Physitrack PLC ($PTRK)

Hello, everybody, and welcome to Physitrack's Q1 2026 Earnings Call. My name is Henrik Molin. I'm the CEO and Founder of Physitrack, and I'm joined by our CFO, Matt Poulter. Let's get into it. We will start by looking at the overall performance for the group, what worked and what didn't work. Then we'll look at the two different divisions. Matt is going to walk you through a financial update from the whole group, and then we're going to revisit strategy and outlook, and we'll open up for Q&A after that. [Operator Instructions] So let's start with the quarter, the ups and downs and where we exit. On what was up, we delivered 6% revenue growth on a constant currency basis, which translates to 3% on a year-on-year basis. Subscription revenue came in at 96% of total revenue. And as everybody on this call knows, this is the gold standard for running a business. It gives us predictability. It gives us control, and it allows us to invest with confidence across our business lines and everything that we want to do. Lifecare ARR was up 5% year-on-year to EUR 11.8 million. Average revenue per license was up 9% year-on-year. Now on the Wellness side, we returned to profitability. EBITDA was EUR 170,000 for the quarter, and net profit after tax from continuing operations was EUR 58,000. And importantly, we are now ready to launch our Remote Therapeutic Monitoring platform in the coming weeks, which you saw from the intro clip to this call. We're also evaluating a parallel listing in the U.S. on OTCQX, and Matt is going to touch on that in his segment. On what was down, or more accurately, what we deliberately invested into, the EBITDA margin is down slightly, and that was planned. We have invested in sales and marketing, most notably into building out the New York office. Free cash flow came in at EUR 0.1 million positive, down year-on-year. But again, that's driven by a higher CapEx cycle related to RTM development. And in Lifecare, license count was down slightly year-on-year, and there's actually one single large customer in the U.K. that churned. They had a discounted rate and didn't pay that much for that legacy contract that they were in. But -- so it's not a signal of underlying weakness in any shape or form. Now on the exit position, we are in a strong position as we move into Q2. We are ready to launch RTM, and we're seeing some very large and interesting deal activity in the U.S. market on the back of this. And so you should expect more news on that in the coming weeks. Our annual revenue run rate is now EUR 12.8 million. And we're a much smaller and more efficient organization. We are now 36 people employed versus 81 a year ago. That's a significant shift. But importantly, we have not compromised on execution velocity as part of that. CapEx is expected to moderate in the second half of the year as the RTM build completes. So let me just walk you through the headline financials here. Revenue for the quarter, EUR 3.2 million. Adjusted EBITDA was EUR 1.1 million. ARR is at EUR 12.8 million. Free cash flow, EUR 0.1 million. And we remain a highly recurring revenue business, close to 100% subscription revenue. SaaS gross margins, around 90%. And now we've been cash flow positive for 6 consecutive quarters, which is nice. Now moving into Lifecare. Revenue grew 6% year-on-year to EUR 2.9 million. Churn is stable at 1%. The EBITDA margin is 46%, and EBITDA minus CapEx is 21%. So overall, solid quarter, solid KPIs for profitability. The only distortion here is in the numbers of the license count here, which is slightly down due to that one larger U.S. customer -- sorry, U.K. customer, that churn. Outside of that, the KPIs are exactly where we want them. Moving over to Wellness. Revenue is down, and that is planned. We have deliberately exited parts of the hands-on clinical network and unprofitable contracts. Recurring revenue is now EUR 0.8 million. Adjusted EBITDA margin is now 36%, which is EUR 0.1 million. EBITDA less CapEx, 26%. So what you're seeing here is a stabilization of the division, and importantly, early-stage deal flow starting to come through again. You saw an announcement of a deal with a very, very large U.K. corporate a few weeks ago, and there's a lot more to come here. Now execution priorities for 2026. North America is front and center. The New York hub here, where Matt and I are today, is fully operational. There's a lot of commercial activity underway. We have already seen the first results of that with the State University of New York deal, which we saw on an announcement just a few weeks ago, and there's a lot more in the pipeline. RTM is the second major focus, and we will talk you through the drivers of that and why that is the case and how that all comes together in just in a moment. And we have over 6,000 active accounts where RTM can be applied as a revenue enhancement layer. Alongside that, we are exploring being closer to U.S. investors through an OTCQX listing. And we have put in place an Investor Relations capability in North America to support that. And if you haven't already done so, keep on the lookout for Physitrack IR, which is our new LinkedIn account with IR updates and other socials. And there will be more systematic activity around IR that's actually global, not just the U.S. From a financial driver perspective, margins