Thank you very much. Good morning, ladies and gentlemen, and thank you for dialing in to Probi's presentation of our Q2 results for 2021. Together with me here in Lund, I have Henrik Lundkvist, our CFO. Next slide, please, which is our safe harbor statement, and please familiarize yourself with that at your convenience. Next slide, please. Today's agenda, we're going to give an overview of our results and activities in the quarter, as well as our financials, and also have some comments with regards to our outlook, and open up for questions and answers later on. Please switch to next page, please, which is page number four. In Probi here during the second quarter, we have continued to be very busy. We have entered into exciting customer relationships and important strategic collaborations, both elements important pieces to drive our growth for the company into the future. Financially, following a strong start to the year in the first quarter this year, we had a slower quarter as presented or published this morning. We've seen currency headwinds as well as lower volumes that gave us a relatively low quarter, which is -12% versus previous year if we do not adjust for currency, and if we adjust for currency, we were 3% down in the quarter compared to last year. For the first half of the year, aided by the strong Q1, we posted an 8% growth in constant currency for the period January to June 2021. Our EBITDA margin was affected by the lower volumes, and we came in at 26% for the first half of the year, which is the same level as last year for the first six months, but also a bit below our long-term financial target. The dynamics in our geographical regions varied, with Americas down 5% in currency adjusted sales performance, and with EMEA posting another strong quarter, and APAC delivering a solid quarter against a tough compare last year, as we saw some pandemic-related stocking back in the same quarter in 2020 in the region APAC. From a partnership perspective and strategic collaboration perspective, we are very excited and happy to have initiated a customer relationship with Swedish Oriflame, where they will launch globally their first probiotic supplement in their wellness range of products. This product is based on Probi Digestis, a well-documented offering for general gut health. The first order from Oriflame is already received, and their rollout into the market will commence in the fall this year and continue into 2022 and beyond as they will roll out to a significant number of countries. We also signed in the quarter a significant customer contract in the South Korean market, where a large local company will work with both Probi ClinBac products as well as offerings from our LiveBac range. Depending a bit on the uptake in the market, this customer account has the potential to be an important growth driver in our APAC region moving forward. First orders have been received and shipped within the quarter, so we're off to a good start here with them. In our continued focus to drive innovation in the field of research and development, we're also excited that we in the quarter have entered into a research and development partnership with the Estonian, well, quite difficult to pronounce, Tervisetehnoloogiate Arenduskeskus AS. For short, we put it as CCHT, where we are targeting the development of novel products focused on women's health and specifically vaginal health. It's a quite large unmet need within this field for efficacious product. We're very happy to partner with CCHT, as they have created and studied a unique and proprietary bacterial strain library in this field. Through this agreement, Probi will have specific access to the library for further research and eventually also commercialization at a later stage. We hope that this will be a strong addition to our product portfolio in the future. Last week, which was post the quarter, we also announced investment into Blis Technologies, who are based in New Zealand, as well as a strategic long-term partnership with them focused on licensing and distribution as well as manufacturing. We will comment a bit more specifically on this a bit later in our call. If we move to next slide, please, slide number five. With regards to our sales volumes, which were lower in this quarter compared to previous year, in Q2 2021, our net sales landed on SEK 158 million compared to SEK 188 million last year, which is a decline in currency unadjusted performance of 12%. If we take the weakened dollar into consideration, our decline in the second quarter was considerably lower at minus 3%. Our EBITDA came in at SEK 39 million compared to SEK 68 million last year, which represents an EBITDA margin of approximately 25%. The profitability decline here in the quarter was driven mainly through the lower sales volumes in the quarter, and also partly small increases in sales and marketing and R&D based on higher activity levels as we're slowly returning to more normal mode of operations following the development of the pandemic. The main reason for the weaker quarter are customer dynamics in the US market, with a few large customers who have delayed our orders or made updates to their product portfolio. Some are related to e-commerce, where a couple of customers, following a very strong 2020, have not been able to maintain the same momentum into 2021. One other customer, not in the e-commerce field, have made changes in the product portfolio, and Probi lost the competitive bid for the product, which included a LiveBac