Physitrack PLC – Interim report: January – June 2022
“A strong quarter, with revenue growth in-line with long-term targets and integration of the Wellness division”
Quarter ended – Apr - Jun 2022
- Revenue increased by 57 per cent from the comparative period in 2021 to generate total sales of EUR 3.1m (EUR 1.9m). On a proforma basis revenue grew by 31 per cent. This proforma growth was achieved in both the Lifecare Technology (27 per cent) and Virtual Wellness (44 per cent) divisions.
- Adjusted EBITDA of EUR 0.9m (EUR 0.7m) was generated resulting in an Adjusted EBITDA margin of 30 percent (34 per cent). This movement was driven by recent acquisitions, as well as the Group’s focus on the integration of business units into the two divisions and ensuring foundations are in place to support its scale-up ambitions.
- Adjusted operating profit of EUR 0.3m (EUR 0.3m) was generated resulting in a margin of 11 per cent (15 per cent).
- Adjusted ordinary and diluted earnings per share totalled EUR 0.01 (EUR 0.02).
- Cashflow generated from operations before the payment of adjusting items equalled EUR 0.7m (EUR 0.7m).
Six months ended – Jan - Jun 2022
- Revenue increased by 62 per cent from the comparative period in 2021 to generate total sales of EUR 5.6m (EUR 3.5m). On a proforma basis revenue grew by 31 per cent. This proforma growth was achieved in both the Lifecare Technology (25 per cent) and Wellness (49 per cent) divisions.
- Adjusted EBITDA of EUR 1.7m (EUR 1.2m) was generated resulting in an Adjusted EBITDA margin of 29 percent (34 per cent).
- Adjusted operating profit of EUR 0.7m (EUR 0.5m) was generated resulting in a margin of 13 per cent (14 per cent).
- Adjusted ordinary and diluted earnings per share totalled EUR 0.03 (EUR 0.04).
- Cashflow generated from operations before the payment of adjusting items equalled EUR 1.3m (EUR 1.2m).
Operational highlights
- To reflect the increasing SaaS sales in the Virtual wellness division the SaaS division has been renamed Lifecare technology.
- Following the acquisition of Champion Health Limited on 6 May 2022, the Group has begun to consolidate the individual business entities within the Wellness segment into one brand - Champion Health. As part of the rebranding of the Virtual Wellness segment, the Physitrack Access ecosystem has been integrated into Champion Health and the Group has launched its first care pathway, Champion Health – Physiotherapy.
- Launch of a subscription product for PT Courses’ continued education platform, enhancing the Lifecare Technology offering and adding new subscription bundles.
- On 27 July 2022, the Group secured a GBP 5.0m revolving credit facility with Santander, providing additional financial resources to fund growth opportunities.
Henrik Molin, Co-founder and CEO of Physitrack PLC commented:
“Over the past twelve months we have significantly enhanced the Group through a number of strategic acquisitions. It has been pleasing to see the integration of these acquisitions into both the Champion Health Ecosystem to develop the market’s most comprehensive holistic Employee Wellbeing offering and the launch of PT Courses’ e-learning subscription product to further enhance our Lifecare Technology offering. Despite headwinds seen across the entire global tech market, Physitrack continues to thrive and growth continues to be in-line with our long-term expectations.”
Group key performance indicators
| 3 Month period ended | 6 Month period ended | Year ended | |||
| EUR (€), unless otherwise stated | 30-Jun-22 | 30-Jun-21 | 30-Jun-22 | 30-Jun-21 | 31-Dec-21 |
| Revenue | 3,051,453 | 1,941,410 | 5,628,040 | 3,484,195 | 8,465,227 |
| Prior period revenue growth (%) | 57 | 100 | 62 | 144 | 177 |
| Proforma revenue growth (%) | 31 | 18 | 31 | 27 | 49 |
| Adjusted EBITDA | 903,146 | 663,207 | 1,652,934 | 1,182,004 | 2,691,699 |
| Adjusted EBITDA margin (%) | 30 | 34 | 29 | 34 | 32 |
| Adjusted operating profit/loss | 321,108 | 287,177 | 747,120 | 485,834 | 1,116,351 |
| Adjusted operating margin (%) | 11 | 15 | 13 | 14 | 13 |
| Adjusted earnings per share | 0.01 | 0.02 | 0.03 | 0.04 | 0.06 |
| Operating cashflow before adjusting items | 727,140 | 672,660 | 1,252,418 | 1,544,072 | 2,256,236 |
| % of revenue which is subscription | 73 | 89 | 70 | 93 | 83 |
Webcast conference
August 25, 2022 at 10.00 CEST. 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://tv.streamfabriken.com/physitrack-group-q2-2022
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:
Lifecare Technology – SaaS platform tailored mainly to physiotherapy and musculoskeletal care, enabling practitioners to deliver clinical home exercises, education prescription, outcomes tracking, triaging and Telehealth.
Virtual Wellness – Champion Health – 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/
Certified Advisor
FNCA Sweden AB is the appointed Certified Adviser of Physitrack.
[email protected], +46 8 528 00 399
