Hello and welcome to the presentation of RaySearch Interim Report for the first quarter of 2025. My name is Henrik Preifors, and I will be the moderator today. Joining us in today's call is Johan Löf, RaySearch founder and CEO, and Nina Grönberg, our CFO. Johan and Nina will give you a brief summary of the quarter, including the financials, and after that, we open up for questions. I also want to remind you that this session is being recorded, and you will be able to find it on our website in the upcoming days. With that, I hand it over to you, Johan. Please go ahead. Thank you, Henrik. I would also like to welcome all of you to today's webcast. I'm happy to announce that our sales for the first quarter were our highest ever, SEK 332 million. Compared with the same period of 2024, the increase was 29%. Operating profit was SEK 75 million, corresponding to an operating margin of 23%. The improved margin was mainly driven by increased license revenue, which amounted to SEK 165 million. Because of the political turbulence in the U.S., operating profit was affected more than usual by exchange rate fluctuations. Excluding those, operating profit would have been SEK 95 million, which corresponds to an operating margin of 29%. Order intake was SEK 410 million, representing a 72% increase. To summarize, we're maintaining a solid momentum, and the outlook for continued growth remains very positive. In addition, RaySearch has a strong financial position with cash and cash equivalents of SEK 503 million, stable cash flow, and no loans. In early March, Heyou Hospital in Foshan City in China placed an order for a RayStation worth SEK 77 million. Of this, SEK 26 million was recognized in the first quarter. This is the third largest order in RaySearch history and the biggest we've had since December 2022. Apart from the large order value, what makes this agreement exciting is that Heyou is the first customer to use a RayStation with a combined Hitachi carbon ion machine and proton machine. This will also be using the system for their conventional photon therapy. The order strengthens our already solid market leader position in treatment planning for particle therapy. Moving to Europe, Odense University Hospital in Southern Denmark also placed an order for a RayStation. The hospital is known for its advanced use of automation to deliver high-quality and efficient cancer care. The majority of the order, valued at around SEK 15 million, excluding service contracts, was recognized as revenue in the first quarter. With RayStation, the center is taking a major step forward in automating the entire treatment planning process. It's a great example of how hospitals are using our technology to advance the field of treatment planning. The Royal Marsden NHS Foundation Trust in the U.K. has become the first hospital to treat a patient using a new adaptive replanning module, included in the latest RayStation release. This new module allows for faster, more efficient treatment adjustments, which saves valuable time for both clinicians and patients. The next step for Marsden in the development is to add RayCare, as this could further reduce treatment time. We're looking forward to continuing our close collaboration with the professional team at Marsden. As I just mentioned, the new adaptive replanning module is included in the latest version of RayStation, which was launched last week. We have continued our efforts to automate as much as possible of the treatment planning process. Apart from the replanning module, the new version includes an updated Plan Explorer, which now works together with our latest methods for automated treatment planning, that is, machine learning and ECHO. In the area of machine learning, we have improved performance and added models with several new plan types. ECHO is an algorithm developed by Memorial Sloan Kettering Cancer Center in New York, and it has now been integrated into RayStation. Both of these methods simplify the workflow for creating individually tailored treatment plans and reduce the time required compared to manual planning. The planning results are also more consistent and reproducible, which supports a more standardized care for patients. The new version of RayStation also includes extended support for treatment planning with the Leo Cancer Care Upright Patient Positioning System. Okay, now let's take a closer look at the financials. Please, Nina, go ahead. Thank you, Johan. The first quarter in 2025 was really an overall strong quarter. Net sales increased with 29% from SEK 257 million last year to SEK 332 million in 2025. Adjusted for currency effects, the growth was 26% since we had a stronger average Swedish krona in the first quarter last year. The sale of licenses amounted to SEK 165 million, corresponding to a growth of 39%, and the support revenue amounted to SEK 125 million, which is an increase of 17% compared to last year. Order intake in the first quarter was strong and increased 72% from SEK 239 million to SEK 410 million. This is including SEK 77 million from the Chinese Heyou order, which Johan also mentioned is the third largest order