Atrys Health (ATRY) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached €57.2M, up 11.2% YoY, with growth across all business areas.

• Marian Isach was named future CEO, with the leadership transition planned for June 2025.

Financial highlights

• Gross margin rose 3.5% to €36.1M, while the gross margin rate fell 473 bps to 63.1%, reflecting mix and higher Oncology drug costs.

• EBITDA increased 6.9% to €8.4M; Adjusted EBITDA was €9.2M versus €9.1M in Q1 2024.

• Operating cash flow increased 29.8% to €6.4M; adjusted operating cash flow rose 16% to €7.2M.

• CAPEX declined 32.1% to €2.0M, or 3.4% of revenue, with maintenance and R&D investments contained.

• Non-recurring expenses decreased 37.1% YoY.

Outlook and guidance

• Expected recovery of Oncology Medical gross margin in Spain by year-end through retrospective tariff renegotiations.

• The succession plan is intended to support continuity of the expansion plan, following a handover process launched in March 2024.