Nexstim Plc (NXTMH) Earnings Call Transcript & Summary

Listeners and participants, welcome to Nexstim's webinar for investors, analysts and media. Nexstim's CEO, Mikko Karvinen; and CFO, Joonas Juokslahti, will be giving a presentation that will take about half an hour. And after that, they are available for answering any questions you might have. You can send questions through the Q&A chat at any time, but they will be replied to only after the presentation. As you send a question, it will first be visible for us organizers only. The webinar will be recorded and the recording can be accessed on this page after the event ends. You will also be able to access the recording through the event page of the Nexstim's website. We have booked an hour for the webinar in case we do not have time to answer all questions, we will do so by e-mail. And now let's move on to the presentation. First presenting is Nexstim's CEO, Mikko Karvinen. Go ahead, Mikko.

Thank you, Patrick, and welcome, everyone. My name is Mikko karvinen. I'm the CEO of Nexstim. I'm very happy to present to you with our First Half 2026 financial results. And as an opening slide, you can see in this very first slide, you can see that there's the -- our integrated navigated TMS system that we sell. And everything is integrated and included in a system that we sell that you see on the screen when you have all the options and basically just the physician and the patients that are acting in this picture are, of course, not included. But otherwise, it is a sizable medical device. Okay. And going to the presentation line today, I will be presenting together with our CFO, Joonas Juokslahti. We have a bit of a background information there. We both have been in Nexstim for quite some time. So since 2014 and being new parts of building this success that we see now with Nexstim. I also have some renowned finished international high-tech growth companies mentioned from my experience prior to Nexstim. So very happy to be here, both to present our progress during the first half of '26 today. Moving on to a quick summary of where we stand right now. So we are the leading navigated TMS company. And TMS is a short version of navigated transcranial magnetic stimulation. We are the technology leader in this area and have the most advanced technology and product to consider in the area of nTMS. We are clinically proven and U.S. FDA and EUC compliant. We have a strong competitive edge as the only diagnostics are holding, both FDA and CE approvals in a highly regulated, high entry barrier field. We have demonstrated profitable growth with strong share of recurring revenue percentage of sales. If we look at H1 numbers, which Joonas will go into more detail in this presentation, our net sales increased 16% when our operating expenses increased only 8% at the same time period. Recurring revenue was 48% of our net sales, and we showed an 80% gross margin. Strong pipeline and traction on new partnerships. There are 2 partnerships with him. In particular, I want to mention and visit later in this presentation. There's been progress with Brainlab and Sinaptica collaborations, demonstrating role in clinical interest and advancing towards long-term agreements. And then finally, but importantly, we have a clear strategy period extending to the year 2028, and we demonstrated growth in a compound average rate of over 20% during the previous strategy period that was between 2020 and 2024. Now moving on into the next slide and our solutions and business areas. So let's take a quick look about where we are, what kind of business areas do we have, which systems do we use in these businesses, what applications business models we apply. The typical customer and then, of course, the regulatory approval. I'll try to be quite short in here because this slide has quite a bit of information. First of all, we have 3 business areas. We have a diagnostic business, we have a therapy business, and we have a research and neuroscience part of our business. The current latest version of our technology, the NBS 6 system can be used in all of these business areas. We do also have older products, such as the NBS 5 and NT that are being used and are part of our business model from the recurring revenue standpoint. But we do sell new systems now only from the NBS 6 platform. The application in the diagnostic business is presurgical mapping of the motor and speech area of the brain cortex. A typical patient that would utilize this technology in a hospital would be patients that are going to undergo tumor surgery and epilepsy surgery or radiotherapy as examples. The business model for more or less all of these businesses is similar, but the emphasis on different type of revenues streams is a bit different. But there is revenue from system sales typically there is recurring revenue elements for leasing, maintenance and consumable sales and then also potential sales-related license fees in the past right now and also when going forward. In our Diagnostics business, we mentioned a few customers, Reno Hospitals, Charite, Berlin, King's College Hospital in U.K. London and MD Anderson Cancer Center in Texas, to only mention a few. We've sold over 270 systems for diagnostic purposes until end of June this year. We are the only navigated TMS manufacturer who has both CE