ever. The order intake for licenses was up 42%, ending at SEK 159 million, and the order intake for support increased 151% to SEK 201 million. The operating expenses for the period amounted to SEK 216 million compared to SEK 193 million in the same quarter last year, which corresponds to a 12% increase. The increase is due to that we have a higher number of employees now than we had one year ago. The high level of net sales brought an operating profit of SEK 75 million and an operating margin of 23%, and that is 5% points higher than last year's 18%. Operating profit last year was SEK 46 million. Cash flow from operations amounted to SEK 147 million in the quarter compared to SEK 167 million last year, and the decrease compared to last year is due to a strong cash flow in the first quarter last year and that we paid taxes in January 2025, but that belonged to the net earnings of 2024. The net cash flow for the period was SEK 66 million, and cash conversion was 156%. The cash position at the end of the period amounts to SEK 503 million. Moving on, looking at the development of EBIT and EBIT margin quarter- by- quarter for the last two years, it is visible that quarter one is normally one of the weakest quarters and that the outcome of the first 2025 quarter stands out. The operating margin in the first quarter 2025 is on a steady 23%, despite that it has been affected by SEK 20 million in currency losses recognized in the P&L. The rolling 12 development graph displays RaySearch's last two years of steady growth, in total 46% and with a CAGR of 29%, and with an increasing operating margin over the quarters. Net sales for the last 12-month period now amounts to almost SEK 1.3 billion, and EBIT for the same period amounts to SEK 290 million, which means an operating margin of 23%. Moving on to the next slide, this is the RaySearch growth journey from 2008, also showing the increased robustness in the business from a larger portion of recurring support revenue during the last years. The backlog end of March amounted to SEK 1,734 million, of which SEK 546 million is expected to generate net sales in the next coming 12-month period. Book to bill in the quarter was above 1.2, and the decrease in the backlog compared to December 2024 is in its total related to currency revaluation. Here it is important to bear in mind that our backlog stretches over several years and that the value will bounce back when and if the Swedish krona becomes weaker again. That was all from me. Moving back to you, Johan. Thank you very much, Nina. Okay, to summarize, I'm very happy for this strong start of 2025. This quarter is actually the first time we achieved record sales in the first quarter. Historically, this typically occurred in the last quarter of the year. Since 2023, we have focused on improving our operating margin, and now with an operating margin of 23% for the quarter and 22% for the full year 2024, I feel confident that we are on the right track and will achieve our goal of maintaining a minimum or achieving a minimum operating margin of 25% by 2026. With yet another sales record and continuously growing support revenue, I'm looking forward to an exciting year with continued growth. Thank you. Thank you, Johan and Nina. We will now open up the floor for questions. You may either ask your question verbally by raising your hand, by pressing the raise button on the top bar in Teams, and wait to be invited, and I will allow you to unmute. You can also write your questions in the chat, and we will read them and go through them one by one. All right. The first person with a question is Christopher Liljeberg. You should be able to unmute. Yeah, it's Christopher from Carnegie. Can you hear me? Yes. Yeah. Yeah, great. I have four questions. First, I just wanted to comment on this very strong license sales in the quarter for being a Q1. Is it possible to quantify the amount of, or you could define maybe as large order in the quarter versus more underlying or smaller consistent type of sales for license? That's the first one. Then. Yeah, I think Christopher, why don't we answer question by question? Okay, yeah, take them one by one. Thanks. Yeah, fundamentally, we published a couple of, especially Heyou order, that was big and Odense. In general, it was more a larger number of medium-sized orders and smaller-sized orders, except for those big ones. More a broader sale of several orders. Should we see this as natural quarterly variations, or do you think this larger number of smaller orders is more consistent as you have grown the install base, launched new products, etc.? Yeah, I think it's a pattern that we've seen for a couple of years now. One should also remember that we also get these larger orders on a regular basis. They should also be sort of normal. We are much less, I mean, they constitute a smaller part of the whole currently than they did if you go back several years. The entire quarter could depend on a single large order. Now, I think we have steered away from that, actually. Yeah. Okay. That actually leads me into my second question, which is larger orders. Is it possible to say