Physitrack (PTRK) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 14% YoY to €3.6m, or 11% at constant currency; revenue increased 6% QoQ and YTD revenue rose 8% to €10.3m.

• Recurring revenue was 94%; positive operating cash flow continued for an eighth consecutive quarter.

• Product launches and two US health-system selections supported momentum, while North American and product investment weighed on adjusted EBITDA margin.

Financial highlights

• Adjusted EBITDA was €1.1m, down 8% YoY, with a 31% margin versus 38% a year ago; Q3 free cash flow was €0.2m and operating cash flow was €1.1m.

• Operating profit was €246k versus a €133k loss; Q3 profit after tax from continuing operations was €149k versus a €294k loss.

• YTD adjusted EBITDA was €3.4m, down 5%; continuing-operations operating cash flow was €2.7m and free cash flow was €0.1m.

• Gross margin was 89%; group ARR was €13.6m, up 6% YoY and flat QoQ.

• Q3 adjusted EBITDA less CapEx was €0.3m; CapEx was €0.8m.

Outlook and guidance

• Medium-term adjusted EBITDA margin target remains 40%–45%; monetisation of RTM, Educational Modules and EMR is expected to support margin recovery.

• Q4 priorities include converting RTM trials to paid usage, commercialising Educational Modules, expanding EMR early access and beginning paid EMR subscriptions in January 2027.

• Metropolitan Safety Net is expected to go live in Q4; academic-system contracting is targeted for completion, with launch expected in early 2027 subject to remaining reviews.

• CapEx is expected to be funded from operating cash, with continued net-debt reduction; the medium-term ambition is to double the business while accelerating organic revenue growth and maintaining positive cash flow.