strain-based product. The combined impact of these specific customer dynamics are about SEK 50 million in the quarter. If we turn to the next page, please, which is page number six. If we take a look at the performance across our geographic regions, as mentioned, let's start with the U.S., which is our single largest region. As mentioned, the U.S. had a slow quarter, down 5% if we adjust for the weakened dollar compared to last year. If we look at the first half, they are at about an 8% growth if we adjust for the dollar as well there. As mentioned, there were these specific customers where we had challenges, but we also see the opportunity to rebound with a few of these in the future. There was also a positive growth in a number of other accounts, including Probi's largest account in the region. These developments were not fully able to offset the impact from the dynamics in the other accounts. We see that the American market likely will develop a bit slower this year compared to previous year, as there has been some COVID-related demand increases last year, which will likely wear off through this year. In EMEA, we continued a strong trend from the first quarter. We posted a 7% growth in the quarter, and we're at 12% up for the first half. This is being driven by strong development in new launches with significant new customers that we have onboarded through the past 12 months, I would say, such as, for example, Perrigo and Oriflame, but also with other accounts around the region. We continue to have a positive outlook on our abilities to drive additional success in the region in the years to come and to ensure that Probi has a stronger foothold also in EMEA in the future. You look at APAC, even if the individual quarter is showing a decline versus previous year, we maintain a positive outlook on our opportunities in the APAC market. Our compare for last year was a tough one, affected by pandemic-related stocking in 2020. The second quarter in 2021 was actually one of our stronger ones seen over the past three years. As mentioned in the quarter, we also signed an agreement with a potentially large South Korean customer that we believe will be an important addition to our customer base and that can support further growth in the region for the years to come. We turn to the margins, we had a significant decline in the U.S. to 33% in gross margin, which was driven much based on the lower volumes as we have fixed cost in our facility, thus a lower volume will impact our gross margin there. Also partially due to product mix, where we sold a bit more of an SKU with slightly lower gross margins, mainly it was caused by the lower margins in the quarter. In EMEA, we had a positive or the same, basically, development in our gross margin, it was small movements based on product mix in the region. In APAC, we had a positive product mix, as we've sold ClinBac offerings to customers in the region in the quarter, which helped the growth in the gross margin there. We turn to the next page, please. Page number seven. Last week, we announced the investment as well as partnership with Blis Technologies. A very exciting collaboration for Probi, as Blis is a company that has a long history of working with scientifically well-documented strains and proprietary technology, and also constantly being innovative in terms of finding and identifying new, interesting strains for applications in different areas. The main products that we will be partnering around here initially are two strains called BLIS K12 and BLIS M18, and where Probi will license the opportunity to both manufacture and sell and distribute these products. This will also be combined with a R&D collaboration where we jointly evaluate opportunities potentially to combine our respective strains or develop new products as well. This provides the opportunity for Probi to broaden our product portfolio of clinically validated products. We have the opportunity with our sales organization's reach and power to offer additional opportunities for line extensions or new product launches with solidly documented bacterial strains. We also, as we will be able after a technological transfer, of course, be able also to leverage on our production capacity in our upgraded facility as well. Another very positive development for Probi. They also represent a strong partner, of course, particularly for the Oceanic region, Australia and New Zealand, but also with good inroads in the APAC region. For Probi, this also means opportunities for margin expansion down the road. We see longer term, two, three years down the road, that this partnership could, for Probi, represent somewhere around SEK 60 million-SEK 65 million. Of course, we'll update you on that as the partnership progresses through the years here. Next slide, please. That will be slide number eight. Just some brief information about the company as such. Mentioned they're based in New Zealand. They're a listed company. Probi will have a seat in the board as we become the second-largest shareholder there with a 13% holding. Their market cap is approximately SEK 550 million, and their sales in 2020 was approximately SEK 64 million. Their business model is that Or working with their own strains in their own direct-to-consumer offerings, as well as being sold as an ingredient, and in private label or to brand owners for use in brand owners' own product. They're also right now, but the partnership is not focusing on that. They're also in early launch phase of an additional product called