Aiforia Technologies Oyj (AIFORIA) Earnings Call Transcript & Summary

Okay. So ready to go? Welcome to Aiforia's Earnings Announcement from '24. So today, I'm here with Veli-Matti Parkkonen, our CFO. And first, I will go through the highlights of the year. Then we go through the numbers. And the last point, so of course, we go through what is ahead of us, so strategy and execution. And then we have some time for Q&A at the end. So let's get started. So it was an interesting year and a very good year from our perspective. So our order book was growing nicely. So actually, we were able to close multiple significant deals from our perspective, especially on the clinical side because, as you may know, so we decided to focus on the clinical market, of course, not neglecting the preclinical part but focusing from research type of deals to more clinical type of deals. And so we made this decision in 2020 and start building a portfolio for clinical side. And that meant that, okay, so we move from EUR 10,000 deals to potentially hundreds of thousands of a year or even millions of a year for bigger clinical customers. And on that plan, we've been moving ahead nicely. So our growth was mainly happening from the clinical side. We maintained the research business and that's where we are at the moment. But I will go on the details on this journey a little bit later. We also -- at the same time, when we started to get in the first bigger clinical customers and having in place a replicable products so that we can scale up, so we were also building up a distribution channel, a reseller partner. And of course, previously, we've been working, of course, a long time with all the strategic ones in the cloud side, from the scanner side, from image management, laboratory information system type of partners. But last year, we also started to expand through the partner network who are actually reselling our products in particular countries. And of course, we did a nice investment on the product development. So a significant amount of our cost went to building new products, and we got good traction on that side as well. And I think this is a familiar slide, but now there's more customers. And I think it actually, from our perspective, is the most important one because I said about the company's history. So started about 10 years ago, building a platform so that we enable pathologists to build their own AI models. That's Aiforia Create tool. With that tool, we actually gained a lot of success in the research community with the pharma customers who are building their own products using research on drug development. And with that, we gained a lot of users, over 5,000 users. And in 2020, we made a decision so that we use our own tools to start building ready-made products for clinical side where we saw that, okay, there's a bigger business opportunity because we go and start automating huge workflows of hundreds of thousands of samples a year. And that clearly was an area that it was lacking in automation. So we did a small pivot on that direction in 2020. And in '21, we started to get the first products out and we won the first customer, which is Mayo Clinic on the clinical side. And as you may know so, it's the #1 hospital in the world. So the best reference you can get. And in the Mayo Clinic, so our breast cancer AI models are already in production for a couple of years, and now they are adding more AI solution, which is really good news for us. But top of that, so there's over 70 pathologists using our platform. And from that exercise, we will get more tools for clinical side as well. But that's really interesting and important for us getting a scientific proof and the documents out as well. And we do some joint development work with Mayo as well. Maybe one to mention is the QuantCRC for the colorectal cancer area where they use our AI to collect a certain number of data points from samples, combining that with the patient data, actually over 8,000 patients from 8 different hospitals, and with that model so they can predict the patient outcome. And it's really important so that you can make then a decision what type of a treatment and what level of treatment the patients are getting in this particular case. So they can lower the treatment categories and give less chemotherapy for 30% of the patients. But my point is that, okay, with the Mayo Clinic, the collaboration and partnership is really strong and it's growing. And that was the first entry to the clinical side. But fast-forward after that, so we've got a lot of interesting opportunities. And every year we've been doubling or tripling the amount of customers on the clinical side. So let's say, PathLAKE from the U.K., so that's an NHS-linked project. So we got the first phase of that 2 years ago. And just recently, they also chose the PathLAKE NHS #2 as well so we are part of that initiative as well. I think that was a really good entry for us, and we got our AI models in the list of NHS-approved solutions and we have closed the first deals as well. So NHS was -- I think it was a '22 deal. So first, Mayo in '21, NHS in '22. And then we have got, of course, the Turkish deal, the Memorial Hospital from Istanbul. It's a really interesting one because it's an 80 million people country. And this is the biggest private hospital in the country, fully digitized. And now they took all of our CE-IVD marked solutions on this first deal. That's really a huge opportunity to grow and a really important customer for us. But then interestingly, the European area has been picking up really nicely, '23, '24. And last year, we did a lot of really important deals. So okay, Sardinia deal was actually announced yesterday, so that's a smaller maybe, 1.5 million person region, so maximum 7 hospitals on that region. So that's an interesting one as well. But I think the big ones here are the Lombardy region. So that was closed in December last year. So we haven't booked any of that to revenue yet, but it's on an order backlog already. And that's a big one. So the whole region is a 10 million people, so 31 hospitals, and it's a 3-year contract and it's moving nicely forward. And for that particular region, we were able to use our good reference from Italy. The first big one was Veneto and that's already delivered and now they're in a phase and ramping up the volume. They took all of our 5 CE-IVD marked solutions on that point of a time. And now the same concept has been replicated for Lombardy region and it will be -- go on a delivery phase this year. And it will start showing on a revenue this year as well -- partially this year and next year from a revenue recognition perspective. But those are really big ones because Veneto was and is 5.5 million