Physitrack PLC – Interim Report: December 2020 – November 2021

·5 min read

LONDON, UK / ACCESSWIRE / January 26, 2022 / Physitrack (STO:PTRK)

Financial highlights for the fourth quarter and twelve month period ended 30 November 2021

Fourth quarter 2020/21 (September 2021 - November 2021)

  • Revenue of EUR 2.4m (1.0m) for the quarter ended 30 November 2021. An increase of EUR 1.4m or 165 per cent compared to the same period last year.

  • Proforma revenue growth of 47 per cent for the quarter ended 30 November 2021 compared to the same period last year.

  • This growth was achieved in all businesses:

    • 47 per cent revenue growth of the existing Physitrack business compared to the same period last year against a strong prior year comparator

    • 11 per cent revenue growth of the acquired Physiotools and Mobilus ("Physiotools") businesses on a proforma basis

    • 150 per cent revenue growth of the acquired Rehabplus business on a proforma basis;

    • 122 per cent revenue growth of the acquired Fysiotest business on a proforma basis;

  • 3 month adjusted EBITDA of EUR 0.8m (0.4m) increased by 106 per cent compared to the same period last year;

  • Adjusted EBITDA margins of 32 per cent, a decrease from 41 per cent compared to prior year due to lower margins of recently acquired companies;

  • Profit after tax of EUR 0.3m (0.1m) for the quarter.

12 Month period ended 30 November 2021 (December 2020 - November 2021)

  • Revenue of EUR 7.7m (3.1m) for the year ended 30 November 2021. An increase of EUR 4.6m or 153 per cent against the same period last year;

  • Proforma[1] revenue growth of 36 per cent for the year ended 30 November 2021 against the same period last year. This growth was achieved in all businesses:

    • 46 per cent revenue growth of the existing Physitrack business compared to the same period last year

    • 11 per cent revenue growth of the acquired Physiotools and Mobilus ("Physiotools") businesses on a proforma basis

    • 75 per cent revenue growth of the acquired Rehabplus business on a proforma basis

    • 122 per cent revenue growth of the acquired Fysiotest business on a proforma basis;

  • 12 month adjusted EBITDA[2] of EUR 2.6m (1.6m), increased by 58 per cent compared to the same period last year;

  • Adjusted EBITDA margins[3] of 33 per cent, a decrease from 53 per cent compared to prior year due to previously communicated lower margins of recently acquired companies;

  • One-off IPO and M&A expenses were incurred of EUR 1.6m, resulting in a loss after tax of EUR 0.6m (0.6m profit) for the 12 months.

Henrik Molin, Co-founder and CEO of Physitrack PLC commented:
"Our Q4 2021 results were outstanding. Technological adoption and investment in our space are accelerating, and we continue to grow the business in these exciting times for our market. We have enhanced both our SaaS and our Virtual Care businesses through our acquisitions and through product development, and we look forward to continue on our growth trajectory in 2022."

Financial outlook
As outlined within the IPO prospectus, Physitrack's Board of Directors has adopted a set of financial targets linked to the Company's Strategy as set forth below:

  • Growth: Physitrack aims to achieve annual organic sales growth exceeding 30 per cent in the medium term, further supplemented by impact from future add-on acquisitions.

  • Margin: Physitrack targets an EBITDA margin of 40-45 per cent in the medium term, with potential short term margin extractions due to add-on acquisitions impacting margins negatively.

There are no changes to these financial targets.

Change of year end
In order to more closely align our financial year end with the purchasing cycles of our customers the Board has made the decision to change the Group's financial year end from 30 November to 31 December. All relevant reporting dates have been updated in the ‘Financial calendar' section of our investor website: https://www.physitrackgroup.com/investors/financial-calendar.

Webcast presentation
A webcast presentation with dial-in possibility will be held at 10.00 a.m. CET today, with CEO Henrik Molin and CFO Charlotte Goodwin. Both the webcast and the telephone conference offer an opportunity to ask questions. The presentation will be held in English and will be available on https://www.physitrackgroup.com/investors/reports-presentations after the webcast conference.

Webcast link: https://tv.streamfabriken.com/physitrack-group-q4-2020-2021
Dial in details for participants:
SE: +46856642693
UK: +443333009266
US: +16467224903

Enquiries regarding this announcement should be addressed to
Investor contact: Adam Nilsson, +46 (0) 707 46 44 21, ir@physitrack.com
Media contact: Adam Nilsson, +46 (0) 707 46 44 21, media@physitrack.com

About Physitrack
Physitrack, founded in 2012, is a global digital healthcare provider, mainly focused on the B2B physiotherapy and musculoskeletal care market. With staff on four continents, customers in 17 time zones, and patients in 187 countries, we are a truly global company.

The company has two business lines:

1. Software-as-a-Service (SaaS)-based software platform tailored to physiotherapy and musculoskeletal care, encompassing clinical home exercises, education prescription, outcomes tracking, triaging and Telehealth.

2. Virtual care powered by the Physitrack technology platform through in-house physiotherapists based in the United Kingdom.

Physitrack is headquartered in London, United Kingdom, and listed on Nasdaq First North Premier Growth Market (PTRK).

For further information, please visit https://www.physitrackgroup.com/

Certified Adviser
FNCA Sweden AB is the appointed Certified Adviser of Physitrack.
info@fnca.se, +46 8 528 00 399

[1] See appendix 1 for the definition of proforma
[2] See appendix 1 for the definition of adjusted EBITDA
[3] See appendix 1 for the definition of adjusted EBITDA margins

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 2022-01-26 08:00 CET.

Attachments

Physitrack PLC - Interim Report December 2020 - November 2021

SOURCE: Physitrack



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