Hello, welcome to Physitrack's Q3 2026 results webcast. I'm Henrik Molin, CEO and co-founder of Physitrack, and shoulder to shoulder for the first time—not an AI, I can assure you—I'm joined by Matt Poulter, our amazing CFO.

Let's kick this off. We'll start with a little snapshot of the quarter, and then I will walk you through the business updates from our two divisions, Lifecare and Wellness.

Matt is then going to take the helm and walk you through the financial results a bit more in detail, and he'll give you an update on the share buyback program. Then we'll revisit our strategy and outlook, and after that, we'll take your questions.

As usual, use your Q&A function at the bottom of your screen, and I think that's it. All right, let's go.

All right, a little snapshot, looking at the quarter, what worked really well, and what perhaps didn't work quite as well, and where we actually ended up. Starting with what worked: revenue was up 14% year on year to €3.6 million, on a constant currency basis that's 11%, really nice growth.

Lifecare was up 15%, and the core Physitrack home exercise prescription platform, it grew by 26% year on year. That's a really, really great number for a platform that's been around for more than a decade, actually.

We'll talk more about that in a moment. Average revenue per license increased by 11% to €190 per year per user, and churn remains steady at around 1% per month on a 12-month lookback basis.

In Wellness, margins came up very nicely, and if you look at that, we're at 30—38% adjusted EBITDA margin, which is close to our overall financial goals. Operating profit, €0.2 million.

Importantly, three new systems were launched during the quarter, remote therapeutic monitoring, our electronic medical record system, our EMR—we'll talk more about that in the coming slides, and it's in early access now. We have our educational modules as well that went live.

We also secured two US healthcare system selections through competitive processes led by our New York team, very, very nice win there. Lots of really nice things happening here.

Now, what slowed down a little bit? Adjusted EBITDA was down 8% year on year.

This was largely planned and reflects the investments that we made in building out the US operations and, of course, developing these amazing new systems that we just brought to market. I'll revisit that a little bit in a moment.

Now, adjusted EBITDA less CapEx was €0.3 million in the quarter, and Wellness ARR contracted to €2.7 million following the loss of one large customer. As we exited the quarter, group ARR stood at €13.6 million, and net debt was €3.7—€3.7 million, with that revolver at Santander.

Net debt came down during the quarter, and we expect it to come down further. Our educational modules are now live, and on the EMR side, we expect paid subscriptions to start contributing from January 2027.

Overall, a quarter of really strong growth, a lot of product delivery, and some deliberate investment in the next phase of the business. Just quickly walking you through the financial highlights again: revenue, €3.6 million; adjusted EBITDA, €1.1 million; group ARR, €13.6 million; free cash flow, €0.2 million.

Importantly, that's the eighth consecutive quarter of positive cash flow—lucky eight. Gross margin remains very strong at 89%, and recurring revenue represents 94% of the total.

Now, let's look at that. It's a very resilient financial profile, and we're managing to grow the business while continuing to generate cash.

We're going to dig a little bit deeper into that, moving to Lifecare. Really nice performance, 15% growth year on year, €3.3 million of revenue contribution for the quarter.

Adjusted EBITDA was €1.4 million, and adjusted EBITDA less CapEx, €0.6 million, representing an 18% margin. We've seen really nice growth throughout the year here, and as I mentioned earlier, the core Physitrack platform itself grew by 26%.

Now, that's a really strong number for a mature platform, and there's more to come there, particularly as we bring EMR and remote therapeutic monitoring into the ecosystem. Average revenue per license increased by 11%.

We implemented a price increase during the quarter, and we're now seeing that reflected in the numbers. Now, what's really encouraging is that churn remained steady, and I think that tells us two things: first, our customers are clearly seeing value in the platform; and second, we're still underpriced relative to the value that we're actually delivering.

There's room here to continue expanding revenue per customer over time, just with price adjustments. Now, the division remained profitable, gross margin 89%, and overall, this is actually the strongest growth we've seen so far this year, while at the same time we're funding a really meaningful expansion in the United States and a lot of innovation.

Very pleased with Lifecare. Looking at Wellness, growth was relatively flat, up 2%.

