Physitrack PLC (PTRK) - Terveydenhuolto ja virtuaalinen hyvinvointi

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https://www.physitrackgroup.com/press-release?slug=physitrack-plc-interim-report-january-june-2025

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Koko raportti pdf:nä

Positiivinen kassavirta Q2:lla :partying_face:
Tämä ollut kustannuksiltaan raskas, odotin nollaa tai vähän alle. Lisäksi kertaluonteinen 0,4M€ kulu, niin olisi ollut 0,5M€ plussalla

Underlying Cash Flow Positive Despite One-off Settlement
The Group delivered EUR 1.4m in operating cash flow in Q2 and reported positive free cash flow. Excluding EUR 0.4m in one-off legal costs related to the Champion Health founder settlement, we would have reported positive free cash flow of EUR 0.5m for the quarter.

Muutenkin kuluja saatu alas ja pienikatteinen myynti poistui, niin tunnusluvut parantuvat kertaheitolla. Tämän paatin kääntymistä on odotettu pitkään. Nyt alkaa vihdoin olla myötätuulta näkyvissä ennusteissa :sailboat:

CEO:n kommenteista vielä kassavirrasta

From a financial perspective, the benefits are clear. When adjusting for restructuring-related outflows, our business is deeply cash flow positive. Even when these one-off costs are included, we have generated a positive cash inflow for the quarter. To put this into perspective, the second quarter of 2024 saw a cash outflow of approximately €800,000. To have transformed that into a positive cash in-flow, including the impact of this year’s restructuring costs, is a remarkable achievement and reflects the strength and sophistication of our operational model.

It’s worth noting that the second quarter is typically cash intensive due to annual audit fees and prepaid subscriptions. That we have navigated this period with stability is a testament to our discipline and to theeffectiveness and success of the measures we have implemented.

Tämä oli vielä mennyt ohi: Wellness -puolella siirrytään jatkuvalaskutteiseen malliin, joka heikensi väliaikaisesti segmentin lukuja, mutta jatkossa hinnankorotusten kautta parempi ja ennustettavampi rahavirta

Strategic Pivot to SaaS Underway: The Wellness division is transitioning from low-margin,
one-off revenue to a recurring SaaS model. This has temporarily softened total revenue (Q2
YoY -24%), but positions the business for long-term, high-margin growth

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Kurssien ja niiden muutosten kyselyt, kauhistelut ja hehkuttelut (Osa 4)
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Uutta Lifecare-puolen kauppaa NHS:n ja yksityisen puolen toimijan kanssa.

https://www.physitrackgroup.com/press-release?slug=physitrack-announces-commercial-partnership-with-leading-uk-rehabilitation-provider-pure-physiotherapy

“The subscription agreement, valued initially at £14,000 per annum and expected to scale significantly with further clinic adoption, marks a strategic advance in Physitrack’s UK growth — particularly among leading MSK providers operating at the interface of public and private healthcare.”

Hyvin maltillinen aloitus, mutta vaikuttaisi olevan kasvava bisnes.

Omat kurssihälytykset piippasi aiemmin päivällä, kun osake oli yllättäen 13 %:n nousussa, joten osasinkin jo odotella uutisia. Tämän kanssa tuntuu olevan enemmän sääntö kuin poikkeus, että tieto kaupoista vuotaa etukäteen. Nyt oli kuitenkin vielä sen verran pienestä diilistä kyse, että tietovuodon perusteella ostaneiden jälkeen kurssilla ei ollut enää nousuvaraa.

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Lind Research näkemyksiä Q2:n jälkeen

Myös laajempi raportti linkin takana. Disclaimerissa mainittu, että ei suoraan jakoon, mutta tuolta siis löytyy.

An Increased Focus on Value Creation

PTRK is moving in the right direction to unlock value. In particular, Q2 showed a stronger focus on profitable growth and improved cash flow.

Many of our suggestions for increasing value have already been executed by PTRK, which is a good sign:

From EBITDA to cash flow: The change is apparent as focus has shifted more to “EBITDA less CAPEX”, we hope to see long-term goals for this instead of EBITDA margin in the near-term.

Better segment reporting: The difference between the Q4’24 report and the Q2’25 report is clear; it’s now easier to see how the segments have changed over time.

