Physitrack Reports 14% Revenue Growth in Q3 2026 as US Expansion Accelerates
Physitrack Plc (OMXSTO:PTRK) recorded revenue of EUR 3.6 million in the third quarter of 2026, up 14% on a reported basis and 11% in constant currency, marking its fastest growth rate of the year. The increase was driven by recurring subscription revenues, which accounted for 94% of total sales. Following the update, company shares jumped 10.00% to trade at 12.1 SEK.
Adjusted EBITDA fell 8% year-over-year to EUR 1.1 million, reducing the operating margin from 38% to 31%. The company attributed the profit compression to strategic investments in expanding its North American sales team and launching new software products. Operating cash flow remained solid at EUR 1.1 million, marking the eighth straight quarter of positive cash generation, while net debt decreased to EUR 3.7 million.
Looking ahead, the company is focusing on converting product trials into paid usage before paid subscriptions for its electronic medical records platform take effect in January 2027. Investors will also watch for the completion of deals with two major US healthcare systems and revenue rebuilding in the Wellness business.
Key points
- Q3 2026 revenue reached EUR 3.6 million, up 14% year-over-year, driven by a 94% subscription share.
- Adjusted EBITDA dropped 8% to EUR 1.1 million as Physitrack invested in North American sales and product launches.
- The company secured selection by two US healthcare systems and opened early access to its EMR software.
- Operating cash flow reached EUR 1.1 million, marking eight straight quarters of positive cash flow.
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How did Physitrack perform financially in Q3 2026?
Physitrack reported EUR 3.6 million in Q3 2026 revenue, up 14% year-over-year. Adjusted EBITDA fell 8% to EUR 1.1 million due to growth investments, but operating cash flow remained positive at EUR 1.1 million.
What is driving Physitrack's growth in North America?
Physitrack expanded its sales team and won selections from two US healthcare systems in September, including an integration with the Epic EMR platform, while introducing remote monitoring and education modules.
When will Physitrack start generating revenue from its new EMR product?
Early access opened in September 2026 with over 470 clinics signing up. Paid subscriptions for the new electronic medical record solution are scheduled to begin on January 1, 2027.