marked in Europe and FDA approval in the United States for presurgical mapping of the brain with navigated transcranial magnetic stimulation. Moving on to therapy. We actually got a few new applications or indications approved in during H1. We currently have a broad range from depression, so major depressive disorder, chronic pain, chronic neuropathic pain treatment, OCD and post-operative motor rehabilitation. So those are indications that are either a CE market approved or both. There's a larger recurring revenue portion typically in the therapy business because of the nature of the business being more. There's more treatments that are being done at the system in comparison to the diagnostics where brain mappings are less in volumes. We have renowned customers that we mentioned here, Henri-Mondor Hospital for France. We have brainstem centers from the United States and the [indiscernible] University Hospital from Finland. As I am mentioning, of course, in the home market, we have a strong therapy customer base from the university hospitals [indiscernible] but also the largest customer growth right now is the therapy clinic customers in the United States. As mentioned, we have CE markings and FDA approvals all the applications mentioned in this presentation. Not all are both. So depression is, for example, both CE Marked and FDA approved. In depression, we had adolescent depression approved also by FDA but only adult population right now in Europe. Chronic pain is approved in Europe. OCD is approved by the FDA, not in Europe yet, and then both postoperative motor rehabilitation is currently CE mark and approved in Europe. We are doing, of course, behind getting approvals in both CE marking in the year and FDA approvals and also in other markets around the world, but this is the situation we have right now. Then finally, going into research and neuroscience, we gladly can use the MBS 6 platform also in our very needy customer base, which is pushing the science forward in the research and neuroscience area. The application is usually researching something around either therapy diagnostics or something in between or both. TMS and EEG, so electroencephalography measuring the brain waves is something that is very interesting right now. And I mentioned a few of our customers, Sinaptica Therapeutics that are researching the use of navigated TMS and EEG combined with their cloud-based engine. In treatment of Alzheimer's disease, they have very promising and excellent results from a Phase II study already where they slowed down the disease remarkably, but we are also -- we have had a long-term relationship also with the University of Finland study and [indiscernible] group that are researching, for example, coma patients and diagnosis of glaucoma patients with TMS EAG. And then as I mentioning, we have McLean Hospital in Harvard related hospital that is doing also research work with our system. So these do not require necessarily FDA or CE marking, but they do require, of course, for example, ethical approvals and documentation so that we can import them to our research clients for example, in the United States or in the EU. So that's much in a nutshell where we are with the solutions and business areas. So let's move on to the next topics, which is the use cases of nTMS. In our case, we've continued to show the diagnostics, depression and chronic pain, use case systems. These are the most advanced also in our business. And for example, OCD and post motor we have [indiscernible] recently approved. So we have demand for them, but we are also, at the same time, gathering information about the market in a sense that what type of target market we have in there. Some of them are very much parallel to what I'm presenting here, for example, in the mental health area, but let's focus on these ones. So first, in the diagnostics. So brain surgery risk damaging critical speech and motor areas. Nexstim has unmatched MRI-guided accuracy for mapping speech and motor cortex of the brain. The market size is roughly EUR 80 million and this is the tumor patient group that we could help map in the U.S., EU and Japan, a very focused group that could benefit from our use of our technology. That's very conservative. That's kind of, I would say, the minimum market, target market for this application. About 9% compound average growth rate based on market research, example competitions include functional MRI which is in our opinion, less accurate than our technology or other anatomical brain scans that don't actually produce any stimulation effect that you can respond that you can measure. In our case, you can always measure the response and whether it's motor response or speech interruptions. And that can be then recorded and also mapped in the patients on MRI. It provides valuable information for the research and to plan the surgery and also discuss with the patient. If we look at the therapy area, the most utilized business is around depression. Millions of patients do not respond adequately to antidepressant medications, personalized stimulation to the exact mood regulation center, improving treatment effectiveness. This is what we can provide with the next navigated TMS system. The market size is huge. This is also a conservative estimate EUR 400 million to EUR 800 million worth of market