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Nordhealth (NORDH) investor relations material
Nordhealth Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved a 49% CAGR in ARR since 2018, primarily through organic growth, with no M&A in 2023–2025; implemented ARR reached €42.3M in June 2025, up 9.5% year-over-year at constant currency.
ARR grew 9.5% year-over-year, with large enterprise rollouts (AmeriVet, Vets for Pets) scheduled for H2 2025 and 2026 to drive future growth.
Strong focus on AI feature development and DACH region localization, with increased R&D and customer acquisition investments.
Net loss increased to €5.8M from €4.1M year-over-year, reflecting higher investment in product development and client migrations.
Major US enterprise wins and successful AI feature launches in both veterinary and therapy segments.
Financial highlights
Q2 2025 revenue was €12.9M, up 5.4% year-over-year; recurring revenue grew 13.5% to €11.3M.
H1 2025 revenue grew 13.4% to €25.3M; recurring revenue up 17% to €22.3M.
Adjusted EBITDA margin for Q2 2025 was 0.5%; adjusted EBITDA minus CapEx was -€1M, a €1M reduction year-over-year.
Free cash flow (adjusted) improved to €1.66M from -€1.74M; cash as of June 2025 was €20.5M, with no interest-bearing debt.
Total equity at June 2025 was €68.2M.
Outlook and guidance
Reiterated full-year recurring revenue growth guidance of 12–17% for 2025 at constant currency, excluding acquisitions.
Adjusted EBITDA minus CapEx guidance updated to between -€4M and -€2M for 2025, reflecting increased investment in DACH localization and AI development.
Large enterprise rollouts and AI features expected to drive strong revenue growth in H2 2025 and 2026.
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