Redeye shares its initial take on Physitrack’s Q1 2025 results. Revenue was in line with our expectations, while the SaaS mix continued to improve. Lifecare delivered solid growth in line with previous trends, while Wellness declined year over year due to clinic closures and tough comparables. Adjusted EBITDA (31% margin) was slightly above expectations, supported by tight cost control, and free cash flow was positive. Following the IFRS 5 reclassification of Wellnow as discontinued operations, we view the report as solid overall and expect only minor revisions to our estimates.
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