and cash discipline has been maintained, as we've seen. We're operating with a smaller team, but we have a much higher output per person. And this is driven by the use of AI models and agents across the organization, which we started on very, very early already in 2022. And we're running a very lean team here without compromising at all on innovation velocity, which is great. And of course, we're net profit positive from continuing operations, EUR 58,000, which is an important milestone. On the product side, top right there, RTM is obviously central, particularly in North America. We are also continuing to enhance the Physitrack platform more broadly, including the addition of motion capture capabilities, which you saw also in that intro clip, and that will be a key driver of customer value in the coming quarters. We believe price elasticity is still on our side. There's a lot, a lot more value that will come in the platform itself, just to support that further. On the Wellness side, the bottom right, Champion Health is now enterprise ready with a much more simplified onboarding process and an abbreviated health assessment, which is really, really key for getting end users on board. So it's [ critical scaling ] into larger organizations. We have fully exited the hands-on clinical business. Care escalation within the ecosystem via the Nexa product is now handled through our partner network, and that gives us more scalable, higher-margin revenue while we still deliver this full prevention to intervention pathway. Now let me spend some more time on RTM because this is where the real shift happens, and we've spoken about that a lot. There's also a section on that in the quarterly report, so you can read up on that. This is a summary slide. Now what RTM does is that it fundamentally changes how customers perceive Physitrack. So instead of being seen as a cost, we become a revenue enabler. So through Medicare and Medicaid incentives, providers can generate revenue by monitoring and treating patients remotely. And that creates a direct financial incentive to use the Physitrack platform for it. In 2024, this market was approximately USD 400 million in this physical therapy segment. And we've done something similar before with telehealth where we enable customers to monetize remote care, and that's how we shot to fame during the pandemic. So RTM is the next step of this. It allows revenue to scale with patient volume, and it increases the deal sizes. It also strengthens the ecosystem lock-in because we are now directly tied into our customers' revenue streams and more close to the clinical processes. So that's a fundamentally different position for us and a very powerful one. Right. Just to recap, solid quarter, maintained profitability, continued to grow, stabilized Wellness, and we're entering to a very important phase with RTM in North America. And with that, I'm going to hand over to Matt to take you through the financials in more detail. Matt, over to you.

Thank you, Henrik. So I'd actually like to start not with revenue, which is what we always start with, but actually profitability because I think this is actually the most important signal in this quarter. Q1 2026 is the quarter in which Physitrack became profitable. Not adjusted profit, not adjusted EBITDA, not EBITDA profitable, but profit before tax of EUR 75,000 from continuing operations and a net profit after tax of EUR 58,000. So for a company that reported a net loss from continuing operations of EUR 376,000 in the same quarter last year, that's a huge inflection point. And I want to make sure that all our investors and the wider market are aware that this doesn't get lost in the detail of the numbers which I'm going to follow. I also want to flag something important if anyone is cross-referencing these results against prior period disclosures. The numbers you see today and the comparative figures alongside them reflect continuing operations only following the completion of our divestment program towards the end of last year and the closure of clinics on the 16th of January this year. Comparatives have been restated accordingly, so they're not going to necessarily reconcile through to the figures which have been presented in prior year reports because they included the entities that were part of the group then. We set out the basis clearly in the interim report, and I'm happy to walk through any specific reconciliations for questions anyone has. Now to revenue. Reported revenue grew 3% year-on-year to EUR 3.2 million. What sits beneath that headline number is an important -- is really important because I actually think there's a few things that understate the positivity in that growth. On currency, as I'm sure you're all aware, we operate globally. We've got revenue across different currencies, including U.S. dollar, euro, sterling, Canadian dollar, Australian dollar. And as we're seeing globally, there are FX headwinds there. So that impacted our cash growth or revenue growth there by 3%. So on a constant currency basis, revenue grew 6% year-on-year. But also importantly, our cost base is distributed globally across the same currencies. So it does provide a natural hedge there. So currency movements, whilst they do have an impact on the top line revenue, they also flow through to profitability. And at