person region, so it's big. There's 12 hospitals. And now the Lombardia is 31 hospitals, 10 million people. It's like winning 1 country, Finland, 5.5 million people or Lombardia, Sweden about 10 million people. So it's really significant for us. And then, of course, where we are extremely happy is the APHP de Paris hospital region. So we closed the deal last year. So the first hospitals there and the first AI model. So we start with the one and in a couple of hospitals, but it's the largest hospital group in Europe. So there's an opportunity to grow to 38 hospitals. And that's really interesting. And in all of these cases, they've been comparing us to the competition, so we've been winning. And we are really happy about those. Then we got the big deal from Spain as well. And also very happy that we got the deal from Finland, Fimlab, so leading laboratory in Finland. And that's a 6-year contract. And they were choosing solutions for -- actually, they have a tender for 10 different lots and they chose vendors for 9. And Aiforia was chosen each one of those 9. And now we got the order for the first 3 ones and we are in a delivery phase. So my point here is that, okay, so we really put the focus on entering the clinical side, building the first flagship hospitals and winning those deals. And on that journey, we are moving forward really as planned and really positively at this point of time. So as I said before, so we are investing quite a bit on R&D and customer acquisition. So of course, the main thing is that, okay, if you think about the company, so you need to have something to sell and you need to sell and then you manage the other processes. So we've been investing on building more AI models because we think that, okay, you need to have a good portfolio. You need to build the proper interfaces. So we have a fantastic view, so that's clearly the best in market so that we can show AI-driven results because they are really rich. Because we do quantitative analysis, what we show in the image where the problem areas are. We also populate the ready-made report so that we really put an automation and efficiency in the process and then link that back to the laboratory systems. So all of those interfaces and AI models and further developing those is really important. I mentioned about the colorectal cancer model. So that's something that we jointly developed with Mayo, and we have exclusive rights to commercialize that globally, and of course, all the integrations to surrounding systems. So when you go to a clinical environment, so we are not there alone. So we understand that it's a bigger play. So there are multiple software elements that you need to build an integration, so multiple hardware integrations. And I'm happy to say that we have done integrations with all the main scanner manufacturers, interoperabilities and testing with the slides so we are working with all the main image management vendors and also with LIS system. And of course, on the cloud side, we work with Google and Amazon and Microsoft. And that is something that you need to have in place in order to sell in a clinical. And on the preclinical side, we just recently closed the first good deal with Aiforia Studies. So that's a workflow tool and we expect that, that's an interesting market to be in and that will grow. And then going forward, so we've been leading the technology and innovation. So we were the first company back in 2015 to start using the deep learning-based AI in pathology. And we've been following, of course, what's going on in the technology side and we have a fantastic team in place here, mostly here in Finland. And now, of course, all these GenAI, ChatGPT and all of these latest technologies. The big thing in our industry is a foundation model and that means that you can use a huge number of slides to train a model to recognize things. We are, of course, using those and partnering with the people who have those foundation models. But we have something really good and valuable things to build -- in order to build on such a model, we have annotated slides. So we have actually own slides that has been annotated, tens of thousands of those. And those are the ones that you can use to enrich the foundation model and really build a working solution. So we are starting this technology. And today, of course, we are using those to improve our productivity in the coding and development team and making the AI models more robust and also making the AI models more efficient way. So we are actually investing on this side nicely as well. Then the regulation. In the clinical side, yes, you need to have a good solution. You need to prove that it works. So you need to have the enough scientific studies and you show that, okay, they can trust the results. So we have successfully done those things with our investment on the preclinical and Aiforia Create and working with the research. So that's done. But the next step is that if you really want to sell in a very regulated environment, in hospitals, you need to have these regulations in place. In Europe, earlier it was CE-IVD and then they changed the regulations a couple of years ago so that you bring a new one, which is called IVDR. First, they didn't have the notified bodies, but now those type of things are sorted out. We spent some time on getting our things certified and the company certified because it's quite a heavy process actually. But we have done all of those things. And now of course, we have regular checks on the company's ways to operate and so on. But it's done. It was heavy-lifting. We also brought the first 3 models in the market so most important was the HER2 for breast cancer because that's a biomarker, an AI model, that based on that information, you actually make a decision what type of treatment you are giving to the end patients. So that's a significant thing for us plus then, of course, couple of additional prostate features as well. And the point is that with this regulation, once it's done, so now we can speed up on bringing new IVDR regulated, CE-IVD solutions in the market. And this is a bit of a barrier of entry for competition petition as well because some people are saying that, okay, yes, building an algorithm is something. But seriously, when you go to a clinical environment, you need to have these regulatory approvals in place and then you need to have all of these integrations to surrounding systems and you need to be able to maintain and deliver and maintain it as a real software solution. And that's what Aiforia can do. That's it. And now I will hand over to Veli-Matti to go through the numbers from last year. And after that, I will ramping up on our next steps going forward. But up to you Veli-Matti.

