LONDON, GB / ACCESSWIRE / November 12, 2024 / Physitrack (STO:PTRK) This quarter has seen us navigate a challenging environment with steady progress, while addressing temporary setbacks in Wellness and implementing several initiatives to position the Group for future growth.
Third quarter: 1st July - 30th September 2024
Revenue increased by 1 per cent to generate total sales of EUR 3.9 (EUR 3.9m). This growth was achieved in the Lifecare division (7 per cent) but was offset by a contraction within the Wellness division (9 per cent).
Subscription revenue increased 12 per cent (EUR 0.3m) to EUR 3.3m and now makes up 84 per cent of total group revenue, a significant increase from the prior year's comparative of 75 per cent.
Adjusted EBITDA of EUR 0.9m (EUR 1.1m) was generated resulting in an Adjusted EBITDA margin of 23 per cent (27 per cent).
Adjusted operating loss of EUR 0.2m (profit EUR 0.1m) was generated resulting in a margin of -6 per cent (3 per cent).
Adjusted ordinary and diluted profit per share totaled EUR (0.02) (EUR 0.00).
Cashflow generated from operations before the payment of adjusting items equaled EUR 0.8m (EUR 0.9m).
Free cash flow for the quarter was a net outflow of EUR 0.4m (outflow EUR 0.3m).
September year to date: - 1st January - 30th September 2024
Revenue increased by 5 per cent against a strong comparator to generate total sales of EUR 12.0m (EUR 11.3m). This growth was achieved in the Lifecare division (9 per cent) but remained flat in the Wellness divisions.
Subscription revenue increased 19 per cent (EUR 1.6m) to EUR 9.8m and now makes up 82 per cent of total group revenue, a significant increase from the prior year's comparative of 72 per cent.
Adjusted EBITDA of EUR 2.9m (EUR 2.9m) was generated resulting in an Adjusted EBITDA margin of 24 per cent (26 per cent).
Adjusted operating loss of EUR 0.4m (profit EUR 0.3m) was generated resulting in a margin of -3 per cent (3 per cent).
Adjusted ordinary and diluted profit per share totaled EUR (0.04) (EUR 0.01).
Cashflow generated from operations before the payment of adjusting items equaled EUR 2.2m (EUR 2.1m).
Free cash flow for YTD 2024 was a net outflow of EUR 1.1m (outflow EUR 1.2m).
Key highlights during and subsequent to the third quarter
The Lifecare division has demonstrated remarkable and consistent profitability, particularly in Physitrack platform subscription sales to the MSK rehabilitation segment, expanding its influence across both public and private healthcare
sectors. The division has firmly positioned itself as a leading provider of software for injury prevention and recovery solutions, ensuring its ongoing relevance in the evolving healthcare landscape.
In the Wellness division, innovation, talent acquisition, and successful integration of acquired businesses have been key drivers of its early growth, with acquired companies scaling 3-4times post-acquisition. However, challenges have arisen due to delays in the international rollout of Champion Health's software, slowing the Wellness division's growth. Despite this, significant progress has been made with Swedish and German market entries in October, and long-term prospects for Champion Health remain strong.
Looking ahead, the Lifecare division continues to enhance its market share by providing market-leading solutions that address emerging healthcare needs. Meanwhile, with international Champion Health versions launched at the end of October, the Wellness division is set to be well-positioned for rapid expansion with new products and markets that empower health and wellbeing, allowing the company to capitalise on the rising demand for digital health solutions.
Group Key Performance Indicators:
| 3 Month period ended | 9 Month period ended | Year ended | ||
EUR (€) , unless otherwise stated | 30 September 24 | 30 September 23 | 30 September 24 | 30 September 23 | 31 Dec 23 |
Revenue | 3,885,859 | 3,851,230 | 11,959,601 | 11,336,921 | 3,885,859 |
Prior period revenue growth (%) | 1 | 14 | 5 | 26 | 1 |
Organic revenue / Proforma revenue growth (%) | 1 | 17 | 5 | 27 | 1 |
EBITDA | 817,059 | 825,654 | 2,494,061 | 2,269,334 | 717,059 |
Operating (loss) / profit | (409,546) | (98,942) | (778,046) | (364,347) | (409,546) |
Adjusted EBITDA | 906,495 | 1,051,111 | 2,853,528 | 2,926,857 | 806,495 |
Adjusted EBITDA margin (%) | 23 | 27 | 24 | 26 | 21 |
Adjusted operating (loss) / profit | (220,110) | 126,515 | (418,579) | 293,176 | (320,110) |
Adjusted operating margin (%) | (6) | 3 | (3) | 3 | (8) |
Adjusted earnings per share | (0.02) | (0.00) | (0.04) | 0.01 | (0.03) |
Operating cashflow before adjusting items | 780,872 | 852,284 | 2,239,872 | 2,076,842 | 680,872 |
Free cash flow | (404,313) | (263,897) | (1,126,766) | (1,161,084) | (404,313) |
Adjusted EBITDA less CAPEX | (45,388) | 184,279 | 171,367 | 383,825 | (45,388) |
% of revenue which is subscription | 84 | 75 | 82 | 72 | 84 |
Webcast conference:
November 12, 2024, at 14.00 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_miDjR0vhTiqRgf5eWqF6TQ
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 Plc
Physitrack Plc is a global leader in Digital Health, committed to leveraging technology and innovation to drive growth and enhance the quality of life for communities worldwide. With staff with 14 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 providers, 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 November 12 2024, at 8.00 am CEST.
Attachments
Q3 2024 Report FINAL
SOURCE: Physitrack
View the original press release on accesswire.com
