Key highlights: 

Revenue for the first quarter 2022 came in at NOK 50.1m, down 2.9% YoY, ending
the quarter with an ARR of NOK 191m as of March 2022. The topline is negatively
influenced by lower non-recurring revenues and on-premise revenue from January
driven by end-of-life Promed and SystemX. Our recurring cloud revenues grew with
38% annualized rate in the quarter. 

The gross margin for 1Q was in line with previous quarters with 86%. Total
salary expenses, pre capitalization, is down by NOK 6.8m compared to 4Q. Other
opex is also down, ending at NOK 20.6m, pre capitalization, for the quarter. 

Adjusted cash EBITDA came in at NOK -18.9m, which is NOK 2.5m better than the
previous quarter.

PatientSky continues to invest in the international platform and still expects
commercial contracts to be announced in 2H22. In the meantime, we will continue
to improve the Norwegian SaaS business, which has strong underlying fundamentals
and room to improve topline and profitability further. 

Please join our webcast at 09:00 (CEST) today (May 20th) on the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20220520_2/

The presentation and report will be available for download from the Investor
Relations page.