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Physitrack Limited
(PTRK)
Select Model
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Rating:63Neutral
Price Target:
kr12.50
▲(55.09% Upside)
Action:Reiterated
Date:10/31/26
The score is driven by improving cash generation and a supportive technical uptrend, reinforced by a generally upbeat earnings call highlighting product launches and early EMR traction. However, it is held back materially by weak financial earnings quality (very large net losses and volatile profitability) and limited valuation support due to a negative P/E and no dividend.
Positive Factors
Recurring Revenue Model
The high recurring-revenue mix and strong gross margin provide a durable foundation for revenue visibility and operating leverage. ARR growth indicates ongoing customer value, while the software model can support cash generation and reinvestment as the platform scales.
Negative Factors
Persistent Net Losses
Very large net losses weaken earnings quality and indicate that positive operating metrics have not yet translated into durable bottom-line profitability. Continued losses can erode the capital base, constrain financial flexibility, and make future growth more dependent on sustained operating improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Revenue Model
The high recurring-revenue mix and strong gross margin provide a durable foundation for revenue visibility and operating leverage. ARR growth indicates ongoing customer value, while the software model can support cash generation and reinvestment as the platform scales.
Read all positive factors
Physitrack Limited (PTRK) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr188.62M
Dividend YieldN/A
Average Volume (3M)39.76K
Price to Earnings (P/E)―
Beta (1Y)0.57
Revenue Growth-10.30%
EPS Growth-11.59%
CountrySE
Employees33
SectorGeneral
Sector StrengthN/A
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-0.48
Shares Outstanding16,260,765
10 Day Avg. Volume63,372
30 Day Avg. Volume39,764
Financial Highlights & Ratios
PEG Ratio-0.57
Price to Book (P/B)1.97
Price to Sales (P/S)1.42
P/FCF Ratio5.09
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.1
Revenue Forecast (FY)kr13.80M
Physitrack Limited Business Overview & Revenue Model
Company Description
Physitrack PLC operates globally as a digital healthcare innovator. The company delivers a proprietary cloud-based Software-as-a-Service (SaaS) platform, utilized by a diverse range of healthcare providers, from individual practitioners to large o...
How the Company Makes Money
Publicly detailed, company-specific breakdowns of Physitrack Limited’s revenue streams (e.g., exact pricing, segment mix, major customer concentrations, partnership terms, or per-product contribution) are null. At a high level, Physitrack’s busine...
Physitrack Limited Earnings Call Summary
Earnings Call Date:Oct 20, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 26, 2027
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.Positive Updates
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.
Negative Updates
Adjusted EBITDA Declined Year-on-Year
Adjusted EBITDA declined 8% year-on-year to EUR 1.1 million, with the margin decreasing to 31% from 38% a year earlier. Management attributed this primarily to planned investment in the North American team and the launch of three products.
Read all updates
Q3-2026 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Management expects EMR paid subscriptions to start contributing from January 2027, with the wider release on the 2nd of November, Educational Modules commercialized in the fourth quarter, and the Metropolitan Safety Net system going live in Q4 at around $26,500 annual license revenue with a 5% annual increase, while the academic healthcare system is expected to go live and generate revenue in early 2027 at around $130,000 in annual revenue and $390,000 over three years; RTM adds $8 per active patient episode. Operating costs were around EUR 2.5 million in Q3 and are expected to ease slightly in Q4, with costs likely to stay around this amount over the next couple of quarters, maybe half one next year; CapEx is expected to remain flat at $0.8 million, with no further expansion on the current CapEx levels and spend hoped to tail off over the next few quarters. Management is not forecasting margins to fall from this point and expects them to expand slightly in Q4, but has no specific margin guidance for Q4 or for 2027; the medium-term adjusted EBITDA margin target remains 40%-45%, alongside accelerating organic revenue growth, positive cash flow, and the ambition to double the business in the medium term. The company is planning to spend about EUR 120,000 on buybacks this year and, subject to board approval, EUR 250,000 a year from 2027.Physitrack Limited Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
58
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 13.61M | 13.77M | 16.18M | 15.18M | 12.51M | 7.81M |
| Gross Profit | 1.77M | 518.13K | 16.18M | 3.87M | 12.37M | 7.81M |
| EBITDA | 3.53M | 4.77M | -2.09M | 7.09M | 2.57M | 1.07M |
| Net Income | -7.88M | -6.92M | -6.45M | 3.20M | 92.32K | -815.03K |
Balance Sheet | ||||||
| Total Assets | 19.07M | 19.15M | 30.51M | 38.70M | 41.31M | 32.28M |
| Cash, Cash Equivalents and Short-Term Investments | 485.31K | 654.30K | 723.39K | 536.03K | 577.74K | 13.32M |
| Total Debt | 4.23M | 3.93M | 4.81M | 3.58M | 831.66K | 1.31K |
| Total Liabilities | 8.98M | 9.23M | 11.34M | 13.13M | 18.94M | 3.63M |
| Stockholders Equity | 10.09M | 9.95M | 19.17M | 25.57M | 22.37M | 23.29M |
Cash Flow | ||||||
| Free Cash Flow | 3.45M | 3.85M | -363.54K | -773.78K | -3.04M | 654.05K |
| Operating Cash Flow | 3.50M | 3.88M | 3.13M | 2.65M | 1.45M | 659.81K |
| Investing Cash Flow | -3.52M | -3.21M | -3.49M | -5.04M | -14.78M | -4.54M |
| Financing Cash Flow | -106.70K | -726.55K | 537.79K | 2.34M | 795.50K | 14.85M |
Physitrack Limited Technical Analysis
Positive
8.06
Price Trends
9.71
Positive
8.92
Positive
9.09
Positive
Market Momentum
0.84
Positive
56.47
Neutral
62.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:PTRK, the sentiment is Positive. The current price of 8.06 is below the 20-day moving average (MA) of 11.38, below the 50-day MA of 9.71, and below the 200-day MA of 9.09, indicating a bullish trend. The MACD of 0.84 indicates Positive momentum. The RSI at 56.47 is Neutral, neither overbought nor oversold. The STOCH value of 62.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:PTRK.
Physitrack Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | kr3.00B | 32.16 | ― | ― | 8.40% | 0.74% | |
69 Neutral | kr700.59M | 14.12 | ― | ― | 12.86% | 18.01% | |
63 Neutral | kr188.62M | -2.17 | ― | ― | -10.30% | -11.59% | |
56 Neutral | kr44.06M | -42.41 | -1.94% | ― | 0.97% | 41.35% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | kr35.39M | -20.71 | -351.08% | ― | -13.56% | 96.77% | |
42 Neutral | kr40.91M | -4.18 | 133.94% | ― | -11.53% | -53.21% |
* General Sector Average
SE:PTRK
Physitrack Limited
11.60
-3.40
-22.67%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.