Good morning and welcome to the Jefferies 2024 Global Healthcare Conference. It is my pleasure to now introduce Patrik Eriksson, the CEO of Vimian. This will be a 20-minute presentation and five minutes Q&A at the end. Thank you. Thank you. Good morning. Thank you for coming. We're going to focus the next 20, 25 minutes on the animal health, and we're going to tell you a little bit about what we're doing at Vimian. We are an animal health companion, animal-focused company that are really operating in niches of animal health that there is a lot of unmet medical needs and therefore also a lot of untreated animals that we have the ambition to help live a better life, both for the animal and ultimately for the pet parents. So when we talk about the size of our business and the global market that we're in, we're looking at serving over 15,000 veterinary practices and almost 2,000 laboratories of some sort. We've built a patent portfolio with over 100 patents, and we've launched typically over 100 products every year that are new. Our size is around 350. We have double-digit growth typically each year, and we operate in over 80 markets around the world. About 40% of our revenue is coming out of the U.S., 50% out of Europe, and 10% out of the Asia-Pacific region. We have about 1,100 or so employees centered all over the world. We've organized our business in four different segments. The first segment is a specialty pharma segment. That's about 45% or so of our business. We have four sub-segments in there where we have an allergy practice, a dermatology practice. We have a specialty pharmaceutical or compounding pharmacy business and a specialized nutritional part of the business. This is the formation of 20 acquisitions that we've put together where we've bought anchor companies in one of these segments and then done tuck-in acquisitions as a result of that. We have an organic growth objective in this part of our business that's all about cross-selling. And you can imagine having localized product companies where we can both go different channels and in different geographies that creates a large opportunity for us to grow our business for many years to come. About one-third of the growth that is generated in the business comes away from that initiative of cross-selling. The second largest part of our business is a MedTech business. We started that off by acquiring nine orthopedic implant companies. So orthopedic implants for animals is the by way of fracture plates to localize and fix bone so that they heal correctly when you've had trauma. It's a knee replacement and knee surgery business and a hip business. So all of these nine companies were acquired, put together, and now have formed a global leader in this space. We recently acquired another company here in the dental space. The world leader in animal dentistry is now part of our business. The growth mechanism for both these businesses in this segment is all around capturing white space, meaning untreated animals get treated, and the method in which we get there is to educate vets so that they are proficient in the procedures needed and also make sure that they inform pet parents about the different treatment options that exist. The third leg that we have in the business is our veterinary services business, which is 16% or so of our revenue. This is a classic GPO, but I would call it a GPO plus. You join this team because we can give you a better price on the purchases you're doing. You're staying with this team because we create a community where you network and exchange ideas and learn something. We arrange annual days where people stay for two to three days and learn about things to run their practice more efficiently. Our typical member here, and we have 8,200 of them, is an independent practitioner that are competing against a corporate structure that grows very quickly. We get between 200 and 400 new members every quarter here. We also own 11 clinics here in this part of the business. They're located in Denmark and southern Sweden, so geographically they're clustered very well. We use them as guinea pigs for all of our new services and product development. So we know that when we launch new products, they have a great fit. We know what unique selling points they have. We also know exactly how well they work in the practice and we can refine them. The last part of the business is our diagnostics business. That's the only part of Vimian that has an end customer that is livestock-related. That's about 5% of our business. This is typically PCR and ELISA tests to detect various animal diseases. We like this market. Some of you might already be in the animal space market. For those who aren't in here, there's some very good growth trends in this market. First of all, we treat our pets better. It's humanization of pets. They have gone from living in a little house on the yard when they were sick, you did nothing to them, to living in your living room and you went to the vet when they were ill, but the vet could only do so much 10, 15 years ago. Today, typical companion animals live in your bedroom and they're treated as one of your children, and when they get sick, you go out of your way to save them and make sure that they have a better life. That's what we mean with humanization of pets. Also, when you go