Physitrack PLC announces settlement over Champion Health Share Purchase Agreement
London, 27 December 2024 - Physitrack PLC (“the Company”) is pleased to announce that it has reached an agreement with the Founders of Champion Health Ltd, Harry Bliss and Ricky Bailey, to terminate the Share Purchase Agreement (“SPA”).
As part of the settlement, the parties have agreed to a settlement sum of GBP 350,000, which will be repaid over a nine-month period commencing on 31 August 2025. This settlement resolves all obligations under the SPA, including the release of the deferred contingent consideration, which is currently recognised as a contingent liability by the Company at a value of EUR 2.1m. The Company is not anticipating any further contingent consideration payments, thereby significantly de-risking the Company from future financial outflows.
The Company anticipates that the release of the deferred contingent consideration will be recognised as adjusting items. These actions mark a significant step in simplifying the Company’s financial structure and enhancing its focus on profitability and future growth opportunities.
“This settlement represents a pivotal moment for Physitrack PLC, allowing us to streamline our financial obligations and focus fully on achieving profitability,” said Henrik Molin, CEO and Co-founder of Physitrack PLC. “By resolving this agreement, we are significantly reducing future financial risks and positioning the Company for sustainable growth and long-term success.”
Ja lisää uudelleen organisointia ja kustannussäästöjä
Redeye tiivisti tämän sopivasti:
Streamlined Operations: Champion Health’s teams, including marketing, sales, product development, and engineering, will be integrated into Physitrack operations.
Financial Impact: Annualised cost saving of GBP0.4m with a GBP0.2m impact expected in 2025.
Leadership Changes: Champion Health’s founders Harry Bliss and Ricky Bailey will depart from Physitrack
Moreover, we believe that streamlining and cost-saving measures are logical steps following the delays in Champion Health’s international rollout. However, we also understand that certain restructuring efforts were constrained during the original contract/earnout period, whereas Physitrack now has the flexibility to implement significant structural changes. To our understanding, Physitrack will now operate more as a unified group with two product lines rather than as two collections of separate subsidiaries.
Eilen julkaistiin Physitrackin ensimmäinen isompi Ruotsin Champion Health -version myynti-ilmoitus laajennuksena jo olemassa olevalle asiakkaalle. Diili ei ole järisyttävän iso, 1,1 MSEK, mutta kieltämättä tärkeä pelinavaus, koska palvelun lanseeraus viivästyi alkuperäisestä ja iso osa myynnin kasvusta on laitettu Champion Healthin harteille.
Kauppa sisältää kaksi osaa, Champion Healthin pohjoismaisen biometrisen testauspaketin ja valmennuspalvelun sekä Champion Healthin digitaalisen hyvinvointialustan Ruotsin lokalisoinneilla. Biometrisen testauspaketin oletan sisältävän Nightingale Healthin veripalvelun, jonka myynti on niin ikään ollut jumissa CH:n lanseeraukseen liittyvien viivästysten vuoksi.
Ehdinkin jo ihmetellä miksi Physitrack oli maanantaina lähes ainut seurantalistani vihertävä osake, mutta nythän se tiedotteen myötä selvisi. Joku oli saanut vihiä tiistaina julkistettavasta kaupasta.
Lisää kauppaa . Ja asiakas vähintäänkin mielenkiintoinen
Physitrack Plc secures landmark NHS contract worth up to £225,000 in platform subscription fees
London, February 13, 2025 – Physitrack is pleased to announce its largest contract to date with a local English public healthcare provider (NHS trust) following a successful public tender process.
The agreement, worth £75,000 in its first year, with secured funding for two additional years, for a total potential deal value of £225,000, represents a major milestone in the company’s mission to support rehabilitation, patient engagement, and data-driven healthcare solutions across the UK.
The deal includes subscription fees for the Physitrack exercise prescription platform for up to 600 users, as well as built-in data analytics solutions, enabling NHS Trusts to enhance patient care, optimise clinical workflows, and drive efficiency. Of the total contract value, 100% percent is recurring revenue, reinforcing the company’s strong and sustainable growth trajectory in the UK healthcare sector.
“This is a true testament to our product development and engineering excellence,” said Henrik Molin, CEO and co-founder of Physitrack. “Our technology is embraced by sophisticated customers like NHS trusts, who are responsible for thousands of lives, operating under immense pressure to optimise costs and streamline care delivery. It’s fantastic that we can support them along all these lines.”
Physitrack has been actively supporting the UK’s public healthcare sector since 2014, delivering innovative digital health solutions designed to improve patient outcomes and drive efficiencies for NHS providers. This latest contract solidifies the company’s position as a trusted partner in digital health transformation for one of the world’s largest public healthcare systems.
Pelkästään positiivista, että näitä tulee, mutta tuntuu äkkiseltään yllättävän pieneltä diililtä. Kiva kuitenkin, että tämä tuli julkisen tarjouskilpailun kautta, koska siinä on menty jonkinlaisen mankelin läpi pudottaen muut kisaajat matkalla.
Kyse on ymmärtääkseni Physitrack-alustan kokoluokassa isosta diilistä, jossa lisenssi 600:lle NHS-käyttäjälle, oletettavasti fysioterapeutille, tuottaa vuositasolla 75 000 GBP (~90 000 EUR) liikevaihtoa (~150 EUR/lisenssi/vuosi). Tämä summa ikävä kyllä tuskin riittää kattamaan kovin monen Physitrackilaisen palkkaa, pomoista puhumattakaan.