anything about the timing of the rest of the sales value for the Chinese orders? If you could maybe also update on the timing of the large future revenues we will have from the therapy deal in Spain. Right. Out of the SEK 77 million for the license revenue or license order from Heyou, I think most of that will be recognized no later than next year. Some of it later this year and some, but all will be recognized before the end of next year. Regarding Ortega, which is the proton centers in Spain that you referred to, we see some revenue recognition is expected for the first center towards the end of 2025, and then it will spread out on another two to three years after that. Let's say three years from now or three years plus from now, all of the Ortega revenues will have been recognized. I can add there to the Heyou order that the SEK 77 million also include support for several years ahead. The license sales will, as Johan said, be recorded as latest in the next year, but the support revenue will come after that. Okay. How much license revenues do you still have to book from the Chinese one? I don't have that number right here at the moment. No, me neither. Okay. My third question relates to orders, and the support and service order book in the quarter seems very large. If you could comment on that, I think even if you adjust for those large orders you have press-listed in the quarter, I'm a bit surprised about that figure. Okay. As we always state, and we also say it when we have a lower order intake, is that this fluctuates, that there is a clear fluctuation between quarters. This combination of all of those medium, first of all, it relates also to strong sales. As we say, a lot of orders are converted, most of the orders, license orders are converted into revenue instantly. That is one part. If you have a high net sales, then you also have the same, those have also been part of the order intake. It comes to the support contracts. When we sign support contracts, they contribute to the order intake, and there can be signed, there can be some variation when a lot of them can happen to be in a certain quarter. The revenue recognition from this support contract is very well defined. When they contribute to an order intake depends on when they actually come into place. That can happen, that can be sort of congested or more dense for a certain quarter than other quarters. It is a combination of these effects. The service contract can be signed in a separate quarter from when you are licensed? Yeah, when they are renewed. Maybe a lot of contracts expired now in Q1. That can happen because they have different. Yeah, when you get the first order for the systems, the licenses, and so on, you sign a support contract. The length of that support contract varies between customers. It can be four, five, six, it can be 10 years. There is a spectrum. Sorry, if I could just ask one more question that would be helpful. Selling cost, usually they are down in Q1, in the first quarter versus the fourth quarter, which was not the case this time. I wonder here, is there a correlation in a way between a high sales and selling cost that you book a variable pay related to that? No, no, it's not. The selling costs are mainly driven by, of course, the underlying selling costs are driven by the amount of people in the sales organization, but also the amount of travel and the participating, and the larger trade shows have a big effect. There have not been any larger trade shows in the first quarter, right? Correct. Okay. Thank you very much. Thank you. Thank you. Okay, moving over to Mattias Vadsten. Sorry, can you hear me? Yes, can you hear me now? Yep. Good. I also have four questions to start at least. In terms of online adaptive radiotherapy technology, if you could just talk a little bit, help us understand how important this really is to drive sort of customer uptake of both RayStation and RayCare really as well. Maybe a few words on how competition stack up here in your view and the prospects. Okay. Yeah, that's a great question. Online adaptive, I would say, is one of the major driving forces currently. One could argue, one could discuss whether that's warranted or not because there are alternative ways of managing these uncertainties. You can do, you haven't, I mean, if you do offline adaptive together with robust optimization, it's also a very strong alternative. It doesn't matter. This is what the customers want currently, and there's a big hype around online adaptive. Of course, we support that very strongly with our software. We sort of had a breakthrough, I would say, just a couple of weeks ago when we did our first, well, proof of concept online adaptation in a bunker with a Varian TrueBeam. We have a RayStation plan, and through RayCare, it goes, it communicates with the TrueBeam, and we could run the entire workflow for online adaptive with the TrueBeam. That opens up big possibilities that you can have this very common machine that is, yeah, it does not have any special sort of adaptive features, but it is fully capable of delivering state-of-the-art online adaptive. No, I think we clearly