Omda (OMDA) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of 116 MNOK, up 6% year-over-year, with recurring revenue at 75% of sales and strong professional services growth.

• Completed major restructuring and decentralization, lowering the cost base and positioning for improved profitability in 2025.

• Three acquisitions (Predicare, Dermicus, Aweria) were completed or announced, strengthening expertise in emergency and imaging solutions.

• Marked the 20th anniversary with a focus on organic growth, profitability, and disciplined cash management.

• Over 90% of revenue comes from public healthcare customers, with more than 600 contracts across 27 countries and churn below 2%.

Financial highlights

• Total 2024 revenue reached NOK 429 million (116 MNOK in Q4), slightly above guidance, with recurring revenue at a record NOK 86 million in Q4.

• Adjusted EBITDA margin for 2024 was 14–15%, down from 19% in 2023 due to restructuring costs; reported Q4 EBITDA margin was 5% due to 11 MNOK in one-off costs.

• Net working capital improved to -31% in Q4, a record level driven by internal discipline and upfront invoicing.

• CapEx as a percentage of sales decreased to 9.5–10% in Q4, with capitalized R&D and PPE capex both around 1% of sales.

• Cash and cash equivalents at quarter-end were 121.9 MNOK, with a slightly improved year-over-year position after dividends and acquisitions.

Outlook and guidance

• 2025 revenue guidance: NOK 460–485 million, with organic growth as the main driver; 2026 guidance: 500–525 MNOK, including only announced acquisitions.

• 2025 EBITDA margin guidance: 18–22% in H1, 25–35% in H2, aiming for 28–32% in 2026.

• Long-term organic growth expected at 5–10% annually, supported by a large, structurally growing market.

• No further restructuring planned; margin improvements expected from operational leverage and cost base reduction.