Hello, everybody, and welcome to Physitrack's Q1 2025 results webcast. I am Henrik Molin. I'm the CEO and co-founder of Physitrack, and I'm joined today by our interim CFO, Matt Poulter. Today, we'll walk you through the highlights of the quarter. We are going to look at the performance of the two different divisions, and then we'll have Matt take you through the financials in detail. After that, we'll revisit our strategy and outlook before opening up for Q&A. As always, you can submit your questions via the Zoom console at the bottom of your screen. Let's kick things off. Q1 in short, and you'll notice that this quarter's report, press release and presentation, they include more financial data and operational metrics than before. This comes in response to, let's say, popular investor demand and from stakeholders that want greater visibility into how we operate. The flip side, obviously, is that these slides are going to be a little bit more data-heavy than previously, so I'll focus on guiding you through the key figures and insights. Starting with the group performance, we delivered 3% growth this quarter as an aggregate for the whole group, while modestness reflects a deliberate strategic shift. Growth was driven by a 6% year-on-year increase in our Lifecare division, so partially offset by developments in our Wellness division. We've been executing a clear plan to exit low-margin revenue streams, which you'll see. Now, as many of you know, over the past quarters, we've been repositioning the Wellness division. We've moved away from legacy revenues that didn't align with our profitability targets. We've streamlined operations, we've exited certain markets, and divested businesses that were no longer equated to the group's long-term objectives. As a result, we're running the group with almost EUR 1 million less cost on a runway basis while not seeing any major impact on operational momentum. I'll speak more about that shortly. Now, crucially, beneath this headline growth figure, the underlying strength of the Physitrack ecosystem continues to stand out. Over the past 12 months, we've delivered 24% year-on-year MRR growth in the Physitrack products, and that demonstrates really strong demand for the core digital health solutions here. This has been the engine driving predictable recurring revenue growth, even as we reshaped other parts of the business. This focus on recurring revenue is reflected in our profitability metrics. We ended the quarter with a 31% Adjusted EBITDA margin and a 12% Adjusted EBITDA less CapEx margin. These figures underline the financial resilience we've built, and we expect to maintain this positive trajectory through 2025. Now, one of the major benefits of the restructuring work we've undertaken is that we're now able to focus our commercial and innovation efforts on product lines that deliver both high margin and revenue acceleration potential. We've proven that with the right tools, workflows, and mindset, it's possible to do more with less. In fact, some of the largest deals in Physitrack's history have been closed post-restructuring. It's a clear validation of this approach. Despite incurring close to EUR 500,000 in restructuring costs, looking at cash flow, including the fees now for people that needed a transition settlement or one-off legal fees, we remain cash flow positive in Q1. This is a strong indicator of the group's financial stability and great operational discipline, even that amidst significant structural change. Now, turning to the divisions more in detail. As you know, within our group, we operate through two core divisions. We have Lifecare, where we empower healthcare providers by putting digital tools directly into their hands to help them deliver better care and outcomes for their patients. We have Wellness, where our focus is on giving employers the tools they need to make their workforce healthier, happier, and ultimately more productive. As you can see on this side, the current revenue split between the two divisions stands at 77% Lifecare, 23% Wellness. For those of you who recall last quarter's numbers, you'll notice there's been a significant shift in this balance. That change is primarily driven by the reduction in Wellness revenue following the disposal of our Wellnow subsidiary and also the closing of our proprietary clinics in the Champion Health Plus business line. As a result, there's now a stronger tilt towards Lifecare, at least in the short term, while we focus on rebuilding and expanding our revenue base within the Wellness division. Now, division by division, starting with Lifecare. As mentioned, we delivered 6% year-on-year growth driven by continued momentum in the Physitrack product. MRR growth stood at 24%, looking back 12 months, and recurring revenue now represents 99% of total revenue in this division. The churn remains impressively low at 1%, and it's low for B2B clients at this low price point. Price point is comparable to the B2C world, where churn is normally much, much higher than this. We achieved an Adjusted EBITDA margin of 47% with an EBITDA less CapEx margin of 25%. Both are strong