Q1 2026 Nordhealth AS Earnings Call Transcript

May 12, 2026 / 11:00 AM GMT

Release Date Price: €2.18 (+3.81%)

Transcript

Key Points

Positve

Nordhealth AS (STU:6E5) reported a 7.9% increase in revenue for Q1 2026 compared to the same quarter last year.
The company achieved a net retention rate of 108% with a low churn rate of 3.3%, indicating strong customer loyalty.
Significant growth in the cloud business for veterinary and therapy platforms, with a 25% increase and a churn rate of only 2.2%.
Successful localization of ProVet for the German market, with the first German customer going live recently.
AI developments, such as AI Scribe and AI Actions, are enhancing operational efficiency and customer satisfaction.

Negative

Quarterly adjusted EBITDA minus CapEx decreased by 0.6 million year-on-year to negative 1.5 million, reflecting increased investments.
The company experienced a slowdown in the aspect migration dynamic, with fewer migrations than anticipated in Q1 2026.
Despite growth, the US market is expanding at a slower pace compared to the UK.
There is a backlog of 1.7 million euros in ARR yet to be implemented, posing a bottleneck to growth.
The company is facing challenges in reducing the time from signing to implementation for enterprise deals.

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

NORDH.OL - Nordhealth As
Q1 2026 Nordhealth AS Earnings Call
May 12, 2026 / 11:00AM GMT

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Presentation
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Unidentified_1 [1]
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Hi, everyone, and welcome to the Q1 2025 presentation.

We'll start from introductions. For those of you that are new, I'm Charles McBain. I'm the CEO of Nord Health, and I'm joined by my colleague, Alex Cram, who's our CFO.

So similar to previous presentations, we'll go through a company update.

In general, then we'll deep dive into a veterinary BU update, then a therapy BU update. Then we'll go into a deep dive into our AI developments that we're making. And then Alex will go through the financial results, guidance, and we'll leave some time at the end for Q&A. So if you have any Q&A, please hold them until the end.

Starting with the company updates.

So I just want to remind everyone of the

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