Physitrack PLC – Interim report: January – June 2024
Despite financial headwinds, the Group has successfully driven significant innovation across both divisions, leveraging cutting-edge technology to enhance the user experience and accelerating the teams’ ability to advance our industry leadership.
Second quarter: 1st April – 30th June 2024
- Revenue increased by 5 per cent against a strong comparator to generate total sales of EUR 4.0m (EUR 3.8m). This growth was achieved in the Lifecare division (10 per cent) but was offset by a contraction within the Wellness division (2 per cent).
- Subscription revenue increased 21 per cent (€0.6m) to €3.2m and now makes up 82 per cent of total group revenue, a significant increase from the prior year’s comparative of 71 per cent.
- Adjusted EBITDA of EUR 0.9m (EUR 1.0m) was generated resulting in an Adjusted EBITDA margin of 23 per cent (25 per cent).
- Adjusted operating loss of EUR 0.3m (profit EUR 0.1m) was generated resulting in a margin of -7 per cent (1 per cent).
- Adjusted ordinary and diluted profit per share totalled EUR (0.02) (EUR 0.00).
- Cashflow generated from operations before the payment of adjusting items equalled EUR 0.4m (EUR 0.5m).
- Free cash flow for the quarter was a net outflow of EUR 0.8m (outflow EUR 0.6m).
First Half: – 1st January – 30th June 2024
- Revenue increased by 8 per cent against a strong comparator to generate total sales of EUR 8.1m (EUR 7.5m). This growth was achieved in both the Lifecare (10 per cent) and Wellness (5 per cent) divisions.
- Subscription revenue increased 23 per cent (€1.2m) to €6.5m and now makes up 81 per cent of total group revenue, a significant increase from the prior year’s comparative of 71 per cent.
- Adjusted EBITDA of EUR 1.9m (EUR 1.9m) was generated resulting in an Adjusted EBITDA margin of 24 per cent (25 per cent).
- Adjusted operating loss of EUR 0.2m (profit EUR 0.2m) was generated resulting in a margin of -2 per cent (2 per cent).
- Adjusted ordinary and diluted profit per share totalled EUR (0.02) (EUR 0.01).
- Cashflow generated from operations before the payment of adjusting items equalled EUR 1.5m (EUR 1.2m).
- Free cash flow for H1 2024 was a net outflow of EUR 0.7m (outflow EUR 1.0m).
Key highlights during and subsequent to the second quarter
- We continue to build on the rapid success of the technological enhancements across the Group, underpinned by AI, that was seen over the last two quarters. Key developments include the new mobile app Physitrack Assistant and the Easy Assign feature, the former leveraging on our AI Co-pilot making clinical workflows more efficient.
- Within the Wellness division we have rolled out Champion Health 3.0, and within Champion Health Plus we have launched Nexa, an AI-driven self-service MSK tool that will enhance revenue from notably existing insurance customers.
- We continue to focus on growing our recurring revenue and setting us up for long-term sustainable growth. Q2 recurring revenue was in-line with prior quarter, representing 82 per cent of total revenue, up from 80 percent in Q1 2024.
- We continue to strive to elevate the World’s Wellbeing, with our continuing partnership with Business Finland during the quarter allowing us to expand our remote accessibility program, Project Inclusion, into both Kenya and Uganda.
Group Key Performance Indicators:
| 3 Month period ended | 6 Month period ended | Year ended | |||
| EUR (€), unless otherwise stated | 30 June 24 | 30 June 23 | 30 June 24 | 30 June 23 | 31 Dec 23 |
| Revenue | 3,995,995 | 3,750,972 | 8,073,742 | 7,485,691 | 15,176,582 |
| Prior period revenue growth (%) | 5 | 23 | 8 | 33 | 21 |
| Organic revenue / Proforma revenue growth (%) | 5 | 25 | 7 | 32 | 22 |
| EBITDA | 709,102 | 712,271 | 1,677,002 | 1,443,679 | 7,061,822 |
| Operating (loss) / profit | (442,877) | (188,469) | (468,500) | (265,406) | 3,441,464 |
| Adjusted EBITDA | 896,916 | 953,656 | 1,947,033 | 1,875,746 | 3,906,832 |
| Adjusted EBITDA margin (%) | 23 | 25 | 24 | 25 | 26 |
| Adjusted operating (loss) / profit | (260,063) | 52,916 | (198,469) | 166,661 | 286,474 |
| Adjusted operating margin (%) | (7) | 1 | (2) | 2 | 2 |
| Adjusted earnings per share | (0.02) | 0.00 | (0.02) | 0.01 | 0.00 |
| Operating cashflow before adjusting items | 412,123 | 534,178 | 1,458,999 | 1,224,558 | 3,517,099 |
| Free cash flow | (774,660) | (637,668) | (722,453) | (1,034,729) | (1,052,183) |
| Adjusted EBITDA less CAPEX | (25,168) | 107,023 | 216,755 | 199,606 | 484,916 |
| % of revenue which is subscription | 82 | 71 | 81 | 71 | 74 |
Webcast conference:
August 13, 2024, 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_lR0O9zLoQ6eWi4ynus7CtA
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 Plc
Physitrack Plc is a global leader in Digital Health, committed to leveraging technology and innovation to drive growth and enhance the quality of life for communities worldwide. With staff with 14 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 providers, 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 13 2024, at 8.00 am CEST.