Physitrack PLC – Interim report: January – December 2022
Completing the year with strong revenue and EBITDA growth, having established strong foundations to accelerate growth for FY2023
Oct - Dec 2022
- Revenue increased by 38 per cent from the comparative period in 2021 to generate total sales of EUR 3.5m (EUR 2.5m). On a proforma basis revenue grew by 20 per cent. This proforma growth was achieved in both the Lifecare (5 per cent) and Wellness (55 per cent) divisions.
- Adjusted EBITDA of EUR 0.9m (EUR 0.8m) was generated resulting in an Adjusted EBITDA margin of 25 per cent (32 per cent). This movement in the EBITDA margins is driven by the shift in the mix of revenue towards wellness which currently operates at relatively lower margins.
- Adjusted operating profit of EUR 0.1m (EUR 0.5m) was generated resulting in a margin of 2 per cent (16 per cent).
- Adjusted ordinary and diluted profit per share totalled EUR 0.00 (EUR 0.02).
- Cashflow generated from operations before the payment of adjusting items equalled EUR 1.2m (EUR 1.1m).
Jan - Dec 2022
- Revenue increased by 57 per cent from the comparative period in 2021 to generate total sales of EUR 12.5m (EUR 8.0m). On a proforma basis revenue grew by 27 per cent. This proforma growth was achieved in both the Lifecare (17 per cent) and Wellness (54 per cent) divisions.
- Adjusted EBITDA of EUR 3.4m (EUR 2.6m) was generated resulting in an Adjusted EBITDA margin of 28 percent (33 per cent).
- Adjusted operating profit of EUR 1.0m (EUR 1.2m) was generated resulting in a margin of 8 per cent (14 per cent).
- Adjusted ordinary and diluted profit per share totalled EUR 0.06 (EUR 0.07).
- Cashflow generated from operations before the payment of adjusting items equalled EUR 2.9m (EUR 2.2m).
Operational highlights
- Finalisation of the rebuild of the PT Courses platform with significant enhancements to both the underlying content and user experience, opening the door to integration with the existing Physitrack platform and further acceleration in the US market.
- Successful transition of a vast majority of users from the GoMobilus platform to Physitrack, paving the way for additional streamlining of Physitrack’s Lifecare offering and simplification of the corporate structure.
- Successful transition to an in-house development team, creating a safe haven for top tech talent and further enhancing the Physitrack platform.
- Appointment of Nick McClelland, former Chief Growth Officer of Mercer UK as Chief Growth Officer of the Wellness segment, providing extensive knowledge, methodology and commercial opportunities to significantly grow this division in 2023.
Henrik Molin, Co-founder and CEO of Physitrack PLC, commented:
“The fruits of our labour were seen widely across the business in the biggest quarter in the history of the Group with all but one business line posting very impressive performances. We’re on a strong footing to keep accelerating growth and profitability in 2023 with a dream team that keeps pushing the boundaries of our capabilities.”
Group key performance indicators
| 3 Month period ended | Year ended | |||
| EUR (€), unless otherwise stated | 31 Dec 22 | 31 Dec 21 | 31 Dec 22 | 31 Dec 21 |
| Revenue | 3,517,110 | 2,548,446 | 12,510,371 | 7,990,648 |
| Prior period revenue growth (%) | 38 | 179 | 57 | 162 |
| Proforma revenue growth (%) | 20 | 38 | 27 | 28 |
| Adjusted EBITDA | 869,540 | 816,346 | 3,446,475 | 2,627,717 |
| Adjusted EBITDA margin (%) | 25 | 32 | 28 | 33 |
| Adjusted operating profit/loss | 60,063 | 476,230 | 1,012,544 | 1,154,623 |
| Adjusted operating margin (%) | 2 | 19 | 8 | 14 |
| Adjusted earnings per share | 0.00 | 0.02 | 0.06 | 0.07 |
| Operating cashflow before adjusting items | 1,190,829 | 1,055,596 | 2,897,555 | 2,187,185 |
| % of revenue which is subscription | 70 | 69 | 71 | 82 |
Webcast conference
Tuesday February 28, 2023 at 10.00 CET. The presentation will be held in English and will be available on https://www.physitrackgroup.com/investors/reports-presentations after the webcast conference.
Speakers:
Henrik Molin, CEO
Charlotte Goodwin, CFO
Link to webcast:
https://us06web.zoom.us/webinar/register/WN_gtPyBB6xRDWhhoQISCWnWQ
Participants will be able to ask questions through the web chat.
Enquiries regarding this announcement should be addressed to:
Adam Nilsson, investor and media contact, Physitrack
+46 (0) 707 46 44 21
[email protected]
[email protected]
About Physitrack
Physitrack PLC, founded in 2012, is a global digital healthcare provider, focused on the B2B wellness and virtual-first care markets. With staff on four continents, customers in 17 time zones, and end users in 187 countries, Physitrack is a truly global company.
The company has two business lines:
1. Lifecare – SaaS platform tailored mainly to physiotherapy and musculoskeletal care, enabling practitioners to deliver clinical home exercises, education prescription, outcomes tracking, triaging and Telehealth.
2. Wellness – SaaS platform for Employee Wellness and care powered by a combination of world-leading technology and wellness professionals based in the United Kingdom, Germany and the Nordics.
Physitrack PLC is headquartered in London, United Kingdom, and listed on Nasdaq First North Premier Growth Market (PTRK).
Visit us at https://www.physitrackgroup.com/
Learn more at https://championhealth.co.uk/ and watch this video on the new Champion Health Launch Self-serve at https://vimeo.com/801765782/3c77832b80 (1.12 minutes).
Certified Advisor
FNCA Sweden AB is the appointed Certified Adviser of Physitrack.
[email protected], +46 8 528 00 399