Q24, which is targeted at skin health. We're very excited about this partnership. It provides a good commercial opportunity for Probi, strengthening our portfolio and also provides additional potential for volume through our facilities. We will keep you updated on the developments in this partnership as we move forward. Next slide, please. I'll hand over to Henrik for a closer look at our financials. Thank you, Tom. Good morning, everyone. I will now walk you through the financial section. Please turn to page number 10. As earlier mentioned, we reported net sales of SEK 158 million, which was a decrease of 12%. We continue to have a large negative impact from currencies this year, mainly due to weaker US dollar versus the Swedish krona. Adjusted for currencies, the decrease was 3% and is explained by a few larger US customers where sales has not occurred due to delayed orders, but also to changes in customers' product portfolios. Our organic growth for the first half of the year was 8%, which is above our growth target. Our EBITDA landed at SEK 39 million in Q2, which was a decrease by 33% compared to last year. The decrease is explained by reduced sales volume, but we also had a lower gross margin than last year. Additionally, we had an impact from currencies changes that negatively affected our EBITDA by approximately SEK 5 million in the second quarter. This gave us an EBITDA margin of 25% compared to 32% last year, but we should keep in mind that the profitability in Q2 last year was very strong and the full year EBITDA margin was 27% for 2020. EBIT was 46% lower than last year, and net income and earnings per share was 42% lower than last year. Now turning to page 11. Net income for the second quarter landed at SEK 16 million, which was SEK 11 million lower than last year. Compared to last year, we had a negative sales volume effect of SEK 9 million in the quarter and a gross margin effect of minus SEK 8 million. The gross margin was lower as a result of lower sales volumes in combination with an unfavorable product mix. The operating expenses were more or less in level with previous year, but with some additional spend in R&D and sales and marketing, which resulted in a small OPEX increase of SEK 1 million. The decreased result obviously resulting in a decreased income tax. Adjusted for currencies, we would have reported a SEK 3 million higher net income here. Now turning to page 12. The gross operating cash flow amounted to SEK 88 million during the first half of the year, which demonstrates a solid business model. The working capital decreased by SEK 8 million, mainly due to a lower amount of outstanding trade receivables. Our CapEx amounted to SEK 18 million during the first half of the year, where approximately SEK 40 million was related to an upgrade program of our manufacturing sites in the U.S., and the rest was related to investments in clinical trials and patents. In the quarter, we paid a dividend of SEK 13 million to our shareholders based on the AGM decision in May. The cash flow from financing activities was related to payments and interest for lease obligations. To summarize, our cash generation was strong during the first half of the year, and we generated additional SEK 45 million in cash during this period. At the end of the quarter, the cash balance was SEK 261 million. Now turning to page 13. We continue to have a very strong balance sheet and no external loans. Our equity amounts to SEK 1.3 billion, with an equity ratio of 90%. This means that we are well equipped to continue to evaluate interesting business development projects so we can further grow our business, not only organic, but also through M&A activities and different types of strategic partnerships. Blis Technologies was one good example, but we are actively working on finding more opportunities. Now turning to page 14 and handing over to Tom again. Thank you, Henrik. Let's turn over to next page, please, number 15. Our strategic focus areas remains the same. We're focused on driving top-line growth, staying in the front line of innovation and science in our field. Also through investments, ensure that we maintain and have world-class manufacturing capabilities. When it comes to our ambition in terms of doubled sales, our objective remains, and we see we've added important building blocks to that with large new customers that have the opportunity or have the potential to develop into large accounts in Probi over their lifespan. The recently communicated partnership with Blis as well is another element of our growth strategy as well. We have dealt with customer dynamics in the U.S. in this quarter here, as mentioned. We also have an interesting pipeline to compensate for this, and additional opportunities to continue to grow. It has been, for us and many others, of course, a strange period through the pandemic. We have now, again, the opportunity to directly interact with our customers. Our sales teams are slowly starting to have a more normal mode of operations, catching new business opportunities and being able to quote additional product opportunities. In EMEA and APAC, smaller regions, but they are both on a good trend today with several larger customers that we have onboarded over the past 12 months, as well as a positive, healthy pipeline for the future as well. We are targeting to continue to drive growth in these regions. In innovation and research and product development, we continue to invest. We have a high activity level, several ongoing studies, and