Good day. Thank you for standing by, and welcome to the telephone conference in conjunction with the RaySearch interim report for the second quarter 2021. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. If you wish to ask a question, please press star one on your telephone keypad. For your information, the conference is being recorded. I would like to hand the conference over to your speaker, Johan Löf. Please go ahead. Thank you. Good afternoon, and welcome to RaySearch's earnings conference call for the second quarter of 2021. My name is Johan Löf, and I'm the CEO and founder of RaySearch. With me here, I have our CFO, Peter Thysell, and together we'll try to answer any questions that you may have after my presentation. I will start by giving a brief overview of our second quarter. The COVID-19 pandemic had a negative impact on RaySearch also in Q2. Market conditions remained challenging in Europe and North America, while the market situation was somewhat better in Asia. In the second quarter of 2021, our order intake was SEK 190 million, representing a 7% increase year-on-year. Our net sales declined 6% to SEK 155 million, and the change is explained by lower license sales, mainly due to the pandemic, but also negative currency effects. As far as we know, we are not losing market shares. With fixed currencies, our net sales would have increased 5% quarter-to-quarter. Our recurring support revenues rose 9% and accounted for 44% of our net sales. However, as a result of our lower license rates, our operating profit declined to -SEK 22 million, representing an operating margin of -15%. Our cash flow was -SEK 74 million in Q2, partly due to the repayment of our credit facility of SEK 50 million, also investments in our new head office in Stockholm. Since it's uncertain how long the pandemic will have a negative impact on our revenues, going forward, we will focus even more on our costs. While continuing the strategically important investment in our product portfolio, we will adapt our operations in various ways to achieve substantial cost savings. However, over the next few months, our operating expenses will most likely increase year-over-year, mainly because several product launches during the past year have resulted in increased depreciation. Overall, our profitability will remain under pressure in the short term before sales return to normal and the cost savings take effect. The ongoing pandemic has caused significant challenges for RaySearch, but we still believe strongly in our strategy for comprehensive cancer care, and therefore, we have chosen to continue our important product expansion and investment in our product portfolio. At the end of last year, we launched two new products, RayIntelligence and RayCommand. RayIntelligence is our platform for data-driven oncology and machine learning. This software-as-a-service platform is fully integrated with both RayStation and RayCare, and it enables cancer centers to consolidate, structure, and search data to individualize treatment protocols and also hopefully improve patient outcomes. RayIntelligence is our first product that is only available via annual subscription. This allows customers to pay on an ongoing basis, thereby avoiding a substantial initial investment. RayCommand is our treatment control system, which offers unified management and control of the main systems in the radiotherapy treatment room, the treatment machine, the treatment couch, imaging systems, and patient positioning devices. The goal is to ensure safe and effective patient care while offering a more consistent user experience and a more efficient workflow, regardless of the type of treatment machine. The development of RayStation and RayCare continues at a fast pace. One of the main uses for RayStation is that we are introducing support for Accuray's CyberKnife machine. We already support the TomoTherapy and Radixact machines, and thereby RayStation provides complete support for the entire suite of Accuray machines. Another focus is improving workflows and integration between RayStation and RayCare. This is particularly important for cancer centers that use complex treatment processes and adaptive treatment techniques that place high demands on efficient scheduling and optimized resource utilization. During the year, we will also release a large number of new machine learning models. These can be used in both new and older versions of RayStation and can immediately be used by customers in markets with more regulatory obstacles. Several research projects are also in progress, studying opportunities to apply our tools outside the area of radiation therapy. For instance, in medical imaging and various types of surgery. This means that clinics will need to treat more patients per day with the same resources. Efficient resource utilization in cancer care has long been a focus area for RaySearch. Our software enables fast and automated preparation of treatment plans for each patient. It also shortens treatment duration while retaining treatment quality and provides more efficient scheduling of the treatment machines and health professionals. Following the vaccine rollout, we will now gradually increase our sales activities in the coming quarters. For example, by taking part in ESTRO Madrid in August and ASTRO in Chicago in October, two of the major conferences in our field. It will be RaySearch's mission to show cancer clinics, large and small, how they can improve their activities through software-driven innovation, a strategy that will ultimately deliver workflow efficiencies while giving more patients access to the best possible cancer care. This concludes my presentation. Peter and I are now ready for any questions that you may have. Thank you. If you wish to ask a question, please press star one and wait for your name to be announced. If you wish to cancel your request, please press the hash key. Please press star one if you wish to ask a question. Once again, if you wish to ask a question, please press star one. We're taking our first question from the line of Rain Leesi at Avaron Asset Management. Please go ahead. Hello, this is Rain from Avaron Asset Management. I would like