Hi. Good morning, everyone. This is Anchal Verma. I’m a member of the European Medtech team. And this morning, I’m very pleased to welcome Britt Meelby Jensen, CEO of Ambu. And for Q&A, we have Henrik Skak Bender, CFO of Ambu, joining us.

With that, before I hand it over to Britt, just a quick reminder of the format. We’ll start with a 20 minutes of presentation, and then I’ll take us through 20 minutes of Q&A. We’ll also open it to the room for questions. With that, thank you very much, Britt, for joining us. The floor is yours.

Thank you very much, Anchal, and good morning, everyone. Glad to see you at our presentation where I’m going to give you an update on our business and the progress that we have had in the past year. We just reported our fiscal year ending October 1. We reported close to 20% growth on our Endoscopy Solutions business, and we also announced a completion of our turnaround. So very solid progress on the business that I’m excited to share more details on as this puts us in a situation as a company to rethink how endoscopy is done.

So at Ambu, we were the first to launch a single-use endoscope back in 2009. And in 2024, there were 2.4 million procedures done using an Ambu single-use endoscope, which represents 2/3 of all single-use endoscopy procedures being done. So if we take a step back and look at the market, there is in the markets where we focus, around 100 million endoscopy procedures done every year. This is a number that is growing, but still less than 4% of these procedures are today done with a single-use endoscope.

If we look at the portfolio that we have today, we are able to serve around 23 million of this 100 million, a number that is growing as we continue to invest in innovation. So what I want you to take away from my presentation today is that we have a market where there’s a huge opportunity to further advance the market into the use of single-use endoscopy, where there is a true value proposition for hospitals and patients and that Ambu is well positioned to be the winner in this conversion.

We are a Danish-based company that was founded in 1937, and for the first many decades, our focus was in anesthesia and patient monitoring. We have a very strong purpose and that we have always been highly focused on innovation and developing new solutions in strong partnership with doctors and our customers. This has made us to the position where we are today being world leaders in single-use endoscopy. And if we look ahead, we also have a strong manufacturing footprint and a strong innovation setup. We are manufacturing in Malaysia, Mexico, U.S. and China, and that sets us up for future strong growth.

So if we look at the numbers and how we have grown. So over the last 5 years, we have had a — on the revenue side, a total CAGR of 14%. Even more impressive is when you look at the Endoscopy Solutions where — which is our main focus, where we grew with a CAGR of 28%, so more than tripling our revenue in this 5-year period. This also means that today, our Endoscopy Solutions revenue represent around 60% of our total business. And if we look at the geographies that we serve, North America accounts for around half of our revenue.

So what I’m going to talk about in the rest of the presentation is how we are well positioned for success. I’m going to show the progress that we have made on our Zoom In strategy that we launched a little over 2 years ago. I’m going to tell you about our global leadership in this attractive high-growth single-use market. I’m also going to talk about our unique market position and not least, the leading portfolio we have of solutions in the field of single-use endoscopy. And then I’ll finish giving you the outlook for the future where we have a strong 5-year outlook that we feel very confident that we are on track to deliver on.

But let me start on the strategy. So I joined the company as the CEO over 2.5 years ago. And in November, 2 years ago, we launched our Zoom In strategy, which was really about being more focused and also strengthening our execution to deliver strong, profitable growth. We have 4 Zoom In areas in our strategy, and we have made huge progress on all 4 in the past 2 years.

When we talk about our solutions for our customers, we have expanded the use of the solutions that we have on the market, and we have also further expanded our offering, in particular, in the field of pulmonology and urology. And I will come back to that. We have strengthened our execution. Notably, you can see that in our improvement on the EBIT margin, where we over the past 2 years have improved our EBIT margin with more than 9 percentage points.

A third Zoom In strategy area is sustainability, something that is very important for us, both because we like to be a responsible company, but also because we see good business in this as we engage with our customers. This is an area where we have made huge progress as well. Across all med tech companies, we were the first — 1.5 years ago — to launch our medical devices made of bioplastic. And within 12 months, we converted for all our single-use endoscopes to be used with bioplastic. We are continuing more initiatives that benefits our customers such as recycling programs, et cetera. And at the same time, on a corporate level, we are also continuing to increase our position on several sustainability indices, and we have also our near-term emission targets being validated by SBTi. And then we have the organization where we have made progress both on the culture and also on our capabilities.

