Induct (INDCT) Q1 2025 earnings summary

Executive summary

• EBITDA rose 25% year-over-year to NOK 3.0 million in Q1 2025, driven by cost reductions and improved margins.

• Net loss before tax narrowed to NOK -0.7 million from NOK -2.4 million in Q1 2024, a 70% improvement.

• Launched hittabidrag.se in Sweden, signing three contracts and building a strong sales pipeline.

• Collaboration with Portsmouth and AstraZeneca progressing, with Winchester Hospital set to implement the asthma pathway product.

Financial highlights

• Platform revenue in Q1 2025 was NOK 4.2 million, down 15.5% year-over-year due to a focus on core offerings.

• Consulting revenue increased to NOK 0.34 million, up NOK 0.3 million from Q1 2024.

• Total operating costs reduced by 38% to NOK 1.9 million.

• Gross margin for platform remained high at 96.8%.

• Booked equity at quarter-end was NOK 28.8 million, up from NOK 20.2 million a year earlier.

Outlook and guidance

• Forecasts annual recurring revenues of NOK 70-80 million from full asthma pathway rollout in NHS England, with a 95% gross margin.

• Ambition to expand asthma pathway internationally and develop digital clinical pathways for other diseases.

• Expects ARR from Sweden to eventually exceed Norway due to larger market size.

• Focus remains on profitable growth, operational efficiency, and international expansion.