600 lisenssiä kuulostaa myös aika vaatimattomalta NHS:llä työskentelevien fysioterapeuttien määrä huomioiden, mikä lasketaan vähintään tuhansissa, todennäköisesti kymmenissätuhansissa, kun koko UK:n terveyssektorilla työskenteli v.2024 noin 56,3 tuhatta fysioterapeuttia.
Jotta määrään saisi jotain järkeä, olisiko kilpailutus ollut esim. yhdelle NHS:n alueelliselle säätiölle(?) (NHS trust), joita Wikipedian mukaan oli vuonna 2020 217 kappaletta? Siinä tapauksessa näitä olisi kyllä napsittavissa muutama lisääkin.
Olisi joka tapauksessa mielenkiintoista päästä lukemaan alkuperäisen kilpailutuksen taustatiedot, koska muuten tämä menee näköjään arvailuksi. Yritin löytää tämän kautta: Gov.uk contracts finder, mutta en osannut.
Tietääkö joku pystyykö tuon alkuperäisen kilpailutuksen kaivamaan jostain, kun se tiedotteessa mainitaan julkisena?
Physitrack Plc: Champion Health secures £1.1 million milestone deal to power workplace wellbeing across the UK.
London, February 17, 2025 – Champion Health, the groundbreaking wellness software subsidiary of Physitrack Plc, has secured a £1.1 million deal to provide its cutting-edge platform to a leading provider of employee assistance, wellbeing, psychological services, physiotherapy, and occupational health services across the UK.
This landmark four-year agreement, a vast majority of it annually recurring software subscription fees to the Champion Health software platform, cements Champion Health as an integral part of the customer’s long-term strategy, empowering HR professionals and company leaders to drive employee wellness, engagement, and productivity through ultra-personalised wellness action plans. Delivered via a seamless user interface, the platform enables employees to take charge of their emotional and physical well-being while generating anonymised insights to help management make data-driven decisions on issues such as:
• Work-related stress
• Financial well-being
• Mental and physical health challenges, leading to burnout and attrition
• Preventative strategies to enhance workforce performance
As part of the agreement, Champion Health and its customer will collaborate to further enhance the platform’s capabilities, ensuring it continues to be a best-in-class tool for organisations striving to create a holistic, integrated, and proactive approach to employee wellbeing.
The customer, founded in 2004, has grown into a leading force in corporate health and wellbeing services, distinguished by its fully in-house service model—avoiding subcontractors to maintain unparalleled quality control, efficiency, and cost-effectiveness. With a clinical presence in a dozen locations across the UK, it delivers seamless, high-quality support for its clients every day.
“This deal and partnership represent a significant milestone for Champion Health,” said Henrik Molin, CEO and co-founder of Physitrack Plc. “By integrating our platform into our customer’s well-established framework as part of our engagement, we are not just providing a powerful wellness tool—we are embedding wellbeing into the very fabric of our customer’s clients’ corporate culture, ensuring a wide range of businesses can proactively support their employees and drive long-term success.”
With this deal, the £1.1 million in total fees over four years, is the largest to date in terms of monetary value for the whole Physitrack group, Champion Health’s software platform becomes a key enabler in the UK’s corporate wellness landscape, reinforcing its role as a game-changing solution for businesses seeking to elevate their employee well-being initiatives with data-driven insights and personalised engagement strategies.
No nyt alkaa pikkuhiljaa kelpaamaan. Huomattavasti enemmän toivonkin juuri Champion Health -myyntejä, koska Physitrack alustana vaikuttaa nykypäivänä vähän jo bulkilta. Champion Healthilla näkisin olevan huomattavasti paremmat mahdollisuudet tuottaa lisäarvoa sekä asiakkaalle että meille omistajille.
Nopealla tekoälyavusteisella pallottelulla päädyin nimeämään uutisessa nimeämättä jääneeksi asiakkaaksi PAM Group:n, joka näyttäisi olevan yksi UK:n suurimmista yksityisistä työpaikkojen hyvinvointipalveluja tarjoavista yrityksistä. Ainakin perustamisvuosi, palvelutarjoama ja täysin integroidut palvelut (ilman alihankkijoita) sopivat PAM Group:iin.
Redeyn Q4 ennakot ja kommentit viimeisimmistä tilauksista. Vähintäänkin mielenkiintoinen raportti ja näkemykset tulevaan tiedossa 28.2.
Expecting large adjustments – focus on adjusted EBITDA
We expect an adjusted EBITDA margin of approximately 25% (26%), with absolute adjusted EBITDA reaching around EUR1.0m. In Q3 2024, the adjusted EBITDA margin stood at 23%. Our 25% estimate for Q4 2024 implies a 2pp sequential improvement. Regarding adjustments, we anticipate significant movements:
Revaluation of deferred consideration (earnouts): A EUR2.1m adjustment for non-current liabilities and EUR1.1m for current liabilities, resulting in a total non-recurring positive effect of approximately EUR3.3m on operating expenses. Heading into 2025, we expect Physitrack to carry no more than EUR0.5m in deferred considerations on its balance sheet.
Goodwill impairment: We anticipate some adjustments that may offset the positive impact of the earnout revaluation. As of Q3 2024, Physitrack held approximately EUR23m in goodwill on its balance sheet.
One-time restructuring fees: Related to the restructuring of Champion Health Plus and the settlement of the Champion Health share purchase agreement.
Looking ahead, we see subscription revenue growth—especially in the Wellness division—and adjusted EBITDA minus CAPEX as the key metrics for investors. For Q4 2024e, we expect adjusted EBITDA – CAPEX to be slightly positive.