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Physitrack PLC 2024 Annual Report FINAL
Prenumeration
Beskrivning
| Land | Storbritannien |
|---|---|
| Lista | First North Stockholm |
| Sektor | Informationsteknik |
| Industri | Programvara |
Solid Foundation for 2025: Strong Recurring Revenue and Positive Operating Cashflow Amid Strategic Pivot.
Physitrack PLC (“Physitrack” or the “Company”), a global leader in digital health solutions, announces the release of its audited financial statements for the year ended 31 December 2024.
There have been no changes to the financial results compared to those published in the Company’s Q4 2024 Quarterly Report, released on 28 February 2025.
Key Financial Highlights (FY 2024)
- Revenue increased by 10% to EUR 16.2 million (2023: EUR 14.7 million), driven by growth in both the Lifecare (+10%) and Wellness (+9%) divisions.
- Subscription revenue rose by 18% to EUR 13.3 million, now representing 82% of total group revenue (2023: 76%).
- Adjusted EBITDA was EUR 3.9 million (2023: EUR 3.5 million), maintaining a 24% margin.
- Adjusted operating loss was EUR 0.5 million (2023: EUR 0.1 million).
- Cashflow from operations before adjusting items was EUR 3.6 million (2023: EUR 3.5 million).
Free cash flow for the year was a net outflow of EUR 0.8 million (2023: outflow EUR 1.1 million).
Operational Highlights and Strategic Progress
- Lifecare continued its strong growth trajectory with a 10% year-on-year increase, supported by product-led strategies and a robust recurring revenue base.
- Wellness saw 9% growth despite delays in key initiatives, most notably the rollout of the localised Champion Health app in Sweden and Germany in November 2024, which is expected to enhance performance in 2025.
- A restructured contingent consideration agreement with Champion Health’s principals provides improved operational control, aligning the division more closely with the successful SaaS Lifecare model.
In late 2024 and early 2025, Physitrack rationalised its Champion Health and Champion Health Plus businesses, marking a strategic pivot away from bricks-and-mortar operations and toward a SaaS-centric model. This change is expected to deliver EUR 0.7 million in cashflow savings in 2025.
Outlook
Despite macroeconomic headwinds and internal restructuring in 2024, the Group ended the year with positive momentum and a clear roadmap for sustainable growth. The Board remains confident that the strategic steps taken in Q4 will underpin a return to stronger performance in 2025.
Group Key Performance Indicators (Selected)
| Metric | FY 2024 | FY 2023 |
| Revenue | 16,180,498 | 14,746,287 |
| Revenue Growth (%) | 10% | 19% |
| Organic / Proforma Revenue Growth (%) | 10% | 17% |
| Subscription Revenue (% of total) | 82% | 76% |
| Adjusted EBITDA | 3,903,571 | 3,476,537 |
| Adjusted EBITDA Margin (%) | 24% | 24% |
| Adjusted Operating Loss | (515,080) | (143,821) |
| Adjusted Operating Margin (%) | -3% | -1% |
| Adjusted Earnings Per Share | (0.03) | (0.02) |
| Operating Cashflow (pre-adjustments) | 3,613,000 | 3,517,099 |
| Free Cash Flow | (771,150) | (1,052,182) |
| Adjusted EBITDA less CAPEX | 413,187 | 59,250 |
The 2024 audited financial statements are available in full on Physitrack’s investor relations website https://physitrackgroup.com.