Q3 2025 Nordhealth AS Earnings Call Transcript

Nov 11, 2025 / 02:00 PM GMT

Release Date Price: €2.84 (+2.16%)

Transcript

Key Points

Positve

Nordhealth AS (FRA:6E5) reported a 15.2% increase in revenue for Q3 2025 compared to the same quarter last year.
The company achieved a net retention rate of around 110%, indicating strong customer loyalty and upselling success.
Investments in AI capabilities are expected to enhance practice management software, potentially increasing average revenue per user.
The company has successfully expanded its revenue base outside the Nordics, with the UK being a strong growth driver.
Nordhealth AS (FRA:6E5) maintains a healthy equity balance of 65.4 million with no interest-bearing debt, indicating financial stability.

Negative

The churn rate for the therapy segment remains relatively high at 5.6%, indicating potential customer retention challenges.
Gross margins have seen a sequential step-down, partly due to increased costs associated with legacy solutions and customer service.
The company has not yet included significant enterprise clients like Vets for Pets and Amerivet in their signed AR, which could impact perceived growth.
There have been reports of increased downtime for Provet in Europe, affecting customer operations and potentially impacting customer satisfaction.
The competitive landscape includes emerging AI-native applications and other EHR providers, posing a challenge to Nordhealth AS (FRA:6E5)'s market position.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NORDH.OL - Nordhealth As
Q3 2025 Nordhealth AS Earnings Call
Nov 11, 2025 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Recording in progress. Hi everyone, and welcome to the Nord Health Investor Presentation for Q3 2025.

As usual, we'll have myself, Charles McBain, the CEO of Nord Health, and my colleague, Alex, our CFO, go through this presentation.

So we'll start off with the company updates, then we'll go to a veterinary business unit update and therapy business unit updates. Then Alex will go through the financial updates, and we'll leave some time at the end for questions. So please hold your questions until the Q&A session.

On the company updates, so.

The last couple of years, we have grown at a keger of 47%.

To a signed AR of 46.5 at the end of Q3 2025. As you can see, the majority of this growth has come

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