Good day, and thank you for standing by. Welcome to the Olink Proteomics third quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question- and- answer session. To ask a question during the session, you'll need to press star one one on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jan Medina, Vice President, Investor Relations and Capital Markets. Please go ahead. Thanks, Catherine, and good morning, everyone. Thank you all for participating in today's conference call. On the call from Olink, we have Jon Heimer, Chief Executive Officer, Carl Raimond, Chief Commercial Officer, and Oskar Hjelm, Chief Financial Officer. Earlier today, Olink released financial results for the third quarter ended September 30th, 2022. A copy of the press release and an updated corporate presentation are available on the company's website. Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the U.S. Federal Securities Laws, which are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. Actual results may differ materially from those expressed or implied in the forward-looking statements due to a variety of factors. For a list and description of the risks and uncertainties associated with Olink's business, please refer to the Risk Factors section on Form 20-F, Commission File Number 001-40277, filed with the U.S. Securities and Exchange Commission on March 17th, 2022, and in our other filings with the SEC. We urge you to consider these factors, and you should be aware that these statements should be considered estimates only and are not a guarantee of future performance. Also, in our remarks or responses to questions, management may mention some non-IFRS financial measures. Reconciliations of adjusted gross profit and EBITDA, constant currency revenue growth, and certain other non-IFRS financial measures to the most directly comparable IFRS measures are available in the recent earnings press release available on the company's website. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, November 10th, 2022. Olink disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise, except as required by law. With that, I'll turn the call over to Jon. Jon. Thank you, Jan. Good morning, everyone, and thank you for joining Olink's third quarter 2022 earnings call. I'll begin with a quick review of the quarter's accomplishments and recent milestones, then wrap things up with our outlook for the remainder of the year. I'll then turn the call over to Carl for details on our considerable commercial progress, and then to Oscar for more details on our performance and guidance. 3Q was another strong quarter for Olink, benefiting from our industry leading execution and building on a very positive start to the year. We believe we are well positioned with customers and prospects across biopharma and academia. As we look at broader industry dynamics and macro cross currents, Olink's execution remains strong. Our overall customer base appears healthy, with solid project funding and strong interest in proteomics. We delivered quarterly revenue of SEK 31.8 million, 59% growth over the third quarter of 2021. The quarter was highlighted by strong growth from Explore Kits and kits revenue overall, demonstrating strong progress in our product mix goals. Other highlights included a record number of Explore externalization during the quarter and strong performances in low- and mid-plex with Signature Q100 and Target. Olink has become a driving force in the modern proteomics field and is increasingly viewed by the industry as an enabling platform to derive unprecedented insights and value from protein data, leveraging the decades' worth of genomic efforts pursued by scientists. We continue to see an expansion of use cases for proteomics with customers throughout the entire Olink portfolio. This includes Explore users adopting the Signature and Target platforms as their work demands, and low-plex users moving towards high-plex as well. Over time, we hope to define a new approach to treating disease, provide new options for healthcare providers and patients, and to improve healthcare overall. Olink is driven not only to meet today's needs for proteomics customers, but also to enable new use cases and new ways to unlock the value of proteins. We want to highlight a few such recent initiatives. Last month, we announced the launch of Olink Insight, an open access platform for the global research community and Olink customers to share data and insights to accelerate proteomics. It's been created from the ground up to address the complex challenges of proteomic data analysis, introducing a modern and user friendly interface to explore Olink NPX data, which will help deliver on the urgent scientific questions asked by the community. The expectation is to accelerate the strategic use of proteomics in the scientific field with faster and more accurate results, shortening time to the next experiment. We're also launching a fully flexible made to order product that will allow customers to create small protein panels from our library. Carl will cover this shortly, and please stay tuned for more details at our Investor Day for more on both initiatives. Lastly, we're currently tracking ahead of our R&D goal to generate 4,500 validated PEA assets this year. Following extensive conversations and feedback from customers, we've accelerated our strategy to expand our protein library, increase throughput, and simplify workflows within the Olink platform. We've incorporated customer feedback into our development plan while maintaining the same level of exquisite data quality that Olink is known for. We are excited about the progress we've made and look forward to sharing more information as timelines get firmed up. The Olink scientific community also reached another important milestone, the achievement of more than 1,000 thoughtfully executed research studies published in high-impact journals around the world using PEA technology in every major therapeutic category from research and discovery to the downstream clinical settings. In other scientific venues, Olink's technology was also on display at ASHG in October, with multiple abstracts and presentations featuring PEA across multiple major conditions. This includes high interest in Olink-hosted and co-hosted industry sessions, with rooms filled to capacity and even standing room only. In October, at the European Multiple Sclerosis Meeting, ECTRIMS, our partner Octave Bioscience presented multiple abstracts and data sets as well. Octave Bioscience also announced the commercial launch of their first-in-class precision care solution for multiple sclerosis, a multidimensional tool that incorporates an 18 biomarker signature underpinned by PEA technology. We will have much more to say about the science at Olink at next Monday's Investor Day, and hope you'll join us to learn more. Of course, our exemplary results would be impossible without the incredible talent and drive from people at Olink. It's due to their determined and combined efforts that we can achieve results like this and look forward to a bright future. We remain committed to growing this already broad and deep talent pool. We started the third quarter with 516 employees and reached 548 upon entering the fourth quarter, including 208 full-time employees on the commercial team. These efforts also include the strengthening expansion of our management team for continued leadership in the modern proteomics era, including announcing the appointment of Carl Raimond to President, our plan to hire a new Chief Commercial Officer, strengthening our already impressive supply chain capabilities with Fredrik Netzel, and appointing Anna Marsell Chief Operating Officer, effective at the end of this month. Turning to our expectations. To date, Olink's execution has been extraordinary, and our customers continue to appear healthy. However, given that multiple global economic headwinds have arisen over the course of the year, including foreign exchange, inflation, war, and other dynamics, our fourth quarter outlook now contemplates our updated outlook on these issues. We now expect full-year 2022 revenue to be in the range of $138 million-$142 million, representing yearly growth of 45%-49%, with constant currency revenue expected near the top end of its range, and reported revenue expected near the bottom end of this range when factoring in the considerable FX headwinds we've faced this year. By either calculation, we consider this exceptional performance into tremendous commercial opportunity still in its early innings. I'll now turn the call over to Carl to provide a few more details on the quarter. Carl? Thank you, Jon. Third quarter revenue grew 59% on a yearly basis, highlighted by strong performance in our Kits business and Explore platform. This total was comprised of SEK 13.4 million in Kits revenue, SEK 15.1 million in Analysis Services revenue, and SEK 3.2 million in other. Q3 kit mix improved strongly from Q2 and was the highest since our IPO, reaching 42% of total revenue and growing 265% year-over-year. Other revenue was up 174% on a yearly basis, with Signature representing the largest contributor to dollar growth. Third quarter growth was driven by strength across our entire customer base, with high level of interest from biopharma and academic customers. We're optimistic about the prospects for Olink through the balance of 2022, but we've contemplated a more uncertain macro environment as we head into the last couple of months of the year. Starting with Explore's strong performance, total Explore revenue of $21.7 million, with 68% of our total revenue in Q3, and on a trailing 12-month basis, represented 68% of total revenue as well. On Q3 Explore externalizations, the addition of 11 installations was the most ever during a single quarter, and we ended Q3 with 40 total. These installations in aggregate represent approximately 840,000 in annual sample volume potential, and we achieved roughly 725,000 in average customer pull-through during the twelve months ended September 30th, 2022. This group includes installations at an increasing number of service providers as well, a customer segment that has become very interested in bringing Olink into their product portfolios. While our presence with service providers is still in its early phases, we believe this growing appetite bodes well over the long term. We also delivered 12 new signature instruments to customers for a total of 63 by the end of Q3. Signature adoption continues to show our strength in the mid and low plex segments and uptake by new and existing customers. Signature and Explorer are still relatively new, and we think their early successes point to the incredible opportunity that still lies ahead of us across all segments of our business. To build further on that opportunity, we're excited about two significant product introductions that expand the capability and value of our portfolio, Olink Insight, which was launched in October, and the soon to be launched Olink Flex platform. Jon has already provided some background on Olink Insight, and I'll provide a little bit on Olink Flex, which is a customizable