Carasent Ab · OMXSTO:CARA
Carasent Ab — Q2 2024 Earnings Presentation
15 slides from Carasent Ab's earnings presentation, Jul 12, 2024
Slide 1: Interim report Q2
Interim report Q2 12 July 2024 Driving efficiency and quality in the world of care
Slide 2: Agenda
Agenda Todays presenters 1 Highlights Q2 2 Company update 3 Financial update Daniel Öhman Svein Martin Bjørnstad CEO CFO
Slide 3: Highlights Q2
Highlights Q2 3 Update ▪ New agreement with Frelsesarmeen for Ad Curis – all products, except for Ad Opus, already have or have now secured strong growth going forward ▪ The relisting process continues with aim of first day of trading in Stockholm in Q4 ▪ High one time costs related to potential bid
Slide 4: Track record of growth
Track record of growth 4 Adj. EBITDA margin Adj. EBITDAC margin1 ✓ Revenue ✓ 67 66 65 63 ✓ 60 ✓ 57 56 ✓ 47 47 45 ✓ 40 37 32 28 20 17 18 16 31% 40% 36% 28% 27% 23% 16% 33% 15% 12% 35% 36% 34% 9% 10% 31% 13% 8% 8% 20% 14% 6% 9% 9% 7% -7% -2% -10% -12% -7% -12% -18% -13% -18% -28% -30% Q1-20 Q2-20 Q3-2
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 +3 million 4 1 2 5 7 61 54 4 +10 million Q2-23 Q2-24 -1 -4 Recurring revenues Confrere -11 Consulting & other Signed not implemented ARR Q2-23 Q2-24 Adj.
Slide 6: Financial performance Q2 2024
Financial performance Q2 2024 6 Well functioning base with Operations NOKm (excl. HPI, HPI & Ad Opus WDX HQ Group strong scalability Ad Opus) Ambition to keep costs flat Total revenues 58 8 0 - 66 and accelerate growth Share of revenue 87% 12% 0% nm 100% Organic recurring growth 16% 7% nm nm 15% NOK
Slide 7: Journey Ahead and Q2 Highlights
Journey Ahead and Q1 Highlights 7 • 15% organic growth in recurring revenues in Q2 and 17 MNOK ARR backlog Strong organic • Continue to develop our sales model and increase traction for Ad Opus’ and HPI’s new products growth • Deliver new development on time • Continuous efficiency gains Efficient u
Slide 8: Financial update Q2 2024
Carasent Capital Market Day 2023 Financial update Q2 2024
Slide 9: Carasent – Q2 financial highlights
Carasent – Q2 financial highlights 9 66 15% 16% Million revenue Organic recurring Adj. EBITDA margin Q2 2024 revenue growth 254 111% -2% Million signed ARR per Net retention rate Adj. EBITDA – capex Q2 2024 margin
Slide 10: 20% organic growth in signed ARR
20% organic growth in signed ARR 10 Sales initiatives starting to pay off – strong growth in revenue backlog Implemented ARR Signed, not implemented ARR Fx ▪ Significant uptick in +20% 256 254 recurring revenue growth 17 17 ▪ Transaction add-ons are 5 9 215 22 lower in June 2 -2% +4% ▪ Large contrac
Slide 11: 15% recurring revenue growth Q2 YoY
15% recurring revenue growth Q2 YoY 11 15% organic growth – strong market position with high stickiness and low churn +15% 62 61 1 2 1 56 7 54 +4% -2% +13% Q2’23 Q2’23 Net upsale Churn New customers Q2’24 Fx Q2’24 (excl Confrere) (excl Confrere) Note: Organic growth shown in constant currency rates
Slide 12: Strong YoY improvements
Strong YoY improvements 12 NOKm Q2 2024 Q2 2023 YoY growth H1 2024 H1 2023 ▪ Good underlying growth for all product Webdoc 33.3 28.5 17% 66.8 55.3 categories (Webdoc 18%, Other EHR 9%, Other EHR 15.0 13.9 7% 29.6 27.4 Platform products 14% excluding Platform products 12.9 13.6 -5% 26.3 27.2 Consulti
Slide 13: Improving profitability
Improving profitability 13 Cash profitability rapidly improving NOK +4.4m EBITDAC excluding Webdoc X in Q2 2024 Gross margin of 85% in Q2 – high scalability 10 8 5 6 6 5 4 1 -2 7% -4 -3 1% -11 -3% -4% -7% -18% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Adj. EBITDA - capex (excl. Webdoc X) Adj. EBITDA EBITD
Slide 14: Positive cash flow in Q2 and H1
Positive cash flow in Q2 and H1 14 NOKm Q1 2024 Q1 2023 H1 2024 H1 2023 ▪ Operating cash flow at 21% of revenues Revenue 66.3 63.2 133.2 123.2 ▪ Significant improvements in Reported EBITDA 7.8 1.2 14.2 3.5 profitability Change in working capital 5.9 -10.6 12.7 -0.1 ▪ Strong working capital effects i
Slide 15: Q&A
Q&A