have the strongest offering in the market when it comes to software support for adaptive, both offline and online. Sounds very encouraging. If you could elaborate a little bit on the recent steps taken maybe in liberalization and the sort of timeline ahead in terms of the regulatory considerations there, perhaps also cover just quickly chemotherapy as well, although I'm assuming this is more of a 2026 thing, but that's the second one. Okay. Yeah, we can start with chemo. That's really a 2026 thing. As you may know, one component of our future offering will be the quality control device, DrugLog. And that is available for sale now. We do sell it a little bit, and we sell consumables together with that device. We really see that as an important component of our software, an important complement to our software offering that will come out in 2026 in the form of treatment planning support for chemo in RayStation, workflow management and scheduling, etc., in RayCare for chemo. Yeah, that's about chemo. You asked about liver ablation. That was released in this version of RayStation that we released last week, version 2025. We cannot know exactly the regulatory process for the U.S. because it's a new application. We expect it to have FDA clearance sometime during the fall, and then we can sell it in the U.S. market. It will be available earlier for the European market. That is going to happen very soon. I mean, during the summer, it should be available for the European market. It is hard to make any predictions on where this goes. I think it is an extremely powerful new technology for delivering liver ablation more precisely and accounting for the big deformations that happen in the liver. Long term, this should be a very nice, interesting product. Thank you. It is about a comment in the report where you say three larger contracts accounted for revenue of SEK 54 million in licenses. Just quickly, which ones are those? Yeah, it's Heyu, Odense. The third one, I'm not sure which one it is. Just give me two seconds. Just a moment. Yeah, no worries. Southampton. Oh, Southampton in the U.K. General Hospital, yeah, in the U.K. Thank you very much. My last one, given the margin here in the quarter, I guess 29% excluding the revaluation of or the FX impact in the quarter. Just, I think we need to ask the question on how you want to talk about the margin target here for next year and yeah, how we should think about the margin trajectory. That is the last one. Thank you for taking the questions. All right. Thank you. We haven't changed the long term, or it's not so long term now anymore, but in 2026, we'll have at least 25% EBIT margin. That hasn't been changed. With that said, I mean, we feel very comfortable that we can achieve that. I think, yeah, we should not extrapolate now to 29%, and then it just goes up from there every quarter. I still think it's interesting because it shows the leverage of our business model that when sales are strong, we can have very large margins. They are really within reach. I think that this quarter illustrates that. If we keep costs under control and we sell well, then we have very good margin opportunities. Thank you so much. Thank you. Thank you, Mattias. Moving over to Oscar Bergman. All right. Thank you very much. Hi, guys. It's Oscar Bergman from Redeye. I've got a few questions that I wouldn't say necessarily is about the quarter, but more on a general level. I'll just ask them one by one. First up, I'm wondering what challenges and obstacles there might be at RT centers when it comes to adaptive planning, perhaps in getting a clearance from the patient's oncologist before making changes to the treatment itself, or if there are any other specifically in the workflow challenges that hold back adoption of this. Okay. That's a good question. I think we shouldn't overestimate the need for an oncologist present. If we make the adjustments small enough, then we are only ensuring that we stay on target. In a sense, you can think of it like this, that the radiation oncologist has approved a certain plan, a certain dose distribution that should be delivered or that is sort of prescribed to the patient. What we're doing in both offline and online adaptive is that we are ensuring that those distributions will be delivered. It's really, I mean, maybe in the short term, and if you make big changes to the treatment, it could be warranted that the oncologist should have a say. If we look at it this way, that we only stay on track, we're only delivering what has already been approved, then I think any rate, this will go away over time. I'm pretty sure about that. We've seen similar developments when intensity-modulated radiotherapy came about early 2000. There was a lot of quality assurance being done every day for every field, for every patient. As people realized that the systems are robust, they deliver the same beams more or less to a very high degree, every fraction. The dose calculation is very accurate for the smaller fields that you have in IMRT. People got accustomed to that. After some time, you don't need to quality assure every day for IMRT. I think we see similar development for adaptive when it becomes more common in the clinic. You also asked about the other obstacles, like, what were the obstacles that you referred to? In the workflow. In the workflow. I think it's really been the lack of good tools, good software tools for online that hasn't been fully implemented yet. I think the combination of this very high volume, I got new numbers now. I heard new numbers for how many TrueBeams are out there, and it's close to 7,000. My current estimate, that was my own estimate, 4,000. That was based on a data point from 2019. That was 3,000. I extrapolated, but I found just recently that that's way too low. It's closer than 7,000 TrueBeams out. To have that many available machines out in the clinics all around the world, combined with the capability of RayStation and RayCare, I think that that's going to be a good trigger for more online adaptive in the clinics. The fact that you do not need a special machine to deliver online adaptive. You can use just a machine like TrueBeam to do that. That is clear. Okay. Do you have any updates on how many of the top 15 oncology hospitals are using RayCare today? Those who are using it, have they also implemented adaptive treatment to any meaningful extent? Yeah, several have implemented adaptive. Yeah, I mean, we have still very few clinics, but the clinics that run RayCare are very happy. They are improving efficiency and streamlining the processes with the help of RayCare in the clinic. Okay. I suspect that it is easier for you to sell RayCare to new facilities that are under construction compared to sort of replacing an OIS at a center that's been around for a long time. Is this a process? I don't agree with that, so. Okay. Please elaborate on that one. No, but it's not a huge difference. We have done conversions. The existence of data is not a problem that I have. I think that's what you refer to. That's what you mean when you say they've used the system for a long. It's not a problem. It's been said. I've heard that sort of understanding or myth before, but it's not an issue. The issue why we don't have hundreds of RayCare installations yet is because of the long cycles and a previous lack of interoperability with a high-volume machine. Those obstacles are gone. Okay. Would you say that the advantages with RayStation, for example, is more clear for the customers to understand compared to the advantages of replacing an OIS at their centers? I don't think so. I think it's less clear with RayCare. Okay. Good answer. Clear. I think I just have a few more questions before I head back into the queue. I think it's very interesting that you could, at least theoretically, almost double your licenses at the existing centers. So I'm just wondering what challenges lie here and how you're working to expanding licenses at current customer sites. Yeah. Yeah, and I would like to add to that statement that, okay, we can sort of approximately double the RayStation licenses, but the add-on modules, which are around 20, but let's say that 13 are for everyone. There are some special licenses for carbon-ion facilities and so on. It's not for everyone. There is still a large number of viable options, + 10 anyway, to be conservative. Those have even larger potential than doubling. They have quite low penetration so far. Now we're looking at different ways to—we haven't really pushed that yet. We have realized the need to incentivize or make a stronger argument towards an installed base to add more technology that they have available in the current systems if they just unlock the licenses. We have different approaches to do that. One that we'll try in the near future is to—we'll probably start at some well-defined markets where we open up for all our customers all the functionality in RayStation for a defined time, even clinically, so they can use all of the power of RayStation for some number of months to really try it out and see what impact it can have on their efficiency and the quality of the treatments, etc. They have, at some stage, of course, to be turned off, and we can have a discussion whether they want to add more licenses. I think, in general, it's to a large extent untapped potential with our current installed base of more than 1,100 clinics that really haven't—they don't utilize the full power of RayStation yet. Okay. I'm also wondering about the Chinese market, and specifically if you could give some background to the Chinese competition and if you see anything hinting towards that customers in China are preferring Chinese software for some reason. Okay. The Chinese market is challenging for several reasons. I think the first one is the regulatory process. The Chinese authorities can make it sort of arbitrarily hard for us to get clearance for new versions of our products. That is one challenge, and we're working on that. We get around it, but usually it takes a long time. It can take 18 months for a new version of RayStation or RayCare to get approved. That is one aspect. I do not think Chinese customers, the clinics, do not prefer software. It is more that the authorities have, by