In line with our strategic priorities, we launched a restructuring program in Q2 with the aim of reducing both production cost and operating expense. We reduced with eight headcounts that results in an annual saving impact of 8 MSEK. We will continue our efforts to lower the structural cost going forward.

Sales in the second quarter declined organically by 3.6%, primarily driven by lower instrument sales in the US. Currency impacted sales with +1.1%. YTD 2024 we report an organic growth of 1%.

Gross margin improved to 43.1% in the quarter vs LY (42.7%) despite lower sales. Utilization of the manufacturing capacity in Q2 was lower than Q1 and effected the margin negatively because of lower instrument sales.

Adjusted for one-time costs, operating expenses in the quarter decreased 5% over LY with decreasing costs for all functions except R&D where we continue to invest.

Adjusted for the one-times costs reported in the quarter the operating margin improved to 7.2% (6.2). Cash flow from operating activities continued to improve to 14 MSEK (3) and liquidity remains solid with cash and available credit facilities at 82 MSEK.