Physitrack PLC (PTRK) - Fysioterapiaa SaaS:na

Osakkeet
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Mielenkiintoinen lisä Physitrackin valikoimaan

Nightingale näkemys
https://view.news.eu.nasdaq.com/view?id=b9bc02c736f7d2701afd5ab4699586b65&lang=fi

Nightingale Health Oyj, ennaltaehkäisevän terveyden edelläkävijä, yhdistää voimansa johtavan kansainvälisen digitaalisen terveyden toimijan Physitrack Plc:n kanssa. Tämä kaupallinen kumppanuus laajentaa Livit-palvelun saatavuutta Saksaan ja Iso-Britanniaan sekä Pohjoismaissa lisäämällä Livit-palvelun keskeiseksi osaksi Physitrackin Access-hyvinvointituotetta.

Yhteistyö tuo Livit-palvelun Physitrackin hyvinvointipalveluiden käyttäjien saataville hyödyntäen kotona tai työpaikalla otettua verinäytettä. Käyttäjät ottavat verinäytteen sormenpäästä helppokäyttöisellä laitteella ja lähettävät sen analysoitavaksi Nightingale Healthin edistyksellisellä verianalyysiteknologialla.

Kotitestiin perustuvan Livit-palvelun lisääminen keskeiseksi osaksi Physitrackin hyvinvointipalveluita mullistaa sen Pohjoismaissa, Saksassa ja Iso-Britanniassa saatavilla olevat valmennuspalvelut. Kumppanuus osoittaa Livit-alustan monipuolisuuden tuodessaan ennennäkemätöntä ennaltaehkäisevää terveystietoa osaksi terveys- ja hyvinvointitoimijoiden palveluja. Livitin avulla terveys- ja hyvinvointitoimijat, kuten Physitrack, voivat osoittaa palveluidensa vaikuttavuuden ja tarjota lisämotivaatiota asiakkailleen erittäin edistyksellisen, yksinomaan Nightingale Healthilta saatavilla olevan veritestin antamalla palautteella.

“Livit-palvelu integroituna Physitrackin hyvinvointipalveluihin muodostaa todella uraauurtavan yhdistelmän. Näin syntyvä uusi palvelu yhdistää johtavat digitaaliset valmennusohjelmat ja ennennäkemättömän ennaltaehkäisevän terveystiedon, joka saadaan kotona otettavasta verinäytteestä Nightingale Healthin kehittämällä teknologialla. Tämä on merkittävä askel Livit-palvelun laajentamisessa uusille markkinoille ja hyvinvointialan osa-alueille, ja olemme erittäin innoissamme voidessamme julkistaa tämän mullistavan kumppanuuden Physitrackin kanssa”, sanoo Teemu Suna, Nightingale Healthin toimitusjohtaja ja perustaja.

Ja Physitrack vastaava
https://www.physitrackgroup.com/investors/press-release?slug=physitrack-partners-with-nightingale-health-paving-the-way-for-continued-expansion-of-wellness-offering

The new partnership will allow users of Physitrack’s Wellness offering in certain geographies to access biometric testing through at-home sampling remotely or at their workplace. With the remote access, users will be able to take a finger-prick blood sample at home and return it for analysis by Nightingale’s highly advanced blood analysis technology.

The addition of Nightingale’s at-home blood testing service will revolutionize how notably Fysiotest, and over time also Wellnow and Rehabplus can offer their biometric-first preventive coaching services to organisations in the Nordics, Germany and the UK. This improved accessibility will dramatically expand the reach and scalability of biometric-based coaching and it’s projected to significantly accelerate revenue potential over time.

“The remote accessibility of biometric testing is truly a big leap forward for our Access product. It allows us to scale this unique component of our offering internationally, as our Wellness subsidiaries can offer their corporate client employees testing and coaching capabilities at their convenience, regardless of their location within their country. This is a unique setup that further enhances our holistic health and Wellness offering for SMEs and enterprises“, says Henrik Molin, CEO and Co-founder of Physitrack.

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Nopeasti saatu integraatioita kasaan :+1:
Lisäksi mielenkiintoisia sanavalintoja kommenteissa, lihavoituna alla.

https://www.physitrackgroup.com/investors/press-release?slug=champion-health-part-of-physitrack-group-launches-integrated-care-pathways-in-premium-product

Champion Health, part of the Physitrack Group, today announces the launch of integrated care pathways into its premium Employee Wellbeing product, starting with musculoskeletal care for prevention, post-acute and chronic conditions in the UK market. The new care pathways, delivered via Physitrack’s Access ecosystem, seamlessly integrate into Champion’s user journey as of today and are expected to significantly accelerate the revenue potential in its SaaS offering.

Henrik Molin, CEO and co-founder of Physitrack group, comments:
"I am deeply impressed with how seamlessly this first phase of integration of our Access ecosystem into Champion progressed over the last two months, and how quickly the commercialisation via Champion’s subscription packages has come together. It’s a true testament to the drive and ambition of our closely collaborating teams, and I can’t wait for what’s next for us with the Access integration.

Champion with the integrated Access ecosystem is the most ambitious and potentially lucrative SaaS development project the Group has undertaken since inception in that it creates a uniquely holistic Wellness product for anything an employee needs to be healthier, happier and more productive, while keeping the employer up to speed with the health of its employees via actionable, anonymised data."

Through the integration of Care into Champion, new growth avenues in SaaS with substantial revenue potential are opened up, and the Group’s expansion in the UK, the Nordics, Germany and the US is substantially accelerated.

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Physitrack recruits top talent from Zendesk, succeeds CTO in management team

Physitrack PLC boosts its management team and recruits Michal Wegrzyn from Zendesk. Michal Wegrzyn will take on a new role as Head of Engineering at Physitrack. As a result of the recruitments, co-founder and CTO Nathan Skwortsow will take on a new position focused on sourcing and developing new business ventures on behalf of the company.

Michal Wegrzyn, who prior to joining Physitrack was an Engineering Manager at NYSE-listed $10bln market leader in customer support SaaS provider Zendesk, has been recruited as Head of Engineering. Michal will lead a new team of in-house Ruby on Rails, Mobile and DevOps developers, as Physitrack transitions away from its previous inhouse/outsource hybrid software development model. The new setup will not only benefit Physitrack from an efficiency and cultural standpoint but will also optimize the cost of investments in Physitrack’s platform.

As a result of the recruitments, co-founder and CTO Nathan Skwortsow will take on a new position in Physitrack’s management team focused on sourcing and developing new business ventures on behalf of the company.

“We are thrilled to have Michal joining our engineering team as we continue to develop our SaaS offering for Lifecare Tech for healthcare providers and enhance our Virtual Wellness offering with Champion Health. Michal is top-tier talent in his field and we can’t wait to embark on this next step together. With Nathan making the transition to spearheading the sourcing and development of new business ventures, we also become better positioned to fully realise the potential of new business and acquisitions“, says Henrik Molin CEO and co-founder, Physitrack.

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Q2 ja H1 julkaistu. Taisi mennä täysin markkinan odotuksiin, kun hieman suuremmasta vaihdosta huolimatta muuten tätä ei olisi huomannutkaan kurssin muutoksissa.

Eipä sinänsä, kasvua hyvin lähinnä yritysostoista johtuen. EBITDA luvut saatu sovitettua näyttämään kivalta, vaikka todelliset luvut onkin miinuksella. Yritysostostrategia näkyy ja kulut sen mukaiset. Tämä on toki ennustettu ja viestittykin.

Physitrack PLC – Interim report: January – June 2022

“A strong quarter, with revenue growth in-line with long-term targets and integration of the Wellness division”

Quarter ended – Apr - Jun 2022

  • Revenue increased by 57 per cent from the comparative period in 2021 to generate total sales of EUR 3.1m (EUR 1.9m). On a proforma basis revenue grew by 31 per cent. This proforma growth was achieved in both the Lifecare Technology (27 per cent) and Virtual Wellness (44 per cent) divisions.
  • Adjusted EBITDA of EUR 0.9m (EUR 0.7m) was generated resulting in an Adjusted EBITDA margin of 30 percent (34 per cent). This movement was driven by recent acquisitions, as well as the Group’s focus on the integration of business units into the two divisions and ensuring foundations are in place to support its scale-up ambitions.
  • Adjusted operating profit of EUR 0.3m (EUR 0.3m) was generated resulting in a margin of 11 per cent (15 per cent).
  • Adjusted ordinary and diluted earnings per share totalled EUR 0.01 (EUR 0.02).
  • Cashflow generated from operations before the payment of adjusting items equalled EUR 0.7m (EUR 0.7m).

Six months ended – Jan - Jun 2022

  • Revenue increased by 62 per cent from the comparative period in 2021 to generate total sales of EUR 5.6m (EUR 3.5m). On a proforma basis revenue grew by 31 per cent. This proforma growth was achieved in both the Lifecare Technology (25 per cent) and Wellness (49 per cent) divisions.
  • Adjusted EBITDA of EUR 1.7m (EUR 1.2m) was generated resulting in an Adjusted EBITDA margin of 29 percent (34 per cent).
  • Adjusted operating profit of EUR 0.7m (EUR 0.5m) was generated resulting in a margin of 13 per cent (14 per cent).
  • Adjusted ordinary and diluted earnings per share totalled EUR 0.03 (EUR 0.04).
  • Cashflow generated from operations before the payment of adjusting items equalled EUR 1.3m (EUR 1.2m).

Operational highlights

  • To reflect the increasing SaaS sales in the Virtual wellness division the SaaS division has been renamed Lifecare technology.
  • Following the acquisition of Champion Health Limited on 6 May 2022, the Group has begun to consolidate the individual business entities within the Wellness segment into one brand - Champion Health. As part of the rebranding of the Virtual Wellness segment, the Physitrack Access ecosystem has been integrated into Champion Health and the Group has launched its first care pathway, Champion Health – Physiotherapy.
  • Launch of a subscription product for PT Courses’ continued education platform, enhancing the Lifecare Technology offering and adding new subscription bundles.
  • On 27 July 2022, the Group secured a GBP 5.0m revolving credit facility with Santander, providing additional financial resources to fund growth opportunities.

Tase edelleen vahva, integrointeihin ja uusiin liikkeisiin on edelleen varaa. Poistoihin laitettu goodwilliä aiemmista ostoista, painaa tulosta osaltaan

Financial position and cashflow

The Group has total assets of EUR 44.5m (EUR32.3m), net assets of EUR 22.5m (EUR 23.3m) and net current liabilities of EUR 1.2m (Net current assets EUR 9.7m).

The movement on total assets from 31 December 2021 is as a result of the recognition of goodwill and identifiable intangible assets of EUR 13.3m on the acquisitions of PT Courses, Wellnow and Champion Health. The Group has invested net of depreciation an additional EUR 2.0m on the
platform since 31 December 2021.

Seurattava asia jatkossa, ostoihin liittyvät suoriteperusteiset lisäkauppasummat

Attached to the Wellnow acquisition was deferred consideration valued at EUR 5.5m and Champion
Health, deferred consideration of EUR 5.1m, offset by a deferred consideration payment to the
previous Fysiotest owners of EUR 0.5m, which resulted in the increase of this balance from 31 December 2021

Ostoja konsolidoidaan pariin eri kategoriaan ja keskitetään vahvojen brandien alle. Tämä selkeyttää kokonaisuutta ja helpottaa markkinointia :+1:

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En ihan noin positiivisesti luonnehtisi tasetta, kun ipo-rahat on pääosin käytetty. Kassassa on jäljellä 4M eur, mutta kun lisäkauppahinnat tulevat maksuun, alkaa pohja paistaa. Huomattavaa on myös se, että Net cash from operating activities oli hädin tuskin plussalla, joten uusia euroja ei tule kassaan kovin nopealla tahdilla. Näiden syiden takia varmaan neuvoteltu 5M punnan revolving credit facility.

Pidän Physitrackin osaketta melkoisen kalliina, vaikka laskisi arvostusta oikaistuilla luvuilla. (Hieman off topiccina, mutta noi adjusted -numerot pitäisi kieltää lailla…) Eurooppaa uhkaava taantuma ei varsinaisesti tee hyvää tällekään firmalle.

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Ehkä vahva on liiallinen, mutta toistaiseksi vähintään hyvin tasapainossa. Operatiivinen kassavirta on kuitenkin hyvin positiivinen ja sitä kautta tulevat maksut on mahdollista rahoittaa mahdollisesti kassasta. Myös osakevaihto lienee tuolloin mahdollinen, tosin lisää silloin diluutiota, tai sitten muut rahoitusjärjestelyt.

Lisäkauppahinnat ovat myös omalla seurantalistalla, niiden osuus on suhteellisen merkittävä. Toki nämä ovat suoriteperustaisia ja pitäisi johtua siitä, että osa ja kokonaisuus etenee suunnitellun mukaan.

Oikaistut luvut auttavat hahmottamaan vertailukelpoisuutta varsinkin yritysostovetoisessa toiminnassa. Mutta siltä osin samaa mieltä, että niitä ei pitäisi esittää ensisijaisena metriikkana.

Yritysostot on kyllä tehty hieman kovaan hintaan, varsinkin myöhemmät maksuerät tekevät lovea kannattavuuteen. Kasvu näyttää kuitenkin hyvältä kokonaisuutena ja myös yksittäiset toiminnot ovat pääasiassa kasvaneet myös orgaanisesti.

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Kokonaan toinen asia, tämä julkaistiin eilen. Eli Molin myy osuuden Rachel Kingille. Pääomistajan ja perustajan myynnit eivät yleensä ole positiivinen signaali, mutta tällä kertaa näyttäisi olevan hyvillä perusteilla ja potentiaalisesti lisää verkostoa jatkokehityksen osalta.

Physitrack: Rachel King acquires 1.7% of Physitrack in Private Transaction

Rachel King has acquired a total of 278,000 shares in Physitrack Plc in a private transaction with Physitrack’s co-founder and CEO Henrik Molin.

Rachel King is an accomplished Entrepreneur, Investor and the Widow of Dr John King, the CEO of previously LSE-listed Galen Pharmaceuticals and previously Nasdaq-listed Warner Chilcott.

Henrik Molin comments: “I am deeply honoured that Rachel wants to invest in Physitrack and I could not be more confident in her long-term interest in the Company. Rachel is, in addition to an accomplished entrepreneur and investor, the widow of Dr John King who was a personal hero, mentor and great friend of mine, and who taught me many invaluable lessons as Physitrack went from a small and private company to publicly listed in a short period of time. John’s execution of the Galen IPO and later the Warner Chilcott buy-out that effectively re-listed the smaller, LSE-listed Galen in the US stock market, are a big inspiration to me.”

Rachel King comments: “I could not be happier to be part of the next chapter of the Physitrack growth story and to see what the future brings for Henrik and his amazing team. My late husband and I have both been deeply impressed by his entrepreneurial drive and roll-up-the-sleeves attitude that was instrumental in bringing Physitrack all the way to a high-profile Nasdaq First North IPO.”

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Heh, eilen naureskelin tuolle tiedotteelle. On kyllä hyvin spinnattu toimarin lähes miljoonan euron osakemyynti positiiviseksi :sweat_smile:

Champion Healthistä maksettiin 2,5M + 7,9M GBP ja se tekee liikevaihtoa viime kvartterissa 87 tuhatta euroa. Osarinumeroita saa oikaista vielä vuosia eteenpäin, että ton hankinnan saa näyttämään järkevältä :rofl: Muualla pörssissä hypefirmat on tulleet tonttiin oikein kunnolla, mutta Physitrackin osakkeeseen realismi ei ole vielä iskenyt.

Myin omat osakkeeni, koska aloin yhä enemmän epäillä näiden yritysostojen järkevyyttä ja sitä ettei luvattu kasvu ja kannattavuus toteudu talouden hidastuessa.

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Osakkeet vaihtaa taas omistajaa - ota tästä nyt sitten selvää onko hyvä vai ei :rofl:

Physitrack PLC: CEO Henrik Molin acquires an additional 4.3% of the company, boosts ownership to 24.7%

Henrik Molin, CEO and co-founder of Physitrack, has today acquired 700,000 shares in Physitrack from Nathan Skwortsow, co-founder of Physitrack, equivalent of 4.3% of the total share capital in the company. The private transaction boosts Henrik Molin’s ownership to 24.7% and reduces Nathan Skwortsow’s ownership to 17.8%.

The shares will be exchanged at a mutually agreed consideration of EUR 1 million in total, with the purpose to maintain control and succession.

Henrik Molin, CEO and co-founder of Physitrack, comments: “I am very grateful to Nathan for the close collaboration that got us to where we are with Physitrack today. His generous move in the form of this share sale boosts not only my personal stake in the company I love, it also is highly accretive to the Company, our investors, our customers and our team to know how deep and long term my commitment to the Company is.”

Nathan Skwortsow, co-founder of Physitrack, comments: “Ensuring that there is confidence among our key stakeholders around the long-term cap table stability in Physitrack and the Company’s management is of utmost importance to me, and I am delighted to be able to assist in this matter in any way I can. I see no better home for the shares in the company I co-founded than with Henrik and, as always, I stand behind him every step of the way to ensure stability in management and cap table influence.”

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Erik Penserin arviot Q2 jälkeen, parit lihavoinnit lisätty.

Ei juuri uutta yllä oleviin kommentteihin lehdistötiedotteessa. Analyysissa ehkä enemmänkin. Targettia laskettu 60-65SEK välille hieman pienemmän marginaalin sekä kasvaneiden tuottovaatimusten takia.

Fortsatt hög tillväxt

Omsättningen under Q2’22 uppgick till EUR 3,1m (EUR 1,9m), vilket motsvarar en total tillväxt om 57% y/y och proforma tillväxt på 31%. På segmentnivå bidrog Lifecare Technology, som står för 75% av intäkterna, med 27% tillväxt mot 25% tillväxt under H1’22. Virtual Wellness som står för resterande intäkter, växte med 44% under Q1’22 mot 49% H1’22. Churnen uppgick till 1,3% (1,8%) under det andra kvartalet.

Uppvisar fortsatt god lönsamhet

Periodens justerade EBITDA landade på EUR 0,9m (EUR 0,7m) vilket motsvarar en marginal om 30% (34%). Den lägre marginalen var väntad, då bolaget tidigare kommunicerat att förvärvade bolag har lägre marginaler än övriga gruppen. Förvärven har även kostat i form av integrationskostnader. Med färre förväntade förvärv i närtid förflyttas fokus till lönsamhet och organisk tillväxt.

Förändrade prognoser och nytt avkastningskrav

Bolagets ökade investeringar samt kostnadsinflation leder till att vi ökar kostnaderna samt sänker tillväxttakten marginellt i närtid. Vi sänker vårt motiverade värde till 60 - 65 kr per aktie (75 - 77kr). Sänkningen beror även på ett ökat avkastningskrav som följer analysavdelningens nya ramverk för avkastningskrav, som har som syfte att bättre reflektera risken med att investera i mindre bolag.

Koko analyysi, jossa enemmän asiaa:

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Isompi yhteistyösopimus :partying_face: - Ainakin käyttäjämäärällä mitattuna, arvostahan ei ole mainittu mitään…

Champion Health, part of Physitrack PLC, partners with leading European electronics retailer Currys PLC

Champion Health, a leading workplace health platform and part of Physitrack PLC, today announces it has entered into a partnership with Currys PLC, the leading omnichannel retailer of technology products and services, to support and improve the wellbeing of Currys’ 15,000+ employees across the UK&I. Currys operates online and through 830 stores in 8 countries, and is the owner of Nordic brands Elkjøp, Elgiganten and Gigantti.

Currys has invested in this partnership to provide free access to the Champion Health platform for all of its 15,000+ colleagues across the UK&I. In addition, Currys is extending this to allow colleagues to gift access to up to three family members or friends of their choosing.

Every Currys colleague will receive a unique health report, including a snapshot of their overall health and a tailored wellbeing action plan. Content is recommended based on colleagues’ health results, but they can also explore an entire world of wellbeing, described as ‘The Netflix of Wellbeing’, including workouts to mindfulness sessions, expert-led masterclasses, nutrition plans, sleep stories and more.

Champion Health covers every aspect of wellbeing, from mental health, sleep, women’s health, men’s health, financial wellbeing, performance, activity, energy levels, nutrition, parenting, musculoskeletal health, leadership, cardiovascular health, cognitive functioning and more.

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Q3 ulkona, liikevaihto kasvaa hyvin. Kannattavuus laahaa hieman perässä

Another strong quarter, with top line growth of 72 per cent, significant EBITDA growth, and growing momentum in the Wellness segment

Jul - Sep 2022
· Revenue increased by 72 per cent from the comparative period in 2021 to generate total sales of EUR 3.4m (EUR 2.0m). On a proforma basis revenue grew by 28 per cent. This proforma growth was achieved in both the Lifecare Technology (17 per cent) and Virtual Wellness (57 per cent) divisions.
· Adjusted EBITDA of EUR 0.9m (EUR 0.6m) was generated resulting in an Adjusted EBITDA margin of 27 per cent (30 per cent). This movement was driven by recent acquisitions, as well as the Group’s focus on continued investment in the two divisions allowing a strong footing for their scale-up ambitions.
· Operating profit after taxation of EUR 0.02m (EUR 0.03m).
· Adjusted operating profit of EUR 0.2m (EUR 0.2m) was generated resulting in a margin of 6 per cent (10 per cent).
· Adjusted ordinary and diluted profit per share totalled EUR 0.01 (EUR 0.01).
· Cashflow generated from operations before the payment of adjusting items equalled EUR 0.5m (EUR 0.1m).

Jan - Sep 2022
· Revenue increased by 65 per cent from the comparative period in 2021 to generate total sales of EUR 9.0m (EUR 5.4m). On a proforma basis revenue grew by 30 per cent. This proforma growth was achieved in both the Lifecare Technology (22 per cent) and Wellness (53 per cent) divisions.
· EBITDA increased by 340 per cent from the comparative period in 2021 to EUR 1.2m (EUR 0.3m).
· Adjusted EBITDA of EUR 2.6m (EUR 1.8m) was generated resulting in an Adjusted EBITDA margin of 29 per cent (32 per cent).
· Adjusted operating profit of EUR 0.9m (EUR 0.7m) was generated resulting in a margin of 11 per cent (12 per cent).
· Adjusted ordinary and diluted profit per share totalled EUR 0.05 (EUR 0.05).
· Cashflow generated from operations before the payment of adjusting items equalled EUR 1.7m (EUR 1.7m).

Operational highlights
· Continued investment in Access Ecosystem to broaden the Champion Offering for the inclusion of mental health therapy and further acceleration of Champion Health – Physiotherapy.
· Launched the re-branded Champion Health – Nordics and Champion Health in Germany.
· Transition of development team in-house, comprising seventeen highly skilled tech developers. Through a fresh perspective, the new team have fast tracked development of key features including Easylink, EasyPrint and EasyAssign.
· Investment in a new Learning Management System (LMS) forming the backbone of the continued education element of this business line.

Henrik Molin, Co-founder and CEO of Physitrack PLC, commented:
“Despite the challenging macro environment for businesses and individuals, Physitrack Group manages to strengthen the position further this quarter as we keep experiencing significant top line and EBITDA growth. Underpinned by its robust business model, the Group is well positioned to continue enhancing offerings in both operating segments. We see a strong momentum in the Wellness segment, with a massive market opportunity ahead of us, further propelled by increasing demands for cost savers such as higher efficiency and less employee turnover.”

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Jatkuvien kuukausiveloitusten määrä kasvussa

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Uusi palvelu julkaistu samaan hengenvetoon Champion Health brändin alle :+1: .

Champion Health, part of Physitrack Group, launches Mental Health Therapy in premium product

Champion Health, part of the Physitrack Group, today announces the launch of another integrated care pathway into its premium Employee Wellbeing product – Mental Health Therapy. The new care pathway seamlessly integrates into Champion’s user journey as of today and is expected to significantly accelerate the growth of its SaaS offering.

The acquisition of Champion by the Physitrack Group, announced in May of 2022, opened up the possibility for Champion to enhance its holistic wellbeing with Physitrack’s virtual-first care offerings delivered through the Access ecosystem, while also establishing a strong commercial foothold in the corporate wellness market. The global digital health market is projected to be a USD 222 billion market by 2026, according to Facts & Factors Research.[1]

Through the integration of another Care pathway into Champion following the successful launch of Physiotherapy in July of 2022, new growth avenues in SaaS with substantial revenue potential are opened up, and the Group’s expansion in the UK, the Nordics, Germany and the US is substantially accelerated.

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Eikö tän pitänyt olla skaalautuva saas-yhtiö?

Ipo-rahat tuhlattu ylihintaisiin yritysostoihin, nyt kassa tyhjänä, meno jatkuu valmiusluoton varassa, tappiota tehdään kvartaalista toiseen.

Seuraan sivusta edelleen.

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Sama tilanne kuin on ollut muidenkin alustayhtiöiden kanssa. Kasvua haetaan koko ajan joko yritysostoin tai uusien palveluiden kehityksen kautta. Nämä pitää sitten kannattavuuden alhaalla tai kokonaisuuden miinuksella. Poistot ja muut erikoiserät rasittavat viimeisen viivan alla olevaan lukua pitkään.

PTRK saisi nyt keskittyä palveluiden integroimiseen uusien yritysostojen sijaan. Varsinkin kun kassan pohja alkaa tosiaan tulla vastaan. Asemointi nykyisillä palveluilla alkaa olla jo kattava ja oma niche pitää saada haltuun ennen kuin kasvetaan jatkuvasti yritysostoin.

Operatiivinen kassavirta on kuitenkin hyvin plussalla ja kokonaiskasvun myötä sekin paranee. Jos uusia laajennuksia ei tehdä, niin se skaalautuvuus tulee kyllä vastaan.

Osa seurattavista tulosperustaisista tai muuten sovituista on muuten mennyt maksuun:

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Uutta verta UK:n myyntiä vetämään.

Physitrack recruits top talent from Mercer to join Champion Health’s leadership team

Physitrack PLC boosts its virtual-first Wellness management team and recruits Nick McClelland from Mercer to take on a new role as Chief Growth Officer of Champion Health with the objective of further accelerating the growth of Group’s B2B Wellness division.

Nick McClelland will lead and build on Champion Health’s sales team for B2B sales of Champion’s rapidly growing Employee Wellbeing solution to Enterprises as well as further develop Group level business development to continue accelerating the growth of both Champion Health and the Physitrack Group.

Prior to joining Champion Health, Nick McClelland was Chief Growth Officer of Mercer UK, part of $82 billion market capitalisation global insurance giant Marsh McLennan, and prior to that led the commercial efforts of JLT Employee Benefits and Thompsons Online Benefits, which provided technology-led employee benefit and wellness solutions to Enterprises globally before both companies were acquired by Mercer.

Henrik Molin, CEO of Physitrack Group: “Nick is a key player in the UK Enterprise Wellness space and his wide network combined with his impressive track record for achieving sales growth with a dynamic sales force is a perfect fit for Champion Health and the wider Physitrack Group. His recruitment comes at the perfect time as we set out to continue to accelerate Champion’s significant growth in the UK and elsewhere around the world.”

Harry Bliss, CEO and co-founder of Champion Health: “We are thrilled to have Nick joining our team as our business continues to evolve into a global effort that already helps millions of employees and their families with their wellbeing. Our mission will be significantly aided by Nick’s presence, and I am excited about what it will mean for our team, our customers and our stakeholders.”

Nick McClelland: “It is a pleasure and privilege to join the Champion Health and the Physitrack Group team at such an exciting time in their journey. Champion Health is already having a significant impact in supporting organisational health and wellbeing, especially with their cutting edge wellbeing platform. I look forward to working with the team to drive further impact growth and scale.”

Nick is set to commence in his new role on 1 February 2023.

Lisäksi mielenkiintoisena lisänä Champion Healthin osalta myös Nightingalen labran avaaminen UK:n suuntaan. Yhteistyötähän kaksikko on tehnyt, joten olisiko kyseessä optimistin näkökulmasta lisääntynyt kysyntä :grin:

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2022 ja Q4 paketissa

Operatiivinen kassavirta plussalla, samoin EPS kääntyi vihertävän puolelle viimeisen kvartaalin ansiosta. Yritysostoihin palanut paljon pääomaa kasvun aihioksi, joten kassan pohja näkyy edelleen. Nyt pitäisi sitten alkaa kääntämään sitä tulosta

Completing the year with strong revenue and EBITDA growth, having established strong foundations to accelerate growth for FY2023

Oct - Dec 2022

  • Revenue increased by 38 per cent from the comparative period in 2021 to generate total sales of EUR 3.5m (EUR 2.5m). On a proforma basis revenue grew by 20 per cent. This proforma growth was achieved in both the Lifecare (5 per cent) and Wellness (55 per cent) divisions.
  • Adjusted EBITDA of EUR 0.9m (EUR 0.8m) was generated resulting in an Adjusted EBITDA margin of 25 per cent (32 per cent). This movement in the EBITDA margins is driven by the shift in the mix of revenue towards wellness which currently operates at relatively lower margins.
  • Adjusted operating profit of EUR 0.1m (EUR 0.5m) was generated resulting in a margin of 2 per cent (16 per cent).
  • Adjusted ordinary and diluted profit per share totalled EUR 0.00 (EUR 0.02).
  • Cashflow generated from operations before the payment of adjusting items equalled EUR 1.2m (EUR 1.1m).

Jan - Dec 2022

  • Revenue increased by 57 per cent from the comparative period in 2021 to generate total sales of EUR 12.5m (EUR 8.0m). On a proforma basis revenue grew by 27 per cent. This proforma growth was achieved in both the Lifecare (17 per cent) and Wellness (54 per cent) divisions.
  • Adjusted EBITDA of EUR 3.4m (EUR 2.6m) was generated resulting in an Adjusted EBITDA margin of 28 percent (33 per cent).
  • Adjusted operating profit of EUR 1.0m (EUR 1.2m) was generated resulting in a margin of 8 per cent (14 per cent).
  • Adjusted ordinary and diluted profit per share totalled EUR 0.06 (EUR 0.07).
  • Cashflow generated from operations before the payment of adjusting items equalled EUR 2.9m (EUR 2.2m).

Operational highlights

  • Finalisation of the rebuild of the PT Courses platform with significant enhancements to both the underlying content and user experience, opening the door to integration with the existing Physitrack platform and further acceleration in the US market.
  • Successful transition of a vast majority of users from the GoMobilus platform to Physitrack, paving the way for additional streamlining of Physitrack’s Lifecare offering and simplification of the corporate structure.
  • Successful transition to an in-house development team, creating a safe haven for top tech talent and further enhancing the Physitrack platform.
  • Appointment of Nick McClelland, former Chief Growth Officer of Mercer UK as Chief Growth Officer of the Wellness segment, providing extensive knowledge, methodology and commercial opportunities to significantly grow this division in 2023.

Lisätään tähän samaan vielä vuosikertomukseen suora linkki

Viitteessä 19, sivulla 93 avattu yrityskauppojen seurauksena maksettavia palkkioita. Lisää tullut, mikä loogista useista kaupoista johtuen. Joitain maksettu ja osaa arvioitu uudestaan. Hyvä, että on nyt paremmin esillä.

Näkymät mid- ja long term

Physitrack’s Board of Directors has adopted a set of financial targets linked to the Company’s
Strategy as set forth below:
• Growth: Physitrack aims to achieve annual organic sales growth exceeding 30 per cent
in the medium term, further supported 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 contractions due to add-on acquisitions impacting margins negatively.
• Distribution: Physitrack has a favourable outlook on the distribution of profits to shareholders via dividends in the medium term but does not foresee this taking place in the short term.

Orgaaninen kasvu 30% kelpaisi, mutta laittaisin hieman jarrua uusiin yritysostoihin - varsinkin nykyisellä osakkeen arvostuksella. Kassaa on rajallisesti, joten käteistosto lienee pois laskuista. Diluutiota puoleastaan nykyisellä valuaatiolla olisi tiedossa potentiaalisesti turhan paljon.

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Osake reagoi raporttiin 20% romahduksella, mitä pidän hieman yllättävänä koska q4:llä oli useampia valonpilkahduksia. Ilmeisesti markkina pelkää nyt osakeantia, kun kassassa oli vuodenvaihteessa vain puoli miljoonaa käteistä? Itse en tähän usko, koska operatiivinen kassavirta on jo hyvin plussalla ja yhtiöllä on käytettävissä noin 5 miljoonan RCF.

Mikäli Physitrack jatkaa viimeisimmän kvartaalin tahdilla, tästä vuodesta voisi tulla operatiivisesti hyvä ja arvostuskertoimetkin alkaa näyttää järkeviltä 17 SEK hinnalla. Toki taustalla kummittelee vanhat ylihintaiset yritysostot mutta onhan kurssikin sulanut 70% huipuista.

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Itse tankkasin lisää kurssiromahduksen jälkeen. Luulen markkinan reagoineen mahdolliseen antiin, lifecaren heikkoon kasvuun q4 sekä virtual caren heikkoon marginaaliin. Mielestäni toimarin kommentit hälvensivät pelkoja että kyse väliaikaisista asioista kuten tuloutusmallin muutokset yritysostokohteissa lifecaren puolella ja virtual caressa physiotest ollut pettymys covid testien loputtua, mutta hyviä tuloksia saatu tietyistä asiakkuuksista muualla virtual caressa ja tätä toimintamallia tullaan monistamaan.

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Erik Penserin analyytikko lyönyt numerot exceliin ja saanut tulokseksi tavoitehinnan 48-52 kruunua :joy: Ruotsalaisten kunniaksi on kuitenkin sanottava, että eivät ainakaan peesaa osakekurssia kuten Inderes.

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Oli myös itselle melko yllätys tuo reaktio markkinalta. Vaihtelevat tulokset toki, mutta operatiivinen kassavirta plussalla ja tuskin tulee antia, jos ei uutta ostokohdetta tule eteen :see_no_evil:

Penserin analyysit
PTRK_Q4.pdf (608,5 Kt)

Myös DNB piti Osta -suositukset voimassa, TP 41SEK → 40SEK

Tuolta vielä CEO:n haastattelua Q4:n jälkeen

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