Physitrack Plc: Interim Report Q2 2026 - Lifecare Growth Accelerating with RTM Live in the US, Wellness Back to Profitability

Physitrack Plc (“Physitrack” or the “Company”), listed on Nasdaq First North Growth Market (ticker: PTRK), today publishes its Q2 2026 report.

London July 21, 2026, 08:00 CET

Group Financial Summary

Summary for the period

Second quarter: 1 April – 30 June 2026

Based on Alternative Key Performance Measures, the Company’s key financial highlights for the period are summarised below.

• Constant currency revenue amounted to EUR 3.4m (EUR 3.2m), corresponding to 7 per cent year-on-year growth.
• Subscription revenue continued to represent the majority of Group revenue (96 per cent), reflecting the strength of the recurring SaaS model.
• Adjusted EBITDA decreased 3 per cent maintaining at EUR 1.2m (EUR 1.2m), corresponding to a margin of 34 per cent (38 per cent).
• Adjusted EBITDA less CapEx decreases to EUR 0.3m (EUR 0.6m) following heavier investment for the targeted US expansion.
• Operating cash flow from continuing operations maintained at a relatively consistent level EUR 0.7m (EUR 0.8m).
• Free cash flow from continuing operations remained positive at EUR 0.1m (EUR 0.1m), maintaining 7 consecutive quarters of positive free cash flow, when adjusting for legal matter settlement of €343k dating back to 2018. No further exposure remains. This removes historic, non-recurring items to provide a more meaningful view of underlying operational cash generation.

Summary for the full year

Second quarter: 1 January – 30 June 2026

Based on Alternative Key Performance Measures, the Company’s key financial highlights for the period are summarised below.

• Measured against Q4 2025, revenue has grown 10% in just six months, demonstrating strong underlying momentum in our recurring subscription model.
• Constant currency revenue amounted to EUR 6.8m (EUR 6.3m), corresponding to 7 per cent year-on-year growth.
• Subscription revenue continued to represent the majority of Group revenue (96 per cent), reflecting the strength of the recurring SaaS model.
• Adjusted EBITDA decreased 3 per cent maintaining at EUR 2.3m (EUR 2.3m), corresponding to a margin of 34 per cent (37 per cent).
• Adjusted EBITDA less CapEx decreases to EUR 0.6m (EUR 1.0m).
• Operating cash flow from continuing operations has seen a small decline at EUR 1.6m (EUR 1.8m) following a turbulent foreign exchange market and fluctuations in working capital.
• Free cash flow from continuing operations remained positive at EUR 0.2m (EUR 0.2m), maintaining 7 consecutive quarters of positive free cash flow with the above noted adjustment for legal matters now fully settled.

CEO comment

Q2 2026 marked another quarter of profitable growth and disciplined execution for Physitrack. Revenue increased 8 per cent year-on-year to EUR 3.4m and 6 per cent quarter-on-quarter, taking growth to 10 per cent over the six months since Q4 2025. Adjusted EBITDA amounted to EUR 1.2m at a margin of 34 per cent, while the Group delivered its seventh consecutive quarter of positive operating cash flow and returned to net profit from continuing operations.

Lifecare continued to strengthen, with double-digit revenue growth, higher ARR and clear evidence of pricing power following the successful implementation of our annual price increase. Wellness also continued its transformation, delivering a 32 per cent adjusted EBITDA margin while progressing its transition towards a more focused and scalable enterprise SaaS model.

A major milestone during the quarter was the commercial launch of our Remote Therapeutic Monitoring platform in the United States, with the first paying customers now live. RTM introduces a new usage-based revenue stream alongside our subscription model and strengthens our proposition to US clinics by helping them generate reimbursement revenue through the Physitrack platform. We also achieved US medical device status, signed agreements with two of the largest hospital providers in the United Kingdom and continued to participate in some of the largest tenders in the Company’s history across Europe and the United States.

Alongside these results, we announced a share buyback program and a new long-term incentive plan for management. The plan will be funded entirely through shares repurchased into treasury, ensuring that management incentives are aligned with long-term shareholder value without issuing new shares or diluting existing shareholders. The buyback will commence in August 2026.

Our priorities for the remainder of 2026 are clear: convert our North American commercial momentum into revenue, scale RTM adoption through practitioner education, advance our AI and motion-capture capabilities, and complete the Wellness enterprise transition while maintaining the profitability and cash discipline established over recent quarters.

Henrik Molin
CEO and Founder

Lifecare division

Q2 2026 revenue increased 11 per cent year-on-year to EUR 3.1m, with SaaS revenue increasing 13 per cent and representing 96 per cent of divisional revenue. ARR reached EUR 12.7m, an increase of 7 per cent year-on-year and 8 per cent quarter-on-quarter.

ARPL increased 10 per cent year-on-year to EUR 189 following the Group’s annual price increase, while average monthly churn remained stable at 1.0 per cent. The licence base also returned to growth during the quarter, demonstrating that the business has absorbed the customer loss reported in Q1 while replacing licences at materially higher price points.

SaaS gross margin improved to 90.9 per cent, and adjusted EBITDA increased 11 per cent year-on-year to EUR 1.6m, corresponding to a margin of 50 per cent. Adjusted EBITDA less CapEx amounted to EUR 0.8m, reflecting continued investment in the platform, RTM and the Group’s competitive offering for the US market.

Lifecare continues to provide a high-quality, recurring revenue base with strong margins, low churn and demonstrated pricing power. The launch of RTM adds a significant new growth opportunity, particularly in North America, while the division’s established clinical workflows and integrations continue to support strong customer retention.

Wellness division

Q2 2026 revenue amounted to EUR 0.3m, representing a decrease of 14 per cent year-on-year following the planned expiry of legacy founder-linked contracts, but an increase of 3 per cent compared with Q1 2026. ARR reached EUR 0.9m, increasing slightly quarter-on-quarter as the division continued its transition towards higher-value enterprise relationships.

ARPL increased 18 per cent year-on-year to EUR 13, reflecting the continued shift towards larger and more scalable enterprise customers. Customer economics also improved during the quarter, with churn reducing to 3.7 per cent from 4.5 per cent in Q1 and NRR increasing to 95.9 per cent.

Adjusted EBITDA increased to EUR 0.1m from broadly breakeven in the corresponding period last year, representing a margin of 32 per cent. This improvement reflects the benefits of the restructuring undertaken across the division and demonstrates that Wellness can operate profitably while completing its portfolio transition.

The division is now focused on building a scalable enterprise SaaS business centred on Champion Health’s differentiated combination of mental health and musculoskeletal support. Recently announced customer wins and the introduction of a lower-cost assessment product provide additional routes to acquire enterprise customers and support a land-and-expand commercial model.

Outlook

Physitrack enters the second half of 2026 with a focused growth agenda and a stronger commercial and product foundation. RTM is now live in the United States and is expected to build progressively over the next 12 to 24 months as practitioner awareness increases and the product becomes embedded within clinical workflows.

The Group will continue to convert its investment in North America into revenue, progress its enterprise tender pipeline across Europe and the United States, and build on the pricing power demonstrated within Lifecare. Product investment will remain focused on motion capture, AI-enabled development and the Group’s proprietary clinical data, with the objective of shortening the cycle from identifying market opportunities to launching monetised products.

Within Wellness, the priority remains replacing expiring legacy contracts with higher-value enterprise relationships while protecting the profitability achieved following the restructuring. Across the Group, management will maintain disciplined capital allocation, execute the announced share buyback and LTIP, and balance reinvestment for growth with the medium-term objective of achieving an EBITDA margin of 40–45 per cent.

Spotlight interview

An interview with CEO Henrik Molin is available at URL

https://vimeo.com/mcvr/spotlightq22026

Webcast

A webcast presentation will be held on 21 April 2026 at 16:00 CET at URL

https://us06web.zoom.us/webinar/register/WN_LUFmPmzRSiiN6zIsipCbIQ

The presentation will be held in English and made available at:
https://www.physitrackgroup.com

Henrik Molin, CEO, and Matt Poulter, CFO, will present the results and host a Q&A session

Corporate Contact:
Henrik Molin, CEO and co-founder, Physitrack
+44 208 133 9325
ir@physitrack.com
media@physitrack.com

Investor and Media Contact:
Investor Relations
jonathan@harbor-access.com
Tel +1 475 477 9401

About Physitrack

Physitrack plc (Nasdaq First North: PTRK), d/b/a Physitrack Group, is a global digital health and wellness SaaS delivering personalized, scalable remote care through its Physitrack and Champion Health platforms.
Physitrack enables healthcare providers to deliver and manage app-guided physical and occupational rehabilitation with measurable patient outcomes and built-in billing and reimbursement support, while Champion Health provides businesses with mental, physical, and financial wellbeing solutions to support workforce health and productivity.
Physitrack Group’s solutions seamlessly integrate with existing systems, including EMR/EHR/PMS connectivity, and are trusted by more than 80,000 providers and organizations across 180+ countries. For more information, visit www.physitrackgroup.com and follow us on LinkedIn and X.

Enquiries regarding this announcement should be addressed to:

Corporate Contact:
Henrik Molin, CEO and co-founder, Physitrack
ir@physitrack.com
media@physitrack.com
 
Investor and Media Contact:
Investor Relations
Jonathan@harbor-access.com
Tel +1 475 477 9401
 

This information is information that Physitrack PLC is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-07-21 08:00 CEST.