indicators of the division's profitability and scalability. Notably, we closed some of the best deals in the division's history this quarter, which you will have seen from separate press releases. That reinforces the confidence that we have in our ability to sustain growth with really, really nice margin. Our net revenue retention remains solid, reflecting both customer satisfaction and effective upselling strategy. Now, moving on to wellness. As anticipated, we saw a reduction in top-line revenue this quarter, which is directly tied to our strategic decision to part ways with low-margin operations. This included the divestment of our German subsidiary, Wellnow. I will have a separate little note on that in a second, as well as the closure of underperforming clinics and activities that were not contributing meaningfully to profitability within Champion Health Plus. The wellness division is now leaner, is more focused, and it is aligned with a digital-first strategy. We have accelerated efforts in enterprise-focused tools, enabling holistic care providers to deliver occupational health and wellness solutions at scale. The major deal announced in March is a clear example of this shift, and we expect to see more agreements of similar caliber moving forward. This refocus that we have allows us to operate with a lighter team. It's interesting. It's empowered by better tools, modern workflows, and again, demonstrating our commitment to efficiency and profitability, doing more with less. Specifically on Wellnow here, just a brief note. We completed this management buyout transaction at the end of March, and under IFRS 5, it has been removed from our accounting. Additionally, we eliminated EUR 243,000 in deferred earnings from our balance sheet. Strategically, this move allows us to retain access to Wellnow's customer relationships that we built painstakingly from a EUR 300,000 revenue base up to EUR 1.7 million when we parted ways with the business. We avoid the drag of a business that, despite generating EUR 1.7 million in top-line revenue, hovered around cash flow neutrality. By transitioning sales and marketing efforts to our central teams, we can more effectively capitalize on these customer relationships within a software-first framework. It is a far more scalable and profitable model than trying to retrain teams focused on physical care delivery. You have seen the effect on profitability metrics following this move, and we will talk a little bit more about that in Matt's segment here. We feel that on an operational level, we have less product complexity, there is less risk, and it is a smaller team to take care of. It's all accretive to the business. Finally, regarding Champion Health and Champion Health Plus, we completed the restructuring process there, closing unprofitable clinics and shifting focus to higher margin stuff for Champion Health Plus. It is now more or less a software-driven service using a third-party network for care delivery. We have kept some of the more profitable clinics with us that have margins that are more in line with what we need for the whole group. The division delivered positive cash flow in Q1 2025, excluding restructuring costs, and we are now seeing the full impact of our cost-based reset. Our largest ever partnership deal that we signed earlier this year is GBP 1.1 million. It commences in June, and we expect the financial contribution to be reflected from Q2 and onwards. The contribution will grow from the GBP 1.1 million over four years that we started as that partner rolls out Champion Health, the software, to more of their customers. I will speak more about this in the Spotlight interview that we published this morning. If you want more context there, have a look at that for more details. It is very exciting. In summary, Q1 2025 has been a financially robust quarter marked by strategic execution, financial discipline, and a clear focus on sustainable, profitable growth. I feel Physitrack is positioned to thrive as a leaner, stronger, more agile company while it is continuing to drive innovation in digital health. With that, I will hand over to Mr. Matt Poulter, who is going to walk you through the financials in greater details. Over to you, Matt. Thank you, Henrik. My name is Matt Poulter, and I'm honored to be here today as Interim CFO presenting Physitrack's Q1 2025 financial results. As many of you know, the business has undergone significant change over the past year, including strategic divestment and a restructuring. This means that the numbers you'll see today differ from the previous periods. In order to provide meaningful comparability, we prepared pro forma numbers, which exclude the contributions from both Wellnow and the closed Champion Health Plus clinics. On a pro forma basis, revenue increased 3% year-on-year to GBP 3.6 million, with our Lifecare division leading the growth. This was up 6% to GBP 2.8 million and was driven by strong retention rates and a better-than-expected increase in monthly recurring revenue. Subscription revenue rose 6% to GBP 12 million, reflecting both the expansion in license volumes and the successful September 2024 price adjustment. Annualized revenue rose 1% to GBP 14.3 million, providing a solid foundation for the remainder of the financial year. Turning to profitability, Adjusted EBITDA reached GBP 1.1 million, with margins expanding to 31%. This marks a material improvement from the 25% margin we reported in Q4 2024. The expansion reflects the early dividends of our portfolio reset, streamlining our operations, exiting low-margin activities, and reshaping our cost base, particularly in the wellness division. That said, on a pro forma basis, EBITDA margins were broadly flat year-on-year. A reminder that while restructuring has moved drag, the journey to sustained improvement has just begun. We're talking more in our report about Adjusted EBITDA less CapEx, and this is a really, really important metric because it shows whether a SaaS business is not just profitable on paper, but actually generating sustainable cash profits after the essential investments needed to stay competitive in its platform. It's a real-world profitability lens and a much stronger signal on our underlying performance. This increased 30%-32% year-on-year to GBP 0.4 million, generating a margin of 12%, a reflection of our strategic focus on investing in technology, systems, and cost discipline rather than headcount expansion. As a result, free cash flow for the quarter grew 79% year-on-year to GBP 0.1 million, a strong early indicator of our improved cash conversion. Onto the next slide, where we're looking at the SaaS metrics and outlook. This quarter marks another important evolution. We've introduced key SaaS metrics to enhance the transparency and usability of our financial reporting. Metrics such as ARR, net revenue retention, net MRR, churn, ARPL, and SaaS margins are now embedded in our quarterly updates. It's provided a more granular view of performance and the levers we are pulling to drive value. While this is a strong start, we recognize there is more to do. Over the coming quarters, we plan to introduce further enhancements to these metrics, including metrics like CAC. Once the residual impacts of the divisive wellness operations are fully absorbed and the restructuring has been fully reflected in the numbers, we will include more meaningful SaaS metrics. Overall, Q1 2025 was a transitional and encouraging quarter, a caution which simplified the business, improved the margins, and laid the groundwork for scalable, recurring growth as the business pivots towards a pure SaaS focus. Onto the next slide, where we are looking into revenue in much more detail. In Lifecare, revenue increased 6% year-on-year to GBP 2.8 million. That was in part driven by 24% growth in MRR for our Physitrack platform. That really is the foundation of this division. Churn remains low at 1%, and that underpins our strong customer loyalty and our product-market fit. We're also implementing a price rise in May 2025, similar to that as we saw in September 2024. That will further support our revenue growth over the coming three quarters. If we turn to wellness, here we have made a deliberate strategic pivot. We're moving away from non-recurring, low-margin product revenue to a SaaS revenue stream and, in part, pro forma revenue declined by 7%. This was evident in the Fysiotest business, where the transition from the sale of health tech-related products to the Nordic Champion Health SaaS platform occurred. Whilst we have seen the short-term decline in revenue there, it does position us for much higher quality recurring income in future periods. Champion Health also saw a revenue decline year-on-year, and that was largely due to one-off implementation fees recognized in Q1 2024. Actually, if you exclude those, the underlying run rate is more stable, predictable, and aligned with our SaaS model. We move on to the next slide. Our focus on profitability. This quarter, we achieved our best-ever Adjusted EBITDA margin of 31%. I think the graph really indicates the fruits of the successful divestment of Wellnow and the closure of the Champion Health businesses. This really is an important milestone for us, as it shows we're firmly on the road towards margins typically of that of high-performing SaaS businesses. Looking quarter on quarter, while revenue was impacted by the divestments, the closures and the operations had a significant drag on the profitability historically. The results again highlight that the restructuring was the right decision to enhance the long-term quality of our earnings. If we break this down by division, Lifecare's Adjusted EBITDA less CapEx margin rose to 25%. Actually, if you benchmark that externally, this aligns with top quartile SaaS peers. Group costs in the Wellness division, EBITDA less CapEx remain broadly consistent quarter on quarter, and that is reflecting our disciplined cost management. What revenue and Adjusted EBITDA less CapEx flow into is cash and liquidity, which I'll talk through on the next slide. That is the core focus, really, of everything that we're doing. During the quarter, we generated a GBP 0.1 million free cash flow and repaid GBP 0.5 million debt. This is demonstrating our commitment in both improving the profitability, cash generation, but also in strengthening our balance sheet. We currently have GBP 1.4 million available in the liquidity on our facility. Looking ahead, we do expect a cash outflow in Q2, but that reflects the natural seasonality of our annual working capital cycle, such as the annual payment of audit fees and other one-off payments. However, we're really confident in achieving cash flow neutrality for the full year 2025 by both balancing revenue growth, margin expansion, and deleveraging our objectives. If we move on to the next slide. We've spoken a lot today about the numbers, but actually, what are we doing in finance? Innovation has always been part of our DNA. Over the last four years, both Charlotte and I have had the privilege to build a finance function from scratch. In doing that, we've leveraged technology rather than headcount to drive this capability. Artificial intelligence is now allowing us to take this one step further. Over the past quarter, we've looked to implement AI in pretty much everything that we do. Something that we're really, really pleased of is being able to reduce and make efficiencies in our reconciliation process by using specific GPT models. Overall, that's allowed us to reduce the manual workload. Actually, in doing so, that's freed up the team to spend more time analyzing results rather than compiling them. We've also embedded AI tools within our billing, payables, and automation workflows. Looking ahead, where we'd like to start using AI in finance over the next few quarters is in rolling out a group-wide AI-driven cash flow forecasting tool, using AI for flux analysis to identify unexpected or unusual movements proactively, using AI for deeper analysis and insights on both our customer and supplier bases, and then expanding predictive FP&A capabilities to support better decision-making. That said, we do approach AI with a healthy level of skepticism. We apply critical thinking to our outputs, and we use AI for heavy lifting, but retaining human oversight where it matters. Finally, a quick overview on the balance sheet on the next slide. The key movements there, as you'll see, are really as a result of two things. The divestment of Wellnow, that's driven a reduction of GBP 0.8 million in goodwill, intangibles, and PPE, but also a GBP 0.4 million reduction in deferred tax liabilities. Cash declined by GBP 0.4 million, but that's linked to the GBP 0.5 million debt repayment. Deferred consideration linked to the acquisition of Champion Health will begin to be paid out from August 2025. The liability that we've got there now is predictable, and that provides you with better predictability for future cash commitments. Overall, the balance sheet is becoming leaner, more resilient, and better positioned to support the next phase of growth. In closing Q1, a quarter which was a quarter of focus, simplification, and building a more scalable, high-quality SaaS-focused business. Thank you, Matt. That's fantastic. Before we move into the Q&A section, I'd like to take a moment to revisit the value propositions for both Lifecare and Wellness. They're holistic technology-driven offerings designed to enhance patient recovery and improve workplace well-being. We are in a strong position to capitalize on key growth drivers, and we have a robust business model. It allows us to navigate headwinds while maintaining profitability. In terms of the financial goals, you will see a reaffirmation of our financial goals here. Top-line growth remains a priority. Our medium-term target is to double the company's revenue base. Our goal, we believe, is well within reach given the trajectory of market demand. EBITDA margins, we aim to bring the entire business in line with where our Lifecare division is today, targeting 40%-45% over time. Cash generation, we've demonstrated that our model is cash generative. As we saw this quarter again, that trend is continuing. Long-term shareholder value, over time, we will position Physitrack as a dividend-distributing investment that is going to further enhance value for investors. We remain focused, disciplined, committed to delivering profitable and scalable growth. We ensure that our tech continues to make a meaningful impact to our patients and providers and employers alike. Now, with that, I'd like to thank you all for your time today. Let's move over to the Q&A part of this presentation. Let's all use the Q&A function at the bottom of your screen on your Zoom panel. I'll see you in the Q&A section. Okay, let's get on with the questions. We have a first question here. In your CEO letter, you mentioned a breadth of additional transactions, meaning breadth, taking place beneath the surface. Are these primarily related to wellness or life care? Yes, indeed. There's quite a bit of deal activity happening under the surface and stuff that is too small or is too private to put out on press releases. I'd love to have a press release for every single thing that we do, but it's unfortunately not realistic. This is happening both in the Lifecare and the Wellness segments. Many of these transactions are with well-known brands, which is really interesting, and they represent meaningful strategic progress. Now, again, that said, deal sizes are typically not large enough to justify standalone press releases, especially if they're in a pilot phase and there's a paid pilot, there's a smaller amount, etc. We don't want to give a skewed picture of scale or momentum by selectively highlighting smaller wins. We're not that type of company. We're quite sparse with press releases. To be clear, there's a healthy volume of activity, and we're seeing good traction across both segments. We have a second question here. Matt, I thought I'd lobby that over to you. CapEx declined quarter over quarter. How should we think about the CapEx run rate for 2025? Do you expect it to be lower than in 2024? Is the CapEx split still roughly one-third wellness and two-thirds life care? There's like three questions in that question, but over to you, Matt. Thanks, Henrik. Yes, we did see a declining CapEx quarter on quarter, and that's primarily due to two key factors. First of all, in the wellness division, we've progressed through a significant restructure. That includes consolidating resources and driving efficiencies. We've seen a fall in the CapEx there. Secondly, in Lifecare, we've made some meaningful strides in trying to embed AI and automation into our operations. Also, that's allowed us to optimize our capital deployment in that division too. I think given these developments, Q1 CapEx levels represent a consistent quarterly run rate that you probably would expect to see over the next three quarters. In terms of the CapEx allocation between the two divisions, again, what we're seeing now, so 90% directed towards Lifecare, 10% towards Wellness, is again probably a consistent split what you'll see quarter and quarter for 2025. All right, thanks, Matt. Looks like your camera is slipping, so let's be careful so it doesn't fall on the floor there. The next question is for you as well. The Adjusted EBITDA less CapEx margins under division review, 25% for Lifecare and 5% for Wellness, are those calculated on a pro forma basis? Yes. The Wellness division's CapEx, sorry, Adjusted EBITDA less CapEx, that excludes the contributions from Wellnow and also from the closed clinics. That is comparable to the pro forma 2024 Adjusted EBITDA less CapEx numbers. Thank you for that. Have you seen any change, and as for me, have you seen any change in momentum from Q1 to what you've observed so far in Q2? We've definitely seen a shift in momentum when it comes to larger scale opportunities that we're pursuing in Wellness. The intro clip here to the whole webcast indicates there's a lot going on there in terms of enterprise products and interesting things that are more palatable for bigger companies. Following that, we have seen more momentum here, particularly after that announcement we had in March, because that really proved what we're capable of in Champion Health in a big way, and not just dealing with specific corporates, but dealing with these wellness aggregators that have a holistic view of their offering in terms of care and prevention and digital tools. Definitely, now that transaction has been really, really good. I would say it's opened the floodgates in terms of the types of conversations and opportunities now on the table. You will have seen that in the interview as well that I did on Spotlight this morning. I talk about that more in detail, how that deal comes together and what it means to do a deal with an aggregator and a little bit about the tech and how that comes together. Just to take a moment to look at that, if you go to physiatrackgroup.com, you'll see all these Spotlight clips, and that's going to be the latest one that we have. Now, are you experiencing any effects from the current market volatility and uncertainty? Yeah, obviously, there's a lot of de-momentum. I talked about that. We are seeing some short-term hesitation from customers when it comes to finalizing contracts. A lot of that, I think, is tied to this unpredictable tariff environment and broader geopolitical uncertainty. This stuff comes and goes, as you've seen. Hopefully, we will see a stabilization of that. We have seen some delays in deal confirmation. We do think this is a temporary dynamic. As we move deeper into Q2 and will hopefully have a more predictable external environment, we think we'll see more clarity and we'll see the momentum returning to the legal side of things as well. I should say this has mostly been notable with manufacturing industries, so people that have physical goods that they're exporting, especially into the U.S. market. Overall, it's all very positive. Momentum is great, and there's some great things to look forward to in the quarter as well. All right, those are all the questions that we had. I thank you very much for your time for tuning in. There's a recording of this that's available after this, of course. Don't miss out on watching the Spotlight segment with the interview with me from this morning. Thank you so much, and have a great day everyone.