to the vet today, they have a diagnostic capability that is far superior to what you could do 10, 15 years ago, both from an X-ray imaging, the analysis standpoint of view, and they can treat things now that they couldn't treat just 10 years ago. That in itself drives better care for the animals. Animals today live longer than they did 10 years ago, so that also drives a higher way of population. And as you all know, during COVID, everybody got a pet. Maybe some of you did. They're now aging, which is great for us. We have businesses that will trap them in a few years on orthopedics, for instance, when they need a new knee or a new hip. So they will continue to be customers there. There's also an increased awareness of the possibilities in treatment and the willingness to pay for those treatments have gone up as a result of the humanization of pets. Our journey started in 2016, and we're privately held up until about two and a half years ago when we IPOed, and in this period, we have bought 53 companies and combined them together in these four different areas that I just described. We are predominantly driving organic growth going forward for our future targets, supplemented with a lot of additional M&A. An example of that was the iM3 acquisition we did a few weeks ago. We'll continue to do acquisitions such as that and tuck-ins. We have set a long-term target for ourselves, and we've quantified this and simplified it compared to the targets we used to have. We're looking at 2030. We have a long point of view in our business on where we want to go, and by 2030, our Adjusted EBITDA is 300 million EUR. We're going to get there by organic double-digit growth, do that while we're expanding our margins, which we can do through scale operational efficiencies, but also with the tuck-in acquisitions that we're doing to buy higher margins, more consumable-rated products, and at the same time, really make sure we work on delivering better cash flow. The acquisitions that we're making, we have a market map that we're following. We have proprietary segments of the market we're in. And about one-third of them are segments that we really want to deploy capital in and build another world leader like we have done on the orthopedic side and that we're about to do on the dental side. There are several opportunities out there to do so. We are very careful what assets we buy. We want to buy the best assets that we can start as anchor companies and do additional tuck-in acquisitions on those. The whole idea is to have really value-creating businesses both as a standalone, but this should have a synergistic play into what we're doing. We're also not going to exceed three times on leverage during this journey. So we talk about the strategy for a little moment. As I mentioned, we want to build a global leader in select niches in the animal health space. Now, what does that mean? We're very targeted. We don't want to go into a niche that is already crowded. There's some large companies. We're a small company in a large pond. There's some large competitors in there. We have no ambition in competing with them. We don't think we can be successful, but we see that we can be very successful when we find an attractive niche with an unmet medical need where we can see that there is a fragmentation, which means we can go in and buy a number of assets and roll them up and create a global leader. We see that there's an unmet need so that we can innovate and solve more problems in that space, and we see that there's a lot of runway or white space, meaning there's a lot of untreated animals in this space. We see that in a niche. We're very interested in moving into it. And in the proprietary model we have, there's about one-third of those 28 segments we've defined meets that criteria. So there's going to be more acquisitions in terms of finding new treatment niches that we can enter into. So that's number one. How do we expand? What's common for all of the segments that we have is that there is a lot of white space in there. The white space is captured predominantly through education. If you're trained to be a vet today, which takes five, six years depending on what country you live in, you are both a doctor that manages every part of the body of an animal. You're a dentist that manages everything in the mouth of an animal. And you're supposed to be able to diagnose this in cats, in dogs, in rats, whatever an animal shows up in your clinic. So you think about the degree of specialization on the human side, and now you have someone who is like a master superhuman generalist that is taking care of the animals. So the need to educate the veterinary profession in these new procedures and newness is enormous. And we play an incredibly important role here. That's also how we unlock the white space. We train and educate the vets so that they can inform their pet parents about the treatment possibilities that exist. This also, by the way, is a very attractive revenue driver if I'm an owner of a veterinary clinic. The procedures that we have, for instance, in MedTech are one of the highest valued procedures you can do. And when you get very proficient of it, it drives both your top line and bottom line in the clinic really well. Second part of our strategy is all about innovation. You tie that back