Redeye sees a Q3 report from Physitrack largely in line with our expectations. The company continues to execute well on its margin expansion path, generating solid free cash flow. We are not too concerned about the QoQ decline in ARR, as most of the Lifecare ARR decrease is FX-related and the Wellness ARR decline was anticipated. Overall, the report held no major surprises, reflecting solid and consistent performance. Given the close alignment with forecasts, only minor estimate revisions are expected.
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