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EarningsQ3 2026 Earnings Report
SE:PTRK Q3 2026 EPS Results
Actual EPSkr0.11
Consensus EPS―
Beat/Miss―
One Year Ago EPS-kr0.11
SE:PTRK Q3 2026 Revenue Results
Actual Revenuekr40.27M
Expected Revenuekr38.65M
Beat/MissBeat by +kr1.63M
YoY Revenue Growth+4.74%
Earnings Announcement Details
QuarterQ3 2026
Date10/20/2026
TimeBefore Open
Conference CallTuesday, October 20, 2026
SE:PTRK Upcoming Earnings
Physitrack Limited's next earnings date is estimated for February 26, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. The company delivered its highest quarterly revenue, 26% growth in the core Physitrack platform, eight consecutive quarters of positive operating cash flow, improved Wellness profitability, three product launches, and strong early EMR sign-ups. These positives outweighed the year-on-year decline in adjusted EBITDA and free cash flow, the loss of a large Wellness customer, higher group costs, and the continued investment required for the U.S. expansion and EMR rollout.Company Guidance
Strong Revenue Growth and Record Quarter
Q3 revenue increased 14% year-on-year to EUR 3.6 million, or 11% on a constant currency basis. Revenue was up 6% versus Q2, making Q3 the company's strongest growth quarter of the year and its highest quarterly revenue ever.
Lifecare Delivered Strong Growth
Lifecare revenue increased 15% year-on-year to EUR 3.3 million. The core Physitrack platform grew 26% year-on-year, which management described as particularly strong for a platform that has been operating for more than a decade.
Higher Revenue Per License with Stable Churn
Average revenue per license increased 11% to EUR 190 per year per user following the price increase implemented in May. Churn remained steady at approximately 1% per month on a 12-month look-back basis, and the license base grew for two consecutive quarters.
Strong Recurring Revenue and Gross Margin Profile
Group ARR was EUR 13.6 million, up 6% year-on-year, while recurring revenue represented 94% of total revenue. Gross margin remained strong at 89%.
Eight Consecutive Quarters of Positive Operating Cash Flow
Free cash flow was EUR 0.2 million, marking the eighth consecutive quarter of positive operating cash flow. Operating cash flow was EUR 1.1 million, representing more than 100% of adjusted EBITDA.
Wellness Profitability Improved Significantly
Wellness adjusted EBITDA increased to EUR 125,000 from EUR 54,000 a year earlier. Adjusted EBITDA margin improved to 38% from 17%, and adjusted EBITDA less CapEx was 29%. Revenue retention improved to 96.6%, and the division was described as having returned to growth.
Three New Systems Launched
The company launched remote therapeutic monitoring, its electronic medical record system in early access, and Educational Modules during the quarter. Educational Modules are live and are scheduled to begin commercialization in the fourth quarter, while paid EMR subscriptions are expected to start contributing from January 2027.
Strong Early EMR Traction
Since early access opened on September 28, almost 500 clinics and almost 5,000 individual users had signed up, with the figures later described as more than 500 clinics and close to 5,000 users. Approximately 59%-60% of sign-ups were existing customers, 7% were former customers, and 34% were new to the group.
EMR Sign-Up Markets and Potential ARR
The U.K., Australia, and the U.S. were identified as the three key EMR markets, with the U.K. currently leading sign-ups. Management stated that, using illustrative conversion assumptions, the sign-ups to date could represent approximately EUR 1 million of ARR, while emphasizing that this estimate was theoretical and dependent on conversion rates.
North American Commercial Progress
The company secured two U.S. healthcare system selections through competitive processes. One includes integration with Epic MyChart, and another has a potential contract value of almost $400,000. The remote therapeutic monitoring solution is open for trials across all U.S. customers.
Healthcare System Contracts Progressing
The Metropolitan Safety Net system is expected to go live in Q4 with an annual license of approximately $26,500 in the first year and a 5% annual increase. The academic healthcare system proposal has been signed and is in the contracting phase, with expected annual revenue of approximately $130,000 and $390,000 over three years; it is expected to go live in early 2027.
Additional RTM Revenue Opportunity
For the Metropolitan Safety Net system, remote therapeutic monitoring is priced at $8 per active patient episode. Management stated that 86 practitioners enrolling 10 patients each could generate approximately $80,000 of additional annual revenue.
Product Development Execution
Management credited the PhysiCampus model, in which teams worked together in Poland for several weeks, with helping deliver substantial innovation quickly. Another PhysiCampus was scheduled for November 13, and the company stated that it intends to continue using the model.
Funding Growth While Remaining Profitable
The company reported a 31% adjusted EBITDA margin for the quarter and a 45 Rule of 40 result when revenue growth and profitability were combined. Management stated that growth investments were funded from a profitable base while the company continued generating cash.
Share Buyback Supports Management Incentive Plan
The company bought back 47,236 shares by the end of September at an average price of EUR 0.76, holding them as treasury shares. The buyback is intended to fund the new management incentive plan without issuing new shares or diluting shareholders. Planned spending is approximately EUR 120,000 in 2026 and, subject to board approval, EUR 250,000 annually from 2027.
Medium-Term Growth and Margin Objectives Maintained
Management reiterated its medium-term adjusted EBITDA margin target of 40%-45%, its focus on the Rule of 40, continued positive cash flow generation, and the ambition to double the business in the medium term.
SE:PTRK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed