PatientSky delivered a strong first quarter of 2021, reflecting the operational
momentum into 2021 that we highlighted earlier this year. Quarterly revenue grew
above 60% YoY to NOK 51.6m and delivering an adj. EBITDA of NOK 13m and a 25%
margin. Acquisitive growth from the addition of InfoDoc contributed around 40%,
and the remaining ~20% came from continued organic growth from upgrading clinics
to our clouded solutions.
The MRR for the Group was NOK 15.5m at the end of Q1, more than 60% higher than
a year ago. We continue to grow the MRR with a monthly average upgrade speed 80%
higher in Q1 compared to full year 2020 and with a backlog of clinics ready to
upgrade in the coming months.
COGS increased compared to Q1 2020, mainly driven by a mix effect of higher
cloud revenues. This was a slight improvement relative to revenue when comparing
to FY2020. Salary expenses grew by 30%, of which half related to non-cash
(option program) and one-off expenses, the rest came from continuing to build
and strengthen the organization. OPEX increased compared to Q1 2020 due to
increased marketing spend as guided previously and due to higher cost of being a
public company (accounting, audit, and legal expenses).
Overall, we are very pleased with the progression we have made during the first
quarter of 2021. Key highlights have been the strong development in the upgrade
speed to the cloud, onboarding of large enterprise customers for the first time
and continued progress on building the organization and platform.
We still have more to achieve in 2021 as we continue to work on future proofing
the business to capture the full benefits of scalability and synergies of the
PatientSky 360 platform.
Please find the Q1 Report and Presentation attached, we hope you will join our
webcast at 14:00 (CEST) today (May 27th):
The link to the webcast is also available on the IR webpage and recording will
be made available shortly after.
PatientSky, founded in 2014 to innovate e-health, is a cloud-based SaaS
(Software as a Service), PaaS (Platform as a Service) and IaaS(Infrastructure as
a Service) company delivering solutions to the health care industry (both
practitioners and patients). The Group is a leading e-health provider in the
Nordics and its main products are the PatientSky 360 Platform and EHR systems,
including other similar administration services. At the core of the Group's
business is the PatientSky 360 Platform, which is a platform that provides all
the necessary building blocks for rapid development of highly scalable
healthcare software. PatientSky has an open platform and EHR system, enabling an
ecosystem in which healthcare providers can communicate with each other using
one system, and in which data can be aggregated and consumed on a higher level.