Nordhealth (NORDH) Q3 2025 earnings summary

Executive summary

• Achieved 15.2% year-over-year revenue growth in Q3 2025, with strong organic ARR growth and some M&A contributions in prior years.

• Veterinary and Therapy business units outperformed smaller segments, with recurring revenue for these units up 16.6% year-over-year.

• Focused on enterprise client rollouts, AI feature development, and cloud migration in both business units.

• Significant investments in R&D, especially for AI features and DACH region localization, are ongoing.

• Achieved 47% CAGR in ARR since 2018, driven by both organic growth and acquisitions.

Financial highlights

• Q3 2025 revenue reached EUR 12.9 million, up 15.2% from Q3 2024.

• Underlying recurring revenue grew 10.8% year-over-year, with recurring revenue share at 80.89%.

• Adjusted EBITDA minus CapEx for Q3 2025 was EUR -0.2 million, a EUR 0.3 million year-on-year reduction.

• Year-to-date cash outflow improved to EUR 1.6 million, with cash balance at EUR 16.5 million and no interest-bearing debt.

• Q3 YTD 2025 total revenues up 14.0% YoY to EUR 38.3 million; recurring revenue up 14.8% YoY.

Outlook and guidance

• Reiterated full-year 2025 guidance for Vet + Therapy recurring revenue growth of 12%-17% (constant currency, excluding acquisitions).

• Adjusted EBITDA minus CapEx guidance for 2025 remains at EUR -4 million to EUR -2 million.

• 2026 guidance to be presented with Q4 2025 results.