Key highlights:

Revenue for the fourth quarter 2021 came in at NOK 55.3m, up 36% YoY, ending the
quarter with an ARR of NOK 198m as of December 2021. The topline is 7% higher
than for third quarter, and with nice annualized growth rates on recurring
revenue (19%) and cloud revenue (57%). Total revenues for 2021 ended at NOK 210,
just above the high end of guidance. A non-cash one-off effect of NOK 1.4m
related to an old claim (bad debt) from 2019 will reduce the reported topline. 

The gross margin for Q4 was slightly down to 85% from 87% in Q3. Salary expenses
increased in Q4 due to provisions and settlement related to termination of
contract with previous employees (NOK 5m). Adjusted for one-offs the salary
expenses increased with NOK 2m driven by more FTEs and year-end bonuses. Other
opex is lower in 4Q, mainly due to higher capitalization of costs. 

The Q4 EBITDA margin came in at -1% (NOK -0.4m), with the adj. EBITDA margin at
14% (NOK 7.7m). The full year adjusted EBITDA margin ended at 20.3%, in line
with guidance of 20%. 

PatientSky continue to invest in making the PatientSky 360 Platform ready for
efficient international expansion, ensuring that we are able to provide the best
low-code, open source, healthcare platform. We expect commercial contracts to be
announced in the 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 (Feb. 22nd) on the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20220222_1/
The presentation and report will be available for download from the Investor
Relations page.