Intelligent Ultrasound Group plc (SUS) Earnings Call Transcript & Summary

Welcome to Surgical Science conference call. [Operator Instructions] Now I'll hand the conference over to CEO, Tom Englund; and CFO, Anna Ahlberg. Please go ahead.

Thank you. Very welcome to this conference call regarding Surgical Science's announced recommended offer to acquire Intelligent Ultrasound. CFO, Anna Ahlberg, and myself will go through a presentation, and then we will open the floor for questions. So let's start the presentation. Disclaimer, which I, of course, encourage you to read. However, as this presentation will be available online, we're not going to pause for too long here, so we proceed to summarize the key highlights of the deal. I'm very happy to announce the offer for Intelligent Ultrasound by Surgical Science. Intelligent Ultrasound is a specialist medical ultrasound simulation provider founded in 2004 and headquartered in the U.K. In summary, this is a very synergistic acquisition at very attractive terms. With this acquisition, we will strengthen our market leadership in ultrasound simulation with an over twofold increase in pro forma sales and also gain a great and world-leading portfolio of innovative products. The acquisition also enables immediate establishment of a direct presence in the U.K. market, which is an important step in Surgical Sciences' global scaling journey. Surgical Science is paying 13p per share for Intelligent Ultrasound, valuing Intelligent Ultrasound at around GBP 45.2 million on a fully diluted basis. However, this value includes the cash in the bank from Intelligent Ultrasound's sale of its AI business to GE Healthcare earlier this year. The implied enterprise value is therefore GBP 4.7 million which means that Surgical Science is buying the simulation business of Intelligent Ultrasound for around 0.5x 2023 sales. This is a very attractive multiple which is a result of excellent timing and joining forces in a way where the sum is larger than the parts. There are several key benefits with this acquisition. One, Surgical Science believes that intelligent Ultrasound's volumetric ultrasound technology is highly complementary to Surgical Science's existing simulated ultrasound technology and that the combination of the two will lead to end products with greater depth of functionality that in turn will drive higher end market penetration. Two, we further intend to utilize and expand Intelligent Ultrasound's existing direct sales capabilities in the U.K. to establish a comprehensive commercial organization for Surgical Science in the market and enhance the competitive position for the full Surgical Science product range. We do this in a geography where we would otherwise have to invest significant capital and effort to develop it commercially. The acquisition is also driving Surgical Science's expansion of its commercial footprint in the U.S., which is a market with big growth potential for the combined group. Three, Surgical Science envisages that Intelligent Ultrasound's Cardiff based research and development team will become one of our five global research and development hubs complementing the existing teams in Tel Aviv, Gothenburg, Seattle and Stockholm. Four, the integration of Intelligent Ultrasound into Surgical Science's larger global operations is expected to benefit the combined group's offering with synergies in product bundling and cross-selling to customers and by improving operational efficiencies as well as leveraging shared resources and functions. And to reiterate, we believe that this valuable business rationale is acquired at a very attractive price point for Surgical Science. Now let me give you a brief introduction to Intelligent Ultrasound. Intelligent Ultrasound is actually a company that we have followed and had interactions with for a long time. We have strong respect for the team and for the market position that the team has created in the ultrasound simulation space, and we are also quite excited for this Intelligent Ultrasound team to now join our Surgical Science family. Intelligent Ultrasound was founded in 2004 and is headquartered in Cardiff, U.K. The company has 48 employees and is listed on the AIM Stock Exchange in the U.K. In October '24, Intelligent Ultrasound completed the sale of its Clinical AI business to GE Healthcare for GBP 40.5 million which presents a very attractive and interesting opportunity for Surgical Science. This is because the continued business of Intelligent Ultrasound after the divestment is a pure-play medical ultrasound simulation business, which is of key interest to Surgical Science. The Intelligent Ultrasound simulation product suite consists of simulators for a wide range of ultrasound applications. There are simulators for general ultrasound training and more specific simulators for cardiac anatomy, pediatric and neonatal care as well as simulators for ultrasound-guided needle skills. The Intelligent Ultrasound products are trusted by medical institutions around the world, evidenced by the company's more than 1,700 installed systems in more than 800 medical institutions. The products comprise hardware, software, together with support packages, and these are sold in direct in the U.K. and U.S. and through distributors in the rest of the world. Intelligent Ultrasound has a strong team, particularly within the research and commercial organization. The research team is responsible for developing the entire product portfolio completely in-house and the capable commercial team has helped establish a strong market position and reputation of Intelligent Ultrasound. And the company is today a very strong brand with a reputation for high-quality products within their market. The Intelligent Ultrasound sales has grown steadily during the past years, but during the most recent year, the company's sales growth has plateaued at around GBP 10 million for the full year of '23. This development is in part due to customers' funding difficulties and in part due to difficulties for Intelligent Ultrasound to invest more in their sales channels and in broadening the product portfolio. These are typical limitations for a company with operations of subscale size. Looking at the market. The global ultrasound simulation market comprises approximately USD 160 million. The biggest application areas are within cardiology and obstetrics and gynecology comprising around 70% of the market. These are also the application areas where Intelligent Ultrasound has the biggest part of their product offering today. The market has an expected CAGR of 13%. And in 5 years, the total market size is expected to be around USD 300 million. Handing over to you, Anna.

