Financial highlights for the third quarter and nine month period ended
Third quarter 2020/21 (
- Revenue of
EUR 2.0m (1.0m) for the quarter ended31 August 2021 . An increase ofEUR 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;
- 22 per cent revenue growth of the existing
- 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
- Revenue of
EUR 5.3m (2.1m) for the 9 months ended31 August 2021 . An increase ofEUR 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;
- 45 per cent revenue growth of the existing
- 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 ofEUR 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
The acquisition of Fysiotest allows the
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
Financial outlook
As outlined within the IPO prospectus,
- 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.
“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
Dial in details for participants
SE: +46856642695
US: +16467224956
Webcast link https://tv.streamfabriken.com/physitrack-group-q3-2021
Enquiries regarding this announcement should be addressed to
Investor contact:
Media contact:
This information is such information as
About
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
For further information, please visit https://www.physitrackgroup.com/
[1] Proforma represents the results for the 9 and 3 month period
[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
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