Revenue in the second quarter amounted to 219.5 (195.8) MSEK, representing an increase of 12.1%. 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 second quarter amounted to 61.0 (46.1) MSEK resulting in an adjusted EBITDA margin of 27.8 (23.5) %.

Employee related expenses amounted to 123.1 (117.8) MSEK, representing an increase of 4.5 %. The number of full time equivalents (FTE) was 702 at the end of the second quarter, a decrease of 8.4 % from the comparable figure last year. Of these were 41 % women.

Depreciation and amortization amounted to 40.5 MSEK, of which 27.8
MSEK relates to amortization of intangible assets linked to M&A activities,
5.9 MSEK refers to financial leases and 6.5 MSEK refers to amortization of
capitalized R&D. The remaining depreciation of tangible assets amounted to 0.3 MSEK.

Non-recurring items amounted to 5.5 MSEK, consisting of 3.0 MSEK relating to organizational adjustments, 0.6 to management fee and 2.0 to other.

CEO comment

We continue to make good progress across all parts of the organisation. We are now seeing the result of our new strategic focus, especially with regards to operational efficiency. Our new internal structure is driving transformation towards becoming a full stack eHealth Service Provider. 

We are seeing increasing customer activities, both in our existing customer segments but also in potential new areas.

In Q2, we have performed extensive preparatory implementation work towards some larger customers. As we move into Q3 and Q4 a lot of our focus will be on delivering on our undertakings towards existing clients as we move into crucial parts of those engagements.

To meet our customers’ needs in their pursuit of driving more efficiencies and higher patient safety, we have closed several new partnerships in order to broaden our offering.

We have been increasing our M&A activities during Q2 and on the July 21st, an indicative offer to acquire FRISQ was announced and that we have entered into an exclusive process with the objective to reach a final and binding offer to acquire the operative business of FRISQ.

We are poised to continue to drive our transformation to even further reinforce Cambio’s position as the leader in the Nordic eHealth eco system.

Rami Avidan, CEO