Thanks. Thanks, Jukka. Well, 2024 was a big year for Aiforia. Many features developed, everything went forward. And I would kind of give 3 points that would give more color for the figures presented a little bit later. First, the decision we made back in 2020 to enter the clinical market, as Jukka mentioned earlier, was a good one. It was proved to be right one last year. The revenue from the clinical business grew to cover 50% of our total revenue. So in 0 to 50 in 3 years. In 2021, we didn't have any clinical revenue. The second, the success in the clinical market meant that our product portfolio is good -- actually, it's excellent. Even the most demanding clients, they have approved our portfolio and user experience as well. And the beauty of the business is that with these demanding clients, we are able to develop and expand the portfolio even further. Third, inside Aiforia, we trimmed our processes to be more efficient and that is shown in the figures. A work well done people in Aiforia. Here are some of the key figures from the report. So the revenue increased by 19% to EUR 2.85 million. And the order book growth was a whopping 118%. We still invest heavily in product development. So approximately 1/3 of our cost goes to creating new products and features in our portfolio. EBITDA, that was an improvement by almost EUR 1.5 million from the year before. And the number of employees are pretty much stable at the same level, 75. And we still had a pretty healthy cash position by the end of the year last year, EUR 11.5 million. The revenue came pretty equally from different places like in Europe and U.S. But Finland picked up quite a bit and thanks to the Fimlab deal that we got last year. This is an interesting picture, and it's going to be interesting to see what [ Antti ] is writing about this. So order book and revenue. Order book, healthy growth, over 100% per annum for the past couple of years. Not too many data points, but obviously, I mean, this is kind of like according to the IFRS accounting system. So we don't have access to similar type of data for a longer period. But anyhow, I mean, this gives a pretty good idea what's happening with Aiforia. So back in '22, we had an order book of EUR 1.1 million and that is basically only preclinical order book. No clinical order book at all. And if we go a couple of years later to '24, so almost EUR 5.2 million. So the growth is basically only the clinical market. The preclinical order book is pretty much same as that EUR 1 million, EUR 1.1 million. So that is something that you have to understand that our business is shifting towards the clinical market. Obviously, I mean, we want to keep eye on the preclinical market as well as the Orion deal showed, Jukka explained that earlier. But yet, I mean, the scalable market is in the clinical business. And going to the revenue figures, a little bit smaller numbers, but that hides the fact that actually the clinical business has grown more even than the order book as such. So we had a little bit of pickup on the preclinical market in '23, but it came down towards '24. So the actual clinical market growth has been something like 150% approximately per year for these past couple of years. The costs, pretty stable. Been able to trim, as I said earlier. The big savings have come from the other operating costs. So we've been able -- I mean, 2 big items are there. It's the software costs and then the outside hired workforce. And we were -- been able to trim those costs somewhat, something like EUR 1.5 million compared with '23 figures. And I guess, I mean, this work continues, let's say, how we could manage to maintain the good momentum and good development phase in our business. But yet, I mean, obviously, I mean, we are thinking that the cost level stabilizes at these levels. This is good level, but there might be chances to trim that even a bit further. And here is the -- finally, the cash flow from operations. So back -- 2 years ago, H1 '23, we had a negative cash flow from operations, EUR 4.6 million. So that has been improving to approximately EUR 3 million the last 6 months of '24. And that is something that we keep on going on and I'm positive that we could improve that even further. And that we have promised that, that should be breakeven by the end of this year. And that is a good chance, not perhaps the last 6 months, but close to the end of the year we should be pretty much close to 0 level. But Back to you, Jukka.