Thank you, Tom. So taking a look at the two combined companies numbers put together as is, that is without any synergies, scaling effects or cost savings, but just looking at the reported numbers for full year 2023 and half year 2024, we see that we strengthen our topline with this acquisition with approximately SEK 130 million or approximately 15%. All of these revenues are recorded as educational product sales, which then grows by approximately 25% in full year 2023 numbers. And as mentioned before, our sales of ultrasound simulators more than doubles. The gross margin for Surgical Science as a whole is higher than that of Intelligent Ultrasound. However, as most of you know, this also comprises other revenue streams, in particular, license revenues with a very high margin. And there can be slight differences in how cost of goods sold is accounted for within the two companies. This has to be looked into more in detail. As I mentioned, these numbers are without any synergies, scaling effects or cost savings. We will undertake a post-completion review to look at this more in detail. But for now, we are estimating annual cost savings in the range of SEK 21 million to SEK 28 million or GBP 1.5 million to GBP 2 million, attributable to, for example, listing-related costs, reduced corporate costs and evaluation of resource requirements. Surgical Science has a history of utilizing talent from the companies we acquire, with the majority of employees continuing to play a role and thriving within the Surgical Science Group. And we look forward to Intelligent Ultrasound's employees contributing to the combined group whilst also benefiting from enhanced opportunities and resources. However, in order to achieve the cost savings outlined above and most effectively benefit from the synergies of our existing operational footprint, it is expected that there will be a reduction in head count within Intelligent Ultrasound's operations of about 10% to 20%, which we anticipate will mostly impact Intelligent Ultrasound's operations outside of the U.K. As Tom talked about earlier, we also intend to utilize and expand Intelligent Ultrasound's existing direct sales capabilities in the U.K. to establish a comprehensive commercial organization for us in the market and enhance the competitive position for the full Surgical Science product range in a geography where we would otherwise have to invest significant capital and effort to develop commercially. And the same goes for R&D, where we, through the acquisition, get resources and capabilities that we would otherwise have to invest in. Regarding our financial targets for 2026, I'm sure there will be questions on this. And the answer is that we continuously evaluate our 2026 targets. In theory, this acquisition increases the possibility to reach the sales target and decreases the possibility to reach the margin target. This acquisition in itself does not trigger any change in our financial targets. And on this slide, this gives you a summary and illustration of the synergies that I also touched upon on the previous slide. Subject to our post-completion review, there are great synergies to be had through this acquisition, both on the top line and on the cost side. Our ultrasound simulation business will grow more than twofold and with more to come through, one, leveraging Surgical Science's worldwide distribution network and brand recognition. Two, leveraging Intelligent Ultrasound's U.K. presence and U.S. footprint where there are areas and customer groups that Intelligent Ultrasound sells to where we have not been previously been. And there are also opportunities for product bundling, cross-selling to customers and product development. And the post-completion review that I mentioned earlier will consider potential savings through the fact that Intelligent Ultrasound will no longer be a listed company and all the costs that come with that, Alignment of corporate costs such as, for example, insurance and resource requirements. And as mentioned, except for the cost savings, there are also the investments that we would otherwise have to do in creating a direct sales team in the U.K., employing more software developers and so on. Tom?

Yes. Organization and organizational alignment. From a resource and organizational perspective, this acquisition makes strong sense with a minimum of overlap in the teams. In Intelligent Ultrasound, the majority of staff are within commercial, and they will be an important addition to Surgical Science in our growth journey. At the same time, a company where close to 40% of staff comprise the commercial team points to a company with subscale operations and Surgical Science expects that going forward, we will be able to manage commercial operations more efficiently from a resource perspective. Surgical Science plans that intelligent Ultrasound's Cardiff based research and development team will become one of our five global research and development hubs, complementing the existing teams in Tel Aviv, Gothenburg, Seattle and Stockholm. Surgical Science is, with this acquisition, further consolidating the market and reinforcing the position as the medical simulation company globally. Surgical Science has had an intensive acquisition phase during 2019 to 2021, with all acquisitions being successfully integrated and adding significantly to the company and we are now very happy to yet again announce an additive acquisition. Our strategy and ambition has been to acquire companies that can either support the company with more customers, complementary technologies, additional application areas or skilled software developers. And all previous acquisitions have been full integrations and in all cases, the assets that we have bought have been further developed and grown into something more valuable, whether it be financial returns or offerings and capabilities. Now Surgical Science is a fantastic platform with the scale and resources to deliver enhanced customer value towards both education and industry OEM within the global ultrasound simulation market. The volumetric ultrasound technology of Intelligent Ultrasound complements Surgical Science's simulated ultrasound technology and provides us with the opportunity to develop even more attractive and valuable products in the future. With Intelligent Ultrasound, we also expand into already existing application areas such as cardiac anatomy, echocardiography, point-of-care ultrasound, emergency medicine, critical care and neonatal care. Finally, Intelligent Ultrasound's team of skilled software developers will join the bigger Surgical Science R&D team and together, they will have an even higher capacity to develop the future ultrasound simulation products. Surgical Science has a clear strategy of how we can make the integration of Intelligent Ultrasound into Surgical Science a success, with our strong track record of successfully integrating previous acquisitions. Surgical Science is confident in the growth prospects within ultrasound simulation, both within the short term and the long term. From a short-term perspective, the acquisition makes perfect sense from a product and from a technology perspective as well as from a market and sales perspective, as already mentioned. We feel confident that we will be able to realize substantial synergies from the acquisition and that the asset will strengthen the strategic positioning of Surgical Science. In the longer term, we also see very interesting growth opportunities coming from the acquisition. With Intelligent Ultrasound, we will have the opportunity to develop new or partly new growth areas. One, the ultrasound simulation product portfolio of the two companies will be more attractive and better suited for applications towards industry OEM customers. Industry OEM comprises around 50% of Surgical Science's sales today. So the opportunity here is tangible and it's mature. And this is also an important further synergy with this acquisition that we will be able to sell the Intelligent Ultrasound product offering into industry OEM customers as well, thus strengthening further the Surgical Science position within this segment. Two, ultrasound simulation can also be used for training in drug delivery and guided injections both for medical device but also for pharma companies. Surgical Science has some sales towards this segment today, but there's a very big opportunity to further penetrate the segment with expanded sales activities of the combined group and in part also wider product offering of the combined group. Three, emergency medicine is another rapidly growing market segment where ultrasound is becoming a highly utilized technology, in turn, driving the need for ultrasound simulation. And finally; four, ultrasound is rapidly being adopted as a general tool for point of care or bedside care situations where the number of daily users is significantly higher than the number of users for the more advanced ultrasound systems, which Intelligent Ultrasound sells today. These point-of-care users are also in demand of ultrasound simulation systems in order to properly use and get value from their systems. As you can see, aside from the short-term revenue synergies with the acquisition, there are several important and tangible opportunities for the combined group to develop revenue even further in the long term, both within the education segment, where Intelligent Ultrasound is strong today, as well as within new segments such as industry OEM, pharma and point-of-care solutions. I want to quickly comment on the Intelligent Ultrasound product portfolio, which is extensive and comprises of five specific product categories. HeartWorks is a cardiac simulation system and BodyWorks is used for point of care and critical care ultrasound. NeedleTrainer is a system designed to help train the skills and coordination required for ultrasound-guided needle handling. ScanTrainer is a comprehensive general ultrasound simulation training system for general ultrasound skills. BabyWorks is a system specifically developed for pediatric and neonatal applications. And intelligent Ultrasound also has a distribution agreement with Airway Simulations for the ORSIM bronchoscopy simulator. The ORSIM is a simulator designed to teach bronchoscopy skills in a virtual environment. As mentioned, Surgical Science has a complementary product offering within ultrasound simulation, and the combined product offering will provide surgical science with the strongest and widest product offering within ultrasound simulation. Anna?

Thank you. Key terms and conditions. This acquisition will be implemented through a so-called Scheme of Arrangement, which is an English company law process used to acquire control of a company through a court-approved arrangement between the company and its shareholders. This process is used in friendly acquisitions where the offer has been recommended by the Board of the target and involves several key steps. One, a firm offer to acquire the target as announced, which we have done this morning. Then two, the scheme document, which outlines the terms and conditions of the proposed arrangement between Intelligent Ultrasound and its shareholders or creditors that will be published as soon as possible and no later than 28 days from today's offer. Three, Intelligent Ultrasound shareholders then have 3 weeks to vote at the court meeting and a shareholders' general meeting. To become effective, the scheme must be approved by a majority number of the Intelligent Ultrasound shareholders voting at the court meeting, either in person or by proxy, representing at least 75% in value of the Intelligent Ultrasound shares voted. Surgical Science has secured irrevocable undertakings and intentions to vote in favor of the acquisition at the court meeting and general meeting from 47.5% of Intelligent Ultrasound's shareholders. And then four, if the necessary thresholds are met, the scheme of arrangement is approved by the court and becomes effective 2 weeks after their vote. And then it is expected that the acquisition would be completed during the first quarter of 2025. So this is a very friendly process as we have known Intelligent Ultrasound's management for a long time. And the Board of Intelligent Ultrasound intends to unanimously recommend this transaction to its shareholders. Under the terms of the acquisition, Intelligent Ultrasound's shareholders shall be entitled to receive 13p in cash for each intelligent Ultrasound share, which values the entire issued and to be issued ordinary share capital of Intelligent Ultrasound at approximately GBP 45.2 million. We will finance the enterprise value in the company with our existing cash resources. However, since there is almost GBP 40 million in cash in Intelligent Ultrasound, in order to partially bridge the period until the acquisition has been completed and until the dividend can be paid from Intelligent Ultrasound to Surgical Science, we have also drawn down on a loan in the amount of GBP 17 million. And again, as you can see from the below timetable, we expect the acquisition to be complete during the first quarter of 2025. And there is a micro site on our website as well as on Intelligent Ultrasound's website, with all the required documents in relation to the offer. Tom?

