Codelab Capital As · OSL:CODE
Codelab Capital As — PatientSky Group — Q4 2022 Earnings Presentation
31 slides from Codelab Capital As's earnings presentation, Feb 28, 2023
Slide 1: PatientSky Group Q4 2022
PatientSky Group AQ 2022 OSLO, February 28, 2023 PatientSky
Slide 2: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS
Slide 3: Today's presenters
CD Today's presenters PatientSky Kristian Ikast, CEO Christoffer Mathiesen, CFO * PatientSky Board Member in 2020 * CFO since 1. Nov 2021 * Global CEO and MD experience from + Experience from DNB Markets, ECCO, KIWI, and Clipper Pareto Securities and Medici Corporate
Slide 4: Agenda
1. The PatientSky business 2. Business unit / operations update 3. Financials 4. Q&A 5. Closing remarks & outlook
Slide 5: > z ea) NE s a
> z ea) NE s 5 a
Slide 6: PMP, APP, SaaS Norway
CD PatientSky ‘atientSky “D PatientSky APP SaaS Norway
Slide 7: To develop and offer digital solutions
▪ o o o ▪ To develop and offer digital solutions, as well as o being active in any business in natural relation to this. o The company will invest in transferable security and o assets. As well as contribute to companies with ▪ similar purpose. o
Slide 8: Cloud, Own technology, M&A, Migration, PMP
Cloud Own technology M&A Migration PMP
Slide 9: Business update SaaS
Business update SaaS
Slide 10: Overview of PatientSky SaaS business unit — introduction to our brands
Overview of PatientSky SaaS business unit — introduction to our brands Customer segment Migration Current focus Hosting vie PatientSky Clinic Vic Physical therapists Sale to new clinics | Hove Total & GPs and Private doctors Sale to new clinics and cloud migration from System X UD EHR SOLUTIONS info
Slide 11: Revenue and EBITDA margins expected to increase as migration processes come to an end
Revenue and EBITDA margins expected to increase as migration processes come to an end, proving the underlying scalability Cash EBITDA margin Development, new verticals and M&A to — begin migration journey L-____ _| cacR:14% [~ 191 2019A 2020A 2021A na. na. 27% Finishing migration, new sales, favorab
Slide 12: The strong sales momentum continues into 2023
Unaudited Financials The strong sales momentum continues into 2023 Strong sales momentum YTD - number of sales per month (new and migrations) PatientSky Improved sales performance Total sales, # clinics, avg. Per month 22K ce + 43 ' 34 ! 26 24 | ; 1922 2022 3Q22 4Q22 Jan & Feb 23 YTD strong sales pe
Slide 13: 60% of our 2023 target for deliveries already booked or delivered
60% of our 2023 target for deliveries, already booked or delivered CY PatientSky Status * So far we have 60% of the total years budget booked in or delivered * We have realized more that 20% of our sales YTD 9 20% * Close to 20% in pipeline of Sales Qualified Leads (90%) * Overall we work on a SQL b
Slide 14: Consistent low cloud churn
Consistent low cloud churn, ( wb but temporary elevated due to SX migration process PatientSky 2022A analysis Received terminations 4,5 % 2.3% Cloud ex natural Cloud Blended ex natural 14
Slide 15: Business update APP
Business update APP
Slide 16: PatientSky App remains a key value offering
PatientSky App remains a key value offering, C } and initiatives are in place to further unlock the value potential ©.30 DAYS PatientSky Comments 255K 300K 97 Days 99K 200K e1Day 23K 100K a a a a) 29 05 2 19 Jan Feb User statistics last 30 days 6 6 1 i?) 2019 2020 2021 Last 6 months App updates last
Slide 17: APP Vision
APP Vision 13:23 sac = = Loco a White label Significant Ul/UX update Premium version — Video calls on demand Premium version — Chronic illness specific modules Premium version —loMT integrations My Health is the users digital health portal. Importing and self-reporting health data, loMT integrations
Slide 18: Business update PMP
Business update PMP
Slide 19: Timeline
Timeline 2023 Q2 2023 Q2 2023 Q3 2023 Q3 Setup ubiquity language, Generate and export library Product release management Real time dependencies overview and global data structures to own development environment Describe the domain and use cases Build and test pllot/prototyping rete ect catranenerart
Slide 20: Financials
Financials
Slide 21: 4Q revenue up 8.7% QoQ to NOK 50.3m
Unaudited Financials 4Q revenue of up 8.7% QoQ ending at NOK 50.3m and exceeding C } guidance, while cash EBITDA down to NOK -24.4m PatientSky Quarterly revenue and adj. cash EBITDA, NOKkm Comments Hl Revenue (Adj. Cash EBITDA * Cloud share of revenue continues to grow at a steady pace, while on-pre
Slide 22: Continuous increase in cloud recurring revenue
Unaudited Financials CD PatientSky Continuous increase in cloud recurring revenue with MRR growth of 26% YoY and 96% recurring revenues for 2022 Comments Revenue breakdown, NOKm 55,3 50,3 46,3 57 45 177 18,3 4Q21 1922 2022 3Q22 4Q22 MilCloud Recurring MllVariable recurring ll On-prem Recurring MM No
Slide 23: Migration and new sales to cloud drive clinic count mix
The combination of migration and new sales to cloud with lower churn C } than on-premise, continue to be the key driver in the clinic count mix patientSky Development of number of invoiced EHR clinics Comments Cloud customer development driven by new sales and continuous upgrades from on- nat 198 12
Slide 24: Consistent and low churn on clouded EHR solutions
Consistent and low churn on clouded EHR solutions, and majority of C } churners are due to natural reasons PatientSky Customer churn Comments On-prem churn Cloud churn CD * Churn presented in nominal values as relative measures are highly impacted by reducing on- Hl on-prem customer churn! Micloud c
Slide 25: SaaS business is highly profitable and cash generative
Unaudited Financials SaaS Business is highly profitable and cash generative, while the C } remaining financials reflect investments in the App and PMP patientSky 2022FY — SaaS Norway and rest of Group Comments * The breakdown is based on management accounts SES ies * SaaS BU carries all revenue and
Slide 26: On track to reach our cost reduction targets
Unaudited Financials We are on track to reach our cost reduction targets as communicated CD Already excecuted cost reduction with over NOK 40m annual effect, of which majority will materialize early 2023 Headcount (#) Monthly personnel costs (NOKm) -169 208 : 192 -15,7 164 163 =12,8 ‘pi'22 Now PE Ap
Slide 27: Group liquidity at NOK 59.8m at year end
Unaudited Financials Group liquidity at NOK 59.8m at year end, but improved to NOK 89m end of January PatientSky Cash and bank deposit, NOKm Liquidity plan Comments * Management have, together with the board, initiated a thorough cost focus throughout the organization to maintain a healthy cash 106,
Slide 28: Finance summary
QDs Finance summary PatientSky « Continued good momentum on cloud with 26% growth Initiatives on cash burn already yielding results « Sales momentum builds strong backlog of cloud revenue « Churn expected to decrease due to portfolio mix « Well advanced on audit process 28
Slide 29: Q&A
Q&A
Slide 30: Outlook and final remarks
Outlook and final remarks • • • •
Slide 31: PatientSky
Cr» PatientSky