As I mentioned, we did lose one large customer, which brought annual recurring revenue to €2.7 million. What I'm particularly pleased about here is the improvement in profitability: adjusted EBITDA margin is now 38%, and adjusted EBITDA less CapEx is 29%.

That's a really nice development. Revenue retention has also improved, 96.6%, and we're now back to growth while rebuilding the enterprise ARR base.

We've spent quite a lot of time resetting this business, as you know. We've focused on the fundamentals and getting profitability back to where it should be, doing stuff that is profitable, not dealing with customers that are losing us money, and so on.

It's been a nice cleanup effort, and we're now seeing the results of that work. More to come from Wellness, but we are definitely moving in the right direction.

Looking at execution priorities. It's quite a busy slide, but let's start top left there with North America.

You've seen a couple of really nice US healthcare system selections announced, including one with integration into Epic MyChart, and another with a potential contract value of almost $400,000. Now, that's a great testament to the hard work being done by the New York team, and as our head of growth Kevin likes to say, it's impossible to lose.

That's the real ambition here, just to making sure that we can really do those really nice big wins. The RTM, remote therapeutic monitoring solution, is now open for trials across all US customers, and of course, the US is also our number one priority for the new EMR.

We're starting to see that different parts of that strategy come together. Looking at margins and cash down bottom left, it's a very very nice story here to see that we've delivered eight consecutive quarters of positive operating cash flow while also reducing net debt.

We're accelerating revenue while remaining profitable. Now, adjusted EBITDA came down a little, and the margin is 31%, but I think that's quite marginal in the context of everything that we've delivered.

We've built and launched several major new systems, expanded the US presence, and we've invested really in creating a much bigger commercial opportunity for the business. That's a very nice combination, and I think we can just accept that lower EBITDA margin, and that's going to be temporarily.

Now, looking at product unification and value expansion top right, we opened early access to the EMR on September 28th, and we've already had almost 5,000 users sign up so far. We're now rolling that out step by step, and the feedback so far has been amazing.

We also launched educational modules inside of Physitrack, and we'll begin commercializing these in the fourth quarter. Now, one thing I want to highlight here is how we actually managed to deliver so much innovation in such a short period of time.

We brought our teams together in Poland for what we call a PhysiCampus. Essentially, we hired a hotel, we moved in together, we lived together, worked together, ate together, coded together for a couple of weeks.

This model was inspired by some really, really nice successful companies like the FAANG businesses, whatever we call them these days, and companies like Atlassian where people live together and they do these things either on campus with hotel rooms that they have as part of that or that they travel together and they do this. The results were quite extraordinary, and when you get talented people together in one place working towards the same goal, you can move incredibly fast.

That's what happened to us. We'll definitely continue doing these PhysiCampuses.

The next one is scheduled for mid-November, and it's going to be really, really exciting to be part of that. Again, just to put things into perspective, the core Physitrack platform, it grew by 26% even without having launched the EMR and monetizing the remote therapeutic monitoring piece.

I think that's a real testament to the strength of that underlying business model. Now, finally bottom right, Wellness: again, we've been resetting that business and getting back to sustainable growth and stronger profitability, but without compromising on innovation, some really, really interesting things that have been launched as of late.

I'm really, really excited about what we can do there on a standalone basis and also by integrating that into the Lifecare ecosystem. Nice, good progress there as well.

Now, what is everybody talking about right now? The EMR.

Of course, we'll talk about that a little bit more. There's an extensive interview with me from this morning where we speak more about that, and then also obviously the launch announcement on the 28th of September is a good source of information too.

Now, we're very excited about this, I'm going to talk about it a little bit more if that's okay. When we started building the EMR, we looked at the situation that was facing healthcare providers around the world from a macro perspective, and we also saw things from a micro perspective that are really, really interesting.

These are people that are incredibly time-constrained. These guys want to work faster, they want to work smarter, and above all, they want to spend more time with their patients rather than sitting in front of a computer doing administration.

There's an interesting disconnect here. In their personal lives, of course, people are getting increasingly used to working with AI agents.

They can ask questions, give instructions, get things done almost instantly now. That's a trend that's changed the world in the last let's say 9 to 12 months.

The way that people interact with technology as consumers has fundamentally changed. When they go to work, they're often using systems that feel like they were built 20 years ago or maybe even 40 years ago.

A lot of menus, a lot of clicking around, lots of boxes to tick, a lot of text-heavy interfaces, and we wanted to fix that. We took everything that we learned from more than 10 years of serving healthcare providers around the world, the data, the workflows, the patient engagement side, the relationships there, and we had our own experiences as well as pioneers in AI.

We built an EMR with agentic AI at the core, and that's the important distinction here: AI isn't an add-on, it's not a little feature sitting somewhere on the side, it's right at the heart of the system. You can talk to your EMR, you can give it instructions in plain language, you can ask it to perform tasks rather than having to navigate through a bunch of menus or, God help us, click around a lot of text stuff, MS-DOS style.

Of course, you can still use a traditional interface if you want to. This is a very natural transition for clinicians who want to move gradually towards an agentic way of working, and that is very much the future here.

What's really exciting is that we built this as a complete solution, from patient onboarding and scheduling to clinical documentation, billing, insurance reimbursement, and of course, home exercise prescription. Home exercise prescription is really at the heart of it, because ultimately that's what you want your patients to leave with, a clear plan for how they're going to get better.

Very, very tightly integrated with Physitrack with remote therapeutic monitoring as well. Instead of having a lot of disconnected systems, the clinic can operate through one unified platform.

I think this has the opportunity to become the go-to AI platform for clinics, and starting in physical therapy, of course, which is a market we know super well, but the opportunity is obviously much broader than that over time. Because we're really doing something here where we rethink how clinical software should work, we start with the human beings who actually use it, and that's why we're so excited about this.

Anyway, enough said about that. The traction is really, really nice, and the numbers have actually ticked up even further than this.

There are some numbers, I believe, from Monday morning, but we have had a very, very nice response here: almost 500 clinics and almost 5,000 individual users have signed up to early access for this. Remember, we only opened this up on September 28th, we're talking about a very short time period here.

What we're doing now is we're releasing access to the system step by step. It is live, it is run by customers, and I believe the beta is now 50 clinics.

What we do is we work with them step by step. When we're comfortable, we will expand the beta, but we have a wider release on the 2nd of November.

Hopefully that whole list will be able to profit from this and learn from what we can do and then give us feedback as they go. Far feedback has been really, really encouraging, and so you've seen some of these quotes on socials.

Still early days, of course, but when you look at the level of interest and you combine that with the size of our existing customer base, the strength of our distribution, I think it's fair to say that we could be sitting on a very significant new source of recurring revenue here, potentially even explosive. We'll see, we're not going to say too much here, but we know these customers really well, and we understand the workflows and the pain points.

We've spent more than a decade building trust in this market, and now we're bringing it in a completely new way. We really think we've hit a home run here.

To be continued, we'll see. We'll give you updates throughout the progress, and we will see what comes through with that.

Now, with that, before Matt just gives up on me and falls asleep, Matt will take you through the financial results in more detail, and also talk about the share buyback program. Matt, over to you.

Let's see, financial results, here we go.

Thanks, Henrik, and good morning, everyone. Henrik has walked you through what we built this quarter, and I am going to now show you what it did to the numbers, how we grew, where we invested, and how we paid for it.

To repeat some of the earlier slides, revenue was €3.6 million, up 14% on last year and 11% on a constant currency basis. On Q2, we're up 6%, and that's our strongest growth of the year, with 94% of our revenue being recurring.

Adjusted EBITDA was €1.1 million at 31% margin, compared with a 38% margin a year ago, and that's where the investment shows up. We built out our North American team and launched three products in one quarter, and we planned for exactly that.

One probably point to note as well, adjusted EBITDA refers to last year. This is actually the first quarter that we have no adjusting items, and I think that reflects the point that the business is.

We've put a hell of a lot of the restructuring, buying companies, legal fees, etc., all through adjusting items over the years. We're now a new business, all of that's behind us, and we're not forecasting or expecting there to be any adjusting items going forward.

EBITDA really is the metric, and adjusted EBITDA is that metric from prior quarters. If you add the growth in the margin together, we come out at 45 on the Rule of 40, so that's a balance we're really striking there: growing faster and staying firmly profitable.

Free cash flow was over €0.2 million, down from €0.5 million for the same reason. It also marks our eighth quarter in a row of positive operating cash flow.