U.S. and EU patients that have treatment system depression. So first of all, patients that haven't had helped with, for example, the example competition types of treatment. So drugs, psychotherapy, transcranial director simulation or ECT. Typically, TMS land somewhere in the middle here. So typical patients would have tried drugs or psychotherapy or both and then ended up diagnosed as a treatment-resistant depression patient and then getting TMS as a treatment option. That is something that is, of course, would be recommended in our case before going into more side effect treatment such as ECT, so electrocompulsion therapy which needs, for example, anesthesia and has severe memory losses as a side effect. Moving on into chronic pain. Many chronic pain patients do not achieve revisit with the existing medications or therapies. High accuracy stimulation for patients who not respond to standard pain therapies. That is what Nexstim can provide. The addressable market is about 10 million patients in the U.S. and EU total. The example competition includes, of course, drugs. If drugs don't help, then you can use different simulation methods, of which TMS is very effective, 40% to 50% of the patients treated with our system for chronic pain have shown clinical [indiscernible] really. There are other ways of simulation that are competitive but not shown to be such so effective as what I mentioned, that is TDCS and, for example, the other nerve simulators that can be either implanted both or usually our implantable stimulator versions. So that's quickly going through the major use cases. I'd like to next move on to the -- to talk a bit about our partnership. So before we move into the financial part. So -- and in this case, we're looking at Brainlab that is our strategic partner with leading digital surgery solutions. It's a German company that's located in Munich, Germany headquartered and operates globally. And what we're doing with Brainlab is we're building global access to neurosurgery market through this collaboration. They've done thousands of system installations of their systems and that software worldwide and about 4,000 hospitals use Brainlab software, have over 2,000 employees and the extensive global sales and marketing organization that give us access to the leading hospitals that do neurosurgery in the world. I'll say you for the whole story about our collaboration in today, but I would want to focus that currently what we're seeing in our collaboration is that we -- we've delivered the first NBS 6 systems to Brainlab, and then, therefore, they are landing at their end customer sites, and we have significantly grown our co-marketing efforts both digitally and then at the customer physically, whether events or at the customer sites. So that is something that is right now happening and we are planting the seeds for the future orders. I can tell that right now, we're in the stage where we are moving according to our plans, both on the marketing side and also then the volumes of systems that we've been receiving orders and that we've delivered to brain map. So in that way, we are moving according to our plans. And we will keep the news flow, of course, probably as much as there is available at any given point. So very much looking forward for this collaboration to be approved also in the second half of '26 and in the future. Then looking at Sinaptica, which is our other partner. Let's take the synaptic slide -- sorry, it was there. Yes. So this is a promising Alzheimer therapy collaboration that we have with the leading neurotech company Sinaptica. And here, we're entering the fast-growing Alzheimer's therapy market and positioning us at the forefront of TMS innovation in Alzheimer's disease. So Sinaptica has their core technology is AI guided TMS therapy targeting memory and cognitive function pathways. And we're combining our navigated TMS with EEG targeting and then also their cloud-based software engine is possible to provide a treatment for first a diagnosis and then a treatment for the patients that can slow down Alzheimer's significantly. So it was about an 80% slowdown in 6 months and then over 40% still in the 12-month published studies. Right now, we're in the stage where we have an exclusivity agreement with Sinaptica. And we've also recognized some revenue related to that, Joonas, we'll go into the financial details. The exclusivity is there until end of this year. And of course, we are supporting right now Sinaptic in moving to the next stages in their study, including the Nexstim technology and the systems that we've developed together with Sinaptic to provide the system and platform for the next studies that are on route for their, of course, approvals and the commercial opportunity post approvals. So that's very interesting, and this is a particular partnership that we have strategically also selected with taking the path that TMS EEG is something unique. We have the most accurate best navigated TMS system combined with the leading EEG manufacturers is the right combination that we can satisfy also Sinaptics needs for their studies and hopefully for the commercial future. So that's what I wanted to mention. And now it's time to move on for Joonas to have a chance to explain a bit about our financial performance during the first half. Thank you.