Chinese regulations, that hospitals are obliged to buy a certain percentage of their products from Chinese companies. That is, of course, something that we have to work on as well. There are methods to go around that. You can collaborate with Chinese companies, and you can take other measures. The Chinese market is for sure tricky. We do have an installed base of more than 100 clinics, so it's possible to do business there. Heyou, that we just published, that we just talked about, is our third largest order. For sure, we can do business there. It's just different. There are different kinds of challenges in China than in other markets. Okay. Thank you. I just have a final question, and that's on price increases. What have they been historically, and what do you expect for the coming years if you have anything communicated? What we talk about publicly is that we update our price lists quarterly. They are based on the Swedish, swedish currency, and we factor in inflation into that price. The prices for the other markets are converted according to the exchange rate at that time. This is quite a new thing that we update our price lists so often. Also, being cautious of time, can you summarize or limit yourself to one more question, and then I'll— I'm actually finished, so I'll see you next week, Johan. Thank you. Yeah. Thank you, Oscar. Perfect. Thank you, Oscar. Moving over to Johan Löfner, and then we have some questions in the chat. But Johan, I will allow you to have your mic. Hi, can you hear me? Yes. Yes. Hello. Okay. Great. Just one general question from me. Obviously, the hardware manufacturers are always launching new products. Obviously, with their own software packages, they can ensure that the complete functionality of those products is ready from the get-go. Can you help me understand whether RaySearch faces a time lag in enabling all of those functionalities, or am I understanding that the wrong way? No, it can happen for some specific functions. I mean, we have some examples like the MR-Linac Unity from Elekta. We do plan for that machine, but without—I mean, it's very hard for a customer, for a clinic, to use that functionality now without the sort of approval or the collaboration of Elekta. That can happen. In general, it's not an issue. Okay. Understood. Thank you very much. An important aspect of that, I should add, is that this would only hold for these two manufacturers, Elekta and Varian, because all the others are partners. We work together with Panacea, Shinva BioBig, Leo Cancer Care, Hitachi, the list goes on. All of these new machines are—we plan—I mean, we work constantly on integrating the functionality between the different systems. Okay. Understood. So not a significant disadvantage in your opinion? No. Okay. Thank you very much. Thank you. Thank you very much. Moving over to the chat section, we got a question from you, Joaquim, asking, "Can you give us some color on the sales activities with RayCare? Since you now can connect with Varian TrueBeam, is it opening up much larger sales activities? Do you expect some larger sales of RayCare later during this year? Also, what are your hopes to get large clinics to change to RayCare?" Maybe we can take them one by one. Yeah. No, no, I see it. I see them. I think we're good. Yeah. I mean, there are lots of discussions going on with various customers that have Varian TrueBeam currently. Is this opening up much larger sales? I mean, the answer is yes. We will get some nice RayCare orders later this year. I'm confident. I'm convinced about that. Regarding the USP, so for a large clinic, RayCare is very suitable. A large clinic usually has a mixture of machine vendors, which is a perfect place for RayCare to be. A large clinic needs to optimize its activities. We work heavily on that with RayCare to optimize the use of resources. The amount of automation you can achieve with RayCare together with RayStation stands out, and that's an extremely useful feature if you run a large operation that can really benefit the large clinic. I could go on. I don't think maybe this is the right place to describe all the advantages of RayCare, but it's really the next generation oncology information system, and a lot of things come with that. Thank you, Johan. Then a question. I think you mentioned the answer before, but how many RayCare licenses have been sold, and how many of them are recognized as revenue? Okay. We have sold RayCare licenses are not relevant here. We have sold to 28 clinics. RayCare is not exactly the same model as for RayStation because here the price is proportional to the patient volume, whereas for RayStation it's proportional to the number of users. So licenses are not exactly relevant here, but it's 28 facilities right now. We, of course, hope that to be many more in the near future. I don't know exactly how many that have been recognized as revenue, but it's not—I shouldn't guess, but it's not all of them for sure. It's a sort of fraction, but I don't know exactly at the moment. It is still a minor part of our total revenue. Yeah. We can take the last chat from Matts before we go back to