Bifogade filer
Q125 Interim Report Final
Prenumeration
Beskrivning
| Land | Storbritannien |
|---|---|
| Lista | First North Stockholm |
| Sektor | Informationsteknik |
| Industri | Programvara |
Driving Financially Robust Evolution through Streamlined Operations and High-Margin Innovations.
Summary for the period
First quarter: 1st January – 31st March 2025
Based on Alternative Key Performance Measures, the Company’s key financial highlights for the period are summarised below. Detailed financial KPIs, along with a newly introduced SaaS-specific KPI table, are provided later in this release.
- Proforma revenue, following planned low margin revenue reduction, has increased by 3 per cent to generate total sales of EUR 3.6m (EUR 3.5m).
- Lifecare achieved a 6% revenue increase, reaching EUR 2.8m even when assessing organic revenue free from currency fluctuations.
- Subscription revenue increased 4 per cent (EUR 0.1m) to EUR 3.0m and now makes up 84 per cent of total group revenue, an increase from 78 at Q1 2024.
- The major contributor to the growth in subscription revenue was the Physitrack product, which saw 24.1% MRR growth year-on-year.
- Adjusted EBITDA of EUR 1.1m (EUR 1.1m) was generated resulting in an Adjusted EBITDA margin of 31 per cent (30 per cent).
- Adjusted EBITDA less CAPEX of EUR 0.4m (EUR 0.3m) was generated resulting in an Adjusted EBITDA margin less CAPEX of 12 per cent (8 per cent). This was split between Lifecare of EUR 0.7m / 25 per cent margin and Wellness of EUR 41k / 5 per cent margin.
- Adjusted operating profit of EUR 0.1m (profit EUR 0.1m) was generated resulting in a margin of 2 per cent (3 per cent).
- Adjusted ordinary and diluted profit per share totalled EUR (0.03) (EUR 0.01).
- Cashflow generated from operations before the payment of adjusting items equalled EUR 1.3m (EUR 1.0m).
- Free cash flow for the quarter was a net inflow of EUR 0.1m (inflow EUR 0.1m).
- Following the disposal of Wellnow GmbH in March 2025, IFRS 5 requires its results to be presented as discontinued operations for both current and comparative periods. Accordingly, Wellnow's revenue and expenses for Q1 2025, Q1 2024, and 31 December 2024 are excluded from the main revenue and expense lines and shown separately as profit/loss from discontinued operations.
Key highlights during the first quarter
Robust Financial Performance: Revenue of EUR 3.6 million delivered 3% year-on-year pro forma growth, with an adjusted EBITDA of EUR 1.1 million and positive free cash flow of EUR 0.1 million, despite EUR 0.5 million in restructuring costs. The adjusted EBITDA margin reached 31%, reflecting enhanced operational efficiency and strategic portfolio refinement.
Margin-Accretive Restructuring: In March, the completion of the Wellnow management buyout and restructuring within Champion Health Plus removed significant low-margin revenue streams and reduced operational complexity, positioning the Group for scalable, software sales-led growth.
Improved Cash Discipline: Champion Health, having previously required group-level support, approached breakeven excluding restructuring costs. This reflects a significant turnaround driven by workforce rationalisation and a pivot to platform delivery.
Strategic Enterprise Wins: In March, the largest contract in Champion Health’s history, sourced from the existing Lifecare client base, was signed. This deal validates the cross-division value proposition and supports our low-CAC, high-retention enterprise sales model.
Product Innovation: In the quarter, a phased rollout of a major update to Physitrack’s patient app, PhysiApp, was undertaken, including a redesigned home screen aimed at boosting patient engagement and integrating wellness features across the platform.
Strong Outlook: The Group enters Q2 with a leaner cost base, improved margins, and a growing pipeline of enterprise opportunities, underpinning confidence in continued profitable growth throughout FY25.
Wellnow divestment
The disposal of Wellnow in March 25, marks a strategic step forward in strengthening the Group’s financial profile. Completed for €1 nominal consideration and a €243k deferred earn-out (based on 50% of forecast 2025–2026 profits), the transaction removes a structurally loss-making business that generated negative free cash flow of €97k in FY2024 and €14k in Q1 2025, despite contributing €1.7 million in annual revenue in 2024.
A gain from discontinued operations of €78k was recognised, reflecting a €186k loss on disposal and €120k in transaction costs, offset by a €25k Q1 2025 contribution and a €359k deferred tax liability write-off.
The divestment enhances both profitability and cash flow, while enabling the Group to focus fully on scaling its high-margin, SaaS-led core.
CEO Interview
A Physitrack Spotlight interview with CEO & co-founder Henrik Molin commenting on the report is available at: https://vimeo.com/1077691193/8346d89c12
Group Key Performance Indicators:
| EUR (€), unless otherwise stated | 31 March 2025 | 31 March 2024 | 31 December 2024 |
| Revenue | 3,560,207 | 3,676,720 | 14,450,702 |
| Prior period revenue growth (%) | (3) | 11 | 10 |
| Proforma revenue growth (%) | 3 | 11 | 12 |
| Proforma constant currency revenue growth (%) | 2 | 10 | 10 |
| % of revenue which is subscription | 84 | 78 | 81 |
| EBITDA | 713,708 | 999,217 | (2,085,990) |
| Adjusted EBITDA | 1,102,096 | 1,086,434 | 3,757,878 |
| Adjusted EBITDA margin (%) | 31 | 30 | 26 |
| Proforma adjusted EBITDA less CAPEX | 436,863 | 329,694 | 488,547 |
| Proforma adjusted EBITDA less CAPEX margin (%) | 12.3 | 9.5 | 3.6 |
| Operating (loss) / profit | (330,536) | 9,934 | (6,650,333) |
| Adjusted operating profit / (loss) | 57,851 | 97,151 | (660,773) |
| Adjusted operating profit / (loss) margin (%) | 2 | 3 | (5) |
| Adjusted earnings per share | (0.00) | (0.00) | (0.03) |
| Operating cashflow before adjusting items | 1,604,296 | 1,046,876 | 3,613,000 |
| Free cash flow | 147,673 | 74,122 | (673,822) |
SaaS Metrics:
Lifecare
This includes Lifecare SaaS entities Physitrack and Physiotools.
| Q1 2025 | Q4 2024 | Q1 2024 | Q/Q | YoY | ||
| ARR (€) | Annual Recurring Revenue | 11,227,722 | 10,857,624 | 9,649,848 | 3.4% | 16.4% |
| Growth Rate (%) | Quarterly growth rate | 1.1% | 2.1% | 4.1% | 1.1% | 4.8% |
| Net MRR Churn Rate (%) | Annual average churn rate | (1.0)% | (1.0)% | (1.0)% | 0.0pp | 0.0pp |
| NRR (%) | Annual average Net Revenue Retention | 99.7% | 100.3% | 99.9% | (0.6)pp | (0.2)pp |
| ARPL (€) | Annual Recurring Revenue Per Licence | 162 | 161 | 146 | 0.9% | 11.0% |
| SaaS Gross Margin (%) | Profit margin on SaaS revenue | 91.1% | 88.4% | 93.5% | 2.7pp | (2.4)pp |
Wellness
This includes Wellness SaaS entity Champion Health.
| Q1 2025 | Q4 2024 | Q1 2024 | Q/Q | YoY | ||
| ARR (€) | Annual Recurring Revenue | 1,009,298 | 950,753 | 554,695 | 6.2% | 82.0% |
| Growth Rate (%) | Quarterly growth rate | 0.9% | 33.2% | 3.8% | 0.9% | 84.8% |
| Net MRR Churn Rate (%) | Annual average churn rate | (0.7)% | (1.5)% | (1.7)% | 0.8pp | 1.0pp |
| NRR (%) | Annual average Net Revenue Retention | 99.3% | 99.0% | 98.3% | 0.3pp | 1.0pp |
| ARPL (€) | Annual Recurring Revenue Per Licence | 9 | 8 | 9 | 5.3% | (1.5)% |
| SaaS Gross Margin (%) | Profit margin on SaaS revenue | 84.2% | 72.1% | 60.6% | 12.1pp | 23.6pp |
The above metrics reflect a robust start to the year for the Group, demonstrating robust performance across a range of core SaaS indicators. While Lifecare Net Revenue Retention (NRR) experienced a modest decline, the Q1 FY25 figure remains broadly in line with a healthy industry benchmark of 100.0%.
Webcast conference:
April 30, 2025, at 15.00 CET. The presentation will be held in English and will be available on https://www.physitrackgroup.com after the webcast conference.
Speakers:
Henrik Molin, CEO
Matt Poulter, Interim CFO
Link to webcast registration:
https://us06web.zoom.us/webinar/register/WN_-t8W18CATi6M2gXNftSogQ
Participants will be able to ask questions via Zoom’s Q&A function.