mix-and-match panel building product that allows customers to select and combine up to 21 human proteins from a library of over 200 into one biomarker panel. Both new products are eagerly anticipated by our customers, and we'll provide more detail next week during our Investor Day in New York City. In person or virtually, we hope you can join us. Our strong results were driven by solid performances and contributions from every member of the commercial group, and I'd like to thank the entire team for their considerable effort yet again. We believe the drive for new tools and new insights to improve human health is only growing, with modern proteomics and Olink NPX data specifically representing a key enabling technology to drive a new era of biological understanding. I'll now turn the call over to Oskar to provide additional financial details as well. Thanks, Carl, and hello, everyone. Before I start, I'd like to make a quick reminder that next week, in addition to our Investor Day on November 14th, we will also be at Canaccord Genuity MedTech Diagnostics Forum on November 17th. We hope to catch you at one of these events while we are in New York City. Third quarter revenue growth was strong once again in Q3, up 59% on a yearly basis, even with more sizable FX headwinds than we had anticipated at the start of the year. We continue to invest in line with our strategic plan, and adjusted EBITDA was SEK -1.7 million for the third quarter, as compared to SEK -7.5 million for the third quarter of 2021. As Carl mentioned, at the end of Q3, we had 40 externally placed revenue generating Explore installations. Even with this significant number of new externalizations, average customer pull-through with these customers over the last 12 months was a strong $725,000, an indication that the quality of our Explore externalization remains high. As a reminder, we've seen average annual pull-through for Explore range from $500,000 to $750,000 per customer, with individual spend ranging from less than $100,000 to multi-million dollar orders. We continue to expect variability in quarter-to-quarter pull-through, which could be further impacted by our customers' spending seasonality. Overall, we anticipate continued strong growth. Driven by very strong performance by Explore, kits revenue for the third quarter grew 265% to SEK 13.4 million, as compared to SEK 3.7 million for the third quarter of 2021. Analysis service revenue in Q3 was flat year over year at SEK 15.1 million. The mix of kit versus analysis service revenue improved significantly from Q2 to Q3, from 26% of total revenue to 42% of total revenue, respectively. Other revenue was SEK 3.2 million for the third quarter, as compared to SEK 1.2 million for the third quarter of 2021. Growth in other was driven primarily by Signature Q100 instruments. By geography, revenue during the third quarter of 2022 was SEK 12.4 million in Americas, SEK 15 million in EMEA, and SEK 4.4 million in China and rest of the world. Consolidated adjusted gross profit was SEK 21.8 million, or 69% of revenue in the third quarter, versus SEK 13.1 million, or 66% in the third quarter of 2021. Adjusted gross profit margin for Kits was 89% in Q3 of 2021, as compared to 91% in Q3 of 2021. Q3 adjusted gross profit margin for analysis services was 55%, as compared to 59% in Q3 of 2021. The decline in lab service margin was driven primarily by deliveries to the UKB and lower lab activity during the summer months. As we exited the third quarter, service margin reverted to the normalized levels we have observed historically. While quarter-to-quarter variation should be expected, we expect the combined positive impact of increasing kit mix, Explore 3K adoption, and our antibody library to have a positive impact on gross margin over the long term. Adjusted gross profit margin for Other was 49% in Q3, as compared to 74% for Q3 2021. The decrease was due to a mix shift in revenue stemming from the growth of signature revenues. Total operating expenses for the third quarter of 2022 was SEK 29 million, as compared to SEK 24.1 million for the third quarter of 2021. The increase was largely due to continued investment in Olink's commercial organization and research and development. Operating expenses are broken out as follows, selling expenses for Q3 2022 were SEK 11.2 million versus SEK 9 million for Q3 2021. Administrative expenses were SEK 12 million versus SEK 11.1 million for Q3 2021. R&D totaled SEK 6.4 million and SEK 4.2 million for Q3 2022 and Q3 2021, respectively. Other operating income was SEK 725,000 in the latest quarter as compared to SEK 276,000 in Q3 2021. Net loss for the third quarter was SEK 1.3 million, as compared to a net loss of SEK 5.5 million for the third quarter of 2021. Net loss per share was SEK 0.01, as compared to a net loss per share of SEK 0.05 in the third quarter of 2021. We ended the quarter with a strong cash balance of SEK 77 million in cash and cash equivalents. Our strong cash position and efficient use of capital is an indication of our ability to responsibly balance investment needs with a positive ROI. Consequently, we believe we remain sufficiently capitalized to achieve our return to profitability and to fund our existing strategic plan. Moving to our outlook. The top of our 2022 full-year revenue guidance calls for growth of approximately 49% on a constant currency basis, and roughly 45% at the bottom of the range when incorporating FX headwind based on today's rates. To provide some background, we offset approximately SEK 2 million of FX headwind during the first nine months of the year, and now expect a significant amount of FX headwind in the fourth quarter as well. Given the movements of the U.S. dollar, we believe providing this additional layer of analysis is useful for investors as we enter the most important period of our fiscal year. I would also like to highlight that our FX exposure is somewhat impacted by the mix of revenues and demand for products and services around the globe, which does vary from quarter to quarter. Despite the macro-related impact from foreign exchange volatility, war, and global monetary policy, we believe Olink's business is performing very well, and as we consider 2023, we believe we remain well positioned for a return to profitability and continued strong growth. I'll now turn the call back to Jon for his concluding remarks. Thank you, Oskar. Thank you, Carl and Jan. We believe our leadership position in proteomics continues to grow, with Olink seeing increasingly broad adoption across plex and across customer segments and across the globe. At this point, we'll open up the call for questions. Operator? Thank you. As a reminder, to ask a question, you'll need to press star one one on your telephone. Please stand by while we compile the Q&A roster. Our first question comes from Puneet Souda with SVB. Your line is open. Yeah, hi, Jon. Thanks for taking the question. First one, really, I mean, first of all, congrats on the strong quarter here. The Explore installs were really impressive in the quarter. I don't think you had 11 installs in any quarter since the launch of this product. Tell us a bit more about that. What drove that? And does it mean that there's a little bit of a pull forward here? Or and also, what does it mean for 2023 with the rising mix of revenue towards kits? Maybe if you can talk about that, and then just briefly around, you know, what does this mean for the pull-through sort of longer term? Great. Thanks, Puneet. Yes, much appreciate your comments on the past quarter, right? I mean, truly impressive, right? You know, every KPI one could measure us on, we certainly deliver on or above. Yeah, we're super excited by 3Q. Definitely on the Explore installations as well. Maybe Carl can add to those comments. I don't know, Carl, would you maybe you can just answer Puneet directly on sort of how you view the 11, which for sure is the biggest we've done in one quarter, and why that is. Yeah, absolutely. Hi, Puneet. Yeah, so as we've talked about in prior quarters, it's a bit nonlinear. I think what this reflects is execution on our strategy, which we've spoken about in terms of, you know, shifting to more of a product versus a service business. I think you could see that growing in our prior performance in terms of Explore demand, how high that is, and that sort of, you know, permeating now to customer adoption. You had asked about pull forward. I think, again, there's a bit of lumpiness, so I don't think I would look at it that way. I think we'll, again, over a shorter period of time, it doesn't look linear. I think if you stretch that over a longer period of time, you'll see that trend continue to rise. I mean, it's still early days talking about 40 sites when we're considering the fact that there's thousands of sequencing instruments out there in the wild. I think that, again, represents a tremendous amount of opportunity as we continue to look ahead. The pull-through thing just gets tricky because it's for the same nonlinear comment that I made there. As we have newer users ramping up their capabilities, you know, that'll suppress the number a bit. As they become productive and you know take in more demand, then you know it'll grow those numbers a bit. So far, again, we're seeing consistent sort of high quality customers in that space, and that's been very, it's been very good to the business and on points with our strategy. Okay, super helpful. If I could follow up, a question that we're getting this morning is, you know, your timing to reach profitability, and the need to drive investment into growth, obviously you're seeing a strong traction here with the kitted products and with Explore. The question I'm getting is, given the cash position you have now, could you talk a little bit about your timing to reach profitability or need for any capital additions? Last one, if I could just squeeze in, with Illumina's lower cost per gigabase, what does that mean for your business with the new X Plus launch for Illumina? How do you think that customers will utilize that to drive proteomics and Olink experiments? Thank you. Hey, Puneet, it's Oskar here. I'll take the first one, and then I'll hand the second, more scientific part over to Jon. I mean, on our cash position and sort of on our path to profitability, we, I think, remain sort of very confident and sort of in our plan for next year to revert to profitability. I think if you sort of dissect the third quarter results, you can see sort of, you know, quite significant leverage on the cost base, especially sort of on the sort of non-commercial, non-R&D side. Also with the sort of kit mix improving, driving sort of margin expansions on the gross margin side. You know, that sort of leap into 2023 in profitability is sort of, you know, very much within our plan. We, you know, plan to sort of invest a bit further into 2023 and revert to cash flow positive in 2024. There is nothing sort of within the current scope of our plan to sort of raise additional capital, and we're comfortable, you know, where we are today. Yeah, Jon here, Puneet. A very good question, an important one. As