Hello, everyone, and welcome. My name is Rikard Engberg, and I'm an equity research analyst here at DNB Carnegie. With me, I have Frans Venker, CEO of Mentice. Frans, welcome. Thank you, Richard. Thank you for having me. So the- Um- The floor is yours. Very good. Thanks for inviting us to this exciting DNB Carnegie digital healthcare seminar. Mentice is happy to present also our strategy as also the recent financial results that we have. Overall, my name is Frans Venker. 25 years in the medical industry and effectively the CEO of Mentice since the beginning of 2025. What I have today to present is four exciting topics. That's first of all, the global healthcare challenge, the market opportunity and strategic directions of Mentice, the financial results that we're showing and the trajectory that we're also on. As also concluding remarks and questions and answers. Overall, what you see is that our solutions help to solve the global clinical challenge that we see. Our objective is to have every patient, effectively to deserve the best possible care possible. We do that with Mentice, which is a company located in 8 locations across the world. We are in Sweden, the U.S. Other 6 key locations are also Denver and Chicago, Singapore, Japan, China, India, Brazil and Spain. We have been founded in 1999, and we have been stock market listed on the Nasdaq First North since 2019. What we have shown there is an impressive result. First of all, our market share is more than 50% in the image-guided therapy education and training sites. As also we showed a significant revenue growth over the last 8 years with a 3 x revenue growth in that period. Our revenues are close to SEK 280 million. That's what we showed in 2025. Order intake of SEK 285 million. What you see is that we have a large install base of almost 3,500 customers or systems with customers. More than 1,000 customers that we have. Engineers at a site who provide solutions across the globe. Around 129 employees. Growing at this moment due to our pipeline that we have as well, where we investing and making sure that we can deliver all the solution promises that we have towards our customers. What you see is we are working towards solutions, and probably you hear that from all of them, other six companies presenting in the Healthcare Seminar. A rapidly aging population, rising healthcare cost as also staff shortages. Difficult to keep personnel, but also to make sure that they are onboarded quickly. A lot of basically the money also going towards errors in hospitals as also making sure that we can provide healthcare globally and access to care globally. What you see is with cardiovascular disease is still one of the main leading causes globally. What you see is almost 1 million people death caused due to cardiovascular disease in the U.S. Globally, that's close to 20 million. 48% of the U.S. population have some kind of cardiovascular disease. As Mentice also providing solutions in this space, we're truly making a difference and can make a difference in supporting interventions and helping making patients effectively better. The trends that we are on and that we're supporting is that a lot of the procedures are going from open surgery towards more minimally invasive surgery. That's going either via the groin, via catheters and wires. It's also through the arm. The advantages are numerous. It's first of all, less pain and less anesthesia. It is lower risk of complications, usually shorter recovery time. You have a higher patient age limits. Also a smaller incision, but also smaller hospital stay. It is minimally invasive procedures usually are better for the patient, better for the hospital, lower cost and is it higher effective care. It is our company that are providing solutions exactly in this space. On the left side, we're providing what you see is device training, and that is approximately 83% of our revenues, where we help the medical device industry side. Large companies, large medical device medtech companies at in order to drive intervention, train and educate interventions towards their physicians, but also the staff around it. Mentice partners with the medical device industry to meet the current demands from healthcare systems. We do that with the support, but also efficacy as it towards the products that we provide towards this medical device side. 83% as stated from the revenues are coming from them. We're also supporting a different area, which is more the hospital segment or the healthcare system segment, also abbreviated as HCS. That is more towards what we call procedure training. Mentice produce products which also trains physicians towards clinical procedures. 17% of our revenues are coming from this space. An example of this is I just came from the European Congress of Radiology in Vienna. I was there over the weekend. A lot of physicians, fellows, but also young physicians stopped by the booth in order to get trained in order to do certain clinical interventions. All the way from neurovascular interventions to cardiovascular, structural heart, peripheral or aortic, all kind of interventions in order to drive that. Higher expertise in the healthcare segment leads to better patient outcomes, and we allow for physicians to be trained on those medical procedures. Critical is that 83% of our revenues are coming from the medical device industry, and our growth aspects and aspirations are also to be larger in the healthcare system segment, in the HCS. The solutions that we provide in this space from left to right are first of all what we have is virtual reality simulators. It's a platform what we call the VIST G7, which is a unique patent and protected platform that provides the ability to simulate an intervention, not only by images but also by haptics, so the feedback what you get from a catheter and a wire simulated in an endovascular environment. This is integrated within a cath lab or can be standalone. We have solutions that we can bring as portable towards marketing but also education personnel towards doctors in order to help physicians to be more safe and effective to execute on their procedure. What we do as well is provide physiological flow systems. This is more what we call physical simulation. Also these are usually printed vessels, but also the ability to show simulated blood flow through an anatomy. Also here we have the ability to train physicians in order to do a certain procedure and help to execute accordingly. Where we would like to be also for the future, and that's our direction, is also to be in decision support. We have an FDA-approved Ankyras product. It's CE marked but also FDA cleared in order to have clinical applications for intracranial aneurysm decision support. This is of course linked towards all