Codelab Capital As · OSL:CODE
Codelab Capital As — PatientSky Group — Q1 2022 Earnings Presentation
32 slides from Codelab Capital As's earnings presentation, May 20, 2022
Slide 1: PatientSky Group 1Q 2022
PatientSky Group 1Q 2022 OSLO, May 20th, 2022 PatientSky
Slide 2: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS 2
Slide 3: Today's presenters
Today’s presenters (q@> zc a 4 Kristian Ikast, CEO « PatientSky Board Member in 2020 * Global CEO and MD experience from ECCO, KIWI, and Clipper CD PatientSky Christoffer Mathiesen, CFO + CFO since 1. Nov 2021 Experience from DNB Markets, Pareto Securities and Medici Corporate
Slide 4: PatientSky
PatientSky
Slide 5: Agenda
1. 1Q highlights 2. The PatientSky business 3. Financials 4. Q&A 5. Closing remarks
Slide 6: Main events Q1 2022
Main events Q1 2022: * High Level Q1 result — NOK 50.1m in revenue — Cash EBITDA of NOK -20m, up from NOK -30m in 4Q J * Cloud revenues in Q1 of NOK 23.6m, 49% of recurring revenue 8% growth 2022 Q1 versus 2021 Q4 . Somewhat lower on-premises volume in 1Q due to closing of Promed and expected System
Slide 7: Introduction to PatientSky
VY Introduction to PatientSky C» PatientSky * Acompany consisting of two overall business legs: International platform company, open scalable, low code, which allow partners to build applications and solution on top « First step M-Health and loT GTM Q4/Q1 = Norwegian SaaS Business, build on top of o
Slide 8: State of the union
State of the union CY» PatientSky * Q1 revenue was NOK 50,1m as expected down~-9,5% compared to 4Q21 We closed ProMed As expected churn on SystemX Lost 60% of our non recurring revenue * Healthy & stable growth in cloud revenue in 1Q of +38%' * Substantial contract wins and winbacks, with full effec
Slide 9: A simplified snapshot of the current business models
A simplified snapshot of the current business models Category Platform (PaaS) / International Software (SaaS) / Norway Phase Typical customers Key products Revenue model Strategy / operational Financials / KPIs Software companies, system integrators, service companit and nutrition apps / Medication
Slide 10: Our international e-health platform PatientSky
QDs Our international, revolutionary and innovative e-health platform PatientSky Key features of the PS 360 platform * Tailormade boilerplate for healthcare applications J + Low code / easy to use through marketplace with sign-up * Own EU hosting setup, hosting of data in Norway and Denmark Proven i
Slide 11: International Platform / VAS Commercial Strategy overall
International Platform / VAS Commercial Strategy overall We have an international focus in our strategy... ..with an easy accessible platform, ready to scale... PatientSky ..While building a pipeline for commercialization + 15+ partners using the Norwegian platform today * Build international commer
Slide 12: The SaaS business unit introduction
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 CD PatientSky Key take-aways Est. 2014 . ' A (greenfield) Acquired 2018 Acquired 2020 Acquired 2017 . _ Hove Total (cloud) Infodoc S
Slide 13: The "everyone to the cloud" strategy
The “everyone to the cloud” strategy provides clear value for both customers and users 13
Slide 14: First mover on cloud, M&A, migration, platform
Promed ( EOL) First mover on: Today in Norway: PatientSky Clinic 2014 PatientSky 2017 1. Cloud 1. Leading EHR provider 2. M&A 2. Biggest Cloud EHR 3. Migration 3. Proven migration journey 4. Platform 4. Soon~50% Cloud Hove Total > PatientSky 2018 Infodoc > PatientSky 2020 < < < < < 14
Slide 15: Organizing into independent business units
We are-organizing into independent business units to improve the internal focus and visibility of the underlying financial performance Simplified group structure, effective from 1.1.22: PatientSky Comments Group AS Listed and bond issuer PaaS VAS SaaS App 1) Compared to last reports, we have exclude
