Hello, and welcome to Physitrack's Q4 2024 results webcast. I am Henrik Molin, and I'm joined today by Physitrack's fantastic CFO, Charlotte Goodwin. We'll be taking you through our fourth quarter performance, providing key business updates across our two divisions, and it will be followed by Charlotte's deep dive into our financial results. After that, we'll revisit our strategy and outlook for 2025, and then we'll open up for Q&A. If you're joining us live, you're via Zoom today, and you can submit your questions using the chat function on your panel, and we'll address as many as possible of these questions towards the end of the session. Let's dive in. We've had strong momentum in Q4, setting us up for an exciting 2025. Some key highlights from the quarter, which you can see here on the slide. Quarterly revenue growth of 14%, bringing us to an annualized run rate of EUR 16.7 million. Year-on-year recurring revenue growth sits at 18%. We're now at a EUR 13.3 million annualized run rate. Our adjusted EBITDA margin improved to 24%, delivering EUR 3.9 million in adjusted EBITDA for the full fiscal year. Importantly, just as we said we do, we've returned to cash flow positivity, generating a net of EUR 0.4 million in cash during the quarter. Now, let's take a closer look at our two business divisions: Lifecare and Wellness. Starting with Lifecare. A reminder, our Lifecare division is focused on empowering healthcare providers with tools to help patients recover faster and more effectively using our digital platform, and now represents 65% of our total business. Some highlights here: quarterly revenue growth was 14%, with annualized revenue now at EUR 11.1 million. Adjusted EBITDA was EUR 4.8 million, reflecting a 46% margin. We saw 22% year-over-year revenue growth, with recurring revenue increasing to 99%, up from 90% in fiscal year of 2023. The churn remains low at 1% per month on a 12-month look-back basis. Now, one standout metric here: our Physitrack platform has seen 39% growth in monthly recurring revenue over the last 12 months. That is the strongest revenue momentum we have seen for the platform since the pandemic in 2020. We have also made major product advancements, and that is important for demonstrating value to our customers. As you saw in the introduction clip, we have completely revamped the patient app, introducing a new home screen with gamification elements to make rehabilitation more engaging and interactive. Another highlight is our Physi Assistant, which continues to enhance clinical workflows, providing greater mobility and efficiency for healthcare providers. We remain a high-margin, highly efficient operation on the Lifecare side. We're investing in automation and AI to boost that further, ensuring that we maintain lean overheads while supporting sustained revenue growth in this exciting part of our company. Moving over to Wellness, which now represents 35% of our business. Here, we're focused on helping employers improve the health, happiness, and productivity of their workforce. We saw quarterly revenue growth of 13%, bringing our annualized revenue run rate to EUR 5.6 million, 8% of recurring revenue growth over fiscal year 2024, and that now makes up 50% of total Wellness income. More to come. The adjusted EBITDA margin was 5% here, contributing EUR 300,000 in EBITDA to the group. Now, let's be frank, these numbers aren't knocking it out of the park as far as we're concerned. There's more work to do, but we have definitely turned the corner here. Some key developments: we successfully launched our international version of the Champion Health platform, with the first customers onboarded in Sweden, as we saw with some recent announcements. It is a great milestone. We saw the strategic alignment between Champion Health's original owners and ourselves, and we agreed a settlement deal in December 2024. There are some minor remaining payments to them that will kick in in August 2025, and that will completely clean up our balance sheet and eliminate any outstanding earnings that could have strained cash flow in the future. The rationalization has also led to EUR 0.5 million in expected savings for 2025, with a run rate of about EUR 0.9 million in cost reductions overall. With these moves, we are geared up for a strong cash flow generative 2025 in Wellness. Now, looking ahead, 2025 priorities remain focused on growth and profitability, and we are focusing on a few things here, notably optimizing the Wellness division. There's more to do there, but we're running it on a very lean cost base while accelerating revenue, as we've seen with some major deals that have been announced recently. We continue to innovate in Lifecare, particularly with our new patient app and enhanced automation and AI. We're leaning into our clean balance sheet and optimized cost structure to drive strong financial performance, and we're super optimistic about the road ahead. We have a strong foundation, we've streamlined operations, we have a market-leading platform that positions us perfectly to capitalize on the opportunities in front of us. Now, with that, I'll hand it over to Charlotte to take us through the financials in more detail. Thank you very much, Henrik. As you may have seen announced on Wednesday, we announced a small restatement to the revenue in 2023 relating to the non-recurring historic revenues in Wellness, Champion Health Plus specifically. It also resulted in a small increase in EBITDA for Q1 to Q3 in 2024. All of the numbers that I talk through here will have those restatements included. In FY 2024, we have delivered revenue of EUR 16.2 million, and that is an increase of 10% from the EUR 14.7 million in the prior year. Adjusted EBITDA is EUR 3.9 million, which is up 12% from EUR 3.5 million in the prior year, and adjusted EBITDA margins are at 24%, which is flat compared to the prior year. Operating cash flow before adjusting items is up slightly to EUR 3.6 million from EUR 3.5 million in the prior year. Subscription revenues, we have delivered EUR 13.3 million, up 18% against the prior year of EUR 11.2 million, and adjusted cash EBITDA, which represents adjusted EBITDA less the CapEx expenditure, is at EUR 0.4 million, up from EUR 0.1 million in the prior year. That leaves us exiting the year with annualized revenue of EUR 16.7 million, up from Q3 by 4%, where it was EUR 16.1 million. Move to the next slide. A close look at revenue here. It's been pleasing to see that Q4 revenue has grown substantially from the Q3 revenue. In Q3, we delivered revenue of EUR 3.9 million, and that has increased now to EUR 4.2 million quarter -on -quarter. This was driven both by Lifecare and the Wellness divisions. Year -on -year, we've delivered a 14% increase in the quarter of revenue for the group. Move to the next slide. On subscription revenue here, we can see the growth in just the subscription revenue. It's pleasing to see that continued trend of subscription revenue becoming a larger portion overall of our revenue, which gives us more predictability, more ability to plan, and also tends to be our higher margin revenue streams. Good to see that that trend continues. As you saw on the front page there, subscription revenue year on year has grown by 18%, so in excess of our overall revenue growth number. Move to the next slide. Here we have adjusted EBITDA of EUR 3.9 million compared to the EUR 3.5 million that we delivered last year. We've got that broken out both by quarter and by division. We still see that the Lifecare division delivers very strong adjusted EBITDA margins, and these are less strong in the Wellness division. With the restructure that we have put in place on costs, with the closing of the Champion Health Plus clinics, as well as the staff reductions in Champion Health and the bringing of that Champion Health business closer into the Lifecare ecosystem and processes, we expect to see those Wellness EBITDA margins expand in 2025, particularly with the impact of that hitting in H2 2025. Move to the next slide. We look at cash flow here. We started the year with EUR 0.5 million of cash on the balance sheet, and we've delivered EUR 3.9 million of adjusted EBITDA. This has been slightly offset by a EUR 0.2 million working capital variance, and cash interest costs in the year have been EUR 0.4 million. We have invested EUR 3.5 million in the year in our technology platforms and other CapEx, and there has been a EUR 0.5 million cost in the year cash of adjusting items relating to the integration of previous acquisitions and the restructuring programs that we've talked about previously. This has led us to draw down EUR 0.9 million on our revolving credit debt facility, and we have exited the year with EUR 0.7 million of cash on the balance sheet and an additional EUR 0.9 million of undrawn facility on our revolving credit facility, which gives us available liquidity of EUR 1.6 million. We expect this EUR 1.6 million to be sufficient for the group going forward, and we don't expect to need to raise any additional capital either through debt or through any equity raises. Move to the next slide. As we previously announced, we had two cash flow quarters this year, which we had a free cash flow burn in Q2 and Q3. We had messaged that we expected to return to cash flow positivity in Q4, so it's pleasing to see strong cash flow generation in Q4, as we had expected. We expect the cash flow generation to continue into 2025, a combination of the revenue growth that we've been able to deliver, particularly in the subscription. Restructuring of costs and programs that we put in place that will take effect this year will lead us to cash flow generation in 2025, notwithstanding that there will still be variations within quarters for working capital movements. Through to the next slide. On the balance sheet here, goodwill, intangibles, and PPE, we've seen a drop driven by a fall in the goodwill value. This is driven by an impairment that we have put through to the goodwill of Champion Health Germany or Wellnow in the year. This is based on management's assessment that the value of this business going forward relates to the Champion Health Germany platform, the technology platform, which has a much higher margin potential than the historic products there. With our focus moving away from those historic products, we have made the decision to write down some of the goodwill which was attributed to those historic products on acquisition. Cash and borrowings, we've been through the working capital section here, train of receivables, train of payables, and deferred revenue. Overall, a very small movement that we saw impact in cash by around EUR 0.2 million year -on -year. The deferred tax was recognized on the intangibles, which we recognize on acquisition, and we can see that unwinding as those intangibles are amortized and eventually that deferred tax balance will fall away. The third consideration, as you will have seen, we announced an agreement with the previous co-founders of Champion Health that they would receive a fixed amount of deferred consideration over a period of time. This fixed amount is now recognized on the balance sheet there. We do not expect to pay any further deferred consideration for any of our historic acquisitions, and all of the deferred consideration on the balance sheet here represents that agreement with the Champion Health founders. That is all the detail from me, so I will pass you back to Henrik, and feel free to ask any questions. Thank you. Thanks so much, Charlotte, for the financial update. Before we move into Q&A, I'd like to take a moment to revisit our value proposition. Both Lifecare and Wellness are holistic technology-driven offerings. They're designed to enhance patient recovery and improve workplace well-being. We are in a strong position to capitalize on key growth drivers, and our robust business model allows us to navigate headwinds while maintaining profitability. If you look at this slide, you'll see a reaffirmation of our financial goals. Top-line growth remains a priority. Our medium-term target is to double the company's revenue base, a goal we believe is well within reach given our trajectory and market demand. EBITDA margins, we aim to bring the entire business in line with where our Lifecare division is today, targeting 45% over time. Cash generation, as you've seen, with the exception of a couple of quarters last year, we have a cash-generative business model, and the trend is back on track. Long-term shareholder value, over time, this will position Physitrack as a dividend-distributing investment, and it's going to further enhance value for investors. We remain focused, we remain disciplined, and we're committed to delivering profitable, scalable growth while ensuring that our technology continues to make a meaningful impact on patients, providers, and employers alike. With that, I'd like to thank you all for your time today, and let's move into the Q&A part of this webcast. Please submit your questions via the Zoom Q&A function, and we'll get to as many of them as we can. Thank you so much. Okay, let's kick it off with our Q&A here, and let's see if we can pin ourselves right next to each other rather than just seeing the nice big picture here of Charlotte. Let's see. We have a first question here, which is related to CapEx. How do you expect it to remain? Sorry, do you expect it to remain at 2024 levels, or will there be an increase or decrease? We see our CapEx investments remaining stable in 2025. Over the past year, as you've seen, we've rationalized and optimized quite effectively, particularly in our Wellness division, and that's given us a very solid foundation in terms of how we are producing things and outputting things. What's important here to look ahead is that we feel that we don't really necessarily need to look at the size of the teams and the structure of the teams to drive success today. In today's landscape, the linearity between the team size and the output and the innovation that you bring isn't necessarily as strong as it was previously. I'm talking about a lot of the tools that you can have to optimize and to increase productivity in terms of AI tools, copilots, etc. That has changed very drastically in the last, say, 18 months or so. That means that you can enhance the output, and you can accelerate with the same team structure, and that also means with the same or decreasing CapEx. We are definitely in that type of situation. We see major acceleration on the back of implementing the right tools and the right processes, etc., and not necessarily by growing the sizes of the team. The teams will grow, but it's not the same anymore in terms of what you need to do just to move the needle. That's also why I'm confident that our CapEx levels will remain stable going forward here. We're really leveraging innovation to drive efficiency, and that puts us in a strong position for sustained growth. We have another question here related to the Aleris contract. How is the rollout progressing, and what is the impact on Lifecare during Q4? As a reminder, the Aleris contract was a contract for the most, I'd say, formidable hospital provider in the Nordic countries, and there was a deal that we closed in Q3. We saw an additional revenue in Q3, and it was a great addition to the book of business for the whole of 2024 in terms of the prestige and the ability to work with somebody of that caliber. Now, globally, they're highly sophisticated and one of their largest players in Europe. Securing that partnership, that was a really strong win, and we pushed out a press release on that in Q3. Of course, for the Nordics specifically, it was a particularly meaningful one to book for us. The rollout has gone very well. The customer is happy. We're scaling that contract in parallel with their rollout of a new EMR system. So far, they've implemented their solution in Denmark, but there's a clear ambition from their side to expand it into a pan-Nordic installation. As they grow, we grow with them. Now, they had a nice impact on our Q3 as we booked revenue for the bespoke builds that they needed for their EMR. Looking at the broader picture from Q4 onwards, and in terms of the domination of the book of business, this is, relatively speaking, for the whole book of business, a small contract with a lot of potential. It was really our diversified book of business that drove revenue acceleration in the quarter and the whole year. Not a one single contract was the key driver. It was a strength of the overall portfolio. That said, given my own Nordic roots here, I have to admit Aleris was an especially nice one to bring on board. All right, continuing here. Regarding ARR growth in 2024, how much was driven by pricing versus volume expansion? Now, in terms of pricing and pricing elasticity, we're in a position of strength when it comes to price elasticity within the ecosystem. Investors, they recognize the value that we're delivering, or rather, customers recognize the value we're delivering. Hopefully, investors too, because our product directly addresses the challenges that they're trying to solve for their patients. That constant innovation is key, but just as important is how well we communicate that value. You can do a lot of great innovation in stealth, but if you don't have channels just to communicate that, the customers won't recognize value in it. We have a very strong marketing team, a very strong sales team, and this year, we've seen significant progress in that area of communicating value and just making sure that customers understand what we do. We booted up various channels. We've relaunched our marketing pages, and there's a lot of direct engagement as well from the sales team, the product team, etc. This has really driven the way that people have perceived this, and that underpins that price elasticity, which is very much in our favor. Now, in terms of the absolute impact that we have, price adjustment made up a healthy proportion of our 2024 revenue, but the real driver of ecosystem revenue was growth across the broader business and the broader ecosystem for the Physitrack platform. Now, looking ahead, as I say, I think we're in a favorable position when it comes to future price adjustments as long as we continue to innovate and as long as we're great at communicating that to customers. Now, as we saw today with the launch of the new Physitrack Patient App, there's no shortage of R&D and ideas, and there's a lot of project development happening. I don't really see a scenario where we're delivering less value to our customers going forward. If anything, it's only increasing. As long as we maintain strong communication around that, I believe that will sustain a healthy long-term strong price trend, and that should underplan for our ability to adjust prices. The Physitrack ecosystem is underpriced for what it does and the value that it brings and for the risks that we take off of the hands of our customers for that. Are there any current plans to divest any subsidiaries? As you've seen from releases of late, we're taking a very close look at our Wellness division, its revenue composition, the people, and the corporate structures within it. Coming out of 2024 and into 2025, we made some highly favorable restructurings that have now put us on track to save approximately EUR 1 million on a run rate basis per year, and that's a strong position to be in. We're continuing to assess and refine. There are several tools at our disposal when optimizing a division like this. Restructuring is one approach where you look at the staffing and you look at the team compositions, you look at the tools, and you look at the output that you need to deliver, the value that you need to deliver to customers, and you see what is the minimal sort of size team that you need in order to do that, and what's that linearity in the team size as you scale. Now, we do evaluate the balance between staff and tools and methodologies, and divestments and strategic moves can play a role in optimizing revenue flows and cost structures. I can't comment on anything specific on that front, but the goal for 2025, it's definitely to transition this into a much more focused SaaS business than it has been in the past. I believe that we're commercially ready for that shift because our teams, our tools, and our market positioning are all aligned to make that happen. That's what makes this next phase particularly exciting for us. Okay, moving on here. With the earnout removed, how do you view discounting the reporting of adjusted figures? I'm not entirely sure what the question is getting at in detail, but what I can say is that as M&A-related restructuring activity winds down, we'll see fewer adjusted figures in the books, and that's simply because there are few one-off expenses impacting the financials. I fully expect this trend to continue with the decrease of one-off costs and therefore adjustment items. As we move through the more intense phases of the restructuring of Champion Health and Champion Health Plus, as those integration efforts stabilize and we see less of the one-off costs related to reducing team sizes and things like that, we should see a more straightforward financial picture with less needs for adjustments. I hope that was the answer that you were after. You recently announced a major contract. Can we expect contracts of a similar size going forward? I'm curious if that contract is somewhat stretched. We have admittedly not been amazing at communicating new deals. We are challenged by a lot of our customers in that respect. They do want to keep their innovation secrets to themselves, and it has been hard to extract press releases from them. I think you have seen now in the last few weeks that we rolled out a new way of communicating that. We have been able to redact the names of the customer and then give them context in the form of these spotlight updates, and that is expected to continue with our being better at communicating. There are, of course, new nice wins that we have on a regular basis, and we will keep communicating as we have something that is significant, both in terms of the absolute size and also if it is significant in terms of innovation and in the way that impacts day-to-day in a positive way. I do not feel that that contract was stretched with. It was the biggest contract we were referring to, the GBP 1.1 million deal that we announced for Champion Health. That was the biggest that we booked for Champion Health. For Day One Signature, it is the biggest that we have had. We do have those types of things happening, and there is more to come. Just stay tuned. Keep watching the spotlights. Could you share some updates on the development of Nexa if there are any new developments? Yeah, we keep developing Nexa. It's an ongoing R&D and innovation project. It's commercialized, and we are working with customers over that. It's an exciting diversification of the revenue streams in Champion Health Plus, and it's something that will be more dominant going forward as we scale down the provision of physical care and we scale up the provision of the more AI-driven digital-first care that's represented by Nexa. The margin composition for that line of business is very much SaaS-like in nature because we don't have our own care provision into that. We can use third-party care providers into it, and the margins are very healthy, and it's aligned with what a software-first care business should have. There's more happening on that front, and hopefully, we'll have some nice press releases and spotlights on that. You have previously indicated higher margins within Wellness, but unfortunately, there has not been a significant jump yet. How should we think about this, and why is it challenging to improve the margin? We are expanding margins in the Wellness division, but you would not have seen that in Q4 because in Q4, coming out of the year, we still had the same team structure. This was pre-restructuring of Champion and Champion Health Plus. The real effect that you will see starts in Q1 and forward. Right now, we are executing on these cost optimizations, and as I mentioned, that amount is quite significant now. It is roughly EUR 1 million on a runway business on a yearly scale to our months. As a result, you will see a systematic and very significant increase in margins as we move through 2025. It's just a natural effect of what we've done there to restructure and to optimize. It's a structural shift, and it's not a short-term adjustment, and it positions us really well for that longer-term profitability that we will be seeing in the Wellness segment. You wouldn't have seen that in the Q4 numbers. It's too early for that. What is required for the licenses to start growing in the U.S.? The same question for Wellness. We have a healthy book of business in the U.S., so U.S., North America. We are a quite dominant player north of the border in Canada, and we have a really, really nice situation where we grow in parallel with a big system provider called Jane. There's also Clinicmaster that we're integrated in. There is a lot of success in North America, and there is a couple of million of revenue. We see regular growth in that ecosystem, and it is probably more enterprise-heavy in terms of the tilt of the book of business because we see bigger deals typically. We expect that to keep moving nicely, and it is certainly in our plans for 2025 to do more in North America and to have a bit more boots on the ground over here. Of course, we are scaling that team up, the sales team carefully in tandem with revenue. There is a place where you want some sort of linearity with a SKU on making it very profitable just to scale up that team. There is nothing special in terms of requirements to make that happen. It is a focus, it is time spent, and it is put on the ground. For Wellness, I would like to see a similar type deal that we announced here in the U.K., that GBP 1.1 million deal that came on the newswires the other day, because that's a great way to have a partnership distribution situation, and you can have a big player that you can rely on to cater to their customers as they grow, etc. We have one last question here. Will there be any price increases in Lifecare for 2025? I believe I had a pretty long-winded answer to that. The price elasticity is certainly in our favor, and the perception of value is strong with our customers. We've been great at communicating that, and we're great at rolling out innovations. Of course, you saw the new Physitrack Patient App here in the intro part of this webcast. The answer is yes to that, and we do not have a—there is no sunset for us in terms of price adjustments. Just nothing that we see yet. Unless there are any more questions here that you can put into your Q&A, that concludes the webcast for Physitrack's Q4 2024 results. Thank you for attending, and stay safe. See you soon.