Next slide please, Henrik. When we now look at the revenue growth, 5 years ago, a quarter for us was €1.4 million of revenue.

This quarter, it was €3.6 million, which is our highest quarter yet. Lifecare fundamentally drives most of that.

Revenue grew 15% to €3.3 million, and our core Physitrack product grew 26%. We raised prices in May, and since then, the revenue per license is up 11% to €190 per year.

Churn has stayed at 1%, and the license base has grown for two quarters running. It's clear that customers are accepting the increase and they're staying with us.

Wellness is a smaller, simpler business now, and that's growing again, up 2%. Group annual recurring revenue finished at €13.6 million, up 6% on last year.

It's flat on Q2, but Lifecare kept building, and that was offset by one large customer we lost in Wellness. Underneath, the Lifecare base keeps compounding.

Next slide please, Henrik. Now we turn our attention to profitability.

The margin for the quarter was 31% and 33% year to date. The chart on the left is how we run the business day to day: profit by CapEx by division.

Lifecare made €1.4 million of adjusted EBITDA, a 42% margin, and €0.6 million after CapEx. It did that while funding the US expansion alongside the additional development needed for the three product launches this year.

Wellness has also turned a corner: a year ago, it made €54,000 in the quarter; this quarter, it made €125,000, so that's at 18—at a 38% margin, up from 17%, and the restructuring is now paying off. Group costs after CapEx rose to €0.4 million from €0.2 million.

That's as a result of expanding the senior leadership team, which we brought in at the end of last year, and also the team now driving the US push and this year's launches too. What are we getting from that investment?

From a sales front, and specifically in North America, we signed two US selected deals this year: one is a metropolitan health system, which goes live in Q4, and then the academic system follows in 2027. The EMR moves to paid subscriptions from January, and CapEx held flat at €0.8 million in our busiest product quarter ever.

Just on CapEx as well, in the day and the age that we're working in, we're not forecasting there to be any further expansion on current CapEx levels, and we're hoping over the next few quarters that CapEx spend will tail off, but we're not expecting that to be increasing significantly at all. Also to point out, RTM and educational modules are live, and EMR is in the early access, we've got three there new revenue streams.

Over the next three quarters, these are probably the things to watch, and as a business, we're really excited about that. Next slide please, Henrik.

Looking at the financial position, operating cash flow was €1.1 million, more than 100% of adjusted EBITDA. Our profit is coming through as cash, and after CapEx and interest, free cash flow was €0.2 million.

The charts tell the longer story: through 2022 and 2023, the business used cash; since then, it's turned around, with eight straight quarters of positive operating cash flow. Year to date, free cash flow is €0.1 million, which includes settling a legal matter from 2018 in Q2, so that's all fully behind us now, and the chart shows the underlying trend without it.

Net debt came down to €3.7 million from €3.1 million in June. What that is showing is even with that additional investment in CapEx and EBITDA we've seen this quarter, we were actually still able to pay a small amount on the RCF as well, and that represents 0.8 times million adjusted EBITDA.

The facility is drawn at €4.2 million, cash is €0.5 million, and liquidity is €1.9 million, including €1.4 million headroom undrawn on the facility. All comfortably within our covenants too.

Really, what we're trying to say here is that we're funding growth from our own cash flow, and we're paying down debt at the same time. Last slide please, Henrik.

Now we turn our attention to the share buyback. What we're doing this quarter and this year is small, but it's done one job, and that's to fund our new management incentive plan without issuing a single new share.

We want to reward our senior members of the team, but we don't want that to have a negative impact on our shareholders by diluting their shareholdings. The capital reduction we completed in July has made that all possible.

It canceled €24.9 million of share premium and then created €8.1 million of distributable reserves in the parent company. We're planning on spending about €120,000 this year, and subject to board approval, €250,000 a year from 2027.

That's in line with the cap outlined by our banking partner, and alongside that, the 10% authority approved at the AGM. Pareto Securities runs it independently, nobody at the company directs any of the trades at all.

By the end of September, we bought 47,236 shares at an average of €0.76. That's all held in treasury shares.

Each year's grants are capped at the shares we buy back that year. Management does well when shareholders do, and nobody gets diluted.