we've also bolstered our access through the partnership with CCHT, in an interesting portfolio of strengths in women's health that we're looking forward to conduct further research on and eventually commercialize. In our manufacturing operations, we're on track with our facility upgrade program, and we are delivering on plan there, in terms of yields and the outputs through capacity increases through our manufacturing facilities. We are intensifying our work, obviously, to address a weaker quarter that we have had now. Continue to remain positive for future for the opportunities and development of our company. The underlying demand for the product in our field remains strong. Different regional dynamics, where we see the US market has slowed down a bit, but there's still growth in the market, but lower compared to last year. We are seeing a return to normalization on several levels in other markets as well. We can meet our customers, consumers can again access pharmacies and shops where some of our sales happen. With a strong underlying demand continued for probiotic, we see opportunities to continue to benefit from this moving forward. Next slide, please. With that, we will open up the floor for questions and answers. Thank you. Ladies and gentlemen, if you do wish to ask a question, please press zero and one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero and two to cancel. There will be a brief pause while questions are being registered. The first question is from Matthias Vadsten in SEB. Your line is now open. Please go ahead. Hello there. I have a few questions. Firstly, I would like to the rate at which you reached new partnerships recently. Would you just clarify as current knowledge when each respective new partnership will start contribute with sales, and how would you think about sort of uptake in sales? I already have a feeling for it, but always good with a fresh update as it stands right now. I'm thinking the likes of Oriflame, Sinopharm, Blis, et cetera. I had a bit of bad audio there, Matthias. If I repeat your question, was it that you wanted to understand a bit more specifically when we expect to see sales from recently entered partnerships such as Blis, Sinopharm, Oriflame, et cetera? Was that the question? That's correct. I thought it was just good with a fresh update with current knowledge as it stands right now. Okay. All right. Thanks for that. With regards to Blis, we signed the agreement last week, so that's still quite early, but we've actually kicked off the work already, connecting our commercial teams, et cetera. We have live customer opportunities where potentially Blis materials could fit in. That has already started, but of course, it will take a while before we see significant impact of that. For the Blis partnership, we expect limited impact in this year, but then starting to take off from 2022 and onwards. There will also, of course, be a period of time before we can manufacture the materials in our own facilities. There will be a technological transfer, et cetera. We expect to be ready to be able to produce Blis materials in our facility towards the end of this year. That's the current working plan. With regards to other customers such as Perrigo, and large opportunities with Perrigo, Oriflame, Sinopharm, et cetera, they have already placed orders with us. We see a positive forecast as well with Sinopharm right now. We have delivered a few orders. We are also working on one additional launch there as well towards the fall here. Those accounts are developing in a positive way and in accordance with our plans, and in certain instances, actually a bit better as well than what we expected initially. All these represent what we label within Probi as large accounts, where we put the threshold of about $1 million in annual sales. Of course, the ultimate potential for these customers is dependent on their ultimate success in the marketplace, of course. That's always a bit difficult to judge in the beginning, but all products are off to a good start, at least, in our experience. Perfectly clear. Thank you very much. Secondly, just on the sales in Americas, any further color on what's going on with your clients base, much appreciated. A few questions on this topic. I think I will take them one by one. Firstly, can you just repeat the impact on sales from destocking and change to customers' product portfolio combined, and also if possible to quantify this isolated by an approximate number or percentage or anything would be appreciated. Right. I believe I mentioned that the impact of these specific customer dynamics in the quarter was to the tune of SEK 15 million. The distribution there between the competitive pitch for the LiveBac product, which we lost, unfortunately, and the e-commerce customers that have not been able to carry through basically their demand into this year. The split between those two elements there is about 50/50, I would say. Very clear. Thank you very much for that. Do you expect the sale from the clients with destocking to recover materially in Q3? I know it's somewhat difficult for you to answer. It is difficult to answer because we've been working with e-commerce customers for a significant period of time. Quite many of our large customers are e-commerce customers as well in the U.S. particularly. It is sometimes a bit cyclical. Strong periods of growth are followed by five years of decline, and which can then swing back, et cetera. We're working with our customers also to support them in