Thank you. As a conclusion then, we are very happy to be able to announce this offer today that we think will be highly beneficial for customers in the ultrasound segment and also for Surgical Science. The acquisition has clear and compelling synergies, and it comes at an attractive price point and will ultimately contribute to making Surgical Science a stronger company. And with that, I would like to open the floor for questions. But please note that we are limited in saying more about the acquisition than we already have or what is in the 2.7 announcement for regulatory reasons. Thank you.

[Operator Instructions] The first question is from Viktor Hogberg from Danske Bank.

So just in terms of numbers, the 2024 revenue is set to be declining by 13%, given that H1 revenues were minus 22% year-over-year it implies an improvement to 0 decline in H2, I think. Is that a broad-based recovery? Or is it driven by the new NeedleTrainer product they launched in early 2024, just to understand the development with the underlying simulation development for this company? That's the first question. Basically, if it has seen the same trajectory as you did within educational?

Exactly. That's exactly a right response. I mean we are working in the same space here within the education and industry and the same issues that we have seen both on the macro level with regards to shrinking budgets and also inflation and so on. That has affected us as well as Intelligent Ultrasound and has been the key driver for the decline in sales, I would say, yes.

Just underlying, digging into it, is the recovery in the second half? Is that driven by the NeedleTrainer and simulation or mostly NeedleTrainer as it is a new product, which is ramping up, as I understand it?

For the second half of this year, Viktor, we cannot comment on that since these are also not any numbers that have been disclosed.

Okay. Fair enough. So also, I just want to understand the level of investments into these products, if you think they're invested -- well invested or under-invested because putting the historical R&D into perspective, it looks like or if you use DNA as a proxy for R&D, it looks like it's been high R&D efforts within the ultrasound products. In terms of your revenues, this is a 13% of your size, but the DNA is 39% of Surgical Science. So it seems if we take that as a proxy for R&D, seems that they're putting a lot of money and resources into these products relatively. Would you agree on that? Or is there anything else to do? And do you have a figure for how much money this company has put into R&D to develop these ultrasound products historically?

I would like to answer by saying that it's one of the reasons to why Intelligent Ultrasound has struggled in the past due to its sort of subscale size. If you look at it in absolute terms, the R&D spend, it's actually relatively small. And I would say that what would happen when we put the Intelligent Ultrasound R&D teams together with the Surgical Science R&D teams that you will have more dedicated engineers working to improve and develop the product offering further. So I think it's not comparable given the difference in sizes of the two companies and the effect that, that has on the P&L.

The next question is from Christian Binder from Redeye.

I would like to start a little bit broader when it comes to different niches and simulation. Obviously, previously, you've been quite focused on robotic surgery. Going forward, when it comes to, for example, M&A, are you quite agnostic in terms of which niche you choose to expand in depending on what opportunities are available? Or do you see ultrasound simulation as particularly attractive, and you want to expand more there, so to speak?

I would like to say that we see M&A opportunities, both within educational products as well as in industry OEM, and we see that both our business areas are strategic for us and also synergistic as we have mentioned many times before. And the fantastic thing with this acquisition in particular is that it will have synergies both on the educational products where it has its main sales today, and we'll be able to continue to grow revenues but we will also have the opportunity to open up new revenue streams and applications within industry OEM. So in that sense, the Intelligent Ultrasound acquisition as far as both segments, at least if you look both on short term and long term. And I would say that we are looking broadly on our acquisition opportunities and try to find companies where we see strong synergies, and we see that the value can be high for Surgical Science. Does that answer...

Got it. Yes, yes. And then the second one would be in terms of the potential synergies, but also cross-selling, et cetera, as you talked about. Obviously, there's always some integration period. So should we expect that to primarily come a little bit later, for example, 2026? If you could just expand as much as you're comfortable?

