CellaVision AB (publ) (CEVI) Q2 2025 Earnings Call

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WEBVTT 00:00:00.000 -- 00:00:05.560 regulatory wise and also a slightly increased R&D 00:00:05.560 -- 00:00:10.620 spend as well, according to our strategy. So that gives 00:00:10.620 -- 00:00:15.640 us an EBITDA of 60 million in sort of comparable with an equivalent 00:00:15.640 -- 00:00:20.800 to the comparable quarter and an EBITDA margin of 31% in line with 00:00:20.800 -- 00:00:22.780 our corporate objectives. 00:00:22.780 -- 00:00:28.300 I can unfold our R&D spend a little. It's 22%. 00:00:28.300 -- 00:00:31.940 It's increased from 19 to 22%. 00:00:31.940 -- 00:00:37.440 And in sort of actual numbers, we've spent 42 million versus 00:00:37.440 -- 00:00:42.060 36 million last year in the comparable quarter. 00:00:42.060 -- 00:00:47.400 So here we have approximately 22 million sitting in the P&L 00:00:47.400 -- 00:00:52.400 and then we have 20 million capitalized versus last year where we had 20 million 00:00:52.400 -- 00:00:57.440 sitting in the P&L and 16 million capitalized. 00:00:58.420 -- 00:01:03.740 Cash flow wise, we have an operating cash flow of 58 million this 00:01:03.740 -- 00:01:08.800 quarter. So we've had positive contribution from our working capital, 00:01:08.800 -- 00:01:14.300 7.5 million, primarily due to the fact that we've driven down accounts receivable 00:01:14.300 -- 00:01:19.820 and we've driven down inventory. So that's kind of a shared contribution, if you like. 00:01:19.820 -- 00:01:22.340 On the investment side, 00:01:22.340 -- 00:01:27.360 I talked about the capitalized R&D, which is the 20 million, which is the 00:01:27.360 -- 00:01:32.600 majority of the 25 million we have on the investment side 00:01:32.600 -- 00:01:35.260 of our cash flow. 00:01:35.260 -- 00:01:40.620 And on the financial cash flow implications, we have minus 0...