Slide 1: Interim report Q1
Interim report Q1 24 April 2024 Driving efficiency and quality in the world of care
Slide 2: Agenda
Agenda Todays presenters 1 Highlights Q1 2 Company update 3 Financial update Daniel Öhman Svein Martin Bjørnstad CEO CFO
Slide 3: Highlights Q1
Highlights Q1 3 Update ▪ New financial targets ▪ New agreement with VGR regarding Medrave ▪ E-referrals released ▪ The relisting process continues with aim of first day of trading in Stockholm in Q4 Growth ▪ Signed not implemented ARR amounts to NOK 14m ▪ 20% organic growth in signed ARR Profitabili
Slide 4: Track record of growth
Track record of growth 4 Adj. EBITDA margin Adj. EBITDAC margin1 ✓ Revenue 67 65 63 ✓ ✓ 60 57 56 ✓ 47 47 45 ✓ 40 37 32 28 20 17 18 16 31% 40% 36% 28% 27% 23% 33% 15% 12% 35% 36% 34% 9% 10% 31% 13% 8% 8% 20% 14% 6% 9% 9% 7% -7% -10% -12% -7% -12% -18% -13% -18% -28% -30% Q1-20 Q2-20 Q3-20 Q4-20 Q1-21
Slide 5: Scaling into the cost base
Scaling into the cost base 5 Significant improvement through cost efficiencies and growth Revenue growth is the key to drive margins going forward +7 million 67 60 +13 million Q1-23 Q1-24 -5 -18 Q1-23 Q1-24 Revenue Adj. EBITDA - capex1 1: Defined as EBITDA less capitalized development expenses
Slide 6: Strong focus on new ARR
Strong focus on new ARR 6 Major steps taken the last 18 months Plenty of room to grow ▪ Focus on customers ~20% market share ▪ Improvements of products and delivery ~1.5bn target market ▪ Professionalized marketing efforts Non-cyclical and growing ▪ Outbound sales efforts market ▪ New development to
Slide 7: Proven traction
Proven traction 7 Large new contracts Strong pipeline New functionality secured 2024-2025 Surgery, e-referral, patient NOK 14 million signed not Several additional large journey etc implemented ARR potential contracts in New focus is pipeline HPIs new services growing generating Equals +6% growth ex
Slide 8: Strong visibility on next 18 months
Strong visibility on next 18 months 8 New targets 2024 – 2025 ▪ Backlog secures high 2023A 2024 2025 visibility on growth Revenue NOK 244m NOK 270m NOK 320m for 2024-2025 ▪ Additional cost EBITDA 13m +40m +80m savings in Q1 EBITDA – capex -52m ~neutral +40m ▪ Close to breakeven on cash profitability
Slide 9: Financial performance Q1 2024
Financial performance Q1 2024 9 Well functioning base with Operations Confrere NOKm (excl. HPI, HPI & Ad Opus WDX HQ (divested in Group strong scalability Ad Opus) Q1) Ambition to keep costs flat Total revenues 57 9 0 - 1 67 and accelerate growth Share of revenue 86 % 13 % 0% nm 1% 100 % Organic rec
Slide 10: Journey Ahead and Q1 Highlights
Journey Ahead and Q1 Highlights 10 • 15% organic growth in recurring revenues in Q1 Strong organic • Signed agreement with C-Medical, VGR, 9 new Capio clinics New sales model with digital marketing, new webpages, CRM and new growth • renumeration model Efficient use of • • Continuous efficiency gain
Slide 11: Financial update
Carasent Capital Market Day 2023 Financial update Q1 2024
Slide 12: Carasent – Q1 financial highlights
Carasent – Q1 financial highlights 12 67 20% 12% Million revenue Organic growth in signed Adj. EBITDA margin Q1 2024 ARR 260 110% -7% Million signed ARR per Net retention Adj. EBITDA – capex Q1 2024 rate margin
Slide 13: Strong YoY improvements
Strong YoY improvements 13 NOKm Q1 2024 Q1 2023 YoY growth ▪ Webdoc with 25% YoY growth (21% Webdoc 33.5 26.8 25% excl. fx effects) Other EHR 14.7 13.4 9% Platform products 13.4 13.6 -1% ▪ Consulting revenues down 13% as Consulting and other 5.3 6.1 -13% we prioritize recurring revenues Revenue 66.9
Slide 14: 15% recurring revenue growth Q1 YoY
15% recurring revenue growth Q1 YoY 14 15% organic growth – strong market position with high stickiness and low churn +15% 62 59 3 1 2 54 6 51 +5% -2% +12% 62 Q1’23 Q1’23 Net upsale Churn New customers Q1’24 Fx & Confrere Q1’24 (excl Confrere) (excl Confrere)
Slide 15: 20% organic growth in signed ARR
20% organic growth in signed ARR 15 Sales initiatives starting to pay off – strong growth in revenue backlog Implemented ARR Signed, not implemented ARR Fx ▪ Significant uptick in +20% 260 recurring revenue growth 252 8 driven by large new 14 14 3 10 contracts 211 23 +5% -2% 2 ▪ Signed not implement
Slide 16: Positive cash flow in Q1
Positive cash flow in Q1 16 NOKm Q1 2024 Q1 2023 ▪ Operating cash flow at 20% of revenues Revenue 66.9 59.9 ▪ Strong working capital effects in Reported EBITDA 6.3 2.3 Non-cash adjusments 0.2 0.0 Q1 from annual invoicing for Change in working capital 6.8 10.5 some products Operating cash flow 13.2 1
Slide 17: Improving profitability
Improving profitability 17 Cash profitability has improved by cost savings Aim to grow revenues significantly faster than costs going forward Gross margin of 84% in Q1 2024 2023 +NOK 12m 1.0 +NOK 13m -4.9 -10.7 -18.2 Adj. EBITDA - capex (excl. Webdoc X) Adj. EBITDA - capex
Slide 18: Q&A
Q&A