Financial highlights for the quarter and thirteen month period ended 31 December 2021

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.

This report presents the results for the thirteen month and quarter ended 31 December 2021. To aid the reader of this report, this review focusses on the results for the twelve month period ended 31 December 2021 in comparison to the same period in prior year on a proforma basis.

Quarter ended 31 December 2021 (October 2021 – December 2021)

  • Revenue of EUR 2.6m (1.8m) for the quarter ended 31 December 2021.
  • Proforma revenue growth of 48 per cent for the quarter ended 31 December 2021 compared to the same period last year. This growth was achieved in all businesses:
    • 50 per cent revenue growth of the existing Physitrack business compared to the same period last year against a strong prior year comparator
    • 15 per cent revenue growth of the acquired Physiotools and Mobilus (“Physiotools”) businesses on a proforma basis
    • 43 per cent revenue growth of the acquired Rehabplus business on a proforma basis;
    • 139 per cent revenue growth of the acquired Fysiotest business on a proforma basis;
  • 3 month adjusted EBITDA of EUR 0.8m (0.3m) increased by 227 per cent compared to the same period last year;
  • Adjusted EBITDA margins of 32 per cent, an increase from 14 per cent compared to prior year on a proforma basis.
  • Profit after tax of EUR 0.1m (0.0m) for the quarter.
  • The acquisition of Wellnow, a German leader in smart and modern corporate health and wellness, announced after the year end strengthens our virtual care business.

12 Month period ended 31 December 2021 (January 2021 – December 2021)

  • Revenue of EUR 8.0m (5.9m) for the year ended 31 December 2021.
  • Proforma revenue growth of 36 per cent for the year ended 31 December 2021 against the same period last year. This growth was achieved in all businesses:
    • 42 per cent revenue growth of the existing Physitrack business compared to the same period last year
    • 14 per cent revenue growth of the acquired Physiotools and Mobilus (“Physiotools”) businesses on a proforma basis
    • 56 per cent revenue growth of the acquired Rehabplus business on a proforma basis
    • 139 per cent revenue growth of the acquired Fysiotest business on a proforma basis;
  • 12 month adjusted EBITDA of EUR 2.6m (EUR 1.9m), increased by 40 per cent compared to the same period last year on a proforma basis;
  • Adjusted EBITDA margins of 33 per cent, an increase from 32 per cent compared to prior year on a proforma basis.
  • One-off IPO and M&A expenses were incurred of EUR 1.7m, resulting in a loss after tax of EUR 0.8m (0.8m profit) for the 12 months.

Henrik Molin, Co-founder and CEO of Physitrack PLC commented:
“Our Q5 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.

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/

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

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 2022-02-24 08:00 CET.

Attachments

Physitrack PLC – Interim Report December 2020 – December 2021

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