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    CARA   NO0010123060

CARASENT ASA

(CARA)
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42.65 NOK   -0.81%
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Carasent : Q2 2021 - Earnings Announcement

08/18/2021 | 01:14am EDT

Q2 2021 INTERIM FINANCIAL REPORT

Carasent Reports Second Quarter and Half Year 2021 Results

Oslo, Norway - August 18, 2021 - Carasent ASA® (OSE: CARA), announced its unaudited financial results for the first half year and second quarter of 2021.

Interim Management Report

Carasent delivered strong financials in the second quarter, with robust underlying growth rates and profitability. Q2 2021 YoY revenue growth was 88% compared to Q2 2020, leading to a total Q2 2021 revenue of NOK 32.0 million.

The period was characterized by continued strong momentum in our existing business and high M&A activity. Organic YoY growth for Q2 2021 in Evimeria and Avans Soma was 36% compared to Q2 2020 (constant currency), tracking well in line with our plan. M&A activity remained at a high level during the second quarter and culminated in the acquisition of Metodika AB in May 2021.

We continue to see great potential as a consolidator of the e-health industry and our pipeline remains active. To be able to execute on growth opportunities going forward, Carasent carried out a successful private placement in May, which raised net NOK 345 million. Hence, we are now positioned to capitalize on the identified organic and acquisitive opportunities going forward.

Overview of Second Quarter 2021 results for the Carasent group:

  • Revenue of NOK 32.0 million (NOK 17.0 million), an increase of 88 % as compared to Q2 2020. Acquisitions accounted for 10.3 million or 60 % of the increase.
  • EBITDA of NOK 9.4 million (NOK 5.7 million), an increase of 69 % as compared to Q2 2020.
  • EBIT of NOK 3.6 million (NOK 2.4 million), an increase of 50 % as compared to Q2 2020.
  • Signed 37 new units1 during the Second Quarter 2021. Ended the Second Quarter with 784 active units (Evimeria: 561 Avans Soma: 169, Metodika: 54)
  • Including changes in fair value of previously issued stock options of NOK 17.3 million in Q2 2021, the result was a net income of NOK 19.9 million as compared to a net loss of NOK 5.5 million during Q2 2020.
  • Cash balances of NOK 486.8 million on June 30, 2021.

1Units are defined as number of physical entities (clinics and hospitals) / customers

Events after the balance sheet date:

  • Carasent completed another private placement of NOK 420 million, bringing in Vitruvian Partners as a major shareholder.
  • The private placement was carried out after the balance sheet date and is not included in the cash balances on June 30, 2021.

Carasent Reports Second Quarter and Half Year 2021 Results

Page 2

Key Highlights of Second Quarter 2021

The activity and demand for digital services in our market segments remains very good across the business segments. Evimeria delivered a strong inflow of orders during Q2 with 32 new clinics signed and 561 active clinics at the end of the quarter. Avans Soma signed 5 new units during the quarter, ending the quarter with 164 units, and a total of 29 new units in H1.

However, like previous quarters, the effects of the pandemic have both been positive and negative for Carasent. The negative perspective shows that some customers prioritize testing and vaccination related activities over changing their journal systems, with a short-term impact on order intake. The positive shows a growing demand for faster digitization and need for new e- health services. We continue to see that customers are willing to invest in new digital services to meet customer demands and digitize their offering.

The organic growth remains robust, with combined growth for Evimeria and Avans Soma of 36% compared to Q2 2020 (constant currency), tracking well in line with our plan. As we grow in scale and broaden our product offering through acquisitions, we see a positive response from the market as we will be able to provide our customers with a more holistic solution.

Evimeria delivered revenues of SEK 21.7 million, compared to SEK 16.4 million in Q2 2021, an increase of 32% in local currency. We continue to see an increasing demand for integrated services driving revenue growth. The ratio between Webdoc and integrated services was 1 to 1.1, and Evimeria continues to expand its ecosystem of new services and features

The integration of the Avans Soma acquisition into Carasent group is on track and yielding positive results. Sales totaled NOK 8.1 million, compared to NOK 5.5 million in Q2 2020, an increase of 48 %. Avans Soma continues to migrate its customers from on-premises solutions to cloud solutions according to plan, as well as increase its sales of new ancillary services and features.

The above presented financial information for Evimeria and Metodika was converted from SEK to NOK.

The scalability of the business and delivery model continues to increase earnings, according to plan.

Carasent Reports Second Quarter and Half Year 2021 Results

Page 3

For Evimeria, EBITDA amounted to SEK 8.8 million compared to SEK 6.2 million in the second quarter of 2020, corresponding to a growth of 41%. EBIT amounted to SEK 6.1 million compared to SEK 4.0 million in the second quarter of 2020, corresponding to a growth of 54%.