But I think that this is a fantastic situation in that, that Intelligent Ultrasound has very high quality and strong product offering already today, as I mentioned in the previous slide, with the product portfolio, and Surgical Science, we also have a strong channel and strong sales network and we will be able to realize the cross-selling opportunities, meaning that Surgical Science can sell the Intelligent Ultrasound through the Surgical Science sales channels and vice versa. We can be able -- we will be able to sell, for example, then Surgical Science product in the market, in the U.K. market, where we haven't previously been direct through the Intelligent Ultrasound sales channel and those -- the opportunities will be realized already during 2025. Then longer term, the kind of combined product offering and how you develop that over time, that will, of course, bring even more revenue growth opportunities. So there's both a short-term opportunity and the long-term opportunity.

And then on the cost side, Christian, as we mentioned, there will be a post-completion review. And after that, that can be answered more.

The next question is from Ulrik Trattner from Carnegie.

First question would be regarding realizing the synergies. Obviously, before realizing what you have outlined in terms of what it can make up, it will be a negative contribution to the EBITDA and even post sort of finalizing the synergies that you have seen, it will still be quite a big drag on the margin side, at least if we look at the EBITDA margin. So can you give us some type of outlines how long this will sort of drag on your margins? Where do you believe this is sort of expected to, to end up margin-wise in the medium term? Should it be able to operate at the same margin level as educational products does today?

Yes. Again, like coming back to what we said that there will be a post completion review. We have seen now cost synergies that we mentioned and also the areas where we see them. But after the completion there will be a post-completion review taking some time, and then we can talk more about that.

So is it fair to assume that the cash flow that we have seen from Intelligent will continue as long as we don't hear anything new from you in terms of your strategic review?

Well, since the timetable is that the acquisition will be completed end Q1 2025, and again, right after that, we will start with the post-completion review and that is then when we can come back and talk more about the effects and the timing.

Okay. Great. And my second question is regarding the sort of rationale behind the transaction. Obviously, the price tag is very compelling. And it seems like you've taken the opportunity to acquire an asset when it was actually sort of really favorably priced. But just trying to wrap my head around it, ultrasound making up roughly 10% of your current sales, that would translate into 20% of your educational products. Is this purely -- is this a play on that you feel that ultrasound within educational products is the most attractive niche within your product range? Or is it that you find more synergies or would suggest that this was an opportunity that you cleared could have missed given the price tag?

No, I would like -- I think it's very positive for many aspects. But if you start with the segment opportunity here that you alluded to, the ultrasound is a very interesting niche in that there's hundreds of thousands of users of ultrasound systems worldwide. So the number of users, active users is very high and also the need for training these users in different types of procedural skills is very high. And we have seen our ultrasound simulation offering within Surgical Science grow quite significantly during the past year -- during the past years to get to where the point is today. So there is definitely a very strong attractiveness in this segment itself and then on top of that, you have the synergies with both broadening the product portfolio, making a much more compelling and valuable offering towards our existing and future customers as well as a synergy about increasing our geographical reach as we spoke about the direct sales channel in the U.K. and also strengthening the reach in the U.S. And then not only that, but we also get access to the fantastic R&D team and rest of the organization in Intelligent Ultrasound to continue to further develop the ultrasound simulation product offering and it comes at an attractive price point. So in that sense, it's kind of a check, check, check, both in terms of where we want to be in the segment and the product and then the price point.

And can you just give us some rough understanding if ultrasound over the last few years, I know it's a smaller part of your educational products, has grown faster than the rest of the products?

We -- as you know, we don't disclose our different products group and how fast they have grown. But as Tom said, ultrasound is a very attractive segment for us, and we see strong potential and have seen strong potential there.

The next question from Christian Lee from Pareto Securities.

You stated in the press release that Intelligent Ultrasound has historically faced challenges in achieving sustainable growth. Do you expect this business to return to growth in 2025 despite NHS spending issues? And do you expect your combined ultrasound simulation business to grow in line with the expected market growth of 13% next year?