Sure. Thank you, Mikko, and good afternoon, everybody. So next, I'll review some of the Nexstim's financial performance in the first half 2016 and also take a look at some of the longer-term trends in our financial development. The total group revenue increased by just over 16% to EUR 5.2 million, that's compared to EUR 4.5 million in the first half of '25. So we continued on our strong path, our growth path during the first half of '26, and this time was supported by the excellent performance of our research and neuroscience business. The revenue in Diagnostics business amounted to EUR 2.5 million, and that remained essentially at the same level as last year in '25. And this represented just under half of the company's total revenue. Looking at the therapy business, the total revenue was EUR 1.4 million. And here again, the revenue was roughly in line with the comparison period. But here, the system sales grew strongly by nearly 87%. And this expansion of the installed base that will support the future recurring revenue growth as we continue transitioning from the disposable head tracker sales towards more of a software licensing model in the therapy business. The Research and Neuroscience business, that was the strongest growth driver during the reporting period. The revenue increased by 144% to EUR 1.4 million and the growth was supported by, well, both system sets and licensing income, but in addition, the recurring revenue more than tripled compared to the corresponding period last year. Overall, the recurring revenue at group level increased by 21% to EUR 2.5 million. And at the same time, licensing revenue increased to EUR 0.8 million. So it's good to note here that the newest reported business, the research and neuroscience business continued its strong growth trajectory during the first half this year also. Then moving to profitability. The gross margin increased by 15% to EUR 4.2 million and the gross margin ratio remained very strong at close to 80% level. And that reflects the scalability of our business and business models and also the strength our pricing positioning. The EBITDA increased by nearly 10% to EUR 0.3 million, and this was our fourth consecutive half year period with a positive EBITDA. The operating expenses increased by 8%, which is clearly below the rate of our revenue growth for the period. The sales and marketing expenses remained essentially unchanged, and this reflects our ongoing transition to more of a distributor-driven sales model or system sales. The operating profit was minus EUR 0.3 million, and net profit for the period was minus 0.9 million. And it's important to note that the result was impacted by approximately EUR 0.6 million of one-off expenses related to the financing round completed during the during the spring time. So during the spring, we completed an equity raise with our April investments on our Brain Lab, which strengthened our balance sheet significantly. And our cash position increased to EUR 5.6 million, which is more than double the level of a year ago. In addition, we had EUR 2.4 million worth of opened accounts receivables at the end of June. The group equity increased to EUR 8.4 million, and our equity ratio improved to 61% or a little bit over compared to just under 32% last year. So to summarize the first half of the year progressed well according to the plan. And based on this H1 performance, the company keeps its guidance for 2026, unchanged. So it goes as follows. The company estimates its net sales to grow and operating results to improve. Now on the next slide, let's take a look at some of the longer-term trends in our financial performance. So this slide here illustrates our rolling 12 months performance compared to previous full year financials. For the 2 consecutive strategy period already, the key theme has been profitable growth for us. And this means pursuing stronger business growth while maintaining continuous focus on improving profitability at the same time. So on the left-hand side of the slide, you can see the development of revenue since 2023. And looking at the rolling 12 months revenue as of the end of the reporting period, we have achieved approximately 21% annual growth over this period shown here. And at the same time, our gross margin ratio has stayed consistently strongly at around 80% level. So in the middle or the bottom of the slide, you can see the development of the operating expenses over the same time period. Expenses have increased approximately by 5% per year on average, and it's also worth noting that 2023, the first comparison period in this graph was a year of let's say, significant cost saving measures. So that makes the subsequent expense growth even more moderate. So combining these elements, meaning strong revenue growth and a strict cost awareness. The positive impact on our EBITDA becomes evident in the center of the slide. Going forward, we are aiming to continue delivering this same kind of positive development, which is in line with the company's guidance and also the long-term strategic objectives. So with that, I will hand the presentation back to Mikko for a few more final slides before we open the floor for your questions. Thanks.

Thank you, Joonas, for summarizing the H1 and also development in comparison to our previous years and rolling 12 months. Okay. So a couple of slides still to wrap up. I'll try to keep it short. If we look at the H1 2026 without any euro numbers that we just mentioned, our deliveries in systems grew 20%, as you can see, the graph on the left side, mainly from therapy systems that grew in numbers. We're strengthening the market presence. Like I mentioned, we're doing marketing -- co-marketing with Brainlab and also then marketing independently in various events around the world. There are a few events that I wanted to just mention from the H1 events, the AA&S Annual Scientific Meeting Health in San Antonio, Texas. We were part of the Brainlab booth there under area in that meeting was very, very, of course, it's a great place to present our technology to the newer surgeons in the United States and also internationally. We were part of a therapy, business-related meeting, the Annual Meeting of the Clinical TMS Society which was held in Boston, Massachusetts. And there, we were with our Nexton team since the therapy area is what we independently represent. Also, there were various other TMS companies and industry companies, physicians, scientists, very interesting meaning, and we can see that navigation is very much a topic both for research and clinical use right now, and we've got a lot of focus and a lot of interest in that meeting. Then some other ones, European low-grade coyoma network meeting, health [indiscernible], France, Annual Meeting of the German Society of Neurosurgery, DGNC in Aken, Germany and then here locally quite [indiscernible] conference of the Scandinavian Neurosurgical Society that was held in Tampa year in Finland. So -- there's a lot of groundwork that goes into the marketing of our product discussions with the physicians, the teams, the nurses, the scientists, and that groundwork is done all the time. And this is just a snapshot of a few of the major events we were part of and you can look at the full event list that are on the side. And also the -- if you want to stop by it in the event and discuss with our team then and please look at the future ones at