into unmet medical needs, meaning there are some unsolved problems out there. We'd like to solve them. On our specialty pharma business, for instance, about 75% of the new products that we launch is launched at that part of our business, typically treat or remove the symptoms of chronic states. It's true for allergies. It's true for dermatology. It's true for other things. There's a lot more to innovate there. In our MedTech business, it's all about making the procedures simpler, easier, more productive, and efficient to undertake so more clinicians can learn them without a high barrier to get into it. The needs to get clinicians to be trained here is enormous because the untreated animals in the other end of the spectrum is very large. Reach is very important. I'll give you an example. In our specialty pharma business, we have prescription drugs and non-prescription drugs. The prescription drugs you will always get from the vet. There are no other channels, but you can come to a veterinarian and get our dermatology products, which will eliminate or reduce the inflammation in the skin of your pet. You'll get the first one of those at the vet's office, but the subsequent one, you may not want to go back to the vet. You might want to go online and buy it. You might want to go retail and buy it, and when we talk about reach, it's making sure that our products that are non-Rx are available in every channel that a consumer could possibly want to buy it, and then lastly, on the M&A front, I covered it a little bit. We have a very clear roadmap of where we'd like to go deploy capital when we create a new niche. And then the playbook is all about finding complementary tuck-in acquisitions onto what we already own. Buy a strong anchor that we can dock additional acquisitions into and drive scale efficiencies and synergies on both the sales and the service side with someone. And then lastly, we rest all of this on a foundation on sustainability. We focus on three aspects of sustainability, both on animals, both on planet, and on our people. So Q3 seems like it was far away now, but I'll give you a little bit of a snapshot. We delivered double-digit growth in line with our expectations for meeting our 2030 target. We had strong growth on our Adjusted EBITDA, 20% growth there. We improved our cash flow significantly, and we acquired iM3, which is an example and a demonstration of a new treatment therapy that we're getting into in our MedTech business and creating a MedTech player, and if we think about what is it that we bought and why were we attracted by this asset? Well, it's a global leader of veterinary dental services. By the way, does anyone in here have a dog or a cat or a pet of any sort? Okay. How often do you brush the teeth of your dog? If you brush it every day, raise your hand. You brush your dog's teeth. Good. You're going to have no problem. You're never going to be a customer of this company. The others, if you don't brush every, you actually minimum, you have to do it twice a week. But if you don't do that, the following will happen to your pet. And I don't mean to scare you now, so you might want to change your brushing behaviors when you come home. But if you have a small dog, when it turns around 10 months or 11 months, they start to develop periodontal disease. Humans do this too, by the way. If you quit brushing your own teeth, you'll get the same scenario. With larger animals, by the time they're three years old, 80% of the animal population have periodontal disease. And you can diagnose this at home yourself. If your dog smells like a rose in the mouth, they're healthy. If there's anything else, they have periodontal disease. This company is set up to help solve that problem for clinicians. We help you diagnose, X-ray systems. You have special tables that you put your dogs on. You sedate them when you do the dental treatment. Those are geared up towards because they're sedated. You use water. You use all kinds of things to help the dogs or the cats for that matter. And we also have all the consumables, all the instrumentation that you need to do it. What's the most common therapy when you've gone to this? A dog has 42 teeth, by the way. So you can ask dog owners how many teeth their dog has. The gentleman over there that brushes the teeth, his dog is going to have 42 teeth for its entire life. All the other dogs will have a number less than that. Because the therapy when something goes wrong is you pull the tooth out. That's the type of dentistry that maybe was done to humans 50 years ago. That dentistry has changed over time. We have a strong belief that this will happen also in animal health. Because we like our pets so much, we're going to make sure we care for their oral cavity, and by the way, when you have periodontal disease, what is that? That is a severe infection and inflammation in your mouth that impacts the rest of your body. There's a connection between your mouth and your cardio. Lifespan of dogs that have periodontal disease is shorter than ones that don't have it, so we think there's going to be a very natural drive here to continue to be much more preventative, and we're setting ourselves up to drive that change in the next decade through education. That's why we're very excited about this company. It started 30 years