In a nutshell, this quarter has represented faster growth, investment from a profitable base, profit turning into cash, and debt coming down. Three launches are live, and next we turn them into revenue.

Now back to Henrik.

All right, thanks, Matt. Strategy and outlook, just to wrap things up here, revisiting this briefly.

This is where we think Physitrack is so well positioned to win. What is happening now is that we're moving into very interesting position in the clinical workflows.

Historically, we were very strong in home exercise prescription and patient engagement. Now we've added RTM, and with the EMR, we're moving right into the center of how clinics actually operate.

We're becoming part of the clinical backbone, if you like, of these organizations, and that's a very powerful position to be in, because you're established in those workflows. Then the revenue becomes very sticky, and it's not something that customers are going to change every 6 months.

We're becoming essential infrastructure for the clinic. At the same time, we're unifying care, education, and the business side of running a practice.

These are some very, very nice opportunities to expand revenue within the same customer relationship. Importantly, we're not just helping clinics operate more efficiently, we're also helping them generate revenue.

With better patient engagement, remote monitoring, more efficient billing, new products, more utilization of their time, we become a very important revenue-generating tool for these guys rather than just another software expense. That's a very, very powerful proposition.

Now, if you're looking at the financial side of the business, also very attractive: highly recurring revenue, high gross margins, strong customer retention. Increasingly, we have multiple products that can be sold into the same customer base, and so as revenue grows, we believe that it can translate into very durable profitability as well.

We have an established global footprint with a particularly exciting opportunity now in North America. When you put all of those components together, I think we're in a stronger position than ever.

All right, and lastly, just revisit the financial goals. I'm going to read those out because they're an important part of how we think about building this business: the medium-term adjusted EBITDA margin target—and again, this is the first quarter in a while that we didn't have any adjustments, and I believe that's going to stay this way—but the adjusted EBITDA margin targets are 40 to 45%.

That's a target that hasn't changed. As we continue to focus on the Rule of 40, combining revenue growth and profitability, we will be accelerating organic revenue growth and rebuild towards that 40 to 45% margin range, and we continue to generate positive cash flow as a result of that.

Now, at the same time, we're growing the business nicely, and we have the ambition to double this business in the medium term, at the same time generating nice cash, eight consecutive quarters of positive operating cash flow. That's something we're very pleased about.

That gives us options: we can reinvest it in the business, accelerate the growth, reduce debt, and, of course, return capital to shareholders. Exciting times for Physitrack, a lot happening, and we have a very clear idea of where we want to take this business.

With that, we're going to conclude the presentation as part of today's webcast, and we'll open it up for questions. Again, please use the Q&A function at the bottom of your screen.

We'll read out the questions and we'll answer them, and thank you very much for joining this part of the presentation. Let's get right into the questions.

See you on the other side. Thank you for that, Matt.

Let's see what questions we have, and you can use the Q&A function on your Zoom panel here. Let's start with this one: "EMR sign-ups, new versus existing customers.

Of the 480 clinics, 4,700-plus users that sign up for the EMR early access so far, how many already use Physitrack today and how many are new to the group? In other words, how much of this is potential upselling of the existing license base and how much is new licenses?"

Of course, with the caveat, we have more, the numbers are higher, we're close to 5,000 now and over 500 clinics, but let's dissect that down a little bit. There around 59-60% are existing customers, 7% are former customers that were with us at some point but canceled their licenses and are looking to come back, 34% are new to the group.

Nice mix there. We can do some math there as a follow-up, just to figure out what that's actually worth in ARR, just so we can put some numbers on that.

You'd have to apply a conversion rate to the sign-ups. Let's just say existing customers convert at 35%, that will be roughly 3,000 of the sign-ups so far.

Now that part then is worth about half a million ARR at the founder rate of $40 per month. That's nice new business.

Of course, if you have a higher conversion rate, given we have a close relationship to these guys, maybe it is higher, but even at that rate it's quite nice. Now, for new customers, you're probably looking at a lower conversion rate, let's just call that 20%, but you're looking at roughly the same ARR there, because you have to be a Physitrack customer just to qualify to get the EMR there, you'll probably get 60 bucks a month there.

That's another half a million ARR. This adds up nicely, and just for the sign-ups that we've seen so far in a few weeks, that's worth about a million ARR, give or take.

