LONDON, GB / ACCESSWIRE / February 28, 2024 / Physitrack (STO:PTRK) The Group is proud to have achieved another milestone by becoming both significantly cash-flow positive and profitable in the quarter, reflecting our astute financial discipline leading to sustainable success.
*EARLY RELEASE*
Due to a technical error which temporarily disclosed the report on our web page, this report is being released one day earlier than originally intended.
Quarter ended - Oct - Dec 2023
- Revenue increased by 9 per cent from the comparative period in 2022 to generate total sales of EUR 3.8m (EUR 3.5m). On an organic basis revenue grew by 11 per cent. This organic growth was achieved in both the Lifecare (12 per cent) and Wellness (8 per cent) divisions.
- Adjusted EBITDA of EUR 1.0m (EUR 0.9m) was generated resulting in an Adjusted EBITDA margin of 26 per cent (25 per cent).
- Adjusted operating loss of EUR 0.0m (EUR 0.1m) was generated resulting in a margin of -0 per cent (2 per cent).
- Adjusted ordinary and diluted loss per share totalled EUR 0.00 (profit EUR 0.01).
- Cashflow generated from operations before the payment of adjusting items equalled EUR 1.4m (EUR 1.2m).
- Free cash flow for the quarter was a net inflow of EUR 0.3m (outflow EUR 0.4m).
Year ended - Jan - Dec 2023
- Revenue increased by 21 per cent from the comparative period in 2022 to generate total sales of EUR 15.2m (EUR 12.5m). On an organic proforma basis revenue grew by 22 per cent. This proforma growth was achieved in both the Lifecare (13 per cent) and Wellness (44 per cent) divisions.
- Adjusted EBITDA of EUR 3.9m (EUR 3.4m) was generated resulting in an Adjusted EBITDA margin of 26 per cent (28 per cent).
- Adjusted operating profit of EUR 0.3m (EUR 1.0m) was generated resulting in a margin of 2 per cent (8 per cent).
- Adjusted ordinary and diluted profit per share totalled EUR 0.00 (EUR 0.06).
- Cashflow generated from operations before the payment of adjusting items equalled EUR 3.5m (EUR 2.9m).
Operational highlights
- The Group reinvigorated its marketing efforts during the quarter, including significant updates to the Physitrack website, with a focus on practitioners being a "Hero" in their patients' health journey. Combined with our digital marketing efforts, this led to a 43% growth in website traffic quarter on quarter reaching 90,000 site visits.
- Enhancements to our website and platform now provide richer user data, enabling us to align product enhancements with user needs and adopt a more tailored marketing approach for segmented campaigns.
- Innovation within the group, building on the previous quarter, maintains a focus on leveraging AI to enhance our service offering, creating additional revenue streams and ensuring efficient operations.
- The Group generated positive free-cash flow of EUR 0.3m for the quarter, adjusted operating profit of EUR 0.3m and profit before tax of EUR 3.1m for the financial year, underscoring the Group's emphasis on profitability and sustainable success.
- Champion Health, experienced another strong quarter of sales, expanding its pipeline with a number of significant deals set to close in H1 2024.
- The Group affirms that it is does not expect any further capital raising via share issuance or debt in the near future.
Henrik Molin, Co-founder and CEO of Physitrack PLC, commented:
"This quarter's results demonstrate our return to what we always were, apart from a 30-month period following the IPO: a Bootstrapped business that ensures that growth is delivered in a sustainable manner. I was pleased that for the first quarter since the IPO, the Group generated positive free-cash-flow, demonstrating our commitment to our intentions outlined throughout 2023."
Group Key Performance Indicators:
| 3 Month period ended | Year ended | |||
| EUR (€), unless otherwise stated | 31 Dec 23 | 31 Dec 22 | 31 Dec 23 | 31 Dec 22 |
| Revenue | 3,839,661 | 3,517,110 | 15,176,582 | 12,510,371 |
| Prior period revenue growth (%) | 9 | 144 | 21 | 57 |
| Organic revenue / Proforma revenue growth (%) | 11 | 27 | 22 | 27 |
| EBITDA | 4,792,489 | 1,293,626 | 7,061,822 | 2,543,318 |
| Operating profit | 3,805,812 | 477,149 | 3,441,464 | 109,387 |
| Adjusted EBITDA | 979,975 | 876,540 | 3,906,832 | 3,446,475 |
| Adjusted EBITDA margin (%) | 26 | 25 | 26 | 28 |
| Adjusted operating (loss) / profit | (6,702) | 60,063 | 286,474 | 1,012,544 |
| Adjusted operating margin (%) | (0) | 2 | 2 | 8 |
| Adjusted earnings per share | (0.00) | 0.01 | 0.00 | 0.06 |
| Operating cashflow before adjusting items | 1,440,257 | 1,190,829 | 3,517,099 | 2,897,554 |
| Free cash flow | 325,070 | (402,610) | (1,052,182) | (3,072,360) |
| % of revenue which is subscription | 78 | 70 | 74 | 71 |
Webcast conference:
February 29, 2024, at 10.00 CEST. The presentation will be held in English and will be available on https://www.physitrackgroup.com/investors/reports-presentations after the webcast conference.
Speakers:
Henrik Molin, CEO
Charlotte Goodwin, CFO
Link to webcast registration:
https://us06web.zoom.us/webinar/register/WN_QS3m-7oTRCiKZ-oNZFkXSQ
Participants will be able to ask questions through the web chat.
Enquiries regarding this announcement should be addressed to:
Henrik Molin, CEO, Physitrack.
+44 208 133 9325
ir@physitrack.com
media@physitrack.com
About Physitrack
Physitrack PLC, founded in 2012, is a global digital healthcare provider, focused on the B2B wellness and virtual-first care markets. With staff with 12 nationalities on four continents, customers in 17 time zones, and end users in 187 countries, Physitrack is a truly global company.
The company has two business lines:
1. Lifecare - SaaS platform tailored mainly to physiotherapy and musculoskeletal care, enabling practitioners to deliver clinical home exercises, education prescription, outcomes tracking, triaging and Telehealth.
2. Wellness / Champion Health - SaaS platform for Employee Wellness and care powered by a combination of world-leading technology and wellness professionals based in the United Kingdom, Germany and the Nordics.
Physitrack PLC is headquartered in London, United Kingdom, and listed on Nasdaq First North Premier Growth Market (PTRK).
Visit us at https://www.physitrackgroup.com/
This information is such information as Physitrack PLC is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above on February 29 2024, at 8.00 am CEST.
Attachments
Q4 2023 Interim Report (FINAL)
SOURCE: Physitrack
View the original press release on accesswire.com