the solutions that we have. A clear link between our VIST, so our virtual reality simulator, as also the Ankyras simulation that we have in place in order to provide a total solution. If you now look at it holistically, the VR simulators is by far the bulk of our revenues. It's approximately 90% of our business comes from there. High gross margins in the range of 90% and significant double-digit growth that we see in this area. Physiological flow models, that is at lower gross margins, but also significant growth. Over last year we had an organic growth in that middle segment of Physiological Flow Systems of 18%. A lot of activity went into this business also from R&D internally in order to consolidate the business in one location. We were geographically spread into three locations. We brought it all towards Denver, Colorado, and we're now distributing our models from Denver there globally. As also to the right, the Ankyras product, a strategic growth area, especially from a software standpoint, which we provide from Barcelona, where we have the site located in order to provide those solutions. In all, we work with a lot in the industry. Although we might be a small company as Mentice, we are like a spider in the web operating not only with the med tech companies, so the imaging companies like Philips, Siemens, the Canons, as also the GEs in the world. What we do as well is work with all the medical device companies. That could be all the way to Edwards to Boston Scientific, Abbott, as linked here to [Romo Medtronic. Across the board, we are of course working as well with healthcare systems on the right, with the large integrated delivery networks in the United States, but also healthcare networks that we have. Mentice has established a very unique position in this space where we operate with device industry, with med tech industry, but also with healthcare systems. A unique position that we have created and where we are also being rewarded for the unique aspects of having a solution that is almost close to reality. What we call realism. Our virtual reality and realism that we provide is unrivaled. For that reason, also companies are coming to us. We are proud of the solution that we provide, but we're even more proud that we're helping a lot of patients actually to get better and getting more safe and effective treatment. Now, overall, the market opportunity and strategic direction that we see. Globally, what you see is that you have around 200,000 practicing physicians, 40,000 cath labs, $15 million-$20 million procedures performed annually. If you now look at the current market space that we're playing in, is around $75 million with double-digit growth. This is the area of what we call the medical device industry side. Where the real growth for us is in the healthcare system side, which is a much more $500 million market. Although single-digit growth, the opportunity is endless in order to provide better treatment solutions in this space. What we want to do is a three-step approach, and we do that also over time. We have been very good at providing basic training solutions. Training solutions in order to help with current procedure step offerings. To help a physician in order to understand what kind of steps he need to take throughout a procedure to do that procedure safe and effective. Yeah. We do that by providing those simulators towards the medical device industry. Where we would like to go into, and we're doing that now also over this coming year, is to become into advanced training and have the ability also for med tech companies, but also for healthcare systems in order to not be dependent on the training cases that we create as Mentice, but that they can create their own cases. For example, a complicated CRM, so a cardiac rhythm management case that needs to be created or a complicated structural heart case based on a CT, have the ability to upload that into our virtual reality system and have then the ability to create a case accordingly. Where ultimately in two to three years where we would like to go is towards clinical use and also go towards such close reality that you have the ability to provide procedure rehearsal and real-time support and guidance for complex cases that you would like to rehearse beforehand. Usually you do that based on CT information, but also have the ability then to practice that case and be more safe and effective when you do the actual case itself. We are already tapping into these segments with Ankyras. Where we do this for decision support of flow diverters in the neurovascular segment, we are going to extend that also towards intracranial devices for aneurysm cases. We would like to do this across the board for all clinical areas if it comes towards structural heart. Electrophysiology or also our peripheral repair that we have the ability to create a digital twin or a digital vascular twin and provide the ability for a physician, but potentially also educators to practice the case beforehand. That's also the growth and scalability that we're after. What we do see is that the growth and also the profitability will become higher if we go more towards the right side of this screen. Now, examples where we have done this already very effectively is a case with Dr. David Fiorella, who has done that in Stony Brook University. There was also a complex case that needed to be operated on and intervened on. This was a case that was being rehearsed upfront with simulated vessels. Effectively, initially, a lot of physicians were hesitant to drive this intervention due to the complexity of the disease pattern and due to the practice and rehearsal, this session was done in one go in 45 minutes. Also this patient survived, but also got better and was treated. A very exciting strategy where we can help not only patients but also physicians in order to drive more safe and effective care. Now, financial overview. Where are we? What we see is that our growth aspirations are in the range to 20%-30% growth annually, as also the profitability towards 20% and eventually towards 30%. We are a Swedish company. We report in Swedish krona and currently also with the strengthening of the Swedish krona against both the euro but also the dollar, we sometimes do not see the 20%-30% growth. The underlying organic growth is absolutely the aspiration that we would like to go towards as also what we can achieve. That's also what we showed already close towards in Q4, where we drove a lot of changes last year and we see the effects now also coming to life. Especially the 3rd and the 4th quarter really drove significant improvements in results. What we see is also that the activity of that the funnel is continuing as we speak. Overall what we have done also, and these were the