Codelab Capital As · OSL:CODE
Codelab Capital As — PatientSky Group — Q4 2021 Earnings Presentation
34 slides from Codelab Capital As's earnings presentation, Feb 22, 2022
Slide 1: PatientSky Group 4Q 2021
PatientSky Group 4Q 2021 OSLO, February 22nd, 2022 PatientSky
Slide 2: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS
Slide 3: Today's presenters
Today’s presenters CD PatientSky Kristian Ikast, CEO Christoffer Mathiesen, CFO + PatientSky Board Member in 2020 * CFO since 1. Nov 2021 * Global CEO and MD experience from ° epee’ from one Manner ECCO, KIWI, and Clipper areto Securities ani edici Corporate
Slide 4: Changing lives
Changing lives
Slide 5: Agenda
Ww PatientSky AGENDA 1. 4Q highlights 2. The PatientSky business 3. Financials 4.Q&A 5. Closing remarks
Slide 6: Main events Q4 2021
Main events Q4 20721: ¢ Full year results ending at high end of guidance — NOK 210m in revenue — Adj. EBITDA just above 20% + Record ARR in December of NOK 198m + Appointment of new Group CFO — Christoffer Mathiesen + Appointment of new CCO VAS - Nicolai Ingemann-Paulsen + Signed new talent HUB in C
Slide 7: We deliver revolutionary and innovative e-health platforms
• • We deliver revolutionary and innovative e-health platforms. Empowering partners, • patients and professionals across borders to provide the future of new, better, faster and cheaper patient care. • 7
Slide 8: State of the union PatientSky
VY State of the union PatientSky Q4 revenue was NOK 55.3m, ~7% growth compared to 3Q21 Healthy & stable growth in cloud revenue in 4Q of +57%! New business development in 4Q with positive momentum adding NOK 800k in MRR Great traction on R&D and product development in PaaS / VAS Stability and high d
Slide 9: A simplified snapshot of the current business models
A simplified snapshot of the current business models Category Platform (PaaS) Software (SaaS) Phase Typical customers Key products Revenue model Strategy / operational Financials / KPIs Investment phase, scale-up Migration, growth and margin improvements Software companies, system integrators, servi
Slide 10: Our international e-health platform PatientSky 360
Ds Our international, revolutionary and innovative e-health platform Patient Sky Key features of the PS 360 platform * Tailormade boilerplate for healthcare applications + Low code / easy to use + 140 microservices (+60 last year) + Open for everyone . _ - : OQ sS Reusable and global (no country-spe
Slide 11: Platform as a Service
Platform as a Service CY PatientSky Key differentiators 15% : Vendors own source code For example: SaaS Norway business x Healthcare specific — Ba 6 icatic . 2 {= application. Easy to Application Store RY vy use in solutions. | a ieee x Tailormade boilerplate for 85% Services and Tools (=\ Qs Ly] he
Slide 12: Changing lives
• • • • • • • Changing lives. • • • • 12
Slide 13: The SaaS business unit is currently the revenue generating unit of the Group
The SaaS business unit is currently the revenue generating unit of the Group and is the market leader in Norway within EHR-software The SaaS business unit introduction Key take-aways Est. 2014 , - - (greenfield) Acquired 2018 Acquired 2020 Acquired 2017 PatientSky Clinic (cloud) Hove Total (cloud) S
Slide 14: The SaaS business unit is now far on the strategy
The SaaS business unit is now far on the strategy “Everybody to the cloud” M&A of on prem customers in Norway New customers on Cloud QDs PatientSky Promed ( EOL) PatientSky 2017 Nordic peer 1 Nordic peer 2 PatientSky Clinic 2014 Hove Total > PatientSky 2018 Infodoc > PatientSky 2020 Identify > Negot
Slide 15: Re-organizing into independent business units
We are-organizing into independent business units to improve the internal focus and visibility of the underlying financial performance __patientsky Simplified group structure, effective from 1.1.22 Comments + The business units will have individual financial accounts Group AS Listed and bond issuer
Slide 16: Unaudited Financials: 4Q solid quarter with all-time high topline
Unaudited Financials 4Q was a solid quarter with an all-time high topline - Exceeding revenue guidance, and adj. EBITDA for the year ending at 20.3% PatientSky Quarterly revenue and EBITDA, NOKm / % Key highlights Hl Revenue ll Agj. EBITDA + Strong revenue in 4Q, ending the year on NOK 210m a J 1, d