Avans Soma delivered EBITDA amounted to NOK 4.9 million compared to NOK 3.1 million in the second quarter of 2020, corresponding to a growth of 50%. EBIT amounted to NOK 3.1 million compared to NOK 1.7 million in the second quarter of 2020, corresponding to a growth of 84%.

Adj. Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) is adjusted for non-recurring items (including acquisition cost) in Carasent ASA of NOK 3.3 million for Q2 2021

The above presented financial information for Evimeria and Metodika was converted from SEK to NOK.

During the quarter, we continued our work to develop Evimeria's service offering for the Norwegian market. The goal remains to launch at least parts of Evimeria's offering for selected segments and customers in Norway at the end of 2021 or beginning of 2022. Investments and costs related to this initiative are reported in Carasent AS.

In addition to a non-cash flow affecting income allocation for the options scheme of NOK 17.3 million, the parent company, Carasent ASA, had a quarter with a recurring OPEX level of NOK

1.3 million and a depreciation effect on acquisitions according to Purchase Price Allocation (PPA) of NOK 1.0 million. Carasent ASA had additional non-recurring OPEX of NOK 3.3 million mainly related to acquisition and share issuance.

For the purpose of illustration and comparison, the information above and the table below includes illustrative pro-forma historical financials for Avans Soma Q2 and H1 2020. Avans Soma includes Avans AS, Soma Solution AS and Avans Soma Holding AS in 2020. IFRS adjustments has been made with regards to IFRS 16 derived from the groups rental agreements.

Carasent Reports Second Quarter and Half Year 2021 Results

Page 4

Evimeria EMR

Q2 2021 financials (NOKm)

AB Avans Soma AS

Metodika AB

Carasent ASA

Group

Revenue

21.6

8.1

2.3

-

32.0

1

27%

48%

-

-

88%

% Growth YoY

Adj. EBITDA

8.5

4.9

0.6

-1.3

12.7

% Margin

39%

61%

-

-

40%

Adj. EBIT

5.8

3.1

0.4

-2.3

7.0

% Margin

27%

38%

20%

-

22%

New units

32

5

-

-

37

Units EOP

561

164

54

-

779

  1. For illustrative purposes, the above table includes pro-forma financial information for Avans Soma for Q2 2020
  2. Adj. Earnings before Interest, T axes (EBIT ), Depreciation and Amortization (EBIT DA) is adjusted for non-recurring items (including acquisition cost) in Carasent ASA of NOK 3.3 million for Q2 2021

Acquisition of Metodika AB

Metodika is a leading provider of Enterprise Practice Management (EPM) solutions to independent hospitals and clinics across 10 European countries, and the transaction was well inline with communicated strategic priorities of expanding within geographies, segments and offerings.

Metodika has a complementary market presence that will expand Carasent's geographical footprint significantly by giving access to new European markets such as Denmark, Finland, UK, Germany and Italy. In addition, the product platform also includes a tool for inpatient care that is complementary to Carasent's current offerings. The tool for treatment and surgery will expand our product offerings and enable us to service our clients in a new sub-segment.

The consideration was NOK 111 million, of which NOK 90.1 million was settled in cash and the remaining in issuance of 588,235 shares to the previous owner of Metodika to a fair value per share of NOK 34.

Outlook

We continue to see a growing demand for our services, with positive reactions from customers to our broadened product offering from recent acquisitions. After a strong H1 2021 we are tracking in line with our guidance for both Evimeria and Avans Soma for 2021.

The pandemic has produced different effects in different stages, during 2020 we saw that the uncertainty and restrictions delayed our sales processes towards larger customers. Recently, we saw that some of our customers prioritize testing and vaccination over changing their digital services. We expect the pandemic to remain with us for a period going forward, but in summary the limited short-term negative effects for Carasent are outweighed by a positive effect with regard to long-term future prospects.

Carasent Reports Second Quarter and Half Year 2021 Results

Page 5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Carasent ASA published this content on 18 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 August 2021 05:13:03 UTC.


© Publicnow 2021
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Financials
Sales 2021 148 M 17,7 M 17,7 M
Net income 2021 25,1 M 3,01 M 3,01 M
Net cash 2021 888 M 106 M 106 M
P/E ratio 2021 -
Yield 2021 -
Capitalization 3 353 M 401 M 401 M
EV / Sales 2021 16,7x
EV / Sales 2022 13,7x
Nbr of Employees 51
Free-Float 99,7%
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Number of Analysts 1
Last Close Price 42,65 NOK
Average target price 58,00 NOK
Spread / Average Target 36,0%
Managers and Directors
Dennis Lennart Peter Höjer Chief Executive Officer
Svein Martin Bjørnstad Chief Financial Officer
Leif Claes Johan Lundqvist Chairman
Shane Smith Senior Vice President-Technology
Terje Rogne Director
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