an EBITDA line, they do have a more of a muted impact. On licenses, as Henrik mentioned, our headline license count fell year-on-year, quarter-on-quarter. And that movement is actually attributable to a single large customer which churned in February. This was a very long-standing account that held historically favorable license rates under a commercial rate that predated our current pricing structure. So that customer did represent about EUR 8,000 MRR. It's a modest figure. But if you then compare that to the license count, they had a very, very -- well, that was impacting our ARPL. And actually, when you look at revenue growth including that, to have that loss in MRR and license count is a really, really important signal to show there. It also shows the increase in ARPL, which increased 9% year-on-year. And what that signifies is the replacement business we are writing is at a much material higher price point than what happened previously. But then when it comes to growth, I want to be honest and straightforward. These numbers are not yet where we want them to be. We are focused on driving that number, and we're beginning to see the first green shoots of success since the quarter closed. We've announced 4 new customer wins in April alone, and this is early evidence that this commercial investment that we're making is having a big impact that we're beginning to convert. Next slide, Henrik, please. On revenue, subscription revenue now represents 96% of total revenue, and that's up 1 percentage point from a year ago, and 92% for the full year in 2025. So every quarter, the revenue base becomes more recurring, more predictable and more valuable. The annualized revenue run rate from continued operations is EUR 12.8 million, that's up 1% on the prior quarter. Lifecare ARR of EUR 11.8 million is up 5% year-on-year but flat quarter-on-quarter, which in the context of absorbing the large customer churn, as I described, is actually a good outcome, and it reflects the new enterprise additions at higher price points filling the gap. Next slide, please, Henrik. Now on profit, I think whilst we have been profitable, I do want to be transparent when we're comparing that quarter-on-quarter and year-on-year. So adjusted EBITDA was EUR 1.1 million with a margin of 34%. In Q1 2025, that margin was 36%. So that margin is lower, but there are a few reasons behind that, and this was deliberate. I also want to flag something on EBITDA more broadly. You will see that reported EBITDA before adjusted items was EUR 950,000, up 20% year-on-year. As we move forward, we expect EBITDA and adjusted EBITDA to converge much, much closely together. And the adjusted items in recent years which have been substantial in relation to restructuring, divestment, legal settlement, impairments, et cetera, these are predominantly behind us now, and we would expect the gap going forward to become even more narrow. Which means adjusted EBITDA you see today is increasingly clean representation of what our underlying performance is. On the margin movement, during 2025, we restructured the business fundamentally. Headcount reduced by 50% -- 56% year-on-year. We're now a team of 36 people, down from 81 a year ago. And that restructuring was necessary, and in many respects, quite painful. We made the difficult decisions when we needed to, but the result is a much more leaner, efficient organization, and that efficiency is visible in our productivity metrics. ARR per employee is actually up to EUR 350,000, which is 132% year-on-year. And I think that single number captures better than almost anything else, the transformation we've achieved. We're generating substantially more recurring revenue per person than we were 12 months ago, and that ratio will continue to improve as RTM and North America scale. The investment in Q1 2026 has been deliberate, and it has been targeted. We hired when it hurt, adding sales and marketing capability in North America ahead of revenue because we believe commercial returns will justify it. That is the right decision at the business at our stage and what our growth ambitions are. Management expects margin to recover through half 2 2026 and as that investment converts into ARR growth. On Wellness, the division delivered adjusted EBITDA of EUR 117,000 in Q1 2026, which is the first quarter of meaningful profitability when you compare it to what that division was last year, and that reflects the completion of our divestment program. Those legacy businesses that were generating losses are now gone, and what now remains is a lean, profitable pure SaaS operation, and we're building from that foundation. Next slide, please, Henrik. On cash, free cash flow from continuing operations was EUR 0.1 million, lower than recent quarters, and I want to explain that clearly. Obviously, working capital does have an impact there, but our capital expenditure in Q1 was EUR 0.8 million, which is a little bit higher than what we had in previous quarters as we're investing in the development of the RTM platform ahead of our release in Q2. We feel that this is peak investment, and that management expects it to moderate through half 2 as the primary RTM development phase is complete. I also want to flag one specific item for you for Q2 models. During Q1, we reached a final settlement on a legacy legal dispute