Slide 17: Cloud maintaining good momentum with 57% annualized growth
Cloud maintaining good momentum with 57% annualized growth The quarter further supported by stable on-prem and higher non-recurring revenues Revenue breakdown, NOKm Annualized growth, %' CD PatientSky Comments 55.3 57% 51.4 51.7 ma 1.0 19% 16.2 18.8 15% 7 28.2 27.4 -2% -13% Other On-prem Total All C
Slide 18: Unaudited Financials: Business Unit P&Ls
Unaudited Financials PatientSky has a highly profitable and cash generative SaaS Business, Cw while the remaining financials reflect significant investments in PaaS __ patientsky Q4 and full year Business Unit P&Ls'!, NOKm Comments NOK SaaS Oth 4 Total SaaS Oth FY 2021 Total . we Revenues 54.3 10 55
Slide 19: Our SaaS business delivers consistent strong profit and cash margins
Our SaaS business delivers consistent strong profit and cash margins CD PatientSky Adj. EBITDA , and margin per Adj. EBITDA Capex, and margin Revenue, recurring share per quarter quarter _per quarter DOOooOo 2Gooo Gcoeoo 24.8 25.5 23.2 23.5 18.2 16.6 Q12021 Q22021 Q32021 Q42021 Q12021 Q22021 Q32021
Slide 20: Migrations still the key reason for development of clinics
CD Migrations still the key reason for development of clinics PatientSky Paying EHR of customers’, end-of-quarter Q4 customer development Mi Cloud Hl On-prem a —— 1089 2533 2526 2516 2404 1055) - Cloud B La | development | | Start Q4 Churn New Upgraded End Q4 1461 Clean-up due to ~~ 2 — 1422 differe
Slide 21: Unaudited Financials: Number of licenses
Unaudited Financials The development of number of licenses show a clear picture of CYs favourable mix as new sales and migration drive up cloud share PatientSky Paying Cloud and On-prem licenses Comments lMicloud | 420% | Ca) | + Cloud based licenses have increased with 29% since 1Q, with new sales
Slide 22: On-prem and cloud
CLOUD • ON-PREM • • Q1 Q2 Q3 Q4 22
Slide 23: Consistent and low churn on our clouded EHR solutions
Consistent and low churn on our clouded EHR solutions, with a clear tendency of churning lower value customers Annualized churn’, % M™Revenue churn MiCustomer churn Consolidated churn CD PatientSky ) On-prem churn q ¢ Cloud churn CD ( ’ Q12021 Q22021 Q32021 Q42021 Q12021 Q22021 Q32021 Q42021 Q12021
Slide 24: MRR development through 2021
Unaudited Financials MRR development through 2021 CY . . ’ PatientSky driven by steady proven migration strategy Continued Business MRR (ex ProMed), NOKm Comments Hl wer licences 1 rR notifications 1 + MRR development through 2021 shown ex Promed 161 16.2 due to EoL announcement and inconsistent mon
Slide 25: Highlights post 4Q21
Highlights post 4Q21: * Continued healthy cloud growth + New cloud sales keeping momentum * Siv Jensen new board member in SaaS Norway « Platform progressing according to plan, including new employees and development * Chief People & Culture Officer signed, completing C-level management Ds PatientSk
Slide 26: Q&A
Q&A
Slide 27: Outlook and final remarks
Outlook and final remarks • • • • • • 27
Slide 28: Appendix
PatientSky Appendix
Slide 29: Detailed breakdown of PatientSky's Revenue and Growth
Detailed breakdown of PatientSky’s Revenue and Growth in 2021 PatientSky 98% of this is the Norwegian SaaS Business Revenue breakdown, NOKm Q12021 Q2 2021 Q3 2021 Q4 2021 QoQ Comments Revenue by type Recurring 43.6 45.4 47.3 49.7 51% ~12% variable MRR (consumption and notifications) SaaS Recurring 4
Slide 30: Revenue grew by NOK 2.1m QoQ
• Revenue grew by NOK 2.1m QoQ • COGS slightly higher in Q4, • • OPEX was lower in Q4, • Adj. EBITDA for Q4 came in at NOK 7.7m or 14%. • Adjustments were NOK 5.5m higher than Q3 and amounted to NOK 8.1m in 4Q, 30
Slide 31: Group Consolidated P&L
Group Consolidated P&L Appendix NoKm Q4 2020 Q4 2021 Adjustment Q4 2021 Adj. Revenue 40.6 53.9 53.9 COGS 9.6 8.0 8.0 Gross profit 31.1 45.9 45.9 Personnel expenses 22.8 33.8 (5.1) 28.7 Other OPEX 3.1 12.5 (3.0) 9.4 EBITDA 5.2 (0.4) 8.1 77 Depr & amort. 20.5 27.5 27.5 Depr. Of Capitalized R&D and fix
Slide 32: Group Consolidated Balance Sheet
Group Consolidated Balance Sheet Q4 2021 development and highlights • • • 32
Slide 33: Group Consolidated Cash Flow Statement
Group Consolidated Cash Flow Statement Q4 2021 development • • • 33
Slide 34: PatientSky
Cr» PatientSky