Q2 2026 Nordhealth AS Earnings Call & Capital Markets Day - Part 2
Speaker #4: In the U.S., I think most of the market is still with IDEXX and Covetrus on-prem software. Do you think at some point that they'll sunset their on-prem product and you will have the opportunity to maybe gain more customers?
[Analyst 2]: In the US, I think most of the market is still with IDEXX and Covetrus on-prem software. Do you think at some point they will sunset their on-prem product and you will have the opportunity to maybe gain more customer?
[Company Representative] (Nordhealth): In the US, I think most of the market is still with IDEXX and Covetrus on-prem software. Do you think at some point they will sunset their on-prem product and you will have the opportunity to maybe gain more customer?
Charles MacBain: I do not think that they will have a formal sunset until they are almost at the end, right? They are smart enough not to give that opportunity to us, I think, right? It would be great if they did, right? Because then we can force migrate. Some have. That is how we got PetVet365. One of the competitors bought a competing software and they forced migrate, and then they lost half their revenue base. I do not think that they will give us that opportunity. I would love that too, but I do not think so.
Charles MacBain: I do not think that they will have a formal sunset until they are almost at the end, right? They are smart enough not to give that opportunity to us, I think, right? It would be great if they did, right? Because then we can force migrate. Some have. That is how we got PetVet365. One of the competitors bought a competing software and they forced migrate, and then they lost half their revenue base. I do not think that they will give us that opportunity. I would love that too, but I do not think so. These two players, it reminds me a bit of the UK when we first arrived. When we first arrived, IDEXX Animana was by far the number one cloud player. IDEXX bought them, and then we have not heard about IDEXX Animana today, right? We do not compete against them, get any deals, right?
Speaker #2: I don't think that they'll have a formal sunset until they're almost at the end, right? They're smart enough not to give that opportunity to us, I think, right?
Speaker #2: It would be great if they did, right? Because then we can force migrate. Some have, like, that's how we got PetVet 365, is like, when the customers bought— when the competitors bought a competing software and they force migrate, and then they lost, like, half their revenue base.
Speaker #2: So I don't think that they'll give us that opportunity. I would love that too, but I don't think so. These two players, like, it reminds me a bit of the UK when we first arrived.
Charles MacBain: These two players, it reminds me a bit of the UK when we first arrived. When we first arrived, IDEXX Animana was by far the number one cloud player. IDEXX bought them, and then we have not heard about IDEXX Animana today, right? We do not compete against them, get any deals, right?
Speaker #2: When we first arrived, IDEX and Emada was by far the number one cloud player. IDEX bought them, and then we haven't heard about IDEX and Emada today, right?
Speaker #2: We don't compete against them on any deals, right? So they—IDEX is a big, big company, and they make money and they do a great job with the lab equipment.
Charles MacBain: IDEXX is a big company, and they make money, and they do a great job with the lab equipment. On the software side, it is moving really quickly, and so they have not been able at least to compete in the UK relative to other players. So, let us see what they do in the US. They bought ezyVet, which was entrepreneur-owned by someone from New Zealand, Hadley. IDEXX bought them, and I think that they are starting soon to pilot their AI-scribe, right? So they are quite delayed in innovation.
Charles MacBain: IDEXX is a big company, and they make money, and they do a great job with the lab equipment. On the software side, it is moving really quickly, and so they have not been able at least to compete in the UK relative to other players. So, let us see what they do in the US. They bought ezyVet, which was entrepreneur-owned by someone from New Zealand, Hadley. IDEXX bought them, and I think that they are starting soon to pilot their AI-scribe, right? So they are quite delayed in innovation.
Speaker #2: On the software side, it's moving really quickly. And so, they haven't been able— at least to compete in the UK relative to other players.
Speaker #2: So let's see what they do in the US. They bought EasyVet, which was entrepreneur-owned by someone from New Zealand, Hadley. And Idexx bought them, and I think that they're starting soon to pilot their AI Scribe, right?
Speaker #2: So they're quite delayed in innovation, so yeah.
Speaker #4: Okay. And last question regarding liquidity of the share. So yeah, any comment, any new idea to improve the liquidity of the stock?
[Analyst 2]: Okay, and last question regarding liquidity of the share. So yeah, any comment, any new idea to improve the liquidity of the stock?
[Analyst]: Okay, and last question regarding liquidity of the share. So yeah, any comment, any new idea to improve the liquidity of the stock?
Speaker #2: Yeah, of course. So, we're very aware that as there's investors, liquidity is an important part of the equation, and, you know, it's absolutely our aim to get Nordhealth to a place where it's easy to be able to put several million in or take several million out without anyone noticing or it moving the share price.