All right. That was good. So then how do we go forward? This is the area that we are in, the market opportunities. And this is something that you need to keep in mind so that we are not building something new demand. The demand is there. So we are in a market where there's active problem recognition. The customers are actively looking for solutions. And now we start being in a phase that we have proven that we have reliable solutions. We have proven that we can deliver. And we are now going to prove that we can scale it up because the products are getting more and more generalized so that they work with the multiple different scanners, they handle a little bit different type of images. We can integrate to multiple different things around Aiforia solutions. So all of those things are in place and the market is there. So yes, the demand is going up. So that's obvious. So the cancer case is unfortunately going up. Same cases are studied more carefully. So it means that more slides. There's about 3 billion slides per year. It's a huge amount. Then if you think about it, so all of those slides are 1.5 to 2-gigabit size. So it's a huge amount of data. So that's why it's an interesting play for the big cloud vendors as well. And of course, all the big players in the industry are interested in who are providing the devices for the laboratories. So now there are few like Aiforia people who are providing solutions for AI side. But it has to be one complete package what we are offering to a customer. But the market is there. So demand is there. And there's about 100,000 pathologists in the world. That number has not been growing recently. Now they're actually interested for new students to pick up this topic because of the latest technology like Aiforia's offerings and so on. So I think -- but still there's a growing gap between the resources and demand to be diagnosed. This is the simplified picture of the process so that whenever there is a prediction that you might have a cancer, it typically leads to the biopsy and a tissue sample. And those tissues also are put on in a glass plate, they are putting some staining so that you can pull out the information there. Nowadays, it is scanned using the scanners from Philips or like a 3DHISTECH or Epredia and you get the digital image. So that's really nice. So you can share the image with the colleagues in different cities, so you don't need to send any more the slides. But it's still manual work so that you look it from a screen and you make your estimates and try to calculate tens of thousands of different cells from that tiny, tiny samples. Where Aiforia fits in this picture, so we actually understand what is in that slide. And what do we do, so we do quantitative analysis. So we calculate all the cells and the distances, whatever needs to be calculated so that you can make a diagnostic decision. We give a quantitative report, but we also show the picture where the problem areas are so that you can double-check. The pathology is still in the driver's seat on making a decision so that this is my diagnosis. But nowadays, it starts to move in that direction so that, really, if you are in that trade and if you have a pathologist, you need to have AI skills because if you don't have it, you use your microscope, you start to be a little bit out of the business, obsolete. But AI is picking up nicely and that's the thing that actually brings the value on this whole process because you need to understand what's on the slide, that you can make a diagnosis and then it goes to the next step, which is a treatment decision. My point is that we are in the right spot of this workflow and we add value. And we actually create the demand for the bigger players, all of these scanner guys and Roche and whatever people who are working on this flow because now they want to go digital and they want to have an AI so that they can put really the efficiency and accuracy on this workflow. So from our perspective, we've been recognized as a leader in this industry so bringing the latest technology, and frankly speaking, going also a little bit deeper than most of the competition because most of the competition leave their support on a heat map level. Basically putting layers top of the image and showing where the problem areas are, this is red, this is orange and this is green, so that the likelihood of cancer is higher in this area and still you need to diagnose in the traditional way. So that's where Aiforia is starting. So we go deeper. We do the quantitative analysis and I think that's the reason why we've been winning those deals. So we've been facing always the competition, but we are winning because when the customer is comparing these solutions to each other, so we can provide more. We can provide the actionable information. Scalability. So we have a SaaS model. So it's, I would say, sticky business, a little bit like ERP type of implementation. Once you have done it, assumption is that it will be up and running for a long time