Codelab Capital As · OSL:CODE
Codelab Capital As — PatientSky Group — FY2020 Earnings Presentation
19 slides from Codelab Capital As's earnings presentation, Apr 15, 2021
Slide 1: 2020 Financial Results
2020 Financial Results April 15th
Slide 2: Disclaimer and Forward-looking Statements
Disclaimer and Forward-looking Statements This presentation (the "Presentation") has been produced by PatientSky Group AS (the "Company", and together with its subsidiaries, the "Group") solely for information purposes. This Presentation may not be reproduced or redistributed, in whole or in part, t
Slide 3: Today's presenters
Today’s presenters Johan Zetterstrom, CEO • Started as CEO in 2020 • Experience from Salesforce, Broadvision, A revolutionary and innovative and Projectplace healthcare platform, enabling health professionals and partners to provide new, better, faster and Stian Husvæg, Interim CFO cheaper patient c
Slide 4: PatientSky at a glance, a leading Nordic e-health provider with global aspirations
PatientSky at a glance, a leading Nordic e-health provider with global aspirations 2014 170+ ~NOK 175m ARR +40% CAGR PatientSky was founded employees in 5 offices as of January 2021 revenue CAGR 2018-21e to innovate e-health across the Nordics 4.9m+ 2.1m 15+ ~90% patients use downloads of partners o
Slide 5: Summary of today's presentation
Summary of today’s presentation 1 Presenting final audited financials and adj. EBITDA for 2020 – fairly in-line with the preliminary financials presented in March 2 Update on Q1 upgrade speed to PatientSky – which has recovered strongly and tracking ahead of schedule for 2021 3 Reiterating revenue g
Slide 6: CEO comments on 2020 highlights and outlook for 2021
CEO comments on 2020 highlights and outlook for 2021 Key highlights 2020 Outlook 2021 • MRR NOK 14.6m secured during 2020, with PatientSky upgrades • Increasing speed of migrating of customer to the cloud from the and strategic acquisition of InfoDoc secured legacy systems Revenue • H2 upgrade pace
Slide 7: FY2020 adj. EBITDA with a solid 160% increase vs. FY2019
Audited Financials FY2020 adj. EBITDA with a solid 160% increase vs. FY2019, despite COVID and some unforeseen revenue events FY2020 EBITDA bridge, NOKm Reconciling the previous EBITDA guidance, NOKm 145 EBITDA 2020e 34.1% 49.5 Previous guidance level (19) In-line with guidance adj. for delayed Reve
Slide 8: Our key performance indicators continue to signal strong commercial momentum into 2021
Our key performance indicators continue to signal strong commercial momentum into 2021 MRR momentum into 2021 Increased upgrade speed of Clinics Clinics adding more functionalities Group MRR NOKm Nr of clinics upgraded to PatientSky PS clinics with video add-on +60% +146% x5.3 14.6 484 940 8.9 197 1
Slide 9: Upgrade speed has recovered in Q1, with a backlog sufficient to keep the delivery department running
Upgrade speed has recovered in Q1, with a backlog sufficient to keep the delivery department running close to capacity until Summer Upgrade speed to PatientSky, monthly avg. licences Initiatives to further increase the speed • Introduce day-time migration, doubling potential +17% capacity from only
Slide 10: Reiterating guidance of NOK >240m in revenue for FY 2021
Forward looking financials Reiterating guidance of NOK >240m in revenue for FY 2021 YTD migration speed and PaaS traction supports this Revenue1, NOKm 2021 guidance Additional potential Full-year effect of revenue from customers 1 upgraded during 2020 NOK ~175m in full-year effect Targeted revenue f
Slide 11: Guiding for a 2021 EBITDA of >25% including several growth initiatives
Forward looking financials Guiding for a 2021 EBITDA of >25% including several growth initiatives EBITDA, margin Current Business Additional OPEX investments Operational leverage gained from growing 1 >36% existing business with continued upgrades (3%) 31.5% (2%) Right-sizing marketing that was cons
Slide 12: Key investment highlights
Key investment highlights 1 The leading e-health SaaS provider in the Nordics - proven track record of successfully upgrading customers to higher ARPU 2 First-mover advantage with its full-service scalable platform - costly and complicated to replicate 3 The only player in the European e-health land
Slide 13: The PatientSky platform is our key differentiator
The PatientSky 360 platform is our key differentiator Regular healthcare platform PatientSky 360 Platform Platform benefits Web Application Web / Mobile Application OS of healthcare - open structure for everyone Modules EHR EHR EHR EHR 85 % of development is pre-made EHR Partners within the services
Slide 14: Future proofing the organization to capture full benefits of scalability and synergies
Future proofing the organization to capture full benefits of scalability and synergies in years to come Making good progress on BUs Establishing a scalable Implementing focused Capturing the full benefits of Group Structure Business Units scalability and synergies Consolidating organization and Effi
Slide 15: Several improvement projects initiated and implemented since the IPO
Several improvement projects initiated and implemented since the IPO to further strengthen PatientSky Key initiatives Status Description Unified ERP solution All acquired systems integrated on one common ERP system to drive improved operational and financial control Data mgmt. project Consolidate da
Slide 16: Group Consolidated P&L – 2020
Appendix Group Consolidated P&L – 2020 Reported financials Adjusted financials NOKm 2019 2020 YoY Adjustment 2020 Adj. YoY Revenue 115 140 22% 5 145 26% COGS 20 23 13% (3) 19 -4% Gross profit 95 117 24% 126 33% Personnel expenses 60 74 24% (5) 69 15% Other OPEX 17 11 -37% - 11 -37% EBITDA 17 32 82%
Slide 17: Group Condensed Balance Sheet – 2020
Appendix Group Condensed Balance Sheet – 2020 Reported financials NOKm 2019 2020 ASSETS Customer relations 288 537 Research and development 127 178 Goodwill 64 118 Other tangibel assets 18 15 Cash and bank deposits 11 429 Receivables 50 52 Total assets 557 1 328 EQUITY Total restricted equity 13 1 1
Slide 18: Financial Calendar 2021 – now including dates for our trading updates
Appendix Financial Calendar 2021 – now including dates for our trading updates Financial calendar Trading updates Events Dates Events Dates FY 2020 results 15th April 2021 Q4 Trading update 1st Mar. 2021 AGM 2021 10th June 2021 Q1 Trading update 27th May 2021 H1 2021 results 1st Sept. 2021 Q3 Tradin
Slide 19: PatientSky Q&A
Cy» PatientSky Q&A