Physitrack PLC: Physitrack Announces Strategic Restructure of Champion Health Plus Resulting in an Annualised €200k Positive Impact on Profitability and Cashflow

LONDON, UNITED KINGDOM / ACCESSWIRE / December 5, 2024 / Physitrack PLC (STO:PTRK) announces a strategic restructuring of its subsidiary, Champion Health Plus, aimed at optimising care delivery through AI-powered Nexa platform and enhancing profitability. This is expected to improve profitability by €200k annually on a run rate basis with €800k of planned annual cost reductions and €600k of expected annual revenue reduction.

Key results of restructuring:

1. Leadership Changes & Integration:
   Co-founders Richard Jackson and Steven Doherty, along with CEO Chris Bartlett, will depart. Their responsibilities will be absorbed by the combined Physitrack and Champion Health Plus teams.

2. Optimized Clinical Operations:
   Champion Health Plus will reduce its clinic footprint from 40 to around 15 by Q1 2024, focusing on profitable locations. AI-based triage via Nexa will replace many in-clinic services, improving access and operational efficiency.

3. Financial Impact:
   The restructuring is expected to improve profitability by €200k annually on a run rate basis with €800k of planned annual cost reductions and €600k of expected annual revenue reduction. In 2025 €600k in savings are anticipated and a revenue reduction of €450k. Q4 2024 and Q1 2025 will see one-time restructuring costs of €100k total.

4. Focus on Growth:
   The transition to digital triage and network-based care will position Champion Health Plus for long-term growth, maintaining its role as a leader in healthcare innovation.

"We are confident that this restructuring positions Champion Health Plus and the wider Group for a stronger future," said Henrik Molin, CEO and co-founder of Physitrack. "We are grateful for Stephen's, Richard's and Chris's contributions to Champion Health Plus over these past years and for enabling this exciting move into the future of MSK care. We wish them all the best in their future endeavours."

Enquiries regarding this announcement should be addressed to:
Henrik Molin, CEO, Physitrack.
[phone]
[e-mail]
[e-mail]

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 16 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/

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Physitrack announces strategic restructure of Champion Health Plus resulting in an annualised €200k positive impact on profitability and cashflow

SOURCE: Physitrack PLC

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