Carlos. What proportion of the licensing revenue during the quarter comes from customers replacing Philips? I don't have those numbers yet, but it's a quite high number, actually. I could guess on that too, but I think it could be 70%. But that's a guess. We do convert a lot of Pinnacle clinics at the moment, but we also convert other clinics. Given the time pressure now, Pinnacle will be end of life, end of 2026. We are approaching that lift, so to say. Quite a lot. Maybe 70% is a guess. I don't have the exact number here when we sit here. Yeah. Thank you. Moving over to the verbal questionnaire, we have Carlos Loreno. You can unmute yourself. Sorry. I just wanted to ask about your ability to price. I read that Elekta is refreshing, putting more emphasis on its software, and it's pushed through some big price rises. I was also just thinking about the whole dollar thing. If you get a big move in a currency, to what extent are you confident enough that you can move price around to medium term, at least offset that? What pricing kind of levers do you think you've got on a three-year view? Thanks. Okay. Thank you. We can do that to a quite high extent by just raising the prices. It also depends. We have a more balanced price list. It also relates to the actual situation when we are fighting for a customer, fighting for a deal with heavy competition from, let's say, Varian. There is price pressure for sure. The price list sort of goes out the door, and you have to provide a discount that makes you win that order. It is very important for us to win the orders because the customers stay basically forever. When the customer does that, they come back and buy more. When they come back and buy more, which they do, 50% of our licenses go back to the installed base. When they do that, we are not under the same price pressure, and then the price list becomes more relevant again. Then there are situations where we do not have that extreme competition, and it is a more normal situation. It depends on the sales situation as well. It is a quite complex situation. Of course, we try to charge a fair amount. We have the richest system in terms of functionality and the highest quality software. It should have a premium price as well. Thank you, Johan. All right. Moving over to Idun Sundberg. Yes. Hello. Can you hear me? Yes. Yes. Yes. Super. Thank you. And congratulations on this report, by the way. It was magnificent to see. I have one broad question in terms of the tariffs, and maybe you do not see an effect of it now. Will you potentially see an effect of it later? I mean, you possibly have dialogues with customers and potential customers in terms of hesitations maybe to invest. Or would these tariffs actually have an impact on sales, you think? Because I also know that there are some protocols that accept certain medical devices and services. Please, I am not looking for a specific number or percentage, but more like your outlook on this and your thoughts and opinion on this. Thank you. Thank you. Unfortunately, the answer will be quite vague. What we know so far is that software, I mean, to this extent, we do not have any tariffs yet, and we do not expect any tariffs in the near future. Things can change. Who knows what? The current understanding is that the software will not be, we say, tariffed. It will not be subject to tariffs. We have not seen in discussions with customers. We have not yet seen any hesitance to make new investments. It has not been obvious. It has not been brought up so far in our ongoing discussions with several customers. I think it is like the indirect effect of the currency fluctuations that have affected us so far and will probably affect us going forward. It is hard to say. We do not know very much about the tariffs, how they will affect us going forward. There is a small effect on some of our customers want us to provide the computer infrastructure to run our systems. They can choose to buy it themselves, but they can also choose us to package that. The computers that we buy from, for example, Dell, they will be affected by tariffs for sure. I think it helps to be in almost a pure software situation here that we can sort of escape most of the effects of tariffs. Nina, do you have anything to add? No, I totally agree to what you say. Yeah. I'm sorry about the vague answer, but that's all we know at the moment. Yeah. It was also a hard question. Thank you very much for that answer. Congratulations again. The same question has been asked by Arno. Carlos asked in the chat as well, which we've already. Yeah, we addressed that. Yes, exactly. Are there any other questions? Okay. I think that was it. Thank you all for your participation. This concludes today's session, and we look forward to continuing the dialogue with you, if not before, then at the presentation of the interim report for the half-year report of 2025 on the 8th of August. Lastly, I'd like to remind you that you can find this presentation through the same link as you used for this meeting and on RaySearch website. Thank you very much, and have a wonderful day. Thank you very much. Bye-bye. Thank you.