both launching new products as well as strategies how to ensure that they have a fresh product line and that they are competitive in the marketplaces where they act. For the e-commerce customers, they're still our customers, they're still buying, but at lower levels. We do expect them to recover, but within this year, I don't see them recover fully, I would say. Thank you for that. Just lastly, just to be fully clear. On the change in customers' portfolios, is this sales that diminishes entirely or partly for that specific customer or plan? Specific customer that where we lost the competitive bid, we're still in dialogue with them. We've had a long-term relationship, they're also a very cost-conscious customer. They did put one of their offerings out for a competitive bid, which we unfortunately lost then. That is also in our LiveBac part of our portfolio, where it is more of generic product in that portfolio. We're still working with the customer on potential new launches for new products. The customer relationship is not lost, but that particular product is lost. You're still selling other products with that customer? Yeah, they're much smaller. Okay. Yeah. Moving on to the EMEA, just a quick question there. Has the online market improved a lot, would you say? Let's say excluding the impact from Perrigo year-on-year, is it still organic growth in the region? I wouldn't say that there's a massive organic growth component. Yes, we are seeing positive developments with most of our customers actually across the region. due to subduing pandemic effects from lockdowns, et cetera, easing of the societal lockdowns and all that that we've been talking about over the past year. there's probably one component of that. I would say that the improved performance for EMEA is mainly driven through Well, we have a solid customer base, which is developing positively, and a long-term customer base. Also, much of the growth is driven by new accounts and new customers. Thanks for that. Lastly, you allude to weak mix for Americas and EMEA. What's your comment around the mix ahead? Since the gross margin was also weak somewhat in Q1, for example, in EMEA, is there anything structural in the weaker mix we should also expect going forward? I know you had some costs connected to launches, et cetera, in Q1, just some flavor there ahead would be appreciated. I think there's a couple of elements for our gross margin. As I mentioned, a big component of the decreased gross margin in the U.S. was the lower volume. We have our facilities. There's quite a big component of fixed costs with that. We need to hit certain volume thresholds there in order to fund the fixed costs. I wouldn't say that there's any fundamentally wrong with our product mix. Sometimes it depends on which large batches are run in a specific quarter of which type of product, because we have some products which contains largely or mainly ClinBac products with a higher margin, and also some product also in large volumes, which contains LiveBac, where we operate at lower margins. If we are a bit unfortunate in the quarter and produce large runs of LiveBac product, that can adversely affect our gross margin. Most important for us is to ensure a strong volume growth through our facility, because that will also result in stronger gross margin for us. Thank you very much. That was all from me. Thank you, Matthias. The next question is from Jacob Lansky, ABG Sundal Collier. Your line is now open. Please go ahead. Hi. Good morning. Thanks for taking my questions. If we start with North America, do you see any other sales at risk on perhaps the e-commerce side? Any other e-commerce customers that might have seen a sudden drop and perhaps see some overstocking ahead? No. I wouldn't say so. No. It's been isolated to quite a few cases there, I would say. We do not see an overall strong dropping demand in the market. One of these customers on the e-commerce side, we're working very closely with them. They're quite bullish about the development towards the end of the year and so on and so forth. Of course, we need to see that turning into actual sales for us, obviously. The other customer, it will take them a longer time to recover. They overstocked a bit, and we'll cycle through that. They still have sales, but have lost a bit of the momentum that they had then in 2020. Okay. Out of these SEK 15 million negative impact, fair to assume that half of this will persist ahead and maybe that you can recover the other half a bit more in the coming quarters? We of course also have other customer opportunities. Yes, one customer is lost or one product is lost. That will not reappear imminently, that particular product itself. For the e-commerce customers, we do see a road back, but it will be in different time perspectives, with one customer potentially being back next year and the other one perhaps being back towards the end of the year. Still a bit early to say with exactly what type of volumes. Okay, great. If we talk about Blis Technologies, maybe you can comment on how you think your offerings complement each other. Maybe do you see that you could slot in their bacterial strains to your existing customers? Good question, and correct. In terms of the fit between the two companies and our respective product portfolios, what is good here is actually that BLIS strains, which are well documented and used for a long time as well, both are covering health areas where Probi's current offering within our own portfolio is not positioned