Physitrack PLC – Interim report: January – September 2025
Fourth Consecutive Quarter of Resilient, Cash-Generative Growth, Marking Historical Positive Cash flow.
Investor snapshot
| Metric | Q3 2025 | Q3 2024 | YoY ∆ | Q2 2025 | QoQ ∆ |
| Revenue (Pro forma) €m | 3.5 | 3.3 | 6% | 3.5 | -2% |
| Constant currency revenue €m | 3.6 | 3.3 | 9% | 3.6 | 0% |
| Subscription % of Revenue | 88 | 82 | +6pp | 87 | +1pp |
| Pro forma Adjusted EBITDA €m | 1.2 | 0.9 | 25% | 1.2 | 0% |
| Pro forma Adj. EBITDA Margin % | 33 | 28 | +5pp | 33 | -pp |
| Pro forma Adj. EBITDA less CapEx €m | 0.4 | 0.1 | 297% | 0.5 | -26% |
| Free Cash Flow €m | 0.4 | (0.4) | 200% | 0.1 | 631% |
| Lifecare ARR €m | 11.7 | 10.8 | 9% | 11.9 | -1% |
| Wellness ARR €m | 1.0 | 0.7 | 46% | 1.3 | -20% |
| Annualised Revenue €m | 14.2 | 13.5 | 5% | 14.3 | -1% |
| Group Net Revenue Retention (NRR) % | 99.6% (L), 96.7% (W) | 100.2% (L), 98.2% (W) | ↓ (minor) | 100.2% (L), 98.6% (W) | ↓ (minor) |
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).
Summary for year to date
September year to date: 1st January – 30th September 2025
Similarly, based on Alternative Key Performance Measures, the Company’s key financial highlights for the nine months ended September 2025 are summarised below.
- Pro forma revenue, following planned low margin revenue reduction, has increased by 5 per cent to generate total sales of EUR 10.5m (EUR 10.0m). This grew by 7 per cent on a constant currency basis.
- Lifecare achieved a 9 per cent revenue increase, reaching EUR 8.4m. When assessing organic revenue free from currency fluctuations this was an 11 per cent revenue increase, reaching EUR 8.6m.
- Wellness revenue declined by 9 per cent on a pro forma revenue basis to EUR 2.1m. On a constant currency basis, revenue declined by 9 per cent.
- Subscription revenue increased 7 per cent (EUR 0.6m) to EUR 9.1 and now makes up 86 per cent of total group revenue, an increase from 80 at Q3 2024.
- Pro forma adjusted EBITDA of EUR 3.4m (EUR 2.8m) was generated resulting in an Pro forma adjusted EBITDA margin of 32 per cent (28 per cent).
- Pro forma adjusted EBITDA less CAPEX of EUR 1.3m (EUR 0.3m) was generated resulting in a Pro forma adjusted EBITDA margin less CAPEX margin of 13 per cent (3 per cent). This was split between Lifecare of EUR 2.2m / 26 per cent margin and Wellness of EUR -0.1m / -5 per cent margin.
- Adjusted operating profit of EUR 0.2m (loss EUR 0.4m) was generated resulting in a margin of 2 per cent (-4 per cent).
- Adjusted ordinary and diluted profit per share totalled EUR -0.01 (EUR -0.04).
- Cashflow generated from operations before the payment of adjusting items equalled EUR 4.1m (EUR 2.2m).
- Free cash flow for the year to date was a net inflow of EUR 0.6m (outflow EUR 1.1m).
Key highlights during the third quarter
Q3 2025 marks a continuation of Physitrack’s disciplined execution and financial resilience. Group pro forma revenue grew 6 per cent year-over-year to EUR 3.5m, supported by strong SaaS momentum in the Lifecare division and deliberate recalibration within Wellness. Constant-currency growth was 9 per cent year-over-year, underscoring the underlying strength of our subscription-led business model despite a seasonally flat quarter.
High-Quality Earnings and Sustained Margin Strength
Group pro forma adjusted EBITDA increased 25 per cent year-over-year to EUR 1.2m, growing adjusted EBITDA margin by 5 percentage points year on year to 33 per cent, demonstrating our ability to increase profitability through disciplined cost management and operating leverage. Adjusted EBITDA less CapEx increased nearly three-fold (297 per cent) year on year to EUR 0.4m, and free cash flow reached EUR 0.4m, marking the fourth consecutive quarter of positive cash generation, a reflection of our continued focus on sustainable, high-quality earnings.
