Revenue for the second quarter 2022 came in at NOK 48.0m, with 96% recurring
revenues. Non-recurring revenues saw a decline compared to first quarter, and
Promed contribution is close to zero due to end-of-life. Easter impacted our
variable recurring base but bounced back the following period. Our recurring
cloud revenues grew with a 22% annualised rate in the quarter, and with 27% YoY
The gross margin for 2Q was in line with previous quarters. The cost base, pre
capitalization but after adjusting for one-offs, is in line with the first
quarter (down by NOK 0.1m).
Adjusted cash EBITDA came in at NOK -21m, which is NOK 2.1m lower than previous
Our Norwegian SaaS operation is performing as expected with NOK 25.8m positive
We see a strong momentum on sales to new clinics and the pipeline continues to
grow at a high pace.
PatientSky is investing in the international platform, but we have increased our
focus on cost control. We are streamlining the international business unit to
improve our financial performance. We are still in a development phase and the
official launch of our international products has been delayed compared to our
first plan due to the abovementioned focus, but we still expect revenues in
2023. In the meantime, we will continue to improve the Norwegian SaaS business,
which has strong underlying fundamentals with good momentum expected to drive
cloud topline and profitability further.
Please join our webcast at 09:00 (CEST) today (Aug 29th) on the following link:
The presentation and report will be available for download from the Investor