Slide 16: Quarterly revenue and Adj. Cash EBITDA
Quarterly revenue and Adj. Cash EBITDA, NOKm / % Key highlights Revenue • Revenue in Q1 ending at NOK 50.1m , impacted by Adj. cash EBITDA lower non-recurring revenues and lower contribution -2.9% from on-premise. However, we see a good momentum in 55.3 cloud revenue as its share of total revenue co
Slide 17: Revenue breakdown and annualized growth
Revenue breakdown, NOKm Annualized growth, Comments 55.3 51.7 51.7 • 51.4 5.6 50.1 6.0 4.4 2.4 38% 8.1 • 27.9 24.1 27.4 28.2 27.5 2% -6% 23.6 • 19.8 21.8 16.1 17.2 -24% -92% Other On-prem All Cloud • Total Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Non-recurring recurring recurring recurring 17
Slide 18: Q1 2022 customer development
Q1 2022 customer development Comments Cloud 1 236 • development 80 26 • 1 089 43 2 • Start Q1 Churn New Upgraded Upgraded End Q1 Promed • in grace 1 315 On-prem • 65 Possible winback development 0 Promed customers • 106 1 144 109 o 1 035 o Start Q1 Churn New Upgraded End Q1 EOL Adj. Promed End Q1 18
Slide 19: Paying Cloud and On-prem licenses
Paying Cloud and On-prem licenses Comments Cloud +7% 4.115 • 1.866 1.895 1.912 3.832 1.811 3.543 3.162 • • Q2 2021 Q3 2021 Q4 2021 Q1 2022 On-prem 8.814 -20% 8.421 8.211 1.221 1.085 1.133 1.066 6.580 Q2 2021 Q3 2021 Q4 2021 Q1 2022 19
Slide 20: Cloud churn and On-prem churn
Annualized churn1, % On-prem churn Cloud churn • 52.9% • 43.0% • • • 4.1% 4.9% 4.3% 2.8% 2.2% 4.1% 3.1% 3.0% 1.0% 1.7% 1.5% 1.8% 0.7% 0.7% 0.6% 0.4% 0.5% 0.7% • Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 20
Slide 21: Unaudited Financials
Unaudited Financials New reorganisation to enable complete separation - the SaaS Business is still highly profitable and cash generative, . wat A . . tet . + Patients while the remaining financials reflect significant investments in PaaS y Full year 2021 financials restated, management accounts’, NO
Slide 22: Continued Business MRR (ex ProMed)
Continued Business MRR (ex ProMed), NOKm Comments • MRR development through 2021 and 2022 shown ex 16.2 16.0 Promed due to EoL finalization and inconsistent month 15.9 16.1 15.9 15.6 15.5 15.4 to month count 10% 9% 9% 15.2 14.9 14.9 10% 10% 14.4 14.2 10% 9% 10% • MRR is down in January and February
Slide 23: Cash and bank deposit, Accounts receivable
Cash and bank deposit, NOKm Accounts receivable, NOKm Comments 309.7 41.1 • The management have, together with the board, 34.2 initiated a thorough cost focus throughout the organisation to maintain a healthy cash position for 246.0 future plans and initiatives 227.1 • Initiatives have taken place s
Slide 24: Highlights post 1Q22
Highlights post 1Q22: PatientSky International journey progress as expected, with 50 meetings, over last 2 months, on what is the concrete pains & potentials in the market, for a concrete GTM approach Re-organisation is carried out - More focused business with clear responsibilities European platfor
Slide 25: Slide 25
Slide 26: Outlook and final remarks
Outlook and final remarks • High focus on improving earning efficiency to ensure the continued investment in building our international scalable platform business • Continued ramp-up of our international scalable platform organization, technology and pipeline • Now concrete first go to market match
Slide 27: Appendix
PatientSky Appendix
Slide 28: Revenue breakdown, NOKm
Revenue breakdown, Q2 2021 Q3 2021 Q4 2021 Q1 2022 QoQ Comments NOKm 28
Slide 29: Group Consolidated P&L
Group Consolidated P&L • • • • 29
Slide 30: Group Consolidated Balance Sheet
Group Consolidated Balance Sheet NOKm 31.12.2021 31.03.2022 • • • • 30
Slide 31: Group Consolidated Cash Flow Statement
Group Consolidated Cash Flow Statement • • • 31
Slide 32: PatientSky
Cr» PatientSky