Codelab Capital As · OSL:CODE
Codelab Capital As — PatientSky Group — Q3 2022 Earnings Presentation
42 slides from Codelab Capital As's earnings presentation, Nov 14, 2022
Slide 1: PatientSky Group 3Q 2022
PatientSky Group 3Q 2022 OSLO, November 114, 2022 PatientSky
Slide 2: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS
Slide 3: Today's presenters
CY 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: LBs
LBs PatientSky
Slide 6: PatientSky Group Mission statements
PatientSky Group SaaS APP Product Management Platform Mission statements
Slide 7: Introduction to PatientSky business units
Introduction to PatientSky business units Norwegian SaaS business, is the leading cloud-based EHR provider in Norway, with: © 2088 clinics! and NOK 187m in ARR (excl. sold not invoiced) o ~90% recurring revenue and positive cash flow © 3 flagship cloud-based EHR solutions:, Hove Total, Infodoc SKY a
Slide 8: Reducing spend while still investing in the future
Reducing spend while still investing in the future CQs APP Headcount (Venture) Group Current headcount (incl. consultants) 121 6 45 20 192 April ‘23 target "4 A an 15 163 {incl consultants) PatientSky Saa$& is a solid, profitable and mature business More tech resources added to strengthen enable red
Slide 9: April '22 Now PF
- 16,9 - 15,7 - 13,0 - 12,8 April '22 Now PF April '23 target
Slide 10: Liquidity plan
Liquidity plan ▪ o ▪ o o ▪ o Bond o covenant
Slide 11: Business update SaaS
Business update SaaS
Slide 12: SaaS business unit is the revenue generating unit of the Group
SaaS business unit is currently the revenue generating unit of the Group C } and is the market leader in Norway within EHR-software PatientSky CLOUD EHR SOLUTION ON-PREMISE EHR SOLUTIONS Comments . i * Continue to build on the position as HoveTotal infodoc SKY reMed | System X infodec market leader,
Slide 13: Core business growing cloud with +34% YTD
CD PatientSky Core business growing cloud with +34% YTD YTD 21 Core cloud growing with 34% YTD (NOK +16.9m) Cloud solutions Hove Total 27 4.4 16 60% 56 124 68 122% and 27% YoY PatientSky Clinic 8.0 9.3 1,3 16% 24.4 27.3 29 12% Infodoc Sky 6.8 87 1.9 28% 19.0 26.2 74 37% Cloud growth driven by a mix
Slide 14: Total sales, added cloud revenue (ARR)
Total sales, added cloud revenue (ARR) Total sales, # clinics / sales FTEs (NOKm)1 • • • • • Jul-Oct 20212 1 Based on sales close date – lag until realization of first cloud revenues 2 Excluding Promed
Slide 15: Business update APP
Business update APP
Slide 16: PatientSky App remains a key value offering
PatientSky App remains a key value offering and initiatives are in place to further unlock the value potential 16 Oct 300k © 30 DAYS 234K 7 pays mek 104K #1 pay _—eo—iel_l™ rook = 16K CD PatientSky Comments User statistics last 30 days io) 2019 2020 2021 Last 6 months App updates last 4 years Steady
Slide 17: Early version of the PatientSky app
@e¢vesoe Early version of the PatientSky app
Slide 18: Business update PMP
Business update PMP
Slide 19: Overall
Overall • Model to secure better communication between commercial and • tech teams , and in between Teams, to make them more successful. PMP • Orchestra to deliver functionality to the right place, • in right time with right configuration, to secure high reusability of source code across boarder and
Slide 20: Why?