When we launched the strategy, we also launched a transformation program because 2.5 years ago, we were in a tough financial situation, which we have now turned around. So if we look at the bottom here at the free cash flow, we were in a situation with multiple quarters of negative free cash flow. Last year, we showed you how we have turned that to positive. This year, I can tell you that we have even accelerated that. And we are also now debt-free as a company, which gives us huge opportunities to invest in growth.

Our EBIT margin, as I alluded to, we were at the too low level of 2.7% 2 years ago. There, we reported 12% growth in the past year, and we still believe we have room and we are well on track with more operational leverage so we can get to the long-term guidance of around 20% EBIT. We also grew our revenue, which I’ll come back to shortly.

So on this transformation and turnaround, what has really been the key drivers of the success has been that we have brought in new capabilities, both on the management team and across critical positions in the company. As we defined the transformation program, we defined key important strategic initiatives that we have now delivered on. And as I just mentioned, we still see room for operational leverage. So we still have a number of projects that we are delivering on that can bring our profitability further up. And then we continue to also focus on building an efficient and scalable setup where we have updated both our culture and also our operating model.

So if we go back to the revenue and focusing on endoscopy, how we report our revenue is that we will report Pulmonology revenue, which was the first segment we’re in and our largest segment, and then we report everything else together. So that’s Urology, ENT and GI. If we start with Pulmonology, we had last year, we were back to double-digit growth following some post-COVID turbulence that we experienced in this segment. So with 11.7%.

If we then look at the other 3 segments combined, we grew last year almost 30% in total. So this is really where we see a very rapid conversion with a lot more conversion towards the use of single use. If we then look at the position that we have across these different markets. So we were the first to come out with a single-use endoscope. And the position that we have across these 4 segments is that we are in all segments today, the leader in single-use endoscopy.

What you see on this slide is also that the market size in terms of number of procedures varies a lot across these segments. And value-wise, you will also see a very different value for the different procedures across the different areas. The single-use penetration is today highest in the Pulmonology segment, followed now by Urology, ENT, and then in GI, it’s just starting. The reason for these differences in single-use penetration can very much be ascribed to the fact that, I mean, we have created being the leader and the first to come out with a single-use endoscope. We have basically driven this conversion with pulmonology, therefore being the biggest because that’s where we were first. And then we went into urology some 5 years ago, the same for ENT and then more recently into GI.

If we then look at the value proposition and what is really driving this. Because what we have also communicated and what I’ll come back to is that we expect endoscopy for the next many years to continue to grow with 15% to 20% CAGR. We have a proven value proposition. So in the beginning, when we came out, our focus was very much on patient safety, and that was also what resonated with physicians. The fact that you can have a 100% sterile endoscope when you treat a patient was very appealing to customers. What we have found now is that there are also more drivers, one being workflow. The fact that the hospitals and the clinics are able to have a higher patient throughput, do more procedures with less staff and less cancellations is very appealing.

Then there’s the economics, where it’s, in many cases, there’s also savings by switching from reusable to single use. And then there is sustainability, which, in particular, in Europe, has proven to be a very strong driver because what may be counterintuitive to some, in our case, it’s actually — there’s less CO2 footprint by using a single-use endoscope than the reusable. A lot of this ascribed to the fact that there’s a lot of water, there’s a lot of chemicals used every time you need to reprocess a reusable scope.

So if I try to take a brief example of a customer and how we every day make a difference in many hospitals worldwide. What you see on this screen is the workflow at the top when you use a reusable endoscope. What you have to do is, basically, you have to bring it in often. It comes with a big tower that you need some assistance to roll in. Then once you’ve done the procedure, there is often over 100 steps that you need to go through for the reprocessing before it has to drive for a certain amount of hours before it can be used again. And if it doesn’t — if it breaks, it needs to be sent for repair, and then the hospital will have fewer scopes.

So in our case, you basically take it from storage. It’s used in the procedure. And then it is discarded, or more preferably, sent to recycling after use. So a much simpler process that not only reduces the staff time that is needed in the hospital, which is key these days, but it actually also ensures that the hospital will at all times have an endoscope available. They are not dependent on having done a lot of procedures, so they’re all in the room for reprocessing.

The example of 1 of our customers up here, [ Dr. Kanelly ], is that he actually — after he switched from reusable to our cystoscopes in urology, he and his team were actually able to double the number of patients that they treated using single-use instead of reusable. And it’s cases like this we see every day in the hospitals that makes us very confident about our future growth.

