Physitrack PLC – Interim report: January – June 2023
Another strong quarter, with adjusted EBITDA crossing the €1 million mark for the first time and year-to-date organic growth exceeding targets at 32 per cent.
Quarter ended - Apr - Jun 2023
- Revenue increased by 23 per cent from the comparative period in 2022 to generate total sales of EUR 3.8m (EUR 3.1m). On an organic basis revenue grew by 25 per cent. This organic growth was achieved in both the Lifecare (9 per cent) and Wellness (66 per cent) divisions.
- Adjusted EBITDA of EUR 1.0m (EUR 0.9m) was generated resulting in an Adjusted EBITDA margin of 25 per cent (30 per cent).
- Adjusted operating profit of EUR 0.1m (EUR 0.3m) was generated resulting in a margin of 1 per cent (11 per cent).
- Adjusted ordinary and diluted loss per share totalled EUR 0.00 (EUR 0.01).
- Cashflow generated from operations before the payment of adjusting items equalled EUR 0.5m (EUR 0.7m).
- Free cash flow for the quarter was a net outflow of EUR 0.6m (EUR 1.0m).
Six months ended - Jan - Jun 2023
- Revenue increased by 33 per cent from the comparative period in 2022 to generate total sales of EUR 7.5m (EUR 5.6m). On an organic proforma basis revenue grew by 32 per cent. This proforma growth was achieved in both the Lifecare (13 per cent) and Wellness (85 per cent) divisions.
- Adjusted EBITDA of EUR 1.9m (EUR 1.7m) was generated resulting in an Adjusted EBITDA margin of 25 percent (29 per cent).
- Adjusted operating profit of EUR 0.2m (EUR 0.7m) was generated resulting in a margin of 2 per cent (13 per cent).
- Adjusted ordinary and diluted profit per share totalled EUR 0.01 (EUR 0.03).
- Cashflow generated from operations before the payment of adjusting items equalled EUR 1.2m (EUR 1.3m).
Operational highlights
- Stepping up to the challenges of a strong comparative period and prior quarter, the group continued its impressive growth story by achieving year to date revenue growth of 33 per cent against prior year comparative, and 32 per cent on an organic basis.
- The Group continues to focus on driving efficiencies in the underlying profitability of the business and in addition to focusing on higher margin commercial opportunities implemented a number of cost optimisation initiatives.
- Physicourses expanded its service offering by partnering with world renowned education partners, increasing its content library and setting the scene for further revenue synergies between the core Lifecare business.
- The Group re-confirms that it is expected there will be no further deferred contingent consideration payments for the remainder of the financial year, and no capital raising via share issuance or debt.
Henrik Molin, Co-founder and CEO of Physitrack PLC, commented:
“I am proud to see our amazing teams continuing to thrive and remaining resilient in achieving our targets and achieving our mission of Elevating the World’s Wellbeing, in an unpredictable macroeconomic environment for many of our target markets.”
Group Key Performance Indicators:
| 3 Month period ended Year ended | 6 Month period ended Year ended | Year ended | |||
| EUR (€), unless otherwise stated | 30 June 23 | 30 June 22 | 30 June 23 | 30 June 22 | 31 Dec 22 |
| Revenue | 3,750,972 | 3,051,453 | 7,485,691 | 5,628,040 | 12,510,371 |
| Prior period revenue growth (%) | 23 | 144 | 33 | 144 | 57 |
| Organic revenue growth / Proforma revenue growth (%) | 25 | 31 | 32 | 31 | 27 |
| EBITDA | 712,271 | 265,435 | 1,443,679 | 535,262 | 2,543,318 |
| Operating (loss) / profit | (188,469) | (316,603) | (265,406) | (370,551) | 109,387 |
| Adjusted EBITDA | 953,656 | 903,146 | 1,875,746 | 1,652,934 | 3,446,475 |
| Adjusted EBITDA margin (%) | 25 | 30 | 25 | 29 | 28 |
| Adjusted operating profit | 52,916 | 321,108 | 166,661 | 747,121 | 1,012,544 |
| Adjusted operating margin (%) | 1 | 11 | 2 | 13 | 8 |
| Adjusted earnings per share | 0.00 | 0.01 | 0.01 | 0.03 | 0.06 |
| Operating cashflow before adjusting items | 534,178 | 675,116 | 1,224,558 | 1,252,418 | 2,897,554 |
| % of revenue which is subscription | 71 | 60 | 71 | 64 | 71 |
Webcast conference:
August 15, 2023, 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 registration:
https://us06web.zoom.us/webinar/register/WN_3gk5-tV9ThKz7SNL-iBLnQ
Participants will be able to ask questions through the web chat.
Enquiries regarding this announcement should be addressed to:
Henrik Molin, CEO, Physitrack.
+44 208 133 9325
[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 with 12 nationalities 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 / 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/
This information is such information as Physitrack PLC is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above on August 15, at 8.00 am CEST.