Subscription Revenue at Record Levels
SaaS revenue accounted for 88 percent of total revenue in Q3, up six percentage points year-over-year and the highest in the company’s history. Lifecare ARR rose 9 per cent year-over-year to EUR 11.7m, driven by recurring contract renewals and pricing optimisation. While Wellness ARR declined 20 per cent quarter-over-quarter following the prior quarter’s strong rollout cycle and legacy contracts linked to the previous management team coming to an end.
Operational Discipline Translating to Cash Flow Strength
Free cash flow improved by EUR 0.8m versus Q3 2024, underpinned by a leaner cost base and greater capital efficiency. Our operational model continues to generate sufficient cash to self-fund innovation, validating the strategic restructuring undertaken in early 2025.
Executing for Sustainable, Scalable Growth
Q3 performance reinforces that Physitrack’s transformation is delivering a leaner, more automated, and higher-margin SaaS organisation. With continued cash generation, strong subscription mix, and stable customer retention, we are well-positioned for renewed top-line acceleration as commercial expansion initiatives in Lifecare and Wellness ramp through 2026.
CEO Interview
A Physitrack Spotlight interview with CEO & co-founder Henrik Molin commenting on the report is available at: https://vimeo.com/1128286240/e67e23e024?fl=tl&fe=ec
To create dynamism in the messaging, AI was used for key elements of the production, including the interviewer’s appearance and voice.
Lifecare Division Summary:
Financial Performance (Quarterly & YTD View)
| Metric | Q3 2025 | Q3 2024 | YoY ∆ | YTD 2025 | YTD 2024 | YoY ∆ |
| Revenue (€) | 2,870,211 | 2,550,645 | 13% | 8,422,567 | 7,732,853 | 9% |
| SaaS Revenue (€) | 2,644,827 | 2,429,614 | 9% | 7,853,756 | 7,360,889 | 7% |
| Avg. Licenses | 68,812 | 67,171 | 2% | 68,946 | 66,438 | 4% |
| ARPU (€) | 170.5 | 160.2 | 6% | 167.0 | 148.9 | 12% |
| Custom App Maintenance | 156,033 | 121,031 | 29% | 460,651 | 306,650 | 50% |
| Custom Set-up Revenue | 69,351 | - | 100% | 108,160 | 65,313 | 66% |
| OPEX (€) | (1,489,614) | (1,381,859) | 8% | (4,338,341) | (4,086,185) | 6% |
| Adj. EBITDA (€) | 1,380,597 | 1,168,786 | 18% | 4,084,226 | 3,646,668 | 12% |
| Adj. EBITDA Margin (%) | 48% | 46% | +2pp | 48% | 47% | +1pp |
| D&A (€) | 685,548 | 745,829 | -8% | 2,154,725 | 2,136,979 | 1% |
| Adj. EBIT (€) | 695,049 | 422,957 | 64% | 1,929,502 | 1,509,689 | 28% |
| CAPEX | (730,554) | (763,925) | -4% | (1,929,666) | (2,192,499) | -12% |
| Adj. EBITDA less CAPEX (€) | 650,044 | 404,861 | 61% | 2,154,561 | 1,454,169 | 48% |
| Adj. EBITDA less CAPEX Margin (%) | 23% | 16% | +7pp | 26% | 19% | +7pp |
SaaS KPIs (Quarterly)
This includes Lifecare SaaS entities Physitrack and Physiotools.
| KPI | Q3 2025 | Q3 2024 | Q2 2025 | YoY ∆ | QoQ ∆ |
| ARR (€m) | 11.7m | 10.8m | 11.9m | 9.0% | -1.3% |
| Customer Growth Rate (%) | -1.3% | -1.0% | 0.5% | N/A | N/A |
| ARPL (€) | 171 | 161 | 171 | 6.6% | 0.0% |
| CLTV (€) | 2,277 | 2,142 | 2,271 | 6.3% | 0.3% |
| Average monthly Churn Rate (%) | (1.0%) | (1.0%) | (1.0%) | -pp | -pp |
| NRR (%) | 99.6% | 100.2% | 100.2% | -0.6pp | -0.6pp |
| SaaS Gross Margin (%) | 89.5% | 88.6% | 91.9% | +0.9pp | -2.4pp |
Commentary
- Revenue up 13% YoY to EUR 2.9m, with SaaS contributing EUR 2.6m (92%), underscoring the division’s solid, recurring base.