If we look at our portfolio, so we were the first to come out with a single-use endoscope, and we’re also the company with the broadest single-use endoscopy portfolio, as I talked about, both in pulmonology, urology, ENT and GI. What is very nice around our — about our solution is that we are building all of it on 1 software platform. So that basically also means as we see more and more opportunities with new technologies such as AI to improve functionality of our solutions. It’s very scalable for us because we can basically develop it based on the system and the platform that we have and then use it across the full portfolio.

But not only do we have the broadest portfolio, but we’re also continuing to expand, and I would like to talk about 2 new launches that are very important for us as we enter this fiscal year. The first one is in pulmonology. So our core segment where we recently launched a videolaryngoscope. This, we announced about 1.5 weeks ago. It’s a product that is used primarily to assist with intubation. And it’s, in many cases, used together with the bronchoscope. So what we have come out with is basically a solution where on the same software platform and system, you are able to use all our bronchoscopes as well as a product, VivaSight, and this new videolaryngoscope to do the procedures. Which is very appealing for the doctors because not only do they not like to have too many different systems in the room or in the department when they do procedures, but they actually also like the feature of being able to have a very high image quality on both solutions and be able to even in the procedures where they use both a bronchoscope and a videolaryngoscope to see on a split screen both cameras at the same time while doing a procedure.

This week and last week, we did after having the product registered the first many procedures here in the U.S. with customers. And the feedback is overwhelming, also in terms of the high image quality, the maneuverability and the quality of the solution. So this is something that is going to be key for us as we look ahead.

Another solution that we launched in the fall is in urology, where we basically were not known by any physicians until 5 years ago when we launched our cystoscope. I showed you earlier the great progress we have had on the cystoscope. And in the fall, we launched 2 new products, both a cystoscope high-definition. So basically, the cystoscope is, in many cases, used for diagnosis of bladder cancer screening. The cystoscope [ 4 ] that we have had in the market for a number of years has proven to really do that job well. But in some of the more complex cases, you need a higher definition, that we have with our aScope 5 Cysto HD. And then we launched a ureteroscope a couple of months back.

This is a market that is very exciting, and it’s actually the first time that we are not first to launch a new single-use endoscope because there’s already a couple of players in the market. The reason why this market evolved early is because of the complexity of the scope, it’s mainly used for kidney stone removal, and it has a very long thin working channel where you both need to have the lighting, the camera and the ability to use tools in the — through the working channel. And this means that for the reusable ones, it often breaks, and the hospital will be short of products. So that is one of the drivers for this uptick.

We came out with a product now that is superior as a solution, and that also works well because it combines again on the same platform and system that you now have 3 scopes that can be used. We are the only company that has that broad portfolio on the same system. So the doctors where they do both procedures requiring a cystoscope and ureteroscope, they need 1 platform, 1 system in the room and then they can just plug in our endoscope and it’s ready to use.

So these 2 new launches, we are going to track and that will generate growth this year, but even more so as we look into the next couple of years because our launch phase is that when it’s approved, this is where we do the clinical evaluation and then it starts step by step to advance from there. So all of this makes me very excited about the future.

We already had a strong Q1. We reported on Friday last week that based on a strong Q1 where we had growth of almost 20%, we could go out and increase the guidance for this fiscal year from 10% to 13% revenue, now expecting 11% to 14% for this year, more than 15% growth on endoscopy and then mid- to high single digit on the Anaesthesia & Patient Monitoring where on the latter, we have seen strong growth driven by our focus on price increases and also a strong value uptick. So in all that actually puts us in a solid position and slightly ahead relative to the long-term guidance that we announced almost 2 years ago of more than 10% CAGR, 15% to 20% CAGR when it comes to endoscopy and then we guided 2% to 4% on Anaesthesia & Patient Monitoring.

And then last but not least, also on our profitability. Because for Ambu, growth is our #1 priority. We believe with the huge market opportunity, we have to continue to invest in growth, yet we still feel with the operational leverage opportunities that we have as a company that we are still well on track to deliver 20% EBIT and see a gradual increase year-over-year on our EBIT margin while we continue to also invest in growth.

So let me conclude my presentation where I started about the huge potential that we see as a company. There’s still less than 4% of all endoscopy procedures being done today being done with a single-use endoscope. There’s a strong value proposition that we see resonating more and more with our customers. So therefore, we are actually very confident that with our broad portfolio of solutions, combined with our strong focus on innovation, our strong manufacturing footprint, we actually do believe that we are well positioned to continue to deliver very strong growth and to win in this market and thereby deliver on the long-term guidance that we have set out. So that concludes my presentation. So over to you, Anchal.