because you are transforming from a nondigital to digital, start using an AI. And when you are providing a right working solution, so then it's not likely that the customer wants to change quickly that system. And it can scale. Now when we introduce these 3 additional AI models, our sales opportunity like in Veneto; Milano, we sold 5 AI models, now we can sell 8. So we can sell more from our portfolio to these existing customers as well. And as I said also before, the Mayo opportunity is growing for us as well. Interoperability is key, saying that, okay, you need to operate as a solid software company. You need to work with the older surrounding systems, and that's really important. And as I mentioned before, the certifications and quality. It is important, the security. So we are such in a critical environment so that there is no way of doing this badly. So you have to do security 100%. You need to provide the quality that they can trust on our results because we are dealing with people's lives and decisions, what pathologist and doctors are making after that. From our point of view, so we feel that we did the 5 first years on building the basis, building to Create platform to build those models. Then we have been building -- next 4.5 years we've been entering the clinical side, building the product offering in a way so that it's competitive and we can win deals. And obviously, now going forward, our focus is on keeping the edge on product side, bringing more nice solutions in the market and grow. So that's absolutely must so that we grow with the existing customers. We start using them as a reference to get to new ones. But the market is there so that there's all opportunities to be really successful on this. And then, of course, people. Key thing of these things. So we have a fantastic team in place both in science and research side, on the technology side. Plus then, of course, now we've been building up the sales operation as well. So all of these people and the teams need to play together and that's where I will focus on that, okay, we keep the top people in the team. Short-term business targets. We haven't changed any of these, so old information from last year. But one point to remember is that we did an IPO back in '21. So that was the time that we just started to enter the clinical side of the business and we gave some promises out. So what we are planning to do, and we've been delivering those things. And these are the next steps, of course, expanding the portfolio. We get these regulatory-approved AI models. We are in a good process on getting those done. Strategic partnership, done. So we have plenty of those, big ones, small ones, reselling ones. And then, of course, as I said, the second slide, what I showed, the customer wins, what we have done. So that has been in a focus. One is that, okay, so you have a product, you sell and then you deliver and you keep the customer happy on that process. We've been really successful on doing those things and achieve 15 key accounts that, okay, have an opportunity to provide us a 500-plus -- EUR 500,000-plus ARR per year in the future. It will take a couple of years, a few years to get in that level, but we focus on our accounts that has an opportunity to grow. And then as Veli-Matti mentioned, the cash flow from operating activities should be positive at the end of this year, very end, but we are still thinking that this is a doable target and we have a pretty okay pipeline and a backlog in place, and we are controlling the costs. So that's clearly one of the key things what we need to do. Longer term, so it's expanding the portfolio, which is really important that we start making money as well. So we've been in an investment phase. And when we did the IPO, we said that we will be investment phase until that point of time. And we've been investing and doing those things, what has been planned. And in '27, so we should see already black figures on that time. And then achieve a revenue of EUR 100 million totally doable because we see the deal sizes that we are now playing with. So I said it before multiple times that going from EUR 10,000 deals to now Veneto was EUR 1.3 million. We didn't tell the numbers from Lombardia, but it's clearly bigger than Veneto. But we are dealing with much bigger deals than we did before. And then the EUR 100 million target is achievable as well. And well, then, of course, we need to actively look what is the addressable market and where do we expand, but those are things that we let you know when we let you know. But we are actively looking for areas to bring more value to our customer target group and the number of customers, of course. Next things to come up is the statement, next week, Friday. And then we have an AGM coming up in April 4. And then next report will be half year, so it's in August 28th. But all in all, '24, very, very good year for us and we are moving forward on getting those things done, what we were planning to do. But now happy to take questions.