ago. It has about EUR 36 to EUR 37 million of revenue and a healthy EBITDA margin. It exists already in 40 countries in three continents, and we're going to build on this company so that it becomes a clear global leader, which it kind of already is, but we're going to be well-positioned when the treatment therapies are migrating and changing, and we're going to help drive that in the next decade, so that's why we're very excited about what we're doing here. I'm going to need a little bit of time for Q&A, so this is my last slide, and then we'll move over to the Q&A. What's our near-term priorities now? We'll continue to drive strong organic growth. Our goal is to deliver double-digit growth every quarter. We're really focused on driving operational efficiencies. We bought these 53 companies together. There's a lot of opportunities for us to be smarter about how we execute and deliver to customers and what we do internally to really service them well. We're particularly focused on cash generation. We have too much working capital, in my opinion, and we're really driving that down through process and system support. I love the people that work in our business. I want to make them better. And I want to be able to attract the best people to come work for Vimian and be with us on the journey to really provide a global leader in this niche and the niches that we decide to do. So we're putting a lot of effort into management and employee training and scale-building leadership programs right now. And then, obviously, with iM3, we deployed a fair amount of capital there. We're going to make sure they have a great onboarding and a flying start as a new member of the Vimian family. So with that, I want to thank you for your attention. I'll hand it over to any questions that might come from the audience here. Thank you very much. What's the ratio of working capital to sales? And where do you see an optimal level for your company? Yeah. So our revenue, I mean, if you take the numbers now, we're about EUR 350 million from 2023. Our working capital is EUR 84 million, which is way too high. And when we look at particular places, we might have a working capital turn of two or three in inventory in places. We could easily be at six, seven, or eight in those without any problems. Now, it's going to take time to get there. There are some ways you can do this very quickly. We're going to do this very methodically. We're going to do it very sustainably. And we're going to make sure that it keeps improving all the time. So it's going to be slow. Think about it as a slow grind, but it's going to come. Yeah. The aspiration? And is U.S. a part of your future plans? Yeah. So the question was, what's the geography spread on revenue? So today, it's 40% U.S., 50% Europe, and 10% Asia-Pacific. And actually, Asia-Pacific is almost only Australia and New Zealand. So you think about it, and the question was, where do we see this in the future? Well, the great news for us is that we have enormous growth potential thanks to the white space all over the place, everywhere. Where do I think we have outsized opportunities to grow? I think we can be a lot bigger in the United States. And I clearly see an opportunity in Asia-Pacific, specifically as the demographics there are changing their behavior towards companion animals. And we can see how that's a future really nice growth market. Well, the good news is that very few products require approval. That's the beauty. For those of you who deal with human companies, and I used to work human all my career, the regulation is very favorable to fast deployment of products in the market. And the regulation timeline where you have to register stuff is much, much faster than on the human side. So we really don't see regulation as an obstacle for us at all. How do you protect your niches from fast followers who are eager to copy you? Great question. They are there. We call them ankle biters. They take a copy of what you've done and try to do something. One way in which we're doing is that we're continuing to innovate. With over 100 new product launches, we'll take our existing products. We make them better. So that's one part of that. The other one is that we're building brands. So we really have some of the strongest brands in the industry on the products. iM3 is a good example. Everything you buy from iM3 is branded iM3. If you go out to a veterinary show and you ask them, "Do you know what iM3 is?" Everybody knows what it is. And we have some products in there that are not protected. They're easy to copy and all that other stuff. But we sell a lot of them. We can protect price thanks to that strong brand. Yeah. There's another question over there. Good morning. The split of your business, when you get to achieve your EUR 300 million of EBITDA, does it sort of the mix of your different services? You know how you split it up into those four. Does that look the same or different? I think I'm going to, yeah, that's a good question. Where's the organic? So the majority of it is going to come by way of organic growth. They're going to come from the three largest segments today. So specialty pharma is going to be a big driver in there, MedTech, and the vet services business. I don't think we're going to get a whole lot from the diagnostics part of the business.