What do we want to solve? The pain in a microservice architecture Dependency mapping QDs PatientSky Why? We have mapped out and identified the main pain points software companies encounter when working within a microservice architecture in scaleup companies. One common pain point is the lack of over
Slide 21: Why? Dependency mapping, including language
Why? Dependency mapping, including language
Slide 22: What is Product Management Platform (PMP)
What is Product Management Platform (PMP) Bridge the Gap Business case Not a part of PMP Design Definition Design to Documentation Prototyping Prototyping & sign off Design to Library Construct Not a part of PMP Deploy/Publish Release & deploy Model to Product. VY PatientSky Run/Maintain Monitor & G
Slide 23: First version of PMP User Interface
First version of PMP User Interface
Slide 24: Timeline
Timeline 2023 Q2 2023 Q2 Design Setup ubiquity language, Generate and export library and global data structures to own development environment Prototyping Design domain model Design data model Produce and share structured documentation We Model the communication of functionalities QDs PatientSky 202
Slide 25: Financials
Financials
Slide 26: Unaudited Financials
Unaudited Financials Group cash EBITDA better than previous quarters, while revenue C } impacted by summer holidays PatientSky Quarterly revenue and adj. cash EBITDA, NOKm/ % Comments HRevenue * Cloud share of revenue continues to grow at a Ml Adj. Cash EBITDA steady pace, which for the first time 5
Slide 27: Pure cloud MRR is up 47% YoY
Unaudited Financials CD PatientSky Pure cloud MRR is up 47% YoY, corresponding to NOK 100m in ARR Continued Business MRR', NOKm Comments Ml wer Cloud Hive On-prem MRR Notifications & Enterprise 16,2 * Cloud MRR is growing steadily with 47% YoY. Total is significantly down in July, as expected due to
Slide 28: Continuous increase in cloud recurring revenue
Unaudited Financials Continuous increase in cloud recurring revenue as it surpasses on-prem recurring revenue in Q3 PatientSky Revenue breakdown, NOKm Comments * Cloud recurring revenue grew at an annualized 50,1 a rate of 23% in Q3 2022, reflecting continued 8,0 466 tailwind in the cloud product *
Slide 29: Customer movements mainly driven by upgrades and churn
Customer movements mainly driven by upgrades and churn in the quarter as we enter new contract period 3Q22 customer development (paying clinics with EHR licenses only) VY PatientSky Comments Cloud development ae po | Start 93 Churn New Upgraded End @3 On-prem development oi Start 03 Churn ‘Adj (late
Slide 30: Number of paying cloud licenses continues to grow
Unaudited Financials Number of paying cloud licenses continues to grow, showing a steady C } growth of 15% over two quarters PatientSky Paying Cloud and On-prem licenses Comments Cloud development * Note: one license in one system is not 1-to-1 ee] 4.782 with that of another. For instance, migrating
Slide 31: Consistent and low churn on clouded EHR solutions
Consistent and low churn on clouded EHR solutions, expected to further C } decrease as number of clinics grows patientSky Customer churn Comments On-prem churn Cloud churn * Churn presented in nominal values as relative measures are highly impacted by reducing on- prem customer base Hl on-prem custo
Slide 32: SaaS Business is highly profitable and cash generative
Unaudited Financials SaaS Business is highly profitable and cash generative, while the C } remaining financials YTD reflect significant investments in the ventures — oXianew YTD financials — SaaS Norway and rest of Group Comments * The breakdown is based on detailed analysis of costs and allocation
Slide 33: Group liquidity showing NOK 106.5m end of third quarter
Unaudited Financials Group liquidity showing NOK 106.5m end of third quarter Cash and bank deposit, NOKm CD PatientSky Liquidity plan Comments 246.0 165.2 106.5 Bond covenant Dec-21 Mar-22 Jun-22 Sep-22 YE 2Q23 4Q23 2Q24 Management have, together with the board, initiated a thorough cost focus throu
Slide 34: Finance summary
QDs Finance summary PatientSky « Continued good momentum on cloud, both revenue and sales « Initiatives on cash burn expected to be visible in 1Q23 « Reallocating resources to SaaS « Revenue potential in other initiatives are substantial « Primary focus is on cash position 34
Slide 35: Q&A
Q&A
Slide 36: Outlook and final remarks
Outlook and final remarks ▪ ▪ ▪ ▪ ▪ ▪
Slide 37: Appendix
Appendix PatientSky
Slide 38: Revenue breakdown, NOKm
Revenue breakdown, NOKm Q4 2021 Q1 2022 Q2 2022 Q3 2022 QoQ Comments
Slide 39: Group Consolidated P&L
Appendix Group Consolidated P&L CD PatientSky NoKm Q3 2021 Q3 2022 Revenue 51,7 46.3 COGS 68 75 3Q comments Gross profit 44.9 a3 * Revenue in 3Q22 is somewhat down compared Personnel expenses 27.3 44.6 to 3Q21, but the recurring share is up to ~95% Of which capitalized 8.1 10.2 ° Th . I iabl . Other
Slide 40: Group Consolidated Balance Sheet
Group Consolidated Balance Sheet NOKm 31.12.2021 30.09.2022 • • • •
Slide 41: Group Consolidated Cash Flow Statement
Group Consolidated Cash Flow Statement • • • • •
Slide 42: PatientSky
Cy PatientSky