- ARR EUR 11.7m (+9% YoY, -1.3% QoQ), the QoQ decline driven almost entirely by FX impact (~€0.15m); underlying ARR flat QoQ.
- ARPL up 6.6% YoY to EUR 171, reflecting pricing optimisation.
- SaaS gross margin 89.5% and Adj. EBITDA margin 48% (+2pp YoY), sustaining strong profitability despite modest cost inflation.
- Adj. EBITDA less CapEx EUR 0.7m (+61% YoY), highlighting continued capital efficiency and cash generation.
- Division remains the Group’s profit engine, combining stable licenses, low churn (1%), and expanding customer lifetime value.
Wellness Division Summary:
Financial Performance (Quarterly & YTD View)
| Metric | Q3 2025 | Q3 2024 | YoY ∆ | YTD 2025 | YTD 2024 | YoY ∆ |
| Revenue (€) | 1,302,686 | 1,858,569 | -30% | 2,109,168 | 2,943,722 | -28% |
| Pro forma Revenue (€) | 1,302,686 | 717,132 | 82% | 2,109,168 | 2,305,294 | -9% |
| SaaS Revenue (€) | 224,217 | 275,156 | -19% | 751,501 | 834,651 | -10% |
| Avg. Licenses | 102,749 | 72,433 | 42% | 112,372 | 68,780 | 63% |
| ARPU (€) | 9.9 | 9.6 | 3% | 10 | 9 | 9% |
| Non-recurring revenue | 362,529 | 639,503 | -43% | 1,357,667 | 2,109,071 | -36% |
| OPEX (€) | (1,303,932) | (1,804,860) | -28% | (2,067,832) | (2,805,589) | -26% |
| Pro forma Adj. EBITDA (€) | (1,246) | 53,709 | -102% | 41,336 | 138,133 | -70% |
| Pro forma Adj. EBITDA Margin (%) | 0% | 3% | -3pp | 2% | 5% | -3pp |
| D&A (€) | 124,092 | 144,497 | -14% | 378,096 | 434,097 | -13% |
| Pro forma Adj. EBIT (€) | (125,338) | (90,788) | -38% | (336,760) | (295,964) | 14% |
| CAPEX | (40,550) | (105,198) | -61% | (147,452) | (406,902) | -64% |
| Pro forma Adj. EBITDA less CAPEX (€) | (41,796) | (51,489) | 19% | (106,116) | (268,769) | -61% |
| Pro forma Adj. EBITDA less CAPEX Margin (%) | -3% | -3% | -pp | -5% | -9% | +4pp |
SaaS KPIs (Quarterly)
This includes Wellness SaaS entity Champion Health.
| KPI | Q3 2025 | Q3 2024 | Q2 2025 | YoY ∆ | QoQ ∆ |
| ARR (€m) | 1.0 | 0.7 | 1.3 | 46.0% | -19.7% |
| Customer Growth Rate (%) | -8.0% | 39.6% | -6.1% | N/A | N/A |
| ARPL (€) | 10 | 8 | 11 | 25.8% | -12.7% |
| CLTV (€) | 55,389 | 182,106 | 123,659 | -69.6% | -55.2% |
| Net MRR Churn Rate (%) | (3.1%) | (1.8%) | (1.4%) | -1.3pp | -1.7pp |
| NRR (%) | 96.7% | 98.2% | 98.6% | -1.5pp | -1.9pp |
| SaaS Gross Margin (%) | 91.6% | 63.8% | 87.9% | +27.8pp | +3.7pp |
Commentary
- ARR EUR 1.0m (+46% YoY, -20% QoQ), reflecting the planned expiry of legacy founder-linked contracts as the division refocuses on higher margin enterprise customers. We are expecting further churn over Q4, but this will stabilise in Q1 and be offset by new sales.
- ARPL up 26% YoY to EUR 10, evidencing the shift toward higher-value, scalable enterprise relationships.
- SaaS gross margin expanded to 91.6% (+27.8pp YoY), demonstrating a step-change in unit economics and validating the transition to a pure SaaS model.
Webcast conference:
October 21, 2025, at 15.00 CET. The presentation will be held in English and will be available on https://www.physitrackgroup.com after the webcast conference.
Speakers:
Henrik Molin, CEO
Matt Poulter, Interim CFO
Link to webcast registration:
https://us06web.zoom.us/webinar/register/WN_EzpVLgJJRwmXTWVpB6hvkQ
Participants will be able to ask questions via Zoom’s Q&A function.