It's all theoretical, it's all about making sure that we have a nice conversion rate with a really, really nice product. Far so good, but keep an eye on those sign-ups.

All right, second question here, and I'm going to give this one to Matt: "Cost base from here. Adjusted EBITDA fell to €1.1 million, or 35—31% margin, because of hiring in North America and the three product launches.

Is Q3 the full run rate for OpEx, or will costs keep rising in Q4 and 2027 as the US health systems go live and the EMR is rolled out?" Over to you, Matt.

Operating costs in Q3 were around €2.5 million. We do expect them to ease slightly in Q4, but I would expect that over the next couple of quarters, maybe half one next year, the costs are going to probably stay around this amount.

That's both with CapEx and OpEx as well. Just linked to that is the launch, marketing that we need to spend in terms of the EMR, and then also having any additional product, engineering people to get us across the line, or also if we need any customer support or success linked to that.

I'd say ballpark, OpEx and CapEx is run rate now is around that going to be till half one next year. Yeah.

Just to clarify, we expect to have a lot of automation in the customer excellence piece and for the support piece. There's so much with wonderful technology now that you can use AI agents and chat bots and things like that.

That's a great first line of defense, and we are implementing a low-cost customer excellence service where you can get brief onboarding calls, 10-15 minutes, and as part of this whole thing, there's a little bit more hand-holding that we expect to do, but we are optimizing the cost base for that so it doesn't run away. Again, there's so much that you can do now with automation and pre-recorded stuff, and that's how we expect to do it.

We don't expect any big pressure there in OpEx. Now, next question: "Margin path back to 40 to 45%.

The adjusted EBITDA margin was 31%, and it was 38% last year because of the North American team and the product launches. Is Q3 the low point?"

I'm going to bounce that over to Matt again.

Similar to question two, the we're seeing now is mainly linked to marketing and launch activity, and not additional people. Our cost base is largely fixed, similar to the HEP platform, as the revenue grows, we don't expect the costs to grow at the same pace.

We're sort of investing now for future revenue growth, the cost base will remain relatively flat. When the revenue goes up like a rocket ship, that's where we expect to see the margins expanding.

We're not forecasting the margins at all to fall from this point, and if anything, I'd expect them to expand slightly in Q4. Then as we're starting to recognize revenue on the EMR, that's where we're going to sort of see a much more fuller expansion on that back to the 40 to 45% medium-term target, and for now we're envisioning that that remains unchanged.

Thank you for calling that a rocket ship. It's fully theoretical at this point of time.

We at 30—38% margin last year, remember we only had the legacy platform for Physitrack in terms of the products that we could sell, and Champion Health, which was clocking in at a much lower margin than it is now. You can imagine with the EMR and RTM, and to a certain extent the educational modules, these are all super high gross margin products and has no real additional cost base attached to it.

If we have this type of conversion that we think we'll have of these sign-ups, then you will see an automatic, very dramatic margin expansion. I don't see why we wouldn't come back to where we're supposed to be, which is 40 to 45%.

That said, we don't have any specific margin guidance for Q4 or for 2027. Right now we are investing nicely into the next round of development for the EMR, which is the PhysiCampus that starts on the 13th of November, and then additional marketing spend.

It's nothing dramatic, but yeah, with revenue, you will see that expansion coming in as well. Next question: "US health systems, timing and size.

The Metropolitan safety net system is due to go live in Q4. What ARR does it add, and when will it show up in revenue?

For the academic system, still in contracting, what is left to agree on, and how big could the contract become?" All right, starting with the Metropolitan safety net system: we're expecting to go live in Q4, so that's when revenue will start coming in.

The annual license is around $26,500 in the first year, with a 5% annual increase. Now, so that's the ARR for that.

What's interesting here is the additional revenue opportunity from RTM. We charge that at $8 per active patient episode, and so just to put that into perspective, if each of the 86 practitioners has 10 patients enrolled in RTM, that's around $80,000 in additional annual revenue, roughly three times the license fee.

Quite a bit of upside beyond the initial contract here. Now, on the academic healthcare system side, we're still in the contracting phase, but everything's been agreed, the proposal has been signed, and everything is set to go.

