PatientSky made important progress during the third quarter, having appointed a
new Group CEO and a new MD Norway, recruited a permanent CFO, announced
End-of-Life ProMed, signed a new HQ location in Oslo and continued to reorganize
into Business Units.
We 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. Instead of pursuing short-term revenues on the
Platform we have decided to improve the onboarding process of partners to be
able to fully commercialize the entire Platform and maximize its long-term
potential. With our strong pipeline of potential partners, we expect new
contracts to be announced in the next 12 months and solid PaaS revenues coming
within 18-24 months.
In the meantime, we will continue to improve the Norwegian SaaS business, which
has strong underlying fundamentals and room to improve topline and profitability
Q3 2021 Financial Results:
Revenue for the third quarter 2021 came in at NOK 51.7m, up 57% YoY, ending the
quarter with an ARR of NOK 191m as of September 2021. The topline was fairly
flat QoQ, but with nice annual growth rates on recurring revenue (17%) and cloud
The gross profit for Q3 was 87% as we returned to normal COGS levels. Salary
expenses increased in Q3 due to an additional month of salary compared to Q2
(NOK 7.9m), lower capitalization rate as we onboarded new developers (NOK 2.4m)
and increased salary and recruitment expenses of 10 additional FTEs (NOK 1.4m).
The Q3 EBITDA margin came in at 6% (NOK 3.4m), with the adj. EBITDA margin at
12% (NOK 6.0m). We remain on course to reach our full-year restated guidance for
2021 of revenues between NOK 205-210m and adj. EBITDA margin of 20%.
Please join our webcast at 09:00 (CEST) today (Nov. 29th) on the following link: