Physitrack PLC (PTRK) - Healthcare and Virtual Wellness

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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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  • Q1 ulkona, kasvu ylitti mid-term tavoitteet
  • Wellness -puoli vetää hyvin, kuten oli odotettua
  • EPS nollissa 0,00, adjusted +0,01
  • Loppuvuodelle ei ole enää tulossa lisämaksuja yrityskaupoista
  • Pääomien keräämistä ei nähtävissä lyhyellä-keskipitkällä aikavälillä.

Ainakin tältä vuodelta suurimmat kysymysmerkit pitäisi olla selvitetty :thinking: Kannattavuutta ja kassavirtaa voidaan nähdäkseni odottaa loppuvuodelta, kunhan pidetään uudet yritysostot vielä holdissa :crossed_fingers: Nykyisissä on vielä sulateltavaa paitsi palkkioiden, myös poistojen osalta.

Another strong quarter which achieves record revenue levels and exceeds medium term targets

Jan - Mar 2023

  • Revenue increased by 45 per cent from the comparative period in 2022 to generate total sales of EUR 3.7m (EUR 2.6m). On a proforma basis revenue grew by 36 per cent. This proforma growth was achieved in both the Lifecare (15 per cent) and Wellness (101 per cent) divisions.
  • Adjusted EBITDA of EUR 0.9m (EUR 0.7m) was generated resulting in an Adjusted EBITDA margin of 25 per cent (29 per cent).
  • Adjusted operating profit of EUR 0.1m (EUR 0.4m) was generated resulting in a margin of 3 per cent (17 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 0.7m (EUR 0.5m).

Operational highlights

  • A positive start to the financial year with revenue increasing by 45 per cent against prior year comparative and 36 per cent on a pro-forma basis, exceeding our medium term target of 30 per cent growth.
  • The Group continues to focus on driving efficiencies in the underlying profitability of the business and is pleased to see adjusted EBITDA reach an all-time high of EUR 922k generating an EBITDA margin of 25 per cent.
  • Despite a success based earnout of EUR 1.6m being paid to previous owners of acquired subsidiaries during the quarter, the Group has ample room in its revolving credit facility and does not expect to require any capital or debt raising in the short to midterm. No further deferred consideration payments are expected during 2023.

Raportti

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Jos wellnesin marginaalit saadaan kääntymään ylös kuten Q1 callissa mainittiin niin tämä lupaa hyvää loppu ja ensi vuodelle.

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Redeye aloittanut seurannan, base case 38 SEK :see_no_evil:

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Nyt on koko raporttikin saatavilla, pitää selata läpi vielä ajan kanssa

https://www.redeye.se/api/articles/download-file/3d2bb720-52a0-3bf6-af2d-727f010778d9

Tracking growth with two business divisions priced as one Redeye initiates coverage on Physitrack, a scalable and rapidly growing e-health software company that assists corporations in improving employee health and patients with rehabilitation. The company has recently expanded into the fast-growing corporate health market with its Champion Health platform and now aims to take on the European market and more English-speaking markets to accelerate revenue and expand profit margins. Given recurring revenues at 70%, proforma growth of 30%-plus, expected margin expansion in 2023, and the marketonly pricing in one of the two business divisions, we see a significant potential upside in the investment case. We initiate coverage with a Base case of SEK38.

Valuation

Significant upside potential with two business divisions priced as one In our Base Case, we estimate a 2023e–2027e sales CAGR of 22%, with the EBIT margin expanding from 7% in 2023e to 24% by 2027e. Using a DCF model, we value Physitrack at a Base Case of SEK38. Our Bear Case is SEK72, and our Bull Case is SEK11.

Our perception of Physitrack differs significantly from that of the stock market. Physitrack is a
rapidly growing and scalable software company positioned for significant margin expansion in
our view. However, the stock market is pricing Physitrack as a one-division company with
limited margin expansion potential. This is reinforced by our sum-of-the-parts valuation, which
estimates a value of approximately SEK13 per share for the Wellness division and roughly
SEK24 per share for the Lifecare division. Moreover, the discount is also prominent when
comparing median EV/EBIT multiples for 2024e, with Physitrack trading at a c140% discount
relative to its Nordic SaaS peers.

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CEO Molinin haastattelu

Physitrack: Video interview with CEO Henrik Molin

Lopussa kommenttia mahdollisesta annista sekä earn-out kustannuksista. Kommenttien perusteella ei pitäisi olla tulossa antia ja palkkioiden pitäisi olla hyvin suunniteltu kasvun ja kannattavuuden näkökulmasta.

Q1-lukujen perusteella näin voisi asian nähdä, kun palkkioita ei ole tulossa enää tälle vuodelle. Kassavirta paranee sitä kautta. Kunhan vaan uusia yritysostoja ei nähdä hetkeen :see_no_evil:

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:eyes:

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Redeye ennakot Q2 tuloksesta

According to the CEO, maintaining a delicate balance between growth and profitability is a constant concern, as faster growth may come at the expense of profit margins.

Further, In the Q1’23 conference call, the CFO expressed her expectation that the company had reached the trough of its margin, indicating that the margin decline had bottomed out

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Physitrack PLC – Interim report: January – June 2023

Another strong quarter, with adjusted EBITDA crossing the €1 million mark for the first time and year-to-date organic growth exceeding targets at 32 per cent.

Quarter ended - Apr - Jun 2023

  • Revenue increased by 23 per cent from the comparative period in 2022 to generate total sales of EUR 3.8m (EUR 3.1m). On an organic basis revenue grew by 25 per cent. This organic growth was achieved in both the Lifecare (9 per cent) and Wellness (66 per cent) divisions.
  • Adjusted EBITDA of EUR 1.0m (EUR 0.9m) was generated resulting in an Adjusted EBITDA margin of 25 per cent (30 per cent).
  • Adjusted operating profit of EUR 0.1m (EUR 0.3m) was generated resulting in a margin of 1 per cent (11 per cent).
  • Adjusted ordinary and diluted loss per share totalled EUR 0.00 (EUR 0.01).
  • Cashflow generated from operations before the payment of adjusting items equalled EUR 0.5m (EUR 0.7m).
  • Free cash flow for the quarter was a net outflow of EUR 0.6m (EUR 1.0m).

Six months ended - Jan - Jun 2023

  • Revenue increased by 33 per cent from the comparative period in 2022 to generate total sales of EUR 7.5m (EUR 5.6m). On an organic proforma basis revenue grew by 32 per cent. This proforma growth was achieved in both the Lifecare (13 per cent) and Wellness (85 per cent) divisions.
  • Adjusted EBITDA of EUR 1.9m (EUR 1.7m) was generated resulting in an Adjusted EBITDA margin of 25 percent (29 per cent).
  • Adjusted operating profit of EUR 0.2m (EUR 0.7m) was generated resulting in a margin of 2 per cent (13 per cent).
  • Adjusted ordinary and diluted profit per share totalled EUR 0.01 (EUR 0.03).
  • Cashflow generated from operations before the payment of adjusting items equalled EUR 1.2m (EUR 1.3m).

Operational highlights

  • Stepping up to the challenges of a strong comparative period and prior quarter, the group continued its impressive growth story by achieving year to date revenue growth of 33 per cent against prior year comparative, and 32 per cent on an organic basis.
  • The Group continues to focus on driving efficiencies in the underlying profitability of the business and in addition to focusing on higher margin commercial opportunities implemented a number of cost optimisation initiatives.
  • Physicourses expanded its service offering by partnering with world renowned education partners, increasing its content library and setting the scene for further revenue synergies between the core Lifecare business.
  • The Group re-confirms that it is expected there will be no further deferred contingent consideration payments for the remainder of the financial year, and no capital raising via share issuance or debt.

Henrik Molin, Co-founder and CEO of Physitrack PLC, commented:
“I am proud to see our amazing teams continuing to thrive and remaining resilient in achieving our targets and achieving our mission of Elevating the World’s Wellbeing, in an unpredictable macroeconomic environment for many of our target markets.”

Hieman jäätiin Redeyen arvioista kannattavuuden osalta, mutta siellä oltiin kyllä hyvin kartalla.
Yrityskauppoihin sidonnaisia maksuja ei ole tulossa tälle vuodelle, ei myöskään anteja.
Luottoa on kuitenkin jo nostettu, joten katsotaan mihin päätökseen 2024 aikana päädytään.

Yhteenvetona kuitenkin hyvää suorittamista kasvun suhteen. Kulujen leikkaukset jäi vielä vähän piippuun, odotellaan miten näkyy H2:lla.

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Toimari väittää että “Profitable growth is part of our DNA” mutta yhtiön vapaa kassavirta jatkuvasti miinuksella ja hengissä pysytään vain ottamalla lisää velkaa. Valmiusluotosta käytetty jo 3M.

Antirahat poltettiin järjettömiin yritysostoihin ja ensi vuonna varmaan pyydetään omistajilta lisää rahaa. En oikein ymmärrä mihin tuo raha vieläkin palaa, kun itse liiketoiminnan pitäisi muka olla huippukannattavaa ja skaalautuvaa.