Headquarters (HQ) cost cuts: HQ costs as a share of revenue hit an all-time low.

The share has had a strong run since our initial investment case write-up, but we still view PTRK as undervalued and mispriced. We raise our valuation assumptions following the strong execution by the company and that they are following our suggested value-creation plan.

Large safety margin: Our assumptions suggest that a share price of up to about 26 SEK is attractive, even when the Required Rate of Return is set at 20%. This gives us a large safety margin at the current price level.

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Nathan Skwortsow, toinen perustajista on ollut myymässä omistustaan vähitellen. Ilmeisesti nyt mennyt blokkikaupalla loput eteenpäin.

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Nathanin jatkuvat myynnit ja tieto suuren position myyntiaikeista ei ole ainakaan edesauttanut osakekurssin kehitystä. Tuon jälkeen kurssi korjasi selkeästi ylöspäin, toki päivän muun pörssinousun mukana.

OTAnalyticsin (yksityinen pääomasijoittaja) kommentit

Last Friday, Physitrack PLC co-founder Nathan Skwortsow seem to have sold his remaining 1.3 million shares – about 8% of the company – in an off-market transaction.

Nathan stepped away from the operational side several years ago and has since gradually reduced his stake. With a background as co-founder of Lexa and Kamernet, two of the Netherlands’ largest platforms for dating and housing rentals, he has in recent years focused on new startup investments. My interpretation is that the sale is primarily about freeing up capital for new projects – though of course the exact reasons are not known.

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Edelliseen liittyen kattavammat Redeyn kommentit

… At the time of the IPO, Skwortsow owned approximately 23% of the shares, while Molin held around 25%. Skwortsow has not been active in Physitrack for quite some time and has gradually reduced his ownership, while Molin’s ownership has remained intact. By the end of July 2025, Skwortsow’s stake had declined to around 8%. Given his continuous selling, combined with the relatively limited liquidity in the share, an overhang effect has lingered on the stock. With this latest transaction, that overhang now appears largely removed. Since Skwortsow no longer has operational commitments to the company, we see no drama in a founder exiting to pursue new ventures.

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:partying_face: :us: :handshake:

Physitrack PLC nimittää uuden myyntijohtajan Pohjois-Amerikkaan

Physitrack PLC ilmoitti tänään Yanni Metaxasin nimityksestä uudeksi Pohjois-Amerikan myyntijohtajaksi 1. syyskuuta 2025 alkaen.

Metaxas siirtyy Physitrackille Mount Sinai Health Systemistä New Yorkista, joka on yksi Yhdysvaltojen suurimmista sairaalajärjestelmistä ja palvelee yli 400 000 ihmistä. Mount Sinaissa hän vastasi hoitotuotteiden kuluttajamyynnistä ja valvoi sekä suoria että automatisoituja myyntikanavia.

Bostonin yliopistosta matematiikan kandidaatin tutkinnon suorittaneella Metaxasilla on syvällinen kokemus terveydenhuollon myynnistä ja järjestelmätason suhteiden hallinnasta. Uudessa roolissaan hän vastaa kasvun edistämisestä Pohjois-Amerikan keskeisillä asiakassegmenteillä, keskittyen erityisesti suuriin sairaalajärjestelmiin, kuten NYU Langoneen, Cedars-Sinaihin ja Hospital for Special Surgeryyn.

Metaxas johtaa myös yhteistyötä sähköisten potilaskertomusjärjestelmien (EMR) tarjoajien kanssa, laajentaen Physitrackin kumppanuuksia suurten alustojen, kuten Epic Systemsin, sekä erikoistuneiden fysioterapian EMR-tarjoajien, kuten Raintreen (Yhdysvallat), Janen ja ClinicMasterin (Kanada), kanssa. Lisäksi hän valvoo asiakaskehitystä suurten kanadalaisten palveluntarjoajien, erityisesti maan suurimman fysioterapiaverkoston CBI Healthin, kanssa.

Physitrackin toimitusjohtaja Henrik Molin kommentoi:
”On hienoa toivottaa Yanni tervetulleeksi Physitrackille. Jonkun, jolla on hänen kokemuksensa ja arvovaltansa Pohjois-Amerikan terveydenhuoltojärjestelmän ytimessä, on juuri sitä, mitä tarvitsemme viedäksemme liiketoimintamme seuraavalle tasolle. Hänen kokemuksensa terveydenhuollon myynnistä ja ymmärryksensä monimutkaisista palveluntarjoajaverkostoista ovat korvaamattomia laajentaessamme läsnäoloamme Pohjois-Amerikassa. Olemme erittäin innoissamme saadessamme hänet mukaan.”

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B2C on ollut jo jonkin aikaa esillä, nyt ensimmäisiä askeleita siihen suuntaan julkisesti

Pieniä on summat tässä, mutta kasvupotentiaalia on markkinalla. US-markkinalle on varmaan ajan kanssa samoja askeleita otettavissa

Physitrack Plc announces deal with European insurer to launch consumer-facing self-management product

First phase of agreement generates €55,000 of upfront and €24,000 annual recurring revenue, strengthens Physitrack’s presence in direct to consumer offering.

London, UK – September 25, 2025 – Physitrack Plc (Nasdaq First North Premier: PTRK) today announced an agreement with one of the largest insurers in mainland Europe to launch a new consumer-facing self-management and self-triage application for musculoskeletal (MSK) conditions. The first phase of the agreement is valued at €55,000 upfront with an annual recurring subscription fee of €24,000, with revenue recognition expected to commence in the third quarter of 2025. Subsequent phases of the agreement, with additional revenue generation and expanded scope of delivery, commence in Q4 2025 and Q1 2026 respectively.

The solution will enable the insurer’s plan members to proactively screen themselves for MSK-related issues and receive guided escalation either to self-management through Physitrack’s exercise library and patient engagement suite, or directly to physiotherapy care when clinically appropriate.

This agreement builds on a long-standing relationship between Physitrack and the insurer, reflecting a shared commitment to empowering patients to take control of their care journey while supporting the insurer in optimising clinical workflows, enhancing patient satisfaction, and managing costs related to physiotherapy.

“We are proud to extend our collaboration with this major European insurer,” said Henrik Molin, CEO and Founder of Physitrack Plc. “It has been a pleasure to evolve our technology together over the years, and this next step brings plan members greater freedom to access the right care at the right time—whether that means self-care or professional physiotherapy support.

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Redeyn ennakot Q3:lle 21.10.

Kannattavuus pitäisi olla parantumassa, Lifecaressa ollut hinnankorotuksia. Mutta Wellness odottaa isompia sopimuksia em. vakuutusyhtiödiilin lisäksi.

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Matka jatkuu hyvän Q2:n jälkeen samaan suuntaan. Kannattavuus ja kassavirta kehittyy, heikkokatteisten klinikoiden sulkeminen pienentää liikevaihtoa odotetusti. Uudellenjärjestelyjen kertakulut näkyy toki vielä.

Kertakulut pois luvuista jatkossa ja pari isompaa kauppaa Wellness -puolelle, niin arvostuksen uudelleenhinnoittelulle alkaa olla hyvät perusteet :clap:

Koko raportti:

Physitrack PLC – Interim report: January – September 2025

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Summary for the period
Third quarter: 1st July – 30th September 2025

Based on Alternative Key Performance Measures, the Company’s key financial highlights for the period are summarised below. Performance broken down per division is provided later in this release.

  • Pro forma revenue, following planned low margin revenue reduction, has increased by 6 per cent to generate total sales of EUR 3.5m (EUR 3.3m). This grew by 9 per cent on a constant currency basis.

  • Lifecare achieved a 13 per cent revenue increase, reaching EUR 2.9m. When assessing organic revenue free from currency fluctuations this was a 17 per cent revenue increase, reaching EUR 3.0m.

  • Wellness revenue declined by 18 per cent on a pro forma revenue basis to EUR 0.6m. On a constant currency basis, revenue declined by 16 per cent. This is a reflection of unprofitable clinic closures as well as planned expiry of legacy founder-linked contracts as the division refocuses on higher margin enterprise customers.

  • Subscription revenue increased 7 per cent (EUR 0.2m) to EUR 3.0m and now makes up 88 per cent of total group revenue, an increase from 82 at Q3 2024.

  • Adjusted EBITDA of EUR 1.2m (EUR 0.9m) was generated resulting in a Pro forma adjusted EBITDA margin of 33 per cent (28 per cent).