to maybe well further ask on the COVID impacts as you brought this out as it continues to impact your sales activity. Generally, we have seen economies opening up and if you look at the activity of the cancer treatment equipment manufacturers, then their sales are already recovering. Why do you remain more impacted compared to others? Could you elaborate on it? Well, I suppose that you refer to Varian and Elekta. Yes. I think that there are some aspects of that. It's very hard to compare these companies. They mainly in hardware, and they have very long lead times. In general, I think it's hard to just compare hardware and software. Hardware and machine experience: you need to just replace machines on a regular basis. It's not really a business decision for the clinic. They often use a LINAC for 10 years, and then they just buy a new one. It's not a big undertaking, really. It's not a critical decision for the operation. Whereas to replace an oncology information system, a treatment planning system, it involves an entire department, and that can be a reason. I don't think you or we can see exactly if the software business of Elekta and Varian are doing okay in these markets. We see clearly how we know that the hospitals that we speak to, for instance, mainly in North America and Europe, the decisions are delayed. It isn't COVID-19. They're still overwhelmed by the COVID-19 situation. They have the travel restrictions. They cannot come to the conferences. They are really preoccupied still with the pandemic. There are delays in making decisions, and there are budget freezes. During this time, there hasn't been any deals that have gone to either Elekta or Varian that we are involved in. It's just postponements and delays of decisions. I think, of course, from an outsider, maybe it looks strange. I think that the key explanation is that we are in two different fields of radiotherapy. It's different between software and hardware. I think that's my best explanation. Okay. I remember in the past, you have on ad hoc basis, commented on the number of on-site demos you have had during the period. Can you maybe give some reference how many on-site demos you have been giving, let's say in the last quarter or in the last half year, and how this compares with, let's say pre-COVID situation, just to maybe give some reference? It's like a complete stop. Maybe now we start to open up a little bit, but we haven't been allowed to visit the hospitals for a very long time. It doesn't mean that we haven't had any contact with them. We have had many more. We are better at online demonstrations now than ever. We do a lot of those. Those compensate in part for the lack of on-site demos. Hopefully, we will get back to on-site demos, but hopefully, we will be able to do higher -quality online demos going forward, because those are much more efficient and we can save money not traveling there. During the pandemic, the entire organization is much more skilled now in providing this sort of interaction or having this sort of interaction with the customer. But to answer your question, during the pandemic, the hospitals in Europe and globally have been pretty much closed for visits. Okay. I don't know if there are any other participants in the queue as well, but I would have a couple more questions, if I may. Sure. Go on, please. First, as ESTRO is just about to begin, it's too early to speak about the kind of client interest. In terms of number of participants, ESTRO event still as big and substantial as it used to be, or has it been scaled down as well? It has been scaled down. It will be a hybrid conference, so I think, roughly speaking, it's going to be like 20% of the usual numbers of participants in the actual congress in Madrid. A lot of the events will also be virtualized, so people can participate from outside. For instance, our launching poster will be both presented in a lecture hall as well as broadcasted to other participants. Okay. If you compare the conversion rate of the on-site demos and online demos, then how big is the difference? Do you have any kind of feeling how the efficiency of online demos compares with actual physical meetings? No, I think today, I would say the difference is rather small Okay. The benefit with online demos is that we do it from Stockholm, for instance. We can have a lot of experts involved via research, and we can have them more frequently with the same client. That's what compensates for not being there physically. I think to build relationships, it's always good to meet. Probably maybe you have your first demonstration at the trade show, and then you have another demonstration that is online, and then, at some point, you should go and visit the clinic as well, physically. Last question that I have is on the headcount. I see that your headcount continues to increase. Maybe you could just indicate, is it more on the development side, or is it more on the sales force you are growing? It is across the board. It's been mainly in the service department and in the R&D department. Now that's going to be obviously one part of our cost-saving strategy that we will not necessarily decrease staff, we will not increase it, and there's always a natural turnover of staff. I think basically everything is up to gaps except for the R&D resources. Now we need to keep that momentum because we have four very important products that are in different states of maturity, and we need to continue that momentum to stay very competitive. To answer your question directly, I don't think you will see, you will definitely not see, the same growth in number of employees until we are back to normalized revenues again and then new growth. We will hold off for some time now until the situation stabilizes. Okay, thank you. I'll give a chance to others to ask questions as well. All right. Thank you for your questions. Thank you. There are no other questions on the line. Please continue. There are no other questions on the line. Please continue. I think we should thank everyone for participating and end the call. This concludes the conference for today. Thank you for participating. You may all disconnect. Thank you very much. Bye-bye.