London, 23 April 2026 at 08:00 CET
Physitrack Plc ("Physitrack" or the "Company"), listed on Nasdaq First North Growth Market (ticker: PTRK), today publishes its Q1 2026 report.
Group Financial Summary
| Metric | Q1 2026 | Q1 2025 | YoY ? |
| Revenue (€m) (Reported) | 3.2 | 3.1 | 3% |
| Constant currency revenue (€m) | 3.3 | 3.1 | 6% |
| EBITDA (€m) | 0.9 | 0.7 | 28% |
| Adj. EBITDA (€m) | 1.1 | 1.1 | -3% |
| EBITDA - CapEx (€m) | 0.2 | 0.1 | 146% |
| Adj. EBITDA - CapEx (€m) | 0.3 | 0.5 | -30% |
| Operating Cash Flow (€m)* | 0.9 | 1.0 | -7% |
| Free Cash Flow (€m)* | 0.1 | 0.2 | -68% |
| Net Profit / (loss) After Tax (€m)* | 0.1 | (0.4) | 116% |
| ARR per Employee | 350,780 | 151,074 | 132% |
* Continuing operations.
Summary for the period
First quarter: 1 January - 31 March 2026
Based on Alternative Key Performance Measures, the Company's key financial highlights for the period are summarised below.
- Constant currency revenue amounted to EUR 3.3m (EUR 3.1m), corresponding to 6 per cent year-on-year growth.
- Subscription revenue continued to represent the majority of Group revenue (96 per cent), reflecting the strength of the recurring SaaS model.
- Adjusted EBITDA decreased 3 per cent maintaining at EUR 1.1m (EUR 1.1m), corresponding to a margin of 34 per cent (36 per cent).
- Adjusted EBITDA less CapEx decreases to EUR 0.3m (EUR 0.5m).
- Operating cash flow from continuing operations maintained at a relatively consistent level EUR 0.9m (EUR 1.0m).
- Free cash flow from continuing operations remained positive at EUR 0.1m (EUR 0.2m), maintaining 6 consecutive quarters of positive free cash flow.
CEO comment
Q1 2026 marks a continuation of Physitrack's disciplined and profitable trajectory, with adjusted EBITDA of €1.1m and a margin of 34%, alongside sustained positive cash generation. We have strengthened our commercial platform while maintaining a lean, AI-enabled operating model.
Lifecare continues to deliver stable growth with improving revenue quality and strong margins, while Wellness has returned to profitability following restructuring, with a clearer focus on higher-value enterprise customers.
A key milestone for the Group is the upcoming launch of our Remote Therapeutic Monitoring platform in Q2 2026, alongside the continued expansion of our North American presence. These initiatives position us to accelerate growth, supported by a rebuilt commercial organisation and a more focused go-to-market strategy.
A further development is our ongoing review of a potential quotation on the OTCQX Best Market in the United States. This could enhance access to US investors without affecting our Nasdaq First North Premier listing or involving a capital raise, supporting our continued expansion in North America.
Our priority for 2026 remains clear: drive stronger revenue growth, particularly in North America, while maintaining the profitability and cash discipline established over the past year.
Henrik Molin
CEO and co-founder
Lifecare division
Q1 2026 Revenue increased 6 per cent year-on-year to EUR 2.9m, with SaaS representing the substantial majority of divisional revenue. ARR increased 5 per cent year-on-year to EUR 11.8m, supported by pricing optimisation and stable licence volumes.
SaaS gross margin was 89.7 per cent, reflecting a more stable position following heavier investment in the prior quarter. Adjusted EBITDA less CapEx amounted to EUR 0.6m, demonstrating continued capital efficiency. Average monthly churn remained stable at approximately 1 per cent.
Lifecare continues to generate stable recurring revenue with a solid and sustainable foundation that is built to succeed in our key territories.
Wellness division
Revenue declined in line with expectations following the expiry of Champion Health legacy founder-linked contracts and the planned exit of lower-margin activities in Champion Health Plus. As a result, ARR amounted to EUR 0.8m (-16% YoY).
ARPL increased 47% year-on-year, reflecting the shift toward higher-value enterprise relationships.
For the period, adjusted EBITDA has modestly increased despite the fall in revenue. This follows the cost savings generated from the Wellness restructure which will continue to be more evident in coming quarters.
The division is in the final stages of its reset and should generate increasingly improved results throughout the quarters of 2026 and beyond, with the new go-to-market strategy providing early indications of success and market appetite.
Outlook
Physitrack's expansion into North America is gaining momentum, with meaningful revenue opportunities expected to emerge through 2026, particularly with the launch of RTM which can provide revenue expansion from both existing and new customers. The Group remains lean, agile, and well-positioned to adapt quickly to evolving market and customer needs.
Spotlight interview
An interview with CEO Henrik Molin is available at URL
https://vimeo.com/mcvr/spotlightq12026
Webcast
A webcast presentation will be held on 23 April 2026 at 16:00 CET at URL
https://us06web.zoom.us/webinar/register/WN_4UE5d_yETIemyylBmbnBSA
The presentation will be held in English and made available at:
https://www.physitrackgroup.com
Henrik Molin, CEO, and Matt Poulter, CFO, will present the results and host a Q&A session
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 representing 12 nationalities across four continents, customers across 17 time zones, and end users in 187 countries, Physitrack is a truly global company.
Business Lines
Lifecare
A SaaS platform primarily serving physiotherapy and musculoskeletal care, enabling clinical exercise prescription, education, outcomes tracking, triage, and telehealth.
Wellness - Champion Health
Champion Health is a SaaS employee wellbeing platform combining world-class technology with expert-led content and support. The platform enables organisations to take a prevention-first approach to workforce health by providing employees with access to mental health, musculoskeletal and wellbeing resources, alongside structured pathways into clinical support where required.
Physitrack PLC is headquartered in London, United Kingdom, and listed on Nasdaq First North Premier Growth Market (PTRK).
Visit us at
https://physitrackgroup.com/ (investor relations)
https://physitrack.com (product marketing)
https://championhealth.co.uk/
Enquiries regarding this announcement should be addressed to:
Corporate Contact:
Henrik Molin, CEO and co-founder, Physitrack
+44 208 133 9325
ir@physitrack.com
media@physitrack.com
Investor and Media Contact:
Investor Relations
Jonathan@harbor-access.com
Tel +1 475 477 9401
