Physitrack PLC – Interim Report: December 2020 – May 2021

LONDON, UK / ACCESSWIRE / July 28, 2021 / Physitrack (STO:PTRK)

Second quarter and first half year financial highlights

Second quarter 2020/21 (March 2021 – May 2021)

• Revenue of EUR 1.7m (EUR 0.8m) for the quarter ended 31 May 2021. An increase of EUR 0.9m or 127 per cent compared to the same period last year.
• Proforma[1] revenue growth of 21 per cent for the quarter ended 31 May 2021 compared to the same period last year;
• This growth was achieved in all businesses:
• 34 per cent revenue growth of the existing Physitrack business compared to the same period last year
• 4 per cent revenue growth of the acquired Physiotools and Mobilus (“ Physiotools” ) businesses on a proforma basis
• 14 per cent revenue growth of the acquired Rehabplus business on a proforma basis;
• 3 month adjusted EBITDA[2] of EUR 0.6m (EUR 0.5m) increased by 28 per cent compared to the same period last year;
• Strong adjusted EBITDA margins[3] of 36 per cent, decreased from 64 per cent compared to prior year due to lower margins of recently acquired companies;
• Loss before tax of EUR 0.1m (EUR 0.2m profit) for the quarter ended against the comparative period, due to incurring one off IPO and acquisition costs;
• Earnings and diluted earnings per share of EUR -0.01 (EUR 0.02).

First half of financial year 2020/21 (December 2020 – May 2021)

• Revenue of EUR 3.3m (EUR 1.2m) for the 6 months ended 31 May 2021. An increase of EUR 2.1m or 184 per cent compared to the same period last year;
• Proforma1 revenue growth of 37 per cent for the 6 months ended 31 May 2021 compared to the same period last year;
• This growth was achieved in all businesses:
• 65 per cent revenue growth of the existing Physitrack business compared to the same period last year
• 34 per cent revenue growth of the acquired Physiotools and Mobilus (“ Physiotools” ) businesses on a proforma basis
• 14 per cent revenue growth of the acquired Rehabplus business on a proforma basis;
• 6 month adjusted EBITDA2 of EUR 1.1m (EUR 0.7m) increased by 61 per cent compared to the same period last year;
• Strong adjusted EBITDA margins3 of 34 per cent, decreased from 60 per cent compared to prior year due to lower margins of recently acquired companies;
• Profit before tax of EUR 0.1m (EUR 0.2m) for the 6 months ended against the comparative period.
• Earnings and diluted earnings per share of EUR 0.01 (EUR 0.02)

Significant events subsequent to the closure of the period 
On 18 June 2021 Physitrack PLC successfully completed an initial public offering “ Offering” on the Nasdaq First North Premier Growth Market, trading under the ticker “PTRK”. We think that First North Premier Growth Market has proven itself as the best place to be for technology-focused entrepreneurial companies in Europe, supporting our ambitious growth plans.

The price per share in the Offering was SEK 40, corresponding to a total value of all the outstanding shares in Physitrack PLC of approximately SEK 624 million upon completion of the Offering. The Offering comprised 4,375,000 newly issued shares, corresponding to a total value of SEK 175 million excluding any over-allotment.

In order to cover any over-allotment in connection with the offering, the Company has issued 655,531 additional ordinary shares net of 731 ordinary shares bought back by the Company’s shareholders as part of market stabilisation capabilities This corresponded to 15 per cent of the total number of shares in the Offering “ Over-Allotment Option” .

As the Over-Allotment Option was exercised, the Offering constitutes a total of 5,031,250 shares, which corresponds to approximately 31 per cent of the total number of shares in the Company (16,261,497) and total proceeds of approximately SEK 201 million.

The IPO allows the group to continue its acquisition plans in order to expand the business and reinforces the groups position to existing and new customers regarding meeting the various transparency, legal, governance and regulatory requirements a listing brings.

I would like to take this opportunity to thank all my colleagues within the Physitrack group and external parties, who worked tirelessly on the IPO which allowed the company to achieve this significant milestone.

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.

Henrik Molin, Co-founder and CEO of Physitrack PLC commented: 
“We’re delighted to see high levels of customer investments in digital technology in our sector this quarter, and we’re confident that digitisation in the healthcare market will continue at a high pace for the foreseeable future. Our solutions and innovations keep being well received by our target markets, and with our new status as a publicly listed company fuelling the enthusiasm of our team and customers, we feel we are extraordinarily well-positioned for future success.”

Physitrack PLC’s Interim report: December 2020 – May 2021 is available on: https://www.physitrackgroup.com/investors/reports-presentations

Webcast conference 
The presentation will be held at 10.00 a.m. CET 28 July 2021 by CEO Henrik Molin and CFO Charlotte Goodwin. The presentation will simultaneously be webcasted, and both webcast conference 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.

Link to webcast: here

Dial-in number for telephone conference: here

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 

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

[1] Proforma represents the results for the 6 and 3 month period 31 May 2020, had the current structure of the group at 31 May 2021 been in place then. This includes 6 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 3 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 2021-07-28 08:00 CEST.

Attachments

Physitrack PLC – Interim Report December 2020 – May 2021

SOURCE: Physitrack

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