highlights also what we saw in Q4, is that we completed quite a bit of restructuring also towards our Denver office. We provided and consolidated, as I stated, our physical simulation business there. We saw a continued higher market activity also in the space of our virtual simulation, and that continued also. That's very exciting. We see an active approach towards the HCS, the healthcare segment, in order to drive the right proposition. Investments in the R&D activity in order to make sure that we execute on a strategy to go from basically basic rehearsal to advanced towards the digital twin. What we saw in Q4 is an update in shareholder structure where Gulf Offshore, controlled by the Howell family, increased its stake in Mentice and took over from Bure Equity AB. For that reason also there was a change in structure in the Board of Director, which was basically communicated end of February, so two weeks ago. We had quite an effective quarter in Q4. We had revenues of SEK 91 million, which organic growth of 18%. We saw also net sales of SEK 279 million, so that was organic growth of 3%. An order intake in Q4 of 25% organic growth. What we see is Q3 and Q4, we see the acceleration of our business, that was of course exciting to see that we got almost 100... No, not almost, SEK 127 million of orders in there. Our EBITDA margin improved in Q4 towards 25%. That's also reflecting the positive impact from the increased sales, but also the cost measures that we put in place. This is mostly coming from our medical device industry segment where we see significant double-digit growth. We have work to do on the healthcare system segment, which at this moment is more subdued because of that. Q4 order intake, what you can see here as well, increased quite a bit, so 25% organically. That is exciting also what we see. HCS is more difficult, especially when it comes towards the overall healthcare systems climate. There we see it more subdued. Our MDI business is truly, how do you say it, grown significantly. Overall, our concluding remarks that we see is that we see a business that especially in Q3 and Q4 was truly strengthening, and it shows the effects of the impact and the changes that we put in place, that they are playing out. There is no reason to believe, how do you say, not to believe that this is happening Q1 and Q2 as well. What we see as well is also an increase in order intake by higher demand of the medical device industry segment. The exciting aspect here to see is that we see the orders coming from a broader base of MedTech companies, and they truly see also Mentice as one of the key companies to invest in and work with in order to drive the simulated cases. Overall, also ongoing and upcoming projects and collaboration that we see in Mentice as stated also in our order funnel that we have in place. The leadership that we have really is strengthening in this space, as also with higher basically, cost therapies, we can drive more impact towards hospitals, but especially the medical device industry. We are going to stay investing in this space, especially when it comes towards digital twin and growth. We're going to do that. In all, for me, it is Mentice can accelerate its growth potential, and we will deliver on the pipeline also of projects that we have currently in our funnel, which is higher than ever. Our mission remains to drive and address the global healthcare challenges and to support not only medical device industry, but also healthcare systems to deliver next generation realism, but also impact towards care. We do that with the great people that we have in place. With that, I wanna give it back to you, Richard, and I look forward to discuss. Thank you, Frans. My first question is, can you please elaborate a bit about the broadening of the customer base, especially for the MDI segments? Is this a sign that the volatility that we historically seen in Mentice between quarters, that that can lower given that you have a higher customer base? It's, how do you say, it's a great question because potentially that could very well be, and I think it will. What you see is that we're not dependent as Mentice on a few large medical device industry companies. No, we are now having a very broad base of projects, but also customers that we're working with from smaller companies, more smaller MedTech companies, but could also be robotic companies, towards truly the larger MedTech companies. We did an overview, and from the top 30 MedTech companies, we are working with 27 of them. If you look at the entire order portfolio, it came from many of the smaller companies. Indeed, that helps of course, that we're not, how do you say, dependent on our revenues of one company alone, and that could make our revenues become more smooth over the, over the future to come. The exciting word is that it almost feels like Mentice is established also. We are being recognized as a device of basically a company who's providing the right kind of realism that MedTech companies need in order to drive not only procedure training rehearsal, but also sometimes to train robotic capabilities where we have then the procedures at hand to help them with. Yes, quite exciting when we look with confidence to the future. Okay. Thank you. My next question is a bit about the mix within the Mentice VIST segment. We saw a really high growth in hardware from VIST segments in Q4. Is it usually that first you sell hardware and then you basically can sell the software because the software needs something to be installed on? Yeah. Great question. What we have is actually multiple businesses within Mentice, but it usually starts with doing a project and basically an engineering project in order to create a simulated case with a certain MedTech company or robotic company. That basically engineering case or that simulation case that we then create has the ability then to also sell hardware, but also licensing sales afterwards. It is that exciting growth that we're looking for. What we see underlying is that the pool of projects that we currently have is larger than ever, which is exciting because that bodes very well for the scalability towards more hardware, but also more simulated software sales for the future to come. In that sense, it is, we saw now already more hardware being sold. We expect also software to be sold with licensing sales. Over the coming months, we're now actually investing also in our engineering capabilities in order to make sure that we can execute on the project pool of projects that we have and in order to accelerate our growth rates for 2026, but also 2027 afterwards. Okay. Thank you, Frans. I see that the time is now up, and I thank you for a great presentation, and I thank everyone who has been listening online.