These are large organizations, and there's always some InfoSec and legal reviews that naturally takes some time. The rollout work has started, and we're looking at around $130,000 in annual revenue there, with $390,000 over 3 years, and that's $260,000 committed over the first 2 years.

We expect this to go live and generating revenue in early 2027. Again, RTM would come on top of that, the revenue potential is quite a bit larger than the initial license value.

I will just point out here that the EMR, that's not an enterprise play. We are not planning to sit in really long tenders or requests for proposal processes for that, because an EMR is such a big intervention in a clinical system, it's likely to take a lot of time and a lot of sales resources.

The EMR is mainly for small to mid-sized companies up to, say, 100, a couple of hundred users on there, and not the really, really big guys that are out there within the US. More questions: "Regarding the EMR, are you able to tell where most of the subscribers are coming from?

I assume it is the US." We have our three key markets there: we have the UK, we have Australia, we have the US.

Those three markets have taken turns being the biggest sign-up market in the early rollout. I think currently it's the UK that's leading the charge.

We actually have a really, really solid footprint in the UK with home exercise prescription, and we have a big chunk of the NHS healthcare system, and we're kind of a standard product there for HP, it's not surprising that people are really interested in the EMR there. Also the nature of that healthcare market: there is a lot of self-pay, and the insurance reimbursement process isn't that super complex.

When you work with the NHS, if you have referrals in public health care and you deal with that as a private clinic, the process is quite easy, and our EMR is something that would be very suitable for that, with just some local adaptations. It's between those three markets, quite interesting.

We have had sign-ups from quite a few markets. I think it's over a dozen different markets, English-speaking and that have had interest here, yeah, it's one to watch, for sure.

Let's see. All right, "Concerned that you might be missing out on potential opportunities in revenue by not spending more?"

Sounds more like a statement than a question. There is a way to actually grow a business and to accelerate without throwing money at everything that moves, and I don't think you necessarily have to run a business with a super low margin to be successful.

There's a fine balance there, and I think we found ours. I think a business that does the right thing in the software space should have a really, really high gross margin, closer to 90% where we are.

If you look at the processes in terms of OpEx, you should be able to automate a lot of things now in this day and age with AI and the way that you can work with smaller teams and you can optimize workflows without throwing people at it. You should actually be able to have really, really healthy margins on it, I actually don't see that we're being held back.

Remember this: we're B2B, in terms of customer acquisition, it's not a play where we have to pay significant amounts of money just to acquire new customers. It's not like a consumer market where you invest a lot of money to get consumers to sign up, you have ridiculous CAC levels, and that's basically paid growth.

Now, in our situation, with B2B, word of mouth is really important, and also the fact that you market to your existing user base with people that have confidence in you already, and they're already using your tech, the costs are significantly lower. You're talking mailers and socials, mainly just to spread the word.

Then if you have a really, really nice product, then word of mouth is even stronger with existing customers. There's some natural drivers there inside of our business that make it possible just to have those high margins without compromising on the growth velocity.

Just to add to that as well, we do monitor the return on investment as well on spend, we like to try to spend a little, but try lots of different ways, work out what the most effective approach is, and then that's when we would then invest the money where we know we're putting our chips on a return that's going to give us more, as opposed to just scattergun approach, just dumping loads of money in, just praying for the best that it works out. It's much more strategic investment analysis goes on where we spend in terms of marketing.

Of course with engineering a product these days, the game has changed so significantly in terms of how you can build prototypes and how you can then roll them out with great engineering firepower that uses AI for leverage. The EMR is a perfect example, where we have 400,000 lines of code, and this is a product that we only really seriously started working on earlier this year, whereas in a normal or a pre-AI scenario, you would have had probably dozens of people work on that for multiple years, and so you would have plowed several million of CapEx into that.

In our case, it's actually very modest, thanks to all the learnings and all the tools that we've been able to use following just being early on the ball with AI ever since, I think 2022, when we had our first integration into ChatGPT before that was even a thing for consumers. All right, there we are.

Don't worry about the high margins, people, we are accelerating nicely despite that. All right, and that concludes the questions that we have, unless there's anything else.

Thank you for watching, and stay with the story. Exciting times ahead.

Have a great day. See you.

Thank you.