which has been disclosed in the annual report for a number of years now and a provision that had been on the balance sheet going back, I think, to 2017 or 2018. That total settlement is at EUR 300,000, which is being discharged in equal monthly installments across April to July 2026. So that cash outflow will be visible in Q2 free cash flow. And I want to be explicit. Whilst we do target positive free cash flow on a quarterly basis, this settlement will have a one-off impact on Q2. It is nonoperating in nature and entirely behind us, so there's no further contingent exposure there. I would encourage you to look through that when assessing the underlying cash generation of the business in Q2. Despite the elevated CapEx, free cash flow remains positive. This is the sixth consecutive quarter of positive free cash flow from continuing operations. Operating cash flow of EUR 0.9 million is robust. The group is funding its own investment without having to draw down on the RCF. Available liquidity at 31st of March was EUR 2 million. Net debt of EUR 3.5 million represents approximately 0.9x annualized EBITDA, which is a conservative leverage position. And in this context, conservative is ambiguously good. It means we can repay all of our debt for less than a year of operating earnings. It gives us balance sheet flexibility to fund our growth organically and to act if the right opportunity presented itself. I know Henrik has also mentioned and discussed RTM, but I also wanted to cover that from a CFO perspective as well because I think it's important how investors directly model the business. RTM changes our commercial model in a way that has direct financial consequences. Before RTM, Physitrack was evaluated by U.S. clinics as a software cost. Purchase decisions went through procurement and budget approval. The value case was built on clinical efficiency, time savings, often qualitative, hard to quantify, vulnerable to budget pressure at renewal. But with RTM, Physitrack becomes a revenue-enabling tool. The clinic can directly offset the cost of their Physitrack license against CMS reimbursements. The platform enables them to generate, and the value case becomes far more quantifiable in dollar terms. That changes the sales conversations, shortens decision time lines and structurally reduces churn risk because the platform embeds in a clinic's billing workflow, not just in it's clinical workflow. The financial impact will build progressively. We're not promising a huge step change in Q2. The launch is a pilot with our largest U.S. enterprise customers, with active discussions already underway. Half 2 2026 will see a broader rollout to existing and new customers, and we expect meaningful contributions over the next 12 to 18 months coming from RTM. It's going to be steady, and it's going to be compounding. And with 6,000 active U.S. licenses today, we have an immediate upsell base. U.S. RTM market is $387 million and growing at 17% a year. And we're entering early, and we're entering with an established customer base. Next slide, please, Henrik. I just want to give a quick update on the share buyback as well. So one of the legal requirements in order to perform a share buyback is to have positive retained earnings. Currently, at the moment, Physitrack has negative retained earnings, although it does have positive net assets. We are going through a capital reduction process at the moment with our legal -- external legal counsel to move that share premium account to retained earnings, which will then give us positive retained earnings to legally be able to do the share buyback program. We expect that to be completed over the coming months, and we expect at least by the Q2 or no later than the Q2 results presentation to be able to present to you a much more structured share buyback program and potentially the share option program too. So watch this space, and we're doing everything we can in the background to ensure that this happens. Next slide, please, Henrik. Okay. So Henrik briefly mentioned we're exploring a listing on the OTCQX Best Market listing. So essentially, I want to be really clear, this isn't a relisting of Physitrack. This isn't a dual listing. Our listing on the OTCQX is a tool enabler to allow frictionless investment from our U.S. investors, who from time to time do struggle to acquire our shares on the NASDAQ Nordic First North Exchange. We -- as a constituent of that exchange, we are able to take advantage of several SEC exemptions, which means that we don't need to be necessarily SEC-compliant from a SOX reporting perspective of listing on there. It very much will be business as usual. But it's just as a tool to allow our U.S. investors to have the opportunity to purchase our shares. Why we're doing this now? As you've seen through the presentation, North America has a really, really compelling growth story, especially with RTM there. And we'd like to reflect our investor base more within the market where we do see our growth and where we have a real growth story. And we want local investors in that market to be able to share in our success, which is why we're looking at this OTCQX listing. It is still in exploratory phases at the moment. And when we are at the point where we would like to pursue this, we will make a further announcement on that. Back to Henrik.

Thank you so much, Matt. And let's move on to strategy and outlook. So why is Physitrack positioned to win? Well, at the core, we are a clinic-embedded SaaS platform. We are deeply integrated into practitioner workflows. And this is not a light touch tool. It sits inside the day-to-day delivery of care, and that creates real switching costs for our customers. So once we are embedded into these ecosystems, it becomes operationally difficult to replace us, and that's where our biggest moat comes from. So you see that clearly reflected in our churn, which sits at around 1% on a rolling 12-month basis. At that price point, that is a very strong signal of product market fit and stickiness. If you look at care and education proposition that we have, we're not just delivering software. We are integrating continuing education and physiotherapy content directly into the platform, and of course, RTM as well. So you have a single ecosystem that covers delivery, compliance, professional development. And that increases both relevance and monetization potential. It gives us a clear path to expanding average revenue per license and the strength of our position in enterprise environments. RTM, of course, as we've discussed, that is a step change. It moves Physitrack from being perceived as a cost center to being a revenue generator for our customer. This changes the conversation completely. We have tied directly into a provider's revenue stream. Your importance in the stack increases, deal size increases and retention strengthens further. From a business model perspective, we are at 96% subscription revenue. That gives us a highly predictable and stable platform to operate from. Gross margins are around 90%, and that translates into very strong cash conversion over time, in line with our long-term model. So that's a business that's built to scale efficiently. And of course, truly global footprint, as you know. And we're building some very focused commercial hubs here in New York and in London as well. So global platform, local execution. Now if you step back and look at the investment case, the underlying market dynamics are supportive. Health care is digitizing, providers are looking for scalable delivery models, reimbursement frameworks like RTM are accelerating adoption. We are well positioned from an innovation standpoint, and the model is highly scalable. Now in terms of financial goals, we are targeting a doubling of the company in the medium term and EBITDA margins in the range of 40% to 45% based on the KPIs that we are seeing, particularly in our profitability and efficiency. We are well on the track on the margin side. So overall, sticky embedded platform model, multiple levers for revenue expansion and a scalable high-margin model. And we're entering a phase where North America can materially accelerate growth. And with that, I'd like to open up for Q&A.

[Operator Instructions] And we'll take your questions. See you on the other side. Let's see if we can get Matt in the room as well. We are in New York at the same time. So here we go. Perfect. Let's see what we have here with the Q&A, and please continue to ask us questions. We are yours until we finish every single one of them. All right. So let's see. First question here, what milestones do you see in place to take growth from around 6% to double-digit levels? So there are really two parts to that. There's a quantitative piece and a qualitative piece with milestones within both. Now on the quantitative side, we now have a proper marketing engine in place that is measured very clearly in terms of marketing qualified leads coming in through the various channels that are connecting to it. So there are milestones around the number of thousands of leads that need to come in at the top of the funnel. And then those are subject to defined conversion rates as they move through the funnel through sales qualified leads and then throughout to sales conversations, whether those are automated through product-led growth or if they're manual. And in the manual funnel, so these leads are qualified by sales development representatives with specific conversion percentages from marketing qualified leads into sales qualified opportunities and then into deals. And then you work on them individually, salesperson by salesperson. So we have clear milestones, both at the top of the funnel and in terms of conversion metrics inside it. Now on the qualitative side -- and this is where it gets even more important -- we have suffered historically from not having had enough sales presence. And not necessarily in terms of sales headcount, but in terms of the time that the sales team spent on applying their talent to sales processes. So in sales, that's the key to success in a very, very big way. So the amount of time you apply to the talent that you have really, really matters. What I'm happy to conclude now is that the new regime that we put in place in the last quarter of last year is really starting to pay off. We see that both in the overall volume of leads that we're working on and in the conversion metrics. And I'm really, really happy with what's going on in the New York office. I think that team there is absolutely fantastic, and I couldn't be happier to be working closely with all of them. There's some additional factors around the expansion within the existing customer base, of course, particularly