Physitrack PLC - Interim report: January - December 2023

LONDON, GB / ACCESSWIRE / February 28, 2024 / Physitrack (STO:PTRK) The Group is proud to have achieved another milestone by becoming both significantly cash-flow positive and profitable in the quarter, reflecting our astute financial discipline leading to sustainable success.

*EARLY RELEASE*

Due to a technical error which temporarily disclosed the report on our web page, this report is being released one day earlier than originally intended.

Quarter ended - Oct - Dec 2023

• Revenue increased by 9 per cent from the comparative period in 2022 to generate total sales of EUR 3.8m (EUR 3.5m). On an organic basis revenue grew by 11 per cent. This organic growth was achieved in both the Lifecare (12 per cent) and Wellness (8 per cent) divisions.
• Adjusted EBITDA of EUR 1.0m (EUR 0.9m) was generated resulting in an Adjusted EBITDA margin of 26 per cent (25 per cent).
• Adjusted operating loss of EUR 0.0m (EUR 0.1m) was generated resulting in a margin of -0 per cent (2 per cent).
• Adjusted ordinary and diluted loss per share totalled EUR 0.00 (profit EUR 0.01).
• Cashflow generated from operations before the payment of adjusting items equalled EUR 1.4m (EUR 1.2m).
• Free cash flow for the quarter was a net inflow of EUR 0.3m (outflow EUR 0.4m).

Year ended - Jan - Dec 2023

• Revenue increased by 21 per cent from the comparative period in 2022 to generate total sales of EUR 15.2m (EUR 12.5m). On an organic proforma basis revenue grew by 22 per cent. This proforma growth was achieved in both the Lifecare (13 per cent) and Wellness (44 per cent) divisions.
• Adjusted EBITDA of EUR 3.9m (EUR 3.4m) was generated resulting in an Adjusted EBITDA margin of 26 per cent (28 per cent).
• Adjusted operating profit of EUR 0.3m (EUR 1.0m) was generated resulting in a margin of 2 per cent (8 per cent).
• Adjusted ordinary and diluted profit per share totalled EUR 0.00 (EUR 0.06).
• Cashflow generated from operations before the payment of adjusting items equalled EUR 3.5m (EUR 2.9m).

Operational highlights

• The Group reinvigorated its marketing efforts during the quarter, including significant updates to the Physitrack website, with a focus on practitioners being a "Hero" in their patients' health journey. Combined with our digital marketing efforts, this led to a 43% growth in website traffic quarter on quarter reaching 90,000 site visits.
• Enhancements to our website and platform now provide richer user data, enabling us to align product enhancements with user needs and adopt a more tailored marketing approach for segmented campaigns.
• Innovation within the group, building on the previous quarter, maintains a focus on leveraging AI to enhance our service offering, creating additional revenue streams and ensuring efficient operations.
• The Group generated positive free-cash flow of EUR 0.3m for the quarter, adjusted operating profit of EUR 0.3m and profit before tax of EUR 3.1m for the financial year, underscoring the Group's emphasis on profitability and sustainable success.
• Champion Health, experienced another strong quarter of sales, expanding its pipeline with a number of significant deals set to close in H1 2024.
• The Group affirms that it is does not expect any further capital raising via share issuance or debt in the near future.

Henrik Molin, Co-founder and CEO of Physitrack PLC, commented: