Correction: Physitrack PLC - Interim Report: January - March 2024

*Corrects date and time in MAR mention in the footer of the press release to the day of the publication of the release.*

*LONDON, UK / ACCESSWIRE / May 16, 2024 /* Physitrack (STO:PTRK) We are pleased to report significant growth in revenue and EBITDA, as well as two consecutive quarters of positive cash flow generation. This reflects our continued success in expanding our market presence, optimising operational efficiency, and delivering value to our stakeholders.

*Quarter ended - Jan - Mar 2024*

· Revenue increased by 10 per cent against a strong comparator to generate total sales of EUR 4.1m (EUR 3.7m). On an organic basis revenue grew by 10 per cent. This organic growth was achieved in both the Lifecare (10 per cent) and Wellness (11 per cent) divisions.
· Subscription revenue increased 23% (€618k) to €3.3m and now makes up 80 per cent of total group revenue, a significant increase from the prior year's comparative, which was 72 per cent.
· Adjusted EBITDA of EUR 1.1m (EUR 0.9m) was generated resulting in an Adjusted EBITDA margin of 26 per cent (25 per cent).
· Adjusted operating profit of EUR 0.1m (EUR 0.1m) was generated resulting in a margin of 1 per cent (3 per cent).
· Adjusted ordinary and diluted profit per share totalled EUR 0.00 (EUR 0.00).
· Cashflow generated from operations before the payment of adjusting items equalled EUR 1.0m (EUR 0.7m).
· Free cash flow for the quarter was a net inflow of EUR 0.1m (outflow EUR 0.4m).

*Operational highlights*

· The Group is delighted to confirm the extension of the current GBP 5m revolving credit facility for an additional five years (now expiring in May 2029), providing the Group with additional cash resources to support its ambitious strategic growth plans alongside demonstrating Santander UK's commitment to the long term success of the business.
· We have been positively surprised with the rapid success of the technological enhancements across the Group, underpinned by AI, that we rolled out in the last two quarters and are excited by what further innovation and revenue opportunities AI-powered tools can provide via our additional feature rollouts planned this year.
· Champion Health secured significant contracts during the quarter, including the Cabinet Office, Network Rail and ACCA. Champion Health has a strong sales pipeline, and these agreements support the continued growth of the Wellness division.
· We are pleased to announce that Champion Health's new version successfully launched mid-April 2024 and thanks to this, localisation into eight languages, including German, French, Swedish, Spanish and Polish is well underway. We expect rollouts of these localised versions starting Q3, 2024.
· We are excited to share that our Lifecare user base has increased by 19 per cent from an average of 54,735 user licences at 31 March 2023 to an average of 65,283 user licences at 31 March 2024.
· Following a review of our business lines - including where it is now within its lifecycle, what size it is, combined with an analysis of our total addressable market and our ability to capture it with our products, people and go-to-market methodology, senior management have revised their growth financial target. The Growth target will now be that Physitrack aims to achieve a doubling of revenue within the medium term, replacing the previous target set in 2021 that targeted an annual organic sales growth exceeding 30 per cent in the medium term).

*Henrik Molin, Co-founder and CEO of Physitrack PLC, commented:*
"As we navigate this quarter's performance, I am proud to see our commitment to sustainable growth reflected in our strengthened revenue, EBITDA, and cash-flow generation. By strategically directing our sales efforts towards high-margin contracts and harnessing the power of AI to drive technological advancements across our teams and platforms, we are not only achieving financial success but also positioning ourselves for long-term resilience and innovation in our industry."

*Group Key Performance Indicators:*
*3 Month period ended* *Year ended*
*EUR (???)* *, *unless otherwise stated
*31 Mar 24* *31 Mar 23* *31 Dec 23*
Revenue
4,117,747 3,734,719 15,176,582
Prior period revenue growth (%)
10 45 21
Organic revenue / Proforma revenue growth (%)
10 36 22
EBITDA
967,900 731,408 7,061,822
Operating (loss) / profit
(25,623 ) (76,937 ) 3,441,464
Adjusted EBITDA
1,055,117 922,090 3,906,832
Adjusted EBITDA margin (%)
26 25 26
Adjusted operating profit
61,594 113,745 286,474
Adjusted operating margin (%)
1 3 2
Adjusted earnings per share
0.00 0.00 0.00
Operating cashflow before adjusting items
1,046,876 690,380 3,517,099
Free cash flow
52,207 (397,060 ) (1,052,182 )
% of revenue which is subscription
80 72 74

*Webcast conference:*
May 14, 2024, at 10.00 CEST. The presentation will be held in English and will be available on https://www.physitrackgroup.com/investors/reports-presentations after the webcast conference.

*Speakers:*
Henrik Molin, CEO
Charlotte Goodwin, CFO

*Link to webcast registration:*
https://us06web.zoom.us/webinar/register/WN_E6zuLODiQli_O9n3X4vuBw
Participants will be able to ask questions through the web chat.

*Enquiries regarding this announcement should be addressed to:*
Henrik Molin, CEO, Physitrack.
+44 208 133 9325
ir@physitrack.com
media@physitrack.com

*About Physitrack*
Physitrack PLC, founded in 2012, is a global digital healthcare provider, focused on the B2B wellness and virtual-first care markets. With staff with 12 nationalities on four continents, customers in 17 time zones, and end users in 187 countries, Physitrack is a truly global company.

*The company has two business lines:*
1. Lifecare - SaaS platform tailored mainly to physiotherapy and musculoskeletal care, enabling practitioners to deliver clinical home exercises, education prescription, outcomes tracking, triaging and Telehealth.
2. Wellness / Champion Health - SaaS platform for Employee Wellness and care powered by a combination of world-leading technology and wellness professionals based in the United Kingdom, Germany and the Nordics.

Physitrack PLC is headquartered in London, United Kingdom, and listed on Nasdaq First North Premier Growth Market (PTRK).

Visit us at *https://www.physitrackgroup.com/*

This information is such information as Physitrack PLC is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above on May 14 2024, at 8.00 am CEST.

*Attachments*

Q1 2024 Interim Report (Final)

*SOURCE:* Physitrack
View the original press release on accesswire.com