here in North America, where we have about 6,200 users now. That's a very real opportunity, and it's about working through those accounts one by one and identifying expansion opportunities and executing on them as efficiently as possible. We have our new customer excellence presence there with a completely new methodology that has been defined out of New York. And I'm really happy that we are now closer to our customers than ever. We understand them, and we see the potential in a very, very big way. So I see great things coming out of that. Now finally, we've become much more disciplined around hiring and performance. So we now have a recruitment methodology and interview process that ensures the right caliber of people are coming in. And we're actually not afraid to make tough decisions where needed. In the past, we were probably too lenient on our teams, especially within the commercial structure. Now it's much more disciplined, it's performance-driven, and the environment really aligns with that quantitative framework that I described there at the start. So I hope that all makes sense. Now can we have an update on your current deal pipeline, particularly in RTM? Yes. So we currently have 4 active RTM deals in progress. That's as of today. And I would expect probably half of those to convert this quarter, And I would say the remaining half in the next quarter. So assuming normal execution, and that sits on top of broader activity. So it's not the full picture in terms of sales, which is a good indicator of momentum, let's say. How should we think about margin expansion as the business scales? Yes. I mean, there's definitely some further room for margin expansion as we see revenue growing. Because similar at the 90% gross margin, you have really, really strong conversion from revenue down to cash. So if we can get growth into the right side of double digits, you should start to see margin expansion come through as well because the relationship between investment and output is not perfectly linear. So we don't need to invest proportionately to drive growth. So incremental revenue should carry higher margins, and that's where the operating leverage comes in. Okay. Let's see what else we have here. During Q4, OpEx per employee was EUR 36,000. Now in Q1, it was EUR 58,000. In absolute terms, roughly the same. One would assume this implies better profitability going forward. Matt, I'm going to pass that to you.

Yes. I can see now. I mean, this was the first quarter where we had profit from continuing operations. I'd like to think now with the cost base being pretty stable and us not having additional -- unlikely to have additional one-off adjusted items, that we can expect to see profitability going quarter-on-quarter. And as the business scales as well, like any SaaS business, that's all going to flow through to profitability. So yes, I think there -- it's right to imply that there will be better profitability going forward.

Thank you, Matt. Next question, do you have any estimates on what RTM is worth to you per customer? Yes, indeed. So if you look at the average license pricing here in the U.S., it hovers depending on the size of the ecosystem. And also, you have legacy contracts, obviously, where people have negotiated quite favorable rates. But you're looking at license revenue of, say, between $12 and $15 per month for some of these big customers. And as you -- if you add RTM in there, we should be able to get to -- from 3x to 10x on that in terms of monthly license revenue, depending on patient volume. Now important to keep in mind that this is new business for a lot of our customers here. So they are in the early stages of doing this. They have their own estimates as to what the patient volumes will be, and they estimate that you can have patient volumes of around 50 practitioners -- sorry, 50 patients per practitioner, which will translate into -- somewhere between $300 and $400 per month per user. So it's -- the dynamics -- the revenue dynamics of that are really, really interesting. And again, if you have really good ecosystem lock-in and you have a long-standing relationship with these customers, they trust us to actually deliver that. And that's why this is just so interesting for us to keep pushing on. So I hope that makes sense for you. Any updates regarding the share buyback program? And what will a listing in the U.S. cost? I'll start at the end. The U.S. listing is not an expensive one at all. We're looking at about $25,000 a year. There's a minimum setup fee. So this is not something that is very costly at all. Share buyback program, Matt gave a little update on that. But do you want to maybe just go down the list of -- there's a box ticking exercise that we're going through for that at the moment.

Yes. So we need to have profitable retained earnings or retained earnings to pay that out. We're going through a capital reduction process in order to make that happen. That's going through all the legals. We have to have a court hearing for that in the U.K., and we're expecting that to be completed in the next couple of months. I would say at the Q2 announcement, we will have a much more structured buyback program in place that we will be able to outline the details to the market for that. So very much just watch the space, but we can't do anything at the moment until that capital reduction has occurred.

