Revenue in the first quarter amounted to 205.3 (206.7) MSEK, representing a decrease of -0.7% Revenue in the first quarter amounted to 205.3 (206.7) MSEK, representing a decrease of -0.7%. Support and maintenance fees constitute the largest share of the revenue. License revenue and Professional Services revenue are attributable to the development of the existing product as well as the Sussa project.

Adjusted EBITDA in the first quarter amounted to 58.2 (74.6) MSEK resulting in an adjusted EBITDA margin of 28.3 (36.1) %.

Employee related expenses amounted to 111.6 (105.3) MSEK, representing an increase of 6.0 %. The number of full time equivalents (FTE) was 742 at the end of the first quarter, a decrease of 3.1 % from the comparable figure last year. Of these 306 were women.

Depreciation and amortization amounted to 38.4 MSEK, of which 27.8
MSEK relates to amortization of intangible assets linked to M&A activities,
5.1 MSEK refers to financial leases and 4.9 MSEK refers to amortization of capitalized R&D. The remaining depreciation of tangible assets amounted to 0.6 MSEK.

Non-recurring items amounted to 5.5 MSEK, consisting of 1.1 MSEK relating to organizational adjustments, 1.2 to change of ERP system and 3.2 to other.

CEO comments

We continue to make solid progress across the organisation and are now very focused on improving Cambio’s strategic focus, operational efficiency and productivity. During the quarter we announced a new organizational structure that came into effect on the 1st of April 2022. The new structure aims to drive transparency, efficiency and scalability as we continue to drive our transformation towards a full stack eHealth Service Provider. The biggest changes/additions have been the creation of a product division, consolidation of our smaller business units in an incubator structure and the streamlining of our Product & Technology division. Cambio is now positioned well to continue to focus on strengthening the partnerships with our customers to support them in their important work in the health- and social care sectors and to become even more efficient. We are finally from a customer interaction perspective well out of the Covid-19 era where we are now back to normal commercial activities.

Rami Avidan, CEO