  • Pro forma adjusted EBITDA less CAPEX of EUR 0.4m (EUR 0.1m) was generated resulting in an Pro forma adjusted EBITDA margin less CAPEX margin of 11 per cent (2 per cent). This was split between Lifecare of EUR 0.7m / 23 per cent margin and Wellness of EUR -0.04m / -7 per cent margin.

  • Adjusted operating loss of EUR 0.1m (loss EUR 0.2m) was generated resulting in a margin of -2 per cent (-6 per cent).

  • Adjusted ordinary and diluted profit per share totalled EUR -0.01 (EUR (0.02)).

  • Cashflow generated from operations before the payment of adjusting items equalled EUR 1.4m (EUR 0.8m).

  • Free cash flow for the quarter was a net inflow of EUR 0.4m (outflow EUR 0.4m).

Edit:

lisätään tähän vielä Redeyn pikakommentit, odotuksiin meni myös heidän mukaan

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Redeyn laajemmat kommentit

Ja OT Analytics vastaava
(yksityinen sijoittaja, joka seuraa Physitrackia ja on isona omistajana mukana)

Lyhyesti: kuten omakin kommentti yllä. Kassavirta ja kannattavuus on nyt kunnossa. Kasvua tarvitaan Wellness -puolelle, jotta oikea arvo tulee esille. treidaa n. ~50% alennuksella verrokkeihin.

Edit 24.10. lisätään vielä Lind Researchin läpikäynnit tänne

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Wellness’n uudelleen järjestelyt viedään päätökseen, klinikat suljetaan ja fokus SaaS -hommiin

** Physitrack announces strategic restructure of Wellness division to focus on high-margin SaaS growth in 2026**

London, 24 November 2025 – Physitrack PLC (“Physitrack”) announces the continued restructuring of its Wellness division as part of the Group’s strategy to focus on high-margin, recurring-revenue software in 2026.

As part of this restructuring, the Group will exit human-intensive, lower-margin care operations in Wellness and focus on its core SaaS platforms in Physitrack and Champion Health. This includes the divestment of Fysiotest / Champion Health Nordics and the closure of all remaining clinics in Champion Health Plus.

This strategy is a continuation of the work initiated in 2024 and 2025 to focus the Group, improve profitability and reinforce Physitrack as a SaaS-led business. The divestments and closures do not affect Physitrack’s core SaaS platforms, where demand and growth opportunities remain strong heading into 2026.

Summary highlights (pro forma YTD to 30 September 2025)

Had the divestment and clinic closures taken effect from 1 January 2025:

  • Revenue impact: –€1.0m
  • Adjusted EBITDA impact: +€0.2m
  • Adjusted EBITDA margin: 38%, compared with the reported 32%
  • Cash impact: +€0.1m
  • Recurring revenue mix: would have been 95% of Group revenue (vs 86% reported)

These changes strengthen the Group’s financial profile, improve revenue visibility and support a more scalable, software-driven growth trajectory into 2026 and beyond.

Intended divestment of Fysiotest AB / Champion Health Nordics
Physitrack has signed Heads of Terms with existing management for a potential divestment of Fysiotest Europa AB / Champion Health Nordics through a management buy-out. Completion, subject to contract, is targeted for the end of December 2025.

  • Expected consideration: €1
  • Estimated disposal costs (adjusting items): approx. €0.1m
  • Goodwill and intangible assets to be derecognised: €1.6m (carrying value at 30 September 2025)

Contracts relating to the Champion Health Swedish platform will remain with Physitrack’s Champion Health business, with Nordic sales activities now led from London. As part of the finalisation of the SPA, Physitrack expects to enter into a reseller distribution agreement with existing management to continue selling the platform in the region.
2) Champion Health Plus – closure of clinic operations
Physitrack will close the remaining Champion Health Plus clinics and retain the asset-light elements of the business, including the National Network offering and the Nexa digital triage platform.

  • Estimated closure-related costs (adjusting items): approx. €0.2–0.3m
  • Impairment of related goodwill and intangibles: €3.3m (carrying value at 30 September 2025)

The retained activities align fully with Physitrack’s SaaS and digital health strategy, supporting scalable and margin-accretive growth.

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

“These actions complete the Wellness pivot to pure-play SaaS we started in 2024. By exiting labour-intensive care operations and focusing fully on our SaaS and digital platforms, we position Physitrack for sustainable, high-margin growth in 2026 and beyond.”

