Carasent — Investor Presentation 2020

Feb 16, 2021

Disclaimer

Certain statements made in this Presentation may include forward-looking statements. These statements relate to the Company's expectations, beliefs, intentions or strategies regarding the future. The forwardlooking statements reflect the Company's current views and assumptions with respect to future events and are subject to risks and uncertainties.

All though the Company believes that its expectations and the Presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Presentation.

Carasent ASA is making no representations or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Carasent ASA, nor any of its directors, officers, employees or advisors will have any liability to you or any other person resulting from your use.

Fourth Quarter and Full Year 2020 Results

• Overview
• Evimeria
• Acqusition of AvansSoma
• Financials
• Outlook
• Q&A

Quarter 2020. Ended the Fourth Quarter with Overview of the Fourth Quarter 2020 495 active clinics.

CARASENT ASA – Consolidated

• Revenues of NOK 20.3 million as compared to NOK 14.1 million during Q4 19.
• Including expenses for changes in fair value of previously issued stock options of NOK 17.5 million in Q4 2020 and acquisition related costs for Avans Soma of NOK 7.3 MNOK the result was a net loss of NOK 21.9 million as compared to a net income of NOK 0.4 million during Q4 2019
• Cash balances of NOK 221.2 million on December 31, 2020

Evimeria EMR AB (IFRS Adjusted SEK)

• Revenue of SEK 19.3 million, an increase of 31 % as compared to Q4 2019.
• EBITDA of SEK 7.7 million as compared to SEK 5.8 million during Q4 2019.
• EBIT of SEK 5.7 million as compared to SEK 4.5 million during Q4 2019.
• Signed 25 new clinics during the Fourth

Q4 and full year 2020 review

Sales

• Signed 25 new clinics during the fourth quarter
• Sales to smaller individual clinics continues to progress according to plan
• However, the larger customer group segment is not yet back to normal levels.

23% YoY

25 new clinics

Growth

• The fourth quarter started strongly with continued recovery and normalization of the situation caused by the pandemic
• In November, however, the spread of the virus increased again, with stricter social restrictions and economic uncertainty as a result.
• The effects of the pandemic continue to have both positive and negative impact on Evimeria

31% growth

million

Scalability

EVIMERIA IFRS ADJUSTED SEK 1,000	Q4 2019	Q4 2020	2 019	2 020
Webdoc license	7 380	8 914	26 716	33 869
Integrated Services	6 108	9 032	19 875	29 716
Consulting	1 323	1 320	4 718	5 034
Other	0	ਦੌਤ	75	256
REVENUES	14 810	19 329	51 385	68 875
Growth%		30,5%		34,
COGS	2 644	3 dyg	ਰੇ 388	13 462
GROSS MARGIN	12 166	15 379	41 997	55 412
GM %	82,1%	79,6%	81,7%	80,.
OPEX	ર રેણે રિક્સ્ટિક	7 692	24 579	28 246
EBITDA	5 800	7 688	17 418	27 166
EBITDA%	39,2%	39,8%	33,9%	39,
D&A	1 347	2 005	4 443	8 790
EBIT	4 452	5 683	12 975	18 376
EBIT%	30,1%	29,4%	25,2%	26,

EBITDA of 7.7 million	5 000
	4 000
EBIT of 5.7 million	3 000
	2 000
42% EBIT growth	1 000
27% EBIT margin	-

Acqusition of AvansSoma

Carasent enters the Norwegian market

	▪ On Thursday December 10th, 2020, Carasent announced the acquisition of Avans Soma AS
Transaction overview	▪ The agreed purchase price is NOK 122.5 million, corresponding to an enterprise value of NOK 125 million less Avans Soma's consolidated net debt position of NOK 2.5 million
	The purchase price has been settled through shares in ▪ Carasent (50%) and a cash consideration (50%)
	All selling shareholders have entered into a lock-up ▪ agreement of 15 months on the Carasent shares
Avans Soma highlights	▪ Leading provider of e-health solutions for social care and rehabilitation providers
	▪ Targets niche segments with robust underlying dynamics and limited competition
	▪ Strong market position, with limited churn and high degree of earnings visibility
	▪ Significant organic growth potential through multiple levers on existing customer base and from winning new customers

Strong strategic rationale – accelerated Norwegian expansion

Accelerated expansion

Financials

Q4 2020 Carasent ASA

• Revenues of NOK 20.3 million, an increase of 44 % as compared to Q4 2019
  • All revenues relates to Evimeria
  • Difference is FX effect
• EBIT of -3.4 million as compared to 2.0 million in Q4 2019
  • Other non-recurring costs related to share issue and Avans Soma transaction
  • Adjusted EBIT of 3.9 million and EBITDA of 4.8 million
• Stock options

	12 Months Ended Dec 31, 2020
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited
	Evimeria	Avans Soma	Carasent	Carasent	PF Total
(Amounts in NOK 1,000)		Proforma	Recurring	Non-recurring (*	Proforma
Total Operating Revenues	70 576	21 389	-	-	91 965
Total Cost of Sales	13 789	2 568	-	-	16 357
Gross Profit	56 786	18 822	-	-	75 608
Operating Expenses
Employee Compensation and Benefits	20 629	7 547	1 267		29 443
Other Operational and Administrative Costs	8 332	6 353	3 241	7 262	25 188
Total Operating Expenses	28 961	13 900	4 508	7 262	54 631
EBITDA	27 825	4 921	(4 508)	(7 262)	20 977
Depreciation and Amortization	8 983	5 190	3 645		17 819
Operating Income (loss)	18 842	(269)	(8 153)	(7 262)	3 158
Total Other Expense	(687)	(161)	(12)	(36 960)	(37 819)
Income (loss) Before Income Taxes	18 155	(429)	(8 165)	(44 222)	(34 661)
Income Tax Expense	(3 298)	(99)	838		(2 559)
Net Income (loss) for the Period	14 857	(528)	(7 326)	(44 222)	(37 220)

*) Non-recurring costs are related to acquisition, share issuances and stock option program.

Proforma 2020

Outlook

Financials and growth drivers

1: Illustrative figures for Avans Soma, adjusted to IFRS for comparison purposes (unaudited, for illustrative purposes only) 2: Evimeria figures adjusted to NOK

Multiple avenues for further growth

	New products / services	New segments	Geographic expansion
Organic initiatives	• Continued development of adjacent products and services Standalone products in new • markets	Several attractive segments • identified • Utilizing existing footprint and knowledge	• Norwegian expansion planned • Several attractive regions identified for further geographic expansion
M&A targets identified?	✓	✓	✓
Broad field of both organic and structural growth opportunities available