Carasent

Earnings Release • Feb 12, 2020

Overview of Fourth Quarter 2019 consolidated results for Carasent ASA

• Revenues of NOK 14.1 million as compared to NOK 9.8 million during Q4-18
• Net income of NOK 0.4 million as compared to net loss of NOK 1.3 million during Q4-18
• Cash balances of NOK 10.9 million at December 31, 2019

Continued strong development for Evimeria EMR AB

• Revenue of SEK 18.5 million, an increase of 57 % as compared to Q4 2018 (Swedish GAAP)
• EBITDA of SEK 5.2 million as compared to SEK 1.5 million during Q4 2018 (Swedish GAAP)
• EBIT of SEK 4.3 million as compared to SEK 0.9 million during Q4 2018 (Swedish GAAP)
• Signed 20 new clinics during the Fourth Quarter 2019, which is in line with previous year. Ended the Fourth Quarter with 404 active clinics.

2019 performance

Sign more than one clinic per week (1.5)	> 78	89
Revenue growth (SEK and Swedish GAAP)	50.0%	50.1%	(37.7% IFRS)
Triple digit EBITDA growth (SEK, GAAP)	100.0%	101.0%	(100.2% IFRS)

Target	Actual

Products and services

Q1-19

Q2-19

Q3-19

Q4-19

Financials

EVIMERIA IFRS PROFORMA	2 016	2 017	2 018	2 019
Webdoc license	9 928	13 967	19885	26 716
Integrated Services	7 312	ਰੇ 326	14 130	19 875
Consulting	113	1 571	3 340	4 718
Other				75
REVENUES	17 352	24 864	37 325	51 385
Growth%		43,3%	50,1%	37,7%
COGS	3 869	ਦੇ ਦੇਵੀ	7516	ਰੇ 388
GROSS MARGIN	13 484	19313	29 809	41 997
GM %	78%	78%	80%	82%
OPEX	8 953	13 586	21 108	24 579
EBITDA	4 531	5 727	8 700	17 417
EBITDA%	26,1%	23,0%	23,3%	33,9%
D&A	1 585	1 608	1 689	4 443
EBIT	2 946	4 120	7 012	12 975
EBIT%	17,0%	16,6%	18,8%	25,2%

50%+ CAGR EBIT GROWTH
25%+ EBIT MARGINS
Proforma IFRS
Audited on Swedish GAAP (K2)

Why do we win?

Web based and userfriendly interface

Cloud based Easy to implement

No upfront investments

Business model

Pay as you go – transparent with customer revenues

No long-term agreements

Integrated services

Covers all the businesscritical needs for our targeted segments

Focused

Products and services 100% developed to meet our segments needs Support process

Outlook

• To be transparent with the reporting of Carasent ASA, targets and proforma numbers for Evimeria EMR AB will, going forward, be translated into IFRS.
• Evimeria believes market conditions to remain strong in 2020 and expects the number of new clinics signed to increase as compared to actuals in 2019.
• Furthermore, we expect revenue growth in the 40% range (IFRS) as compared to actual 37.7% in 2019 and EBITDA margins (IFRS) in the 35-40% range as compared to actual 33.9% (IFRS) in 2019.