Physitrack’s Q2 2025 results came in broadly in line with our expectations. The key highlights of the report are the continued improvement in margins, both year-over-year and sequentially, alongside a significant uplift in cash flow. EBITDAC improved 4pp from Q1 and marked the 15% threshold — a milestone we view as strategically important for the company’s margin trajectory. Given the overall alignment with our forecasts, we anticipate only minor revisions to our estimates
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