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Physitrack PLC – Interim report: December 2020 – August 2021

LONDON, GB / ACCESSWIRE / October 20, 2021 / Physitrack (STO:PTRK)

Financial highlights for the third quarter and nine month period ended 31 August 2021

Third quarter 2020/21 (June 2021 - August 2021)

  • Revenue of EUR 2.0m (1.0m) for the quarter ended 31 August 2021. An increase of EUR 1.0m or 104 per cent compared to the same period last year.
  • Proforma[1] revenue growth of 22 per cent for the quarter ended 31 August 2021 compared to the same period last year;
  • This growth was achieved in all businesses:
    • 22 per cent revenue growth of the existing Physitrack business compared to the same period last year against a strong prior year comparator
    • 10 per cent revenue growth of the acquired Physiotools and Mobilus ("Physiotools") businesses on a proforma basis
    • 96 per cent revenue growth of the acquired Rehabplus business on a proforma basis;
  • 3 month adjusted EBITDA[2] of EUR 0.7m (0.6m) increased by 23 per cent compared to the same period last year;
  • Adjusted EBITDA margins[3] of 34 per cent, a decrease from 57 per cent compared to prior year due to lower margins of recently acquired companies;
  • Loss after tax of EUR 0.9m (0.4m profit) for the quarter, due to incurring one off IPO and M&A costs.
  • Earnings and diluted earnings per share of EUR -0.07 (EUR 0.04).

9 Month period ended 31 August 2021 (December 2020 - August 2021)

  • Revenue of EUR 5.3m (2.1m) for the 9 months ended 31 August 2021. An increase of EUR 3.2m or 147 per cent against the same period last year;
  • Proforma[1] revenue growth of 31 per cent for the 9 months ended 31 August 2021 against the same period last year;
  • This growth was achieved in all businesses:
    • 45 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
    • 48 per cent revenue growth of the acquired Rehabplus business on a proforma basis;
  • 9 month adjusted EBITDA[2]of EUR 1.8m (1.3m) increased by 44 per cent compared to the same period last year;
  • Adjusted EBITDA margins[3] of 34 per cent, a decrease from 59 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 1.5m resulting in a loss after tax of EUR 0.8m (0.6m profit) for the 9 months.
  • Earnings and diluted earnings per share of EUR -0.06 (EUR 0.06)

Significant events subsequent to the closure of the period
On 30 September 2021 Physitrack PLC announced the acquisition of Fysiotest Europa AB, a Company registered in Sweden. The acquisition is financed by upfront consideration of SEK 15.0 million, payable in cash and a further potential aggregate earnout consideration of up to SEK 55.0 million. The earnout consideration is payable dependant on stretching growth targets being achieved over a four-year period.

The acquisition of Fysiotest allows the Physitrack Group to further capitalise on the opportunity to offer an enhanced individualised virtual-first care journey by utilising Fysiotest's uniquely successful methodology. The acquisition allows Physitrack and other Group companies such as Rehabplus, to enhance its care offering to include testing, assessments, analysis and coaching. The acquisition allows Physitrack to leverage the proven success of Fysiotest's Nordic offering at a global scale.

Fysiotest's revenue streams are highly recurring, with there being scope to complement its business model with a subscription model which would give SaaS-like revenue streams, in line with how the Group envisions all business lines will operate in the near-term.

Overall, the acquisition of Fysiotest means the Group will have the best technology, methodology and in-house team to ensure we can optimise our service offering for the Group's customers across the globe.

In the twelve months ending 31 December 2021 Fysiotest is expected to record revenues of SEK 12.0 million, and Adjusted EBITDA of SEK 1.8 million or an EBITDA margin of 15 per cent. On a standalone bases, Fysiotest is expected to execute growth in line with the Group's communicated organic sales growth target exceeding 30 per cent annual growth in the medium term. Physitrack expects a contraction in the Group's EBITDA margin shortly post-acquisition. However, in the medium term as cash generation, earnings growth and reduced costs expected from realised synergies are realised, the EBITDA margin will return to communicated levels.

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.

Henrik Molin, Co-founder and CEO of Physitrack PLC commented:
"Q3 2021 was exceptional, with sales activity at a post-lockdown high as client investment in digital technology keeps accelerating in our space. Coupled with a rapid acceleration of our M&A activities and a return to 2019 levels for physiotherapy care, we feel energised and inspired to continue our growth journey."

Webcast conference
A webcast will be held at 10.00 a.m. CET today by CEO Henrik Molin and CFO Charlotte Goodwin. The presentation will simultaneously be webcasted, and both the telephone conference and the webcast 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.

Dial in details for participants
SE: +46856642695
UK: +443333009268
US: +16467224956

Webcast link https://tv.streamfabriken.com/physitrack-group-q3-2021

Enquiries regarding this announcement should be addressed to
Investor contact: Kristian Stålberg, +46 (0) 720 18 05 93, ir@physitrack.com
Media contact: Kristian Stålberg, +46 (0) 720 18 05 93, media@physitrack.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 October 20, 2021 at 8.00 am CET.

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).

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

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

[1] Proforma represents the results for the 9 and 3 month period 31 August 2020, had the current structure of the group at 31 August 2021 been in place then. This includes 9 months of trading results up to for Physiotools Oy and Mobilus Digital Rehab AB on the assumption this had been acquired on 30 November 2019 and 6 months of trading results up to for Rehabplus Limited on the assumption this had been acquired on 28 February 2020.
[2] Adjusted EBITDA is defined as earnings before interest, tax, depreciation, and amortisation excluding items affecting comparability
[3] Adjusted EBITDA margins are defined as Adjusted EBITDA as a percentage of revenue

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 2021-10-20 08:00 CEST.

SOURCE: Physitrack



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