LONDON, GB / ACCESSWIRE / May 02, 2023 / Physitrack (STO:PTRK) Another strong quarter which achieves record revenue levels and exceeds medium term targets
Jan - Mar 2023
- Revenue increased by 45 per cent from the comparative period in 2022 to generate total sales of EUR 3.7m (EUR 2.6m). On a proforma basis revenue grew by 36 per cent. This proforma growth was achieved in both the Lifecare (15 per cent) and Wellness (101 per cent) divisions.
- Adjusted EBITDA of EUR 0.9m (EUR 0.7m) was generated resulting in an Adjusted EBITDA margin of 25 per cent (29 per cent).
- Adjusted operating profit of EUR 0.1m (EUR 0.4m) was generated resulting in a margin of 3 per cent (17 per cent).
- Adjusted ordinary and diluted profit per share totalled EUR 0.01 (EUR 0.02).
- Cashflow generated from operations before the payment of adjusting items equalled EUR 0.7m (EUR 0.5m).
Operational highlights
- A positive start to the financial year with revenue increasing by 45 per cent against prior year comparative and 36 per cent on a pro-forma basis, exceeding our medium term target of 30 per cent growth.
- The Group continues to focus on driving efficiencies in the underlying profitability of the business and is pleased to see adjusted EBITDA reach an all-time high of EUR 922k generating an EBITDA margin of 25 per cent.
- Despite a success based earnout of EUR 1.6m being paid to previous owners of acquired subsidiaries during the quarter, the Group has ample room in its revolving credit facility and does not expect to require any capital or debt raising in the short to midterm. No further deferred consideration payments are expected during 2023.
Henrik Molin, Co-founder and CEO of Physitrack PLC, commented:
"It has been positive to see the Group kicking off 2023 at full throttle, focusing on driving both revenue growth and profitability. This provides positive momentum for the remainder of 2023, and secures our belief that we are well placed to take advantage of the huge potential the global wellbeing market has to offer for our mission to elevate the World's Wellbeing."
Group key performance indicators
| 3 Month period ended | Year ended | ||
| EUR (€), unless otherwise stated | 31 Mar 23 | 31 Mar 22 | 31 Dec 22 |
| Revenue | 3,734,718 | 2,576,587 | 12,510,371 |
| Prior period revenue growth (%) | 45 | 67 | 57 |
| Proforma revenue growth (%) | 36 | 29 | 27 |
| Adjusted EBITDA | 922,090 | 749,788 | 3,446,475 |
| Adjusted EBITDA margin (%) | 25 | 29 | 28 |
| Adjusted operating profit | 113,745 | 426,013 | 1,012,544 |
| Adjusted operating margin (%) | 3 | 17 | 8 |
| Adjusted earnings per share | 0.01 | 0.02 | 0.06 |
| Operating cashflow before adjusting items | 690,380 | 525,278 | 2,897,554 |
| % of revenue which is subscription | 71 | 68 | 71 |
Webcast conference
Tuesday May 2, 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:
https://us06web.zoom.us/webinar/register/WN_dYiowHXnSmGMhobjlDmhpA
Participants will be able to ask questions through the web chat.
Enquiries regarding this announcement should be addressed to:
Henrik Molin, CEO, Physitrack
+46 (0) 707 46 44 21
ir@physitrack.com
media@physitrack.com
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 - SaaS platform tailored mainly to physiotherapy and musculoskeletal care, enabling practitioners to deliver clinical home exercises, education prescription, outcomes tracking, triaging and Telehealth.
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),
This information is information that Physitrack is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-05-02 08:00 CEST.
Attachments
Physitrack PLC - Interim Report January - March 2023
SOURCE: Physitrack
View source version on accesswire.com:https://www.accesswire.com/752394/Physitrack-PLC-Interim-Report-January-March-2023