the events part of our website. So key highlights, if we look at it, the strong research and neuroscience momentum was during the first half. There was net sales growth of 144%. So we were driven -- the growth was driven by that part of the business. The diagnostics and therapy net sales were at comparison period level. There was growth in the number of systems delivered, but the revenue was at the comparison period level last year. Strategic partnership advanced, Brainlab collaboration is deepening and specifically in the area of marketing and sales. And Sinaptica exclusivity is progressing, and we support them with the validation and delivery of research systems in preparation for upcoming trials. And you -- there's a great amount of information at Sinaptica website to spare some time and, of course, give them the possibility of telling their story, you can find a lot of information about Sinaptica their progress. Their CEO, Ken Mariash also gets frequently interviewed that you can follow. If you follow, for example, the Linkedin page, you can find these links to the interpreters there. And there's also -- finally, there's growing interest into the brain computer interface as a research area and hopefully then utilizing this technology with computer interface into the future clinical use. The brain computer interface in our world means typically combining either the Navigator TMS with EEG or usage of navigated TMS in helping [indiscernible] feature interface, access the brain better, which is that either to stimulate the brain and then reading which places give the response in that before having an implanting happening and then, of course, in various other ways of how to try to diagnose these patients and hopefully also help their therapy in the future, whether they are paralyzed or defects in the motor functions or they have lost, for example, their ability to speak or produce speech. And then of course, we are the experts in showing where the motor and speech areas are located in the brain, and this helps the positions quite a lot, of course, in planning surgeries that are more safe for the implants and also finding the right places for the new plants, as there's only one use case to simplify it. This has received a lot of international interest. And as an example, China in their latest 5-year plan has raised a computer interfaces as one of the areas they want to have focus in a governmental plan, 5-year plan level. So that is, of course, raising quite a bit of interest right now, and we want to be active and are active in this area. Then moving on to the momentum slide. So there is a lot of momentum growing right now with several growth catalysts. We do have a CE and FDA approvals for our NBA 6 platform, both diagnostics that we reached last year and then prior, we had the therapy. So we have a combined system that has -- Brainlab, our partnership is increasing our system sales volume. And of course, this is a long-term partnership. We're only into the second year of our partnership, and there's -- this is a 9-year agreement. But we are seeing a lot of positive progress towards this that our expectations are to volume increase, of course, to TBC. And that is where we're moving. And then the next in NBA 6, we've launched this as a combined system. It's now more competitive for diagnostics, therapy and neuroscience. It's a platform for all of our business areas and will be for quite some time. It's a modular structure that we can update modules and have software updated in the future with -- help the customers select new features and new needs, we will serve new needs in the future. Sinaptica partnership is a major market opportunity for treatment of Alzheimer's through this partnership. We are helping them now move on to the next phases of the trial. And then hopefully, after validating data from there, then also getting approvals and move it to the commercial phase. And then finally, very importantly, as it was mentioned, every system that we increase into our installed base also increases our recurring net sales. And this is just to demonstrate that in '21, we have EUR 2.7 million of it. Now we have EUR 4.3 million it's 59% growth to the latest 12 months. And that is a huge escalation and giving us more forecast ability to our business and also something that we can rely on in regardless of each reporting system sales, but something for the long-term growth and the sustainable growth of the company. And then finally, the final slide to summarize the highlights that are behind the investment and our strategic objectives. So investor wise, it's important to understand that we have a broad and attractive market with multiple clinical use cases as we presented today. We are the leading proprietary technology with key regulatory approvals. U.S., EU are the main ones, but also progress in Asia towards approval in Japan and some -- we have India already covered Australia and Malaysia, we just hold Hong Kong and so on. Strong competitive entry barriers in a highly regulated market. It's our technology, it's our IP. It's our regulations that are regulatory approvals that are slowing down the competition. stellar financial profile, double-digit growth, steady and high gross margins, strong operational leverage and high share of recurring revenue, 48% in H1 of this year. Several growth catalysts with new partnerships and new regulatory approved product launches. So there's a lot of momentum right now for growth. Then finally, final piece is the strategic objectives for this year. Profitable growth remains the #1 objective, so increase our net sales and improving operating results for the financial year while minimizing future capital needs. We did raise capital recently with investments from hyper investments and also Brainlab. But now we're at a level where we can satisfy our needs for the foreseeable strategic path that we have right now, and that will need capital now, and now we can -- we have more possibilities to grow our company in a profitable manner. Strategic partnerships support the long-term collaboration between Nexstim Brainlab as our main partner as well as expanding the network of other partners in clinics. That being, for example, in the therapy area or partnerships such as the Sinaptica partnership. And then finally, but very importantly, for a technology company, we want to remain leaders in the technology, so technology leadership. Further improving and innovating the neurosurgical workflow of the NBS 6, which helps the neurosurgery field and also the Brainlab partnership and then the TMS EEG research interface that helps customers such as research customers, such as Sinaptica, but also helps other research customers, hopefully, in the future that operate in the area of brain computer interface as an example. So very important objectives for this year and a very interesting area to operate right now. So with that, I thank you. If you look at the slides later on, it's a bit unclear now right now the text is not focused so much. But if you look at the slides later, we will publish these slides also at our mix side. please take a look at the important information part if you happen to flip through the presentation in a further stage. I thank you for the presentation part right now. Thank you for staying stay in tune and listening, and I now welcome some questions that we can then tackle together with Joonas.