It's Arttu from Inderes. Starting off with the revenue, Veli, you gave me an opening to that one. Obviously, it's a backward-looking metric. You have the order book, which is significantly higher than your revenue right now. But maybe just give a little bit of extra color on what's ramped up already or was ramped up in H2. So considering your clinical deals, how many of those were sort of in full run rate during H2.

Those that were received before '24. So about 3, 4, right?

Maybe to go back into the expansion opportunities within those deals. Of course, you mentioned that during the last few minutes. But kind of in the practical terms, of course, you are having more models to sell to these customers. You have an initial deal that you start off with, with certain models, many hospital within each group to sort of expand to. How does the process work from the first deal to expanding to more models and more sites?

Well, so when you sell. So you successfully close a deal, so then you need to deliver. And typically, they start delivering or they from 1 or 2 models that we deliver 1, maybe breast cancer-related or prostate cancer-related model, and they are testing. So then after that, when it's -- because the process is there, the LIS system integration, image management system integration, then the AI model. So we can easily add more models on production, but it takes a little bit time so that they change the old ways of working, so start getting comfortable with the AI model and then we start ramping up. So there's already plans with the customers so how do we move forward. Then we have some particular cases that the customer actually did the implementation for the 5 models, have been testing so that they are all working nicely. And then they are ramping up their scanner volume because they may have too small amount of a scanner so they are buying more scanners and then it ramps up the volume. Because going forward -- so first, we get a little bit fee from a delivery and getting it up and running. But going forward, so then it's based on a case volume, so what the money we are getting. And it's important that the case, that the customer is happy and using. And that's why the customer success management type of a function is really key so that we keep a good contact with the customer, make sure that they are using it. So they are happy using it and they expand the usage. But it's a typical process on how do you build it up.

Right. And I guess some of this expansion is already within the initial order you get. What part of the expansion needs to go through a tendering process? I know it's case by case, but generally speaking.

On ramping up the volume, you mean?

Yes, expanding within the customer.

Well, it's more -- I think in the first phase, they buy everything at once. So they will want to have this and this and this solutions. And maybe we already agree what is the right of use, the volume where they can get up. But after that, so it's implementation. That has been taking a little bit of time, so that starting with 1 or 2 or 3, and once it's implemented, so then we can start invoicing and recognizing as a revenue as well.

Yes. And you published quite a few new IVDR models after, of course, a long blockage in the regulation processes across Europe. How does this impact your commercial opportunities in general? And have you already had discussions with your customers regarding new models?

Absolutely. It impacts because -- especially the Italian market has been very, very good for us. So we have multiple hospital regions already in play and they all wanted to have the full portfolio, what we have. So we sell to Lombardia and Veneto the 5 models, what we had as CE-IVD. But basically, we would have had the 3 additional ones, so then probably we would have sold 8 models. But now we can go back, and of course, upsell these opportunities. So it's directly linked to the revenue opportunity what we have.

Right. I think that the deal to sell new models is much easier to do than the initial tendering?

Well, that's the assumption because you have done the implementation or the integration and then you add more models.