today. BLIS K12, for example, is well-documented in upper respiratory illnesses or immune health, like ear, nose and throat, and also have the ability to affect so-called halitosis, which is bad breath, really. Those are health areas which Probi, with our own and current portfolio, are not covering. BLIS M18 covers the bacteria balance in dental or oral health. Complementary areas to Probi's health position. We have very complementary product portfolio, and of course, for us, it provides an opportunity to go to both existing as well as new customers, to promote these materials alongside our own product as well. Okay, great. I think you mentioned that you expect this Blis partnership to take some time before it's up and running and to start generating sales. I was just wondering, do you expect that you have to take any investments to sort of adjust your manufacturing? No significant ones. There's, of course, also certain costs involved in sort of a technology transfer. It is bacteria, and we have the experience of growing these types of bacteria. It will be time, I would say, for our team. No CapEx investments of any significance, at least. Okay, great. Final question. With this new partnership model, do you expect that it will have any impact on margins when you get that to scale? Our ambitions is to make this a positive impact on our margins moving forward. Through the agreement, we have had limited access to Blis materials. We've provided a few customers with product based on Blis materials in the past. Through this partnership and through our ability to manufacture their materials ourselves, roll it out in a bigger style through our organization and through our customer network, and manufacture it ourselves, that provides us opportunities for margin improvements here. Okay, great. That was all from me. Thank you. Thank you. The next question is from Hans Boström with Trinity Delta. Your line is now open. Please go ahead. Sorry. Okay, yeah. Please, go on. Good morning. I have a couple of questions. Allowing myself to go back to the US customer loss. You also talk about, well, pricing might be a concern there for the customer, is this more of an overall theme for the market, that the US market is becoming more price competitive overall, or was it very specific to this customer? Good question. Yes. Apologies. I had a bit of a bad audio here, so I didn't catch your name. Yes. My name is Hans Boström, and I work for Trinity Delta, based in London. Okay. Hi, Hans. Sorry for that. Sorry. No problem. With regards to the US customer, your question is really, do we experience an overall price pressure in the market, I would assume. No, this particular customer, they are price sensitive indeed. We've been working with them for quite long time, and they did want to challenge sort of the status quo in this and put us through competition. Unfortunately, as we also strive at improving our margins as a company, we weren't able really to meet the competitive bid there. With regards to that, we do not generally see that as a trend in the US market. The market is still healthy, even though the growth is likely going to be a bit lower this year compared to last year. Still, it's a good marketplace. My second question relates to your comment about the return to normal selling practices from July onwards. What type of increases in operating costs would you expect? Where have we been in the first half of the year, and what do you see going into the second half of the year as a percentage of revenue, for instance? I think in general, even though returning to more normal, it's still going to be a lower normal than before. We do see finally, again, attendance at trade shows, ability to go out and visit customers. We had our US team make their first couple of customer trips a few weeks ago, and where they were able to visit in one day nine different customers and come back with six leads, which have then been validated and turned into actually, in one case also, opportunity for business, et cetera. This has been difficult under the pandemic, so this is very positive development. If we look at what we expect in terms of OpEx in relation to this by trade shows as well as travel and customer activities, would say it's to the tune of SEK 1 million-SEK 2 million per quarter approximately. Great. My final question goes back to your comment about the Korean partnership. My sense was that you kind of put some caveats around this would become possibly an important growth driver. I'm just curious as to what are the specific conditions, if any, why this may or may not turn out to be important to Probi? Well, the contract that we've entered into, the customer is forecasting quite significant volumes through the years moving forward, which of course is positive. Also, by experience, it is not always the case that the customer develops the way that they themselves intend to or wish to. That is why we're placing a bit of caveats. It is a strong partner, we are very hopeful that that actually will come into fruition. Okay, great. Thank you very much. We haven't received any further questions at this point, so I hand back to the speakers for closing remarks. Okay. Thank you so much for your attention today. Appreciate you calling in and hope that you will be able to join us as well in our Q3 report, which will be on October 22nd later on this year. Until then, for some of you, perhaps you go on holiday or vacation, enjoy that, and speak to you again later. Thank you very much. Thank you.