you know, you know, we have an agnostic strategy. Our technology is unique in that sense that you could for Explore use any sequencer out there, really. It's counting those DNA barcodes. Of course, we are super excited along with our customers when you see improvements in NGS technology and also some competition to be super transparent driving costs down. What it means for our customers is that the total price of the experiments are going down which is very good news, and they could expand their projects or run more on the same budget. I thought what Illumina has recently communicated was super impressive, very interesting, exciting developments on their technology, which will be super helpful for Olink and our customer base. All good news. Great. Thanks, guys. Congrats. Thank you. Thanks, Puneet. Our next question will come from Matt Sykes with Goldman Sachs. Your line is open. Hi. Thanks for taking my questions. Good morning. Congrats on the quarter. Maybe just, you know, some questions I'm getting from investors just regarding the guide for this year, just the narrowing of that guide and the lowering of the top end. You've kind of contemplated the FX in there with the CER results at the top end. How should we think about your factoring in the macro headwinds in sort of narrowing that guide versus sort of any kind of pull forward of orders into Q3 that you might have expected in Q4? Is this more about factoring in the macro headwinds in terms of the lowering the top end, or were there some change in order dynamics that we should be aware of? Hey, good morning, Matt. Jon here. I can start answering, and then if Carl wants to fill in, please do so. First of all, thanks, right. Yeah, we're super happy with 3Q. Based on the guidance, we just want to be as clear as possible to the investor community. You know, we've performed extremely well during all the macro and what goes on in the global economy, right? But FX is truly a headwind for us. We want to just be very clear about that. As we said in our script, right, we feel very good about where we're at on the current currency, right? When we factor in FX, you know, we thought this was the right thing to do on the upper end of the range. Carl, I don't know. I mean, basically what's also said in the script, right, is that we, you know, feel very good about what we're hearing from our customer base, that they've continued to investing in proteomics and in particular in Olink. I don't know, Carl, if you want to expand further on that. Yeah, sure. Matt, yeah, well, what we're hearing from our customers right now is that, you know, their budgets are not affected by at least for their proteomic projects, so that remains largely intact. However, I mean, being cognizant and prudent regarding the macroeconomic environment, and certainly I think, something a lot of companies rely on this time of year is looking at sort of budget flush. You know, that's to be determined still. That tends to come into focus a little bit better late November, early December. I think actually the positive sort of aspect of all that too is we've been sort of, as we've gone through this transition to more of a product business, we're, you know, smoothing the quarters out a bit, which I think is something that you know was commented on in prior quarters about the you know the s easonality of our business. We see that as a positive as we shift to kits. It smooths the quarters out just a little bit better. Overall, again, the macroeconomic environment is, you know, an item to be determined. Again, as Jon noted, no, we're not getting any specific signal though from customers right now that their budgets are affected for their proteomic work. Great. Thanks, Jon and Carl, appreciate the color. Just on the installation number, which you know was pointed out was very strong. You've talked in the past about some of the recent Explore installations being more high throughput customers, so as evidenced by the strong pull-through numbers that you have. Could you maybe talk about this set of 11 installations that you had in the quarter? Is it still trending with the high throughput customers? Should we expect that high consumable pull-through number to likely continue? Is there like a lag period of these 11 when they get ramped up and when we'll actually see it show up in that pull-through? Yeah, I can comment on that. Yeah, well, I mean, we continue to see customers, yes, who have a lot of capacity. Obviously, there's quite a bit of variation customer- to- customer, so it's hard to be overly generalized. Some of them are quite high throughput. Some of them are on the lower end of throughput. There is certainly a period, I think, of sort of adoption and ramping and scale. I commented on that a little bit earlier. I think when you look at those average pull-through numbers, as we have surges of adoption, you know, that will sort of suppress those numbers a bit. Then as they become mature, that'll grow those numbers again. We're not, you know, predicting any significant changes there. I think it's the best way to continue to look at it is sort of this 12-month type of figure, which helps to sort of smooth that view out a little bit. Got it. Just last question, just on low and mid-plex, clearly the signature placements were also fairly strong. Could you just maybe talk about the dynamic that you've spoken about in previous quarters about customers, particularly on the biopharma side, moving across plex? And are you seeing greater adoption of those customers moving throughout the plex spectrum? Yeah, I can