2020 was a very positive and exiting year for PatientSky despite some COVID-19
headwinds. We continued to deliver robust commercial and operational momentum,
growing MRR by 60%, upgrading ~500 clinics and significantly increasing value
added services per clinic.
In addition, 2020 marked a landmark year for the company, securing
public-markets capital needed to support the execution of our long-term
strategic plans and completing a highly synergistic acquisition of InfoDoc AS.
The adj. 2020 revenue is aligned with the guidance of NOK 145m and the adj.
EBITDA representing a strong 170% YoY growth to NOK 46.6m. The revenue CAGR
continues to be in-line with our long-term target well above 40% and projected
to grow by 70% for 2021. 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. Adj. revenue includes NOK 5m for two unforeseen
revenue events in Q4 delaying revenue recognition.
Overall, we are very pleased to have increased adj. EBITDA by 170% and clearly
demonstrating 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.
Guidance and outlook for 2021:
With a solid customer-base of NOK 14.6m in MRR, we have secured a revenue base
of NOK 175m to build from in 2021. 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). The 2021 PaaS revenue
opportunities are expected to be second-half heavy, as the lead-time including
negotiations and onboarding precedes revenue recognition, but this also means
that the ARR potential are even greater than the FY21 quantified revenue
We also continue to monitor and engage with potential acquisition targets that
would expand PatientSky's global and vertical footprint. If we identify targets
with the strategic fit and at the right price, we are ready and able to move
swiftly to secure them.
For further information, please join our webcast at 13:00 today (1. March 2021):
The link to the webcast will be made available on the company 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.