Nordhealth (NORDH) Q4 2024 earnings summary

Executive summary

• Achieved 20.5% organic ARR growth year-over-year in Q4 2024, with net retention rate of 113% and churn at 5.1%.

• Implemented ARR reached €42.3M and signed ARR at €44.3M, reflecting a 53% CAGR since 2018.

• Recurring revenue for Q4 2024 was €10.7M, up 22.4% year-over-year, with total Q4 revenue at €12.1M, a 19.5% increase.

• Total reported revenues grew 24% year-over-year to €45.7M in FY 2024, with recurring revenue comprising 88%.

• Adjusted EBITDA minus CapEx improved from -€6.1M in 2023 to -€1.2M in 2024.

Financial highlights

• Q4 2024 total revenue was €12.1M, up 19.5% year-over-year; recurring revenue was €10.7M, up 22.4%.

• Full-year 2024 revenue grew 24% to €45.7M; recurring revenue rose 21.5% to €40.2M.

• Q4 2024 adjusted EBITDA was €0.6M (5.0% margin); FY 2024 adjusted EBITDA was €3.7M (8.0% margin).

• Net loss for FY 2024 was €7.7M, improved from €11.1M loss in FY 2023.

• Cash at year-end was €19.6M, with €15.5M in money market funds and no interest-bearing debt.

Outlook and guidance

• 2025 guidance: 12–17% organic recurring revenue growth (constant currency, excluding acquisitions).

• Adjusted EBITDA minus CapEx expected to be roughly breakeven, ± €2M.

• Focus in 2025 on completing major migrations (CVS, Aspit), implementing signed enterprise customers in UK/US, and launching AI Dictation and Clinical Notes.