15 April 2021 - PatientSky has today published its 2020 Annual Report. The
Annual Report and investor presentation are both attached to this stock exchange
notice and made available on the company's website
**** Company's commentary on the published Annual Report and outlook ***
2020 was a very positive and exciting year for PatientSky despite some COVID-19
headwinds in the second half of the year. We continued to show robust commercial
and operational momentum during 2020, growing MRR by 60%, upgrading ~500 clinics
and significantly increasing the value-added services per clinic.
In addition, 2020 marked a landmark year for the company, securing public-market
capital needed to support the execution of our long-term strategic ambition and
completing a highly synergistic acquisition of InfoDoc AS.
The adj. 2020 revenue came in roughly in-line with the guidance at NOK 145m and
the adj. EBITDA representing a strong 160% YoY growth to NOK 45.6m. The revenue
CAGR continues to be well above our long-term target of 40%, with 2021 projected
to grow by 70% including InfoDoc's full year effect. The adj. EBITDA excludes
NOK 8m in nonrecurring costs related to the capital-markets activities, the
non-cash incentive program and one-off COVID related expenses. As previously
communicated the adj. revenue includes NOK 5m for two unforeseen revenue events
in Q4 delaying revenue recognition.
Overall, we are very pleased to have increased the adj. EBITDA by 160% and
demonstrated the operational leverage that our business model possesses. We see
significant room to improve further in the years to come as we continue to
future proof the organization to capture the full benefits of scalability and
synergies of the PatientSky 360 platform.
During the normal course of the audit process we have made some minor negative
adjustments compared to preliminary financials. In aggregate, the revisions are
below NOK 1m for the year. The revisions have been implemented and reflected in
the final audited financials, which have been approved by the auditors without
any further remarks.
Guidance and outlook for 2021:
With a solid customer-base of NOK 14.6m in MRR, we have secured a recurring
revenue base of NOK 175m to build from in 2021 as previously communicated in the
trading update in March. Adding expected 2021 clinic upgrades, non-recurring
revenues and PaaS partnership opportunities, we feel comfortable in surpassing
NOK 240m in revenues for FY2021 (+70% YoY).
In Q1 2021 the upgrade speed to Patientsky has more than recovered from the
slowdown experienced in H2 2020, now tracking above 200% higher compared to H2
2020 and ahead of our 2021 schedule. Q1 marked the first time in the company's
history where we are growing together with new large enterprise customers,
enabled by the PatientSky 360 platform. In addition, we today have a backlog of
clinics ready to upgrade giving us a good visibility on future performance.
The 2021 PaaS revenue opportunities included in the revenue guidance are, as
communicated in March, expected to be second-half heavy. But this also means
that the PaaS ARR magnitude by the end of the year is even greater than the FY21
Building upon a robust 2020, we expected 2021 adj. EBITDA margin to be above
25%. The EBITDA guidance slightly masks the operational leverage inherent in
PatientSky as we invest in the organization, platform and brand awareness to
support our ambitions as an international platform company. We are confident
that these investments are good long-term capital allocation decisions, despite
foregoing some profits in the short-term. While investing, we do expect to
continue to realize positive operational EBIT excl. M&A related depreciation
With a solid cash position of NOK 429m at the end of the year we are well
equipped to engage with potential acquisition targets that would expand
PatientSky's global, vertical and/or technical footprint. If we identify such
targets with the right strategic fit and at reasonable prices, we are ready and
able to move swiftly to secure them.
For further information, please join our webcast at 10:00 AM today (April 15th):
The link is also available on the IR webpage.
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.