Maybe on FDA then, you initially were planning to send out an application already during 2024. But could you just give an update on how you're looking at the FDA process right now? And what kind of options are you thinking of?

Well, we've been moving as we -- I think we announced that quite some time ago already so that we are looking for the FDA. So we've been having a planning sessions with the FDA. So we've been moving into first steps forward with that one. So we have a clearer idea now what we are planning to do. And we decided that, okay, so we don't take the lowest, lowest thing so that, okay, we do some very simple. I think our ambition is to deliver something that it's really usable for the end customers, brings the value so we can actually sell because we see that some of the competitors have been getting something through in the process, but it's not something that nobody buys, but from a marketing perspective nice thing to have. But our ambition is to have really a model. Most likely, it comes from the breast cancer area because there are reimbursement codes placed in the U.S. so that we start from there and we have decided what we do, so that's clear, and we know when. Now we're in a phase that we are talking with strategic partners because whether we choose this or that scanner, so there are multiple options who has FDA-approved scanners, and we are discussing somebody may pay something for this process and somebody wants to join the process, but -- that's the next decision, what we do, because FDA wants to have so-called pixel pathway that when you digitize the image, all the different components on that process has to be in the same -- everything has to be FDA approved. And if one component is changing, so then it's not any more FDA. So that's a bit of a challenge. And FDA seems to be loosening up that so that it's easier to approve multiple scanners on the same AI model, so that's interesting for us. But it's a thing that, okay, so we move forward definitely this year in some steps.

All right. That's good to hear. Maybe finally on the sales pipeline, I'll talk in general. Could you describe a little bit what's happening in the different markets and how many sales conversations you are seeing.

Well, obviously, I'm not going to give the numbers of the pipeline, but I can tell that we have hundreds of opportunities in the pipeline. But as a salesperson, of course, they are not all that we are going to close, but okay, some of them, yes. So I think the AI is driving the demand, as I said. So AI is driving the demand for the scanners and the other systems around. There's a lot of interest in place. From a market, particularly, we see Italy, a few additional deals coming in. So we've gotten a good start in Spain with the Castile, Leon region. In France, well, it's kind of, could I say, the Mayo of Europe. So we got the best possible reference what we can get, and that's the APHP de Paris hospital region. So when we start delivering that, we can start rolling it out. And I see that there's a huge opportunity in France. So we have multiple opportunities in the play already, but it's an interesting market. So we sold that. Now we've been fixing all the bureaucracy around that so that they could actually order. And now it's in the delivery phase. But I see that as a big picking up market. Nordic is a good one because it's quite well digitized already. But concretely, deals should be coming from U.K., thanks to the new NHS opportunity, and then France, Italy, Spain. Surprisingly so, those are the markets so that, okay, they are picking up nicely. And I expect to close some major deals in Finland as well coming up. But all in all, the market is growing and we just need to capture the opportunities and get into those competitions.

And maybe just specifically on Italy. I think, a bit over half a year ago, you mentioned there's around, ballpark, 15 tendering processes ongoing in Italy and now you've published wins with Lombardy and Sardinia just yesterday. I assume there are still quite a few tendering processes ongoing in Italy. Have you seen any losses from those processes so far? And is there still sort of many deals in the pipeline from there?

No. So I'm happy with Italy, like the Lombardia deal. So there was 3 LIS vendors offering solutions for digitizing the whole region and everybody was offering Aiforia. So we were quite comfortable on that tendering process, but we haven't lost anything in Italy. And to expand on that, we haven't lost too many deals. I don't think any on the clinical side.

And then we have one question from our online audience. So what is the company's financial position at the moment? And looking forward, are you maybe planning a share issue for next year?

Yes. As we told that pretty healthy position by the end of last year. So we are happy about that. That would bring us a long way to '26. But obviously, I mean, as we told in the statement, we're going to screen different type of opportunities in that area. But we are pretty kind of confident that we have multiple choices on that side, and it looks good.

Thank you. I think that was all at the moment.

Thanks for the audience, and thanks for the nice questions.

Thank you.