Perfect. Thank you very much for that. Right. Let’s kick into Q&A. I’ll start it off. And 1 — perhaps 1 of a bigger picture question first. You’ve done an incredible job since you’ve taken over as CEO in turning around the business. Now looking forward, where do you think the business can reach in the next 3 to 5 years? That’s in terms of profile, scope, scale of the business.

I think that’s a very good question. And again, I mean, what makes me very comfortable, first of all, is both our strong manufacturing footprint. Also, I mean, with the geopolitical situation and all the discussions around tariffs, we are actually very well prepared to meet that in terms of how we have our main endoscopy manufacturing happening in Malaysia and now also expanding in Mexico, but we do have flexibility in our setup. So we actually do believe we have a solid foundation, also with the experience that we have having the broadest portfolio when it comes to innovation that we are actually able, I mean, to use some of the knowledge that we have from the different segments and really lead the innovation game.

And then you can say also what I alluded to, what really matters more and more is that with new technology, there’s actually an opportunity to not only have all the intelligence being in the endoscope where you can say, from our side as well, I mean, we have an interest in keeping the cost of the endoscopes down because that also helps physicians and helps it be more affordable. We are leading on the COGS side today among manufacturers, but we actually do see software playing an increasing role where a lot of the development can happen on the software side that can, for example, benefit on the image quality at a lower cost per unit, if you will, which is important because with endoscopes, they’re both used for diagnosis and for treatment. But in particular, in the diagnosis side, that’s where we see image quality playing a huge role where a big part of our cost driver is the cameras and the sensors. And we believe there’s great opportunities to leverage technology in this.

And then you can say we — in terms of segments, we have expanded into a number of new segments in the past years. We are very successful in pulmonology. We are very confident with our strong performance last year and how we are off to a strong start in this fiscal year, that we are back to double-digit growth on the pulmonology side. And then if you look at the other segments, this is where we expect to continue to see much more growth.

GI, we took — we burned our fingers a bit a couple of years back. So we took a step back and have actually taken a different approach because this is where we see long-term potential being very strong, but we also see exactly as we did when we launched in — our first bronchoscope to take a more stepwise approach going after some of the procedures and customers where they really benefit. So I think overall, that’s really where we see a lot of opportunities. And with the portfolio we have, why it’s also important for us to continue to invest in strengthening our commercial footprint so we are out there with our customers.

Perfect. Let’s delve into the endoscopy business a little bit. On pulmonology, where do you believe market penetration can reach? Is the market reaching saturation? What’s the realistic growth profile in the segment? And then part 2 of the question is, how has your penetration been in the Broncho suites with [ your aScope 5 ]? And with the new videolaryngoscope, how do you think that can assist it or help your penetration rates?

Yes. So basically, you can say, as I showed, the pulmonology segment is the most penetrated. And we get that question a lot. So where — I mean where does it stop? And today, we have roughly 30%, 35% of that market penetrated. So there’s still a lot of room. And we believe that you can at least — I mean, double that penetration. So we think that there’s a lot of room to grow and a lot of things that can be done smarter at the customer sites.

Where we have been strong and where we started our bronchoscope journey was in the ICU department, and then we expand into OR. And then as you allude to the interventional pulmonology, so the suites, the more advanced procedures. That’s where we are only at the very beginning. And I mean we were able to meet the needs of the Broncho suites when we launched our aScope 5, but it was a new customer segment for us. So that has taken a bit longer. But at the same time, we saw that in some of the other segments, we saw a higher demand for the aScope 5, which is priced at a premium of 30% to 50% to aScope 4. So we actually see a strong growth with that product and still potential in the suite, but we are at the very early days when it comes to serving the suites today.

Then finally, on videolaryngoscope. What we are very excited about that is — I mean, it’s mainly 2 things. One is the opportunity to actually expand our pulmonology growth because many customers, as I talked about, the system, they like not to have too many screens and systems in the room. And the fact that you can — we have the broadest bronchoscopy offering and that you can have our system and also with the most advanced software and functionality in the suites, that gives us an opportunity to further win some of the bronchoscopy business. And then also, I mean, the videolaryngoscope market in itself is super attractive, and we don’t have any share in that market yet. So — and it’s a market of over USD 0.5 billion today, expected to grow at the double-digit rates. So that’s really a super attractive market in itself as well. So I think we look at it as a whole portfolio, but over the years, also an attractive offering in itself.