It seems like there are 2 questions right now posted, and both of them are financial. Do you have a chance Joonas to pick up at least the first answer for these.

Okay. So a question regarding other adjustments on the cash flow statement of EUR 1 million. Okay. So thank you for the question. The amount, the H1 '26 amount underline mainly relates to the Sinaptica exclusivity payment, at least to the extent that it was made through the convertible bond investment. The related revenue has been recognized, but no cash was exchanged as part of that transaction. So as a result, it appears as a noncash adjustment in the cash flow reconciliation. Hope that clarifies the movement in that line item.

Okay. Yes. Thank you, Joonas. And there seems to be the -- the next 1 is about the system sales and diagnostics were down 29%. Should we read the system sales decline purely as timing and broader order batching effect that reverses in H2 or does it also reflect the change in underlying demand or average selling price per unit? Well, I can take that one. So first of all, it doesn't reflect the demand. We delivered actually 7 diagnostic systems during H1 '26. We had 7 delivered also H1 '25. You're quite to the point. It's actually now the average selling price is where the difference is explained. This is because of the transition of our model that most of our business now is being done through partnerships, distribution partnerships, and basically, it means that we are working towards growing the volume more than what we are having to pay, of course, for the distribution services. So in H1 by delivering the same amount of systems through the distribution channel, it gives us less revenue in the system sales side. . This is not, of course, in the full company -- full company P&L. It's quite not that simple because then again, we do receive, for example, we receive compensation from Brainlab as a partnership, if they don't -- if we don't reach as a company, our gross margin -- gross margin so-called gross profit insurance milestones. So partially, it gets compensated there. But purely, the drop in the system revenue of diagnostics is explained by the average sales price crop in that area because of the transition into the distribution model. I now forgot if there was -- and then at the H1, H2. So if there was the same amount of systems, we actually have the best order backlog right now that we've ever had in August. So we had 7 systems at the end of June as an order backlog. And since that, we have released new orders, more than 10 systems ordered in total since then. So there's a lot of orders in, and this is a very positive situation where right now, but how -- of course, all these systems that now have been ordered need to be also delivered during H2, which we are looking forward, and there seems to be nothing to say that we wouldn't do that, but there is always that business operations that we need to manufacture and deliver the systems. The other thing is that we don't -- we will be publishing the orders as we receive and also giving, of course, an update about the the number of systems delivered and probably the order backlog at the end of September when we get the business review of Q3. So you can follow there how things go progress with the -- but the order backlog right now, we're experiencing a larger order backlog that we've ever seen in August. So that's a very positive note. I think we've at least tried to answer the 2 questions that were left. Thank you for those unless there are any other questions posted. I'd like to thank you for your interest in Nexstim and following this webinar. We will be, of course, keeping you updated in the news flow. Both our company announcements and press releases. Please look at our events part, if you want to meet with the management or our team. You can see that there are also investor and business-related events, quite a few coming up. And then I will give Q3 business review, of course, sometime most likely after in late October or latest early November. And then of course, we will publish our financials for the full year in H2 '26 in February -- late February of '27. So thank you for your interest. Have a great, great weekend and a great rest of the summer. Thank you.