comment on that one too. Yeah. Again, yep, very similar comments to prior. I think we see about, probably north now of half of our Explore customers are also mid-plex customers as well, and a growing appetite for adoption. With the Flex launch, I think we're gonna see a nice, strong tailwind as we sort of move into a part of the market space that we haven't been significantly competing in prior. I think that's only going to expand that opportunity and really only strengthens you know, the Olink story, which is very unique in terms of our ability to scale from high- plex to low- plex. Now to be able to do that in a very flexible way is, I can tell you, very attractive for our customers. Great. Thanks very much for the time. Thanks, Matt. Thanks, Matt. Thank you. Our next question comes from Tejas Savant with Morgan Stanley. Your line is open. Hey, guys. Good morning. I want to follow up on some of the guidance questions earlier. Jon, you had 49% reported growth, you know, at the midpoint of your last guide, and I think you'd embedded a single- digit FX headwind, so that would imply constant currency growth in the fifties. That is now 49%, right? And I know you mentioned some of these macro factors. First of all, can you clarify what was the constant currency growth in your prior guide? And help us bridge that number versus the 49% that you are now calling for in terms of these macro factors. Hi, Tejas. It's Oskar here. I think sort of, I mean, in our previous guidance, I think we've been sort of very clear that sort of, you know, we viewed, you know, prior earlier in the year, the sort of the guide as a sort of largely organic and clearly sort of, you know, the strengthening of the dollar since has sort of, you know, is very different from at that point in time when we gave that guidance. Now I think sort of, you know, the 15, the 49% organic growth that we point to today is very similar to sort of, you know, how we've guided previously. Now it's just sort of, you know, fine-tuning that as we close out the year and sort of drawing people's attention to sort of, you know, the FX headwinds and sort of directing that to sort of the reported growth rate of 45%. Got it. Okay. Now in terms of just, you know, the impressive new Explore signings in the quarter, how are you thinking about sort of, you know, any sort of kit stocking dynamic related to that? How long do you think it'll take for these new, you know, activations essentially, before they start reordering kits? Yeah. Carl, maybe you can answer. You answered that question twice here, but maybe you can do it again. I think there's a little bit of variation, Tejas. I think in that, so it's again hard to overgeneralize. You know, we have some customers for sure, you know, who are taking some kits for projects, will have those in stock, others who, you know, have actually only taken a minimal amount to start their training, whatever, and then to, you know, to move ahead through, you know, the purchasing for projects that they have lined up. I think a little bit of variation, so I think maybe your question though is like, you know, is there a sort of overstocking that sort of dynamic? I don't believe so. Again, there's variation, customer to customer. We'll, you know, see that I believe average out. Again, I think looking at those numbers, you know, over a longer period than, you know, any single quarter is probably a little more helpful for your modeling or the way you think about it. Got it. Okay. What are you doing from a de-risking perspective to keep the service lab operating at full capacity or given the possibility of energy shortages in Europe over the winter? On a related note, are you sort of able to pass on these rising energy costs to your customers in terms of just how your contracts are structured? Yeah. yeah, I think sort of, just sort of important to bear in mind that if you talk about sort of Europe and energy costs, I think sort of it's a very different dynamic across different markets. I think we are sort of somewhat lucky in Sweden to have, you know, not such a severe situation as you would sort of observe on the continent. Clearly sort of energy costs are, you know, higher than they were a year ago. I think sort of, you know, we made great strides in the service lab. I think they were sort of improving efficiency sort of on a month by month basis and doing a fantastic job. Sort of, you know, with Q4 this year, not having any sort of UK Biobank samples in there is also sort of, you know, supportive of the margin levels. Got it. One final cleanup for me, Oskar. Can you just lay out sort of what exactly your cash burn projections are for the fourth quarter here? I mean, we don't sort of guide on burn, but it's typically sort of relatively low in the fourth quarter. I think, you know, given sort of the high volume of activity, you know, a quite profitable quarter and typically sort of relatively low in terms of CapEx. Clearly there's sort of, you know, a working capital build up as we invoice, you know, a lot at the end of the quarter, but that clearly gets sort of collected in Q1. Got it. Very helpful. Thanks for the color, guys. Yeah. Thanks, Tejas. Thank you. I'm showing no further questions at this time. I'd like to turn the call back over to Jon Heimer for any closing remarks. Thank you for joining us today and for your interest in Olink, and we look very much forward to keeping you updated on our progress. Wish everyone a great day. Thank you so much. This concludes today's conference call. Thank you for participating. You may now disconnect.