Perfect. And then let’s move on to ENT and Urology. Obviously, that’s been kind of your success drivers. Why have those 2 segments been so successful? And what’s the durability of this growth going forward?

Yes. So what I talked about was — and I think we have learned a lot as we have strengthened our footprint in single-use endoscopy because, again, in the first many years, there was a lot of focus on infection risk. So being infected through the scope. So that was a main driver for many customers. But the big part of the success in Urology and ENT has actually been the workflow. So the fact that, as I shared with [ Dr. Cornely ], the fact that the hospitals can treat twice as many patients when they switch from reusable to single use and then also at an attractive cost level with a stronger sustainability footprint, that is really the key driver behind that. So we see them and also the fact that they can take out the reprocessing equipment, which often takes up 1 or 2 rooms and then actually use those rooms for more procedures. There’s a lot of these components centered around workflow that has really been the key driver.

Looking ahead, you also could see what I showed that we are still at the very low penetration levels when it comes to penetration. So there’s still a lot of room to grow. And also as we continue also to drive innovation to address more and more customers out there. We think that this is — there’s much more to go after in — for the next many years.

Perfect. And that brings us on to GI. GI has faced a lot of challenges. The growth in the segment isn’t as robust. Do you believe single-use technology could ever match the reusable technology? Kind of what’s still missing in the innovation phase? And when can we get there?

Yes. So — and I think for me coming into this industry, visiting the customers and looking at some of the problems that you see with the customers. For example, when you go and see how they — after — the whole setup that they need to have reprocessing the endoscopes after each and every procedure. And then what is also well known. If you talk to doctors and look at some studies, there’s significant more infection risk still for patients, and patients are more being hospitalized again after a procedure done with a reusable compared to a single use.

So I think if we go back to the hospitals in 10, 20 years, we would look at how reusable endoscopy is done and say this cannot be true. And I think the big driver has been so far that the image quality has been difficult to match to that of the reusable. And image, as I alluded to in my presentation, is very important because when you do colonoscopy as an example, you don’t want to miss a polyp that could be cancer. So that’s where it has been too expensive for these high throughput procedures to actually be able to really pick up massively with single-use.

But where I see the opportunity is with the new technology and with AI where you can suddenly put the intelligence away from the endoscope, as I talked about, and more on the system and improve the image quality with technology rather than an expensive camera. And then on the side also having cameras going down in price, I believe when you get to that affordable solution where you’re able to detect patients safer with a 100% sterilized product, and you don’t need staff to do all the reprocessing and so on. I think that’s when you will start to see the movement towards single-use.

And then we do see today some segments in GI where there is a clear value proposition and also clear reason to switch right now. And this is where we see with our portfolio, a lot of traction today. And why we talk about that, we built this stepwise starting from some of these segments and then gradually expanding over time. And then our commercial focus is spread. So we spent most of our commercial resources on the segments, Pulmonology, Urology and ENT. And then we still put more limited focus on GI because we see it as a more long-term play. But we do think that there’s a clear case for doctors, for hospitals, for ambulatory clinics and so on to over time, do things different.

Perfect. Let’s shift gears to financials for a second. You posted Q1 results, preliminary Q1 results last week. That was a very strong set of results with the beat at Q1 and the guidance raise. I know we’ll get more details at the end of the month. But could you just give us a few more high-level comments on the Q1 performance and how that sets the tone for the rest of the year?

Absolutely. I can supplement so Britt can get a chance to breathe. So we had a really strong Q1, as you say, and we were also expecting a strong Q1, but it was better than expected. I think it falls mainly on 2 things. It’s a continuation on the Endoscopy Solutions with really solid growth, both in Pulmonology, but also in Urology, ENT and GI. And in particular, on pulmonology, we were happy to see performance, which will come out with more details by the end of the month as that was a bit of a question mark after our Q4. So really good to see that.

That said, the biggest driver and biggest positive surprise was our legacy business, the Anaesthesia & Patient Monitoring, where we posted almost 18% growth. We did expect Q1 to be better because we’ve been implementing price increases, as Britt also mentioned in the presentation in February and March last year. And therefore, we did expect Q1 to be strong and also some of that to move into Q2. But we also saw volume growth, which was a bit of a surprise to us, frankly, for different market dynamic reasons. So that combined meant that we also increased the soft guidance and the — for that segment specifically and the full year guidance overall.