[Company Representative 2] (Nordhealth): Yeah, of course. We are very aware that as investors, liquidity is an important part of the equation. It is absolutely our aim to get Nordhealth to a place where it is easy to be able to put several million in or take several million out without anyone noticing or it moving the share price. It is not an overnight play. There are a few things that we have started doing and that we will continue to do to be able to get there.
Charles MacBain: Yeah, of course. We are very aware that as investors, liquidity is an important part of the equation. It is absolutely our aim to get Nordhealth to a place where it is easy to be able to put several million in or take several million out without anyone noticing or it moving the share price. It is not an overnight play. There are a few things that we have started doing and that we will continue to do to be able to get there. The first is growing. This is the number one most important, flat out, we are just going to become a bigger business. That by itself will help us get more visibility, more attention, and the bigger the business is, the easier it is to invest in and out of the business. That is the number one thing that we are going to do. We have taken some small steps recently.
Speaker #2: It's not an overnight—it's not an overnight play. There are a few things that we've started doing and that we'll continue to do to be able to get there.
Speaker #2: So the first is growing. I mean, this is the number one, most important—flat out. We’re just going to become a bigger business, get—and that, by itself, will help us get more visibility, more attention, and the bigger the business is, the easier it is to invest in and out of the business.
[Company Representative 2] (Nordhealth): The first is growing. This is the number one most important, flat out, we are just going to become a bigger business. That by itself will help us get more visibility, more attention, and the bigger the business is, the easier it is to invest in and out of the business. That is the number one thing that we are going to do. We have taken some small steps recently.
Speaker #2: So, that's the number one thing that we're going to do. We've taken some small steps recently. For example, we signed a liquidity provider agreement in—I want to say May, or yeah, around May.
[Company Representative 2] (Nordhealth): For example, we signed a liquidity provider agreement in, I want to say May, or yeah, around May. So that for smaller investors, they could get in and out of the company more easily, and we always have a live price going. The other thing that we are going to do in the coming years, is we will do an uplisting onto a main market. Obviously, that gives us access to more investors, but also more investors access to us because some of them have main market-only mandates. That is another important thing that we are going to do.
Charles MacBain: For example, we signed a liquidity provider agreement in, I want to say May, or yeah, around May. So that for smaller investors, they could get in and out of the company more easily, and we always have a live price going. The other thing that we are going to do in the coming years, is we will do an uplisting onto a main market. Obviously, that gives us access to more investors, but also more investors access to us because some of them have main market-only mandates. That is another important thing that we are going to do. Bit by bit, we are going to do a little bit more on the IR side to increase our visibility and keep telling our story. One such example being today's event, where we want to be able to communicate and spend more time with investors, and let them have more access to us.
Speaker #2: So that, for smaller investors, they could get in and out of the company more easily, and we always have a live price going. The other thing that we're going to do in the coming years is we'll do an uplisting onto a main market.
Speaker #2: Obviously, that gives us access to more investors, but also more investors access to us, because some of them have main-market-only mandates. So that's another important thing that we're going to do.
Speaker #2: And bit by bit, we're going to do a little bit more on the IR side to increase our visibility and keep telling our story.
[Company Representative 2] (Nordhealth): Bit by bit, we are going to do a little bit more on the IR side to increase our visibility and keep telling our story. One such example being today's event, where we want to be able to communicate and spend more time with investors, and let them have more access to us.
Speaker #2: One such example is today's event, where we want to be able to communicate and spend more time with investors and let them have more access to us.
Speaker #1: And I've also bought back a lot of the liquidity, but the coming years, to be frank, at some point I'll run out of cash to buy back.
Charles MacBain: I have also bought back a lot of the liquidity, but over the coming years, to be frank. At some point, I will run out of cash to buy it back so there will be more liquidity available.
Charles MacBain: I have also bought back a lot of the liquidity, but over the coming years, to be frank. At some point, I will run out of cash to buy it back so there will be more liquidity available.
Speaker #1: So that's—there'll be more liquidity available.
Speaker #2: Great. I think that's us at time, so I'm going to say a huge thank you to everybody who is on the webcast, and we will close the session now.
Charles MacBain: Great. I think that is us at time. I am going to say a huge thank you to everybody who is on the webcast. We will close the session now. Thank you very much to everyone who has dialed in. I will stay 2 seconds for some final instructions for the people in person.
[Company Representative 1] (Nordhealth): Great. I think that is us at time. I am going to say a huge thank you to everybody who is on the webcast. We will close the session now. Thank you very much to everyone who has dialed in. I will stay 2 seconds for some final instructions for the people in person.