Yes. So I believe that, that will come in relation to the AGM at the end of May, right? So we have to have an EGM in place that approves that. So I think they go back to back on May 26. So that's the time line. We do know who we want to do this with, and we know the methodology behind this. And so everything is lining up nicely to start as soon as we can. Here's some praise. Actually, another question. A significant improvement in the report structure, well done to all of you. Well, the team is watching, so this is a really nice recognition. And thank you for seeing that, guys. There's a lot of work that goes into this in just like 3 weeks, 2 languages and -- so we appreciate that feedback.

Yes. Just on that, we're always open to receiving feedback as well. So if there's anything we can include or do further improve the reports, we're listening, and we want to ensure that you're getting the information that you need.

Right. Question here. Are you managing to cover Canada? Or are you too busy working around U.S. and New York customers? Well, we're actually big in Canada. We are integrated into Jane, which is the biggest small to midsized business EMR in that country. We have 65,000 installs. So they are very dominant in that space. They were just here in the office yesterday. We have been deeply embedded with them since 2015. That's a big source of revenue for us. We're also with Clinicmaster, which is the other big EMR there more for institutional customers. So yes, we do have time. We have CBI, which is the biggest national network of physical therapy clinics, for example. So yes, Canada very much has been a priority. We were in Canada before we were in the U.S., so a lot going on there as well. So we do have time as well to go up north of the border. Can you indicate how you assume the RTM can impact your revenue and profit, assuming a weak, moderate and high market adoption? Well, it is early days, but I'd say if you look at the weak adoption, that's to say that we get maybe 1 or 2 of these deals in. We're still looking at 6-digit U.S. dollar ARR for that. That's just assuming that you get into an ecosystem where they're just starting out and they start to slowly but surely. We're still looking at a very, very nice number there for customers. If it's moderate, I'd say, we're probably between $0.5 million and $1 million ARR. And if you look at high market adoption rather than -- I mean, it is a USD 300 million -- almost USD 400 million per year total addressable market for that, and then you can take a portion of it. But I assume that over time, we can probably land several million ARR on that if we do things right if we can have a dominant market position. And from indications with working with some of these biggest hospital systems, we do actually have a shot at that, which is very, very exciting. Question here, are there any bigger investors that have approached you regarding the U.S. listing option? And the answer to that is yes, but also some interesting things that you are faced with in dealing with U.S. investors. You sit in front of retail, high net worth, ultra-high net worth family offices and also institutions. They love the story, and then they want to go on to their Schwab platform or their Fidelity platform. They want to press the button and buy, and they can't. And then there are so many hoops to jump through to do that. Nobody lifts a phone anymore to call a broker. If it's not readily accessible by pressing a button to get in, then it's not going to be readily accessible to press the button to get out either. So this is an important part of that. And then so we'll see what happens. It's also very frustrating to be in the room with investors at a conference and speak about an investment case where literally nobody can pick up their phone or their iPad and just press a button to buy. So I think this is something that's going to -- is going to change the momentum that we have. And of course, as we mentioned, we have hired a New York-based Investor Relations firm. They'll be working globally. So you'll see more activity across socials. We now have a dedicated social on LinkedIn for IR, Physitrack IR. We'll be reactivating our [ X ] account. And you'll be seeing more in between reporting season in terms of content that we can get out. So there's a lot of buzz around, as you know, those of you who follow us commercially on social media, there's a lot that can be tracked for investors. Now we have a dedicated team for that. So we're also recrafting the story to be more palatable to U.S. investors, to stuff like translating stuff from euros to USD so that people get the right KPIs in place. But overall, it's about exposure, it's about road showing, it's about participating in conferences, getting investment cases picked up by local analysts, et cetera. So we have now Harbor Access in place in New York since a few weeks that will work on this as we gear up for that OTCQX listing. Let's just -- I want to scroll through the Q&A and see if we have anything more. No, I think that's it. So thank you very much for participating. Thank you for following the story, and we wish you a really nice rest of the day. See you soon.

Thank you.