Last but not least, we also had really strong EBIT margin. I think there, it’s a bit of a proof back to Britt’s comment on the scalability of our business. When you have a solid gross margin, very little marginal extra OpEx, it flows through. Obviously, price increases in our Anaesthesia & Patient Monitoring business, even more so flows through. Last but not least, the quarter also started with a strong U.S. dollar/DKK currency. So that also helped. So that combination brought us to plus 16% EBIT for the first quarter and also enable us to raise the guidance for the full year to 13 to 15.

Do you think these volume benefits you’ve seen in the legacy business, is that sustainable? Could that potentially put that 2% to 4% growth rate you have out in the market, potential upside to that?

So many of you have heard me talk about the risk of volume losses when you increase prices. And here, we are talking about volume increases. I think with that said, we are following, obviously, closely what’s happening. There’s a bit of a competitive market dynamic that is helping us in some segments. We don’t expect this to be over and above the general market if you look forward. Again, the main short-term extra growth level we see is mainly driven by price. I think beyond that, I think it’s a good testament to the quality of our portfolio, to the quality of our manufacturing footprint and the reliability that the customer knows that we provide. And therefore, we might be able to drive even more. But at this stage, I think we are cautious about saying this is a structural change.

Perfect. And then on the topic of competition, actually, dialing back to endoscopy. A bit on the competitive landscape, there are quite a few credible competitors that are entering the single-use market, both from the reusable side, such as the reusable incumbents and also [ neoplasin ] the single-use endoscopy market. What are you doing to counter these competitive pressures? And what — where do you think the highest risk lies in terms of competition?

It’s a good question. So you can say we were the first to come out with a single-use endoscope. And I mean, when you build a successful market, that attracts competition. And I also think with the — we talked about the huge potential. I don’t think we alone are able to drive that conversion. So I actually think it’s expected, and it’s also a good thing to accelerate the overall conversion of the single-use category.

So now we, of course, follow it closely. And you can say, I mean, we have been through some years where we took a too strong focus on GI in years where we started to see competition in pulmonology, which is our biggest segment. And that’s, of course, also where we saw competition probably taking more of a share than it should because we didn’t have a focus. So I think that’s an internal thing on us that we have learned from and where we then are back fully and have put more focus back on pulmonology 2 years ago, which we also see paying off. So I think that’s one.

Then I think we — I mean, we will expect continuous competition, but we actually do think that we have a very strong offering with the first-mover advantage in building a system where we have all, again, everything built on the same software platform and where we have functionality that is also really solving some of the problems that we see with our customers. So we do believe that we’re in a good position to win. And then competition, we see — I mean, when we are out with the customers, we see — if we look at pulmonology and ENT, we don’t — and on the cystoscope, we have really not seen a lot of competition yet from the reusable players. And I think we then see some companies from China coming in to the market, which is what you see in many other segments, and they — I mean, most of them don’t have a strong infrastructure, so that will — may go a little slower. But I think staying ahead in how we understand the customers and continue to serve — I mean, solve their problems, but I think we are very well positioned. There are a few markets where there’s a monopoly. So I think…

And I think, perhaps just to supplement, Britt said on the overall Endoscopy Solutions segment. If we look at the future for that and the expected continued conversion from reusable to single use, as Britt said, about less than 4% of the total volume within endoscopy today down with single use. Our long-term guidance of 15% to 20% CAGR includes an expectation that there will be a more crowded space, and there will be other players who also will take volume, in particular, some of the lower-price volume. And we see that as a natural, you say, extension of where we are today.

Perfect. I’ll just pause that to see if there are any questions in the room. Can we get the mic there, please?

As the market becomes more competitive, do you expect any headwinds on CMS reimbursement rates as we move forward?

I think that’s a good question. And I think we follow — I mean we follow the development of the prices very strongly. And I will say, I think the fact that we are able, as I alluded to in my presentation, to also have — I mean, favorable economics for our solution. The model is a little different from the reusable players in that you — where you have a strong investment, capital investment and then a lower cost per use where we have more of the endoscopes that are used for each of the procedure. We do not now see a huge pressure on the cost. And I think as we develop and that we also get scale, I think we are well positioned for that. Because the total cost, I don’t expect to go — I mean to be effective from the CMS perspective. And we are not — we have not really seen also, I think there’s been a lot of focus on pricing in general. We have not yet seen it really affect our segment so much. But I think there’s always price competition when you negotiate big contracts and so on, but I don’t think we have seen it dramatically in any way.

Perfect. With that, we’re up on time. Thank you very much, Britt. Thank you very much, Henrik, for joining us today. It was a pleasure having you.

Thank you.