Q4 2025 Nordhealth AS Earnings Call Transcript
Key Points
- Nordhealth AS (STU:6E5) surpassed EUR50 million in revenue for 2025, marking a significant milestone with a 39% CAGR since 2018.
- The company achieved a low churn rate of 2.9%, indicating strong customer retention and satisfaction.
- Provet, the Veterinary business unit, grew by 27% in 2025, with a net retention rate of 119.6%.
- The company is actively embedding AI into its workflows, launching features like Native AI Scribe and AI-first user experiences.
- Nordhealth AS (STU:6E5) maintains a healthy equity balance of EUR61.6 million with no interest-bearing debt, indicating financial stability.
- Growth in 2025 was slower compared to previous years due to slower enterprise rollouts and a focus on migration in the Therapy business.
- The adjusted EBITDA minus CapEx was negative EUR3.3 million for the full year 2025, reflecting increased product development expenditure.
- The churn rate in the Therapy business unit was higher at 7%, partly due to strategic decisions not to pursue non-therapist customers.
- The company's stock liquidity is low, leading to significant price fluctuations with minimal trading activity.
- Nordhealth AS (STU:6E5) faces intense competition in the US market, particularly from established players like IDEXX and start-up PMSs.
Hi, everyone, and welcome to the Q4 2025 presentation. Today's presenters will be myself, CEO of Nordhealth; and my CFO, Alex Cram. The agenda today will be slightly different than the previous presentations. We'll start with the company update, and then we'll go through our AI strategy. Then we'll go into the regular Veterinary business unit updates, Therapy business unit updates. Then Alex will go through a financial update, and we'll leave time for questions at the end, so please hold your questions until the end.
Starting with the company update. So we reached a significant milestone in 2025 in that we surpassed EUR50 million in revenue. This is just over a 10 times increase since 2018 when I took over, which represents a 39% CAGR in revenue. Next is we can see that we ended the year with signed ARR of EUR47 million. This is a 46% CAGR since 2018. As you can see, no M&A was done in 2025.
Now looking at our growth, we -- following discussion with investors, we tried to look at the business a slightly different way this time
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