The Intelligent Ultrasound revenue has contracted due to kind of global market downturn, but also due to the fact that they had the large percentage of their sales in the U.K. that was dependent on the NHS funding and the NHS funding flows last year that significantly affected their top line negatively. We believe that we will see a positive development and NHS funding slowly coming back. The recovery rate is debatable and exactly how fast it will go. But on top of that, we see strong positive traction in the other geographies of Intelligent Ultrasound and its synergistic effects as well of being able to offer the broader ultrasound simulation of the offering of two companies, we definitely believe that we will be able to grow significantly and in line with our revenue growth targets of Surgical Science as a whole during next year for sure.

Okay. And could you please also describe the competitive landscape for the ultrasound simulation market, who will be your main competitors, for example?

You could say that with the acquisition of Intelligent Ultrasound into Surgical Science, we will be the clear world leader in terms of revenue and also in terms of market share for -- and the breadth, width of products. The second player after the combination of Surgical Science and Intelligent Ultrasound would be CAE Healthcare and Elevate.

The next question is a follow-up from Viktor Högberg from Danske Bank.

Yes. So just wondering on the revenue model, how much that is recurring, is it just the market on the slide you had, the service is roughly half of revenues, is that the same for you? Maybe that was for -- or sorry, for this company, maybe that was for Intelligent Ultrasound, not the market. Just confirming that, how much that is recurring?

The model is the same, that's correct, Viktor, sales of hardware, software and then service packages as well. So it's the same model, meaning that services are the recurring part primarily for service contracts. And then we -- the split hasn't been disclosed. But of course, what we have seen, I mean, we have a -- that's been very -- with the broad offering that we have, we have a very strong service and support organization, and that's been very favorable for us, and we see that also as something where we can scale, being part of -- for Intelligent Ultrasound to be part of our network in that sense as well.

And over time, I can also add that over time -- go ahead. I was going to say that over time also, we believe that we will be able to deploy the same strategy for the Intelligent Ultrasound product offering as we have done -- as we are doing for Surgical Science, meaning that we will be able to, over time, increase the share of recurring revenue on the software components of the simulators. And that applies for Intelligent Ultrasound as well as for Surgical Science here do simulation products.

I mean, Tom, in connection with the Q2 report, you said that the focus for 2025 will be to integrate tech platforms. This acquisition would add to that. I'm just wondering in what kind of scale? Is there a tech platform in that sense to integrate here? Or is this kind of a different animal compared to what you've acquired previously?

No, it's relatively close, I would say, in technology. And we don't foresee there to be a huge integration effort of the Intelligent Ultrasound products into the Surgical Science tech platforms. But we don't have any firm kind of plan yet for how long it will take and exactly how -- what the work will comprise of.

Okay. Is it okay to sneak in a third question as well?

Go ahead.

So just wondering, technicalities maybe, but is there a tax or cost effect here at play given that you're acquiring a large pile of cash that you would want to highlight? I don't know if it's going to lock in the rest of your cash pile, so to say, for a while. Any effects here that you have to be wary of for the next quarter?

As mentioned, until -- yes, the cash is for the GBP 45.2 million and then including this bridge loan until we have the dividend possibility. You also asked about tax, Viktor. Was that correct? Did I hear you correctly?

Yes. If there is any tax effect at play with this set up.

No. We don't anticipate there to be any tax effect from that setup.

We have a follow-up from Christian Lee from Pareto Securities as well.

Yes. I was wondering if you could disclose the sales split between the U.K., U.S.A. and other geographies. You might have mentioned this already, but yes.

Anna?

There is a split, I think, between the regions. And again, it's primarily U.S. is the largest and then U.K. also are the main markets. I would refer to the Intelligent Ultrasound report where they also have the continuing business in the last report separately.

There are no more questions at this time. So I hand the word back to Tom Englund for closing comments.

Thank you, everybody, for calling in and for all the questions. We look forward to the continued journey. Bye-bye.

Thank you and bye-bye.

This concludes today's call. You may disconnect your lines.