you all a really good summer. Thank you for that. Thank you.