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Redeyn Q4 / 2025 ennakot

Tältä vuodelta lopetettuja ja myytyjä alhaisemman katteen liiketoimintoja, joiden osalta liikevaihto laskemassa.
Näiden seurauksena myös liikearvon poistoja, mikä näkyy tuloksessa / EPS:issä. Kassavirtaan ei kovin olennaista vaikutusta enää, mutta näkyy sitten raportoidussa tuloksessa.

Significant adjustments of EUR 5.1m

Investors should prepare for significant “below-the-line” movements this quarter. However, we expect only a minor portion—approximately EUR 0.4m—to affect cash flow. Total adjusting items are expected to be roughly EUR 5.1m, primarily driven by a balance sheet cleanup following the divestment of Fysiotest and the closure of clinic operations:
• Impairment of Goodwill/Intangibles: EUR 3.3m (non-cash operating expense).
• Derecognition of Assets: EUR 1.6m (non-cash operating expense, related to goodwill and intangibles).
• Restructuring Fees: EUR 0.4m (cash-effecting costs related to the divestment of Fysiotest and the closure of clinic operations).

Isompaa kauppaa ei ole julkaistu, joten mitään merkittävää kasvua ei ole odotettavissa. Itse seuraan tässä vaiheessa enemmän kassavirtaa ja kommentteja US-markkinan laajentamisesta. Toki myös EBITDA tässä kohtaa, että kannattavuuden kehitys palautuu odotetulle uralle.

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Aika odotuksien mukainen Q4 katsaus. Viralliset ja tarkistetut luvut sitten myöhemmin. Kasvua tarvitaan, kannattavuus olennaisesti parempi.

CEO-Henrikin haastattelu
https://vimeo.com/1159117322/60b2488cb7?fl=tl&fe=ec

Tässä muuten hyvää tiivistystä aktiiviselta seuraajalta, erityisesti huomiot US-markkinan osalta.
https://x.com/HappyZubi/status/2015730831482916923?s=20

edit:
Vielä Redeyn kommentit jatkoksi:

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Ostin/myin juuri äsken (Osa 8)
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Physitrack aloittaa omien osakkeiden ostot, kun kassavirta on vihdoin kunnossa ja arvostus alhaalla
:+1:

Physitrack PLC announces intention to implement share buyback program

Physitrack’s Board of Directors has approved the intention to implement a share buyback program (the “SBB”), subject to lender consent and prevailing market conditions.

London, February 20. 2026

Physitrack PLC (Nasdaq First North: PTRK) (“Physitrack” or the “Company”) today announces that its Board of Directors has approved the intention to implement a share buyback program (the “SBB”), subject to lender consent and prevailing market conditions.

The Board believes that, following the Group’s strengthened profitability, improved margin profile and sustained positive free cash flow, it is appropriate to establish a framework that enhances capital flexibility and supports long-term shareholder value creation.

The Company intends to utilise the existing shareholder authorisation granted at the Annual General Meeting to repurchase up to 10 per cent of the Company’s issued share capital. Any repurchases would be funded from operating cash flow and distributable reserves and would not involve drawings under the Company’s revolving credit facility.

The SBB provides the Company with flexibility in capital allocation. Repurchased shares may be cancelled to reduce the number of shares outstanding or held in treasury for potential future use, including possible share-based incentive arrangements. No share-based incentive plan has been approved at this time.

Henrik Molin, CEO and co-founder, commented:
“Physitrack exits 2025 with materially improved cash generation, stronger margins and a more focused operating model. Establishing a share buyback framework reflects the Board’s confidence in the business and its commitment to disciplined capital allocation. We view buybacks, like dividends, as a legitimate shareholder value tool. This program provides flexibility to optimise our capital structure while continuing to invest in growth.”

Implementation of the program remains subject to approval from the Company’s banking partner. The Board does not currently anticipate any impediment to obtaining such approval.

The timing, size and execution of any repurchases will remain at the discretion of the Board and will be conducted in accordance with the EU Market Abuse Regulation (MAR), applicable safe harbour rules and Nasdaq First North Premier Growth Market requirements.

No share repurchases have been made as of the date of this announcement.

Further updates will be provided in accordance with applicable disclosure requirements

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