https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚨" title="Polizeiautos mit drehendem Licht" aria-label="Emoji: Polizeiautos mit drehendem Licht"> $PSKY MedTech https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚨" title="Polizeiautos mit drehendem Licht" aria-label="Emoji: Polizeiautos mit drehendem Licht">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🩺" title="Stethoskop" aria-label="Emoji: Stethoskop"> Provides a healthcare CRM software

https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend"> Sales are set to grow by 38% YoY from 2020 to 2021

https://abs.twimg.com/emoji/v2/... draggable="false" alt="⚡️" title="Hochspannungszeichen" aria-label="Emoji: Hochspannungszeichen"> Developing a platform for third-parties to commercialise their MedTech apps and integrate these with PatientSky’s software

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> Becoming a Platform-as-a-Service
https://abs.twimg.com/emoji/v2/... draggable= $PSKY MedTech https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚨" title="Polizeiautos mit drehendem Licht" aria-label="Emoji: Polizeiautos mit drehendem Licht">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🩺" title="Stethoskop" aria-label="Emoji: Stethoskop"> Provides a healthcare CRM softwarehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend"> Sales are set to grow by 38% YoY from 2020 to 2021https://abs.twimg.com/emoji/v2/... draggable="false" alt="⚡️" title="Hochspannungszeichen" aria-label="Emoji: Hochspannungszeichen"> Developing a platform for third-parties to commercialise their MedTech apps and integrate these with PatientSky’s softwarehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> Becoming a Platform-as-a-Service" title="https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚨" title="Polizeiautos mit drehendem Licht" aria-label="Emoji: Polizeiautos mit drehendem Licht"> $PSKY MedTech https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚨" title="Polizeiautos mit drehendem Licht" aria-label="Emoji: Polizeiautos mit drehendem Licht">https://abs.twimg.com/emoji/v2/... draggable="false" alt="🩺" title="Stethoskop" aria-label="Emoji: Stethoskop"> Provides a healthcare CRM softwarehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend"> Sales are set to grow by 38% YoY from 2020 to 2021https://abs.twimg.com/emoji/v2/... draggable="false" alt="⚡️" title="Hochspannungszeichen" aria-label="Emoji: Hochspannungszeichen"> Developing a platform for third-parties to commercialise their MedTech apps and integrate these with PatientSky’s softwarehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> Becoming a Platform-as-a-Service" class="img-responsive" style="max-width:100%;"/>
https://abs.twimg.com/emoji/v2/... draggable="false" alt="1️⃣" title="Tastenkappe Ziffer 1" aria-label="Emoji: Tastenkappe Ziffer 1"> By 2016 it counted 100k downloads and had morphed into a SaaS tool offering a task scheduler, internet connectivity and a VOIP module

https://abs.twimg.com/emoji/v2/... draggable="false" alt="2️⃣" title="Tastenkappe Ziffer 2" aria-label="Emoji: Tastenkappe Ziffer 2"> By 2019, it counted over 1m app downloads and added an insurance module, Electronic Health Records (EHR) and a medication tool
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken"> The company also introduced a Platform-as-a-Service tool, enabling its customers to build their own medical apps on top of PatientSky’s platform

https://abs.twimg.com/emoji/v2/... draggable="false" alt="3️⃣" title="Tastenkappe Ziffer 3" aria-label="Emoji: Tastenkappe Ziffer 3"> By 2020, it expanded into hospitals and counted over 1.8m app downloads
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🩺" title="Stethoskop" aria-label="Emoji: Stethoskop"> The Product https://abs.twimg.com/emoji/v2/... draggable="false" alt="🩺" title="Stethoskop" aria-label="Emoji: Stethoskop">

PatientSky’s offering is made of a Patient management tool and a MetTech Platform

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚩" title="Dreieckige Fahne an einem Pfosten" aria-label="Emoji: Dreieckige Fahne an einem Pfosten"> The EHR-landscape offers little differentiation possibilities and is regulated

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> PatientSky therefor choose to build its advantage on top of its “platform offering”
https://abs.twimg.com/emoji/v2/... draggable= The Product https://abs.twimg.com/emoji/v2/... draggable="false" alt="🩺" title="Stethoskop" aria-label="Emoji: Stethoskop">PatientSky’s offering is made of a Patient management tool and a MetTech Platformhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🚩" title="Dreieckige Fahne an einem Pfosten" aria-label="Emoji: Dreieckige Fahne an einem Pfosten"> The EHR-landscape offers little differentiation possibilities and is regulatedhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> PatientSky therefor choose to build its advantage on top of its “platform offering”" title="https://abs.twimg.com/emoji/v2/... draggable="false" alt="🩺" title="Stethoskop" aria-label="Emoji: Stethoskop"> The Product https://abs.twimg.com/emoji/v2/... draggable="false" alt="🩺" title="Stethoskop" aria-label="Emoji: Stethoskop">PatientSky’s offering is made of a Patient management tool and a MetTech Platformhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🚩" title="Dreieckige Fahne an einem Pfosten" aria-label="Emoji: Dreieckige Fahne an einem Pfosten"> The EHR-landscape offers little differentiation possibilities and is regulatedhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> PatientSky therefor choose to build its advantage on top of its “platform offering”" class="img-responsive" style="max-width:100%;"/>
This tool works as a cloud Software-as-a-Service model and is:

· Used by over 25,000 practitioners and over 4,800 clinics

· Used most by General Practitioners, Physiotherapists and Psychologists
It enables practitioners to centralise all of their administrative tasks into one tool

https://abs.twimg.com/emoji/v2/... draggable="false" alt="💊" title="Tablette" aria-label="Emoji: Tablette"> Reducing prescription errors by op to 70%

https://abs.twimg.com/emoji/v2/... draggable="false" alt="💸" title="Geld mit Flügeln" aria-label="Emoji: Geld mit Flügeln"> Reduces yearly costs by NOK 78k per clinic on average

https://abs.twimg.com/emoji/v2/... draggable="false" alt="📲" title="Mobiltelefon mit nach rechts zeigendem Pfeil auf der linken Seite" aria-label="Emoji: Mobiltelefon mit nach rechts zeigendem Pfeil auf der linken Seite"> Their mobile app reduces inbound calls with 54%
These solutions are replacing legacy systems which failed to integrate new technologies and operated on-premise

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> PatientSky and other alternatives are cloud-based and can be customised to a greater extent to the physician’s needs
https://abs.twimg.com/emoji/v2/... draggable="false" alt="2️⃣" title="Tastenkappe Ziffer 2" aria-label="Emoji: Tastenkappe Ziffer 2"> MedTech Platform

The market for patient management tools / healthcare CRM tools is crowded with (local) alternatives

https://abs.twimg.com/emoji/v2/... draggable="false" alt="⚖️" title="Waage" aria-label="Emoji: Waage"> Each software has to comply with local rules in order to be eligible for state-reimbursements
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🥇" title="Goldmedaille" aria-label="Emoji: Goldmedaille"> This platform offers numerous features such as:

· Patient communications

· Security (patient verification, authority delegation, encryption)

· Internationalisation (translation, cross-border EHR)

· Mobile & apps

· Compliance (Secure file storage, audit tracking)
· Collaboration (Calendars, messages, patient records sharing)

· Hosting services and data-base management services

· Data migration

· Enterprise business intelligence integration
PatientSky’s platform is open to third-parties, these are the ones that build apps for PatientSky

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> Effectively creating an ecosystem of healthcare-focussed apps for patient management
Similar to conventional applications stores, PatientSky will take a cut of the app’s revenue

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🩺" title="Stethoskop" aria-label="Emoji: Stethoskop"> The platform currently offers over 60 services
Great! But where are we now?

https://abs.twimg.com/emoji/v2/... draggable="false" alt="1️⃣" title="Tastenkappe Ziffer 1" aria-label="Emoji: Tastenkappe Ziffer 1"> PatientSky’s SaaS-tool generates all of the NOK 170m in sales for 2020

https://abs.twimg.com/emoji/v2/... draggable="false" alt="2️⃣" title="Tastenkappe Ziffer 2" aria-label="Emoji: Tastenkappe Ziffer 2"> It plans to monetise its app into 2021 in order to generate additional sales

https://abs.twimg.com/emoji/v2/... draggable="false" alt="3️⃣" title="Tastenkappe Ziffer 3" aria-label="Emoji: Tastenkappe Ziffer 3"> The PaaS platform might start providing “additional upside” going into 2021
Great! But where are we now?https://abs.twimg.com/emoji/v2/... draggable= PatientSky’s SaaS-tool generates all of the NOK 170m in sales for 2020https://abs.twimg.com/emoji/v2/... draggable="false" alt="2️⃣" title="Tastenkappe Ziffer 2" aria-label="Emoji: Tastenkappe Ziffer 2"> It plans to monetise its app into 2021 in order to generate additional saleshttps://abs.twimg.com/emoji/v2/... draggable="false" alt="3️⃣" title="Tastenkappe Ziffer 3" aria-label="Emoji: Tastenkappe Ziffer 3"> The PaaS platform might start providing “additional upside” going into 2021" title="Great! But where are we now?https://abs.twimg.com/emoji/v2/... draggable="false" alt="1️⃣" title="Tastenkappe Ziffer 1" aria-label="Emoji: Tastenkappe Ziffer 1"> PatientSky’s SaaS-tool generates all of the NOK 170m in sales for 2020https://abs.twimg.com/emoji/v2/... draggable="false" alt="2️⃣" title="Tastenkappe Ziffer 2" aria-label="Emoji: Tastenkappe Ziffer 2"> It plans to monetise its app into 2021 in order to generate additional saleshttps://abs.twimg.com/emoji/v2/... draggable="false" alt="3️⃣" title="Tastenkappe Ziffer 3" aria-label="Emoji: Tastenkappe Ziffer 3"> The PaaS platform might start providing “additional upside” going into 2021" class="img-responsive" style="max-width:100%;"/>
What about the market?

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🌐" title="Weltkugel mit Längengraden" aria-label="Emoji: Weltkugel mit Längengraden"> According to Grand View Research, the healthcare CRM market is set to reach $ 17.8B by 2025, a CAGR of 9.1% over the 2014 - 2025 period
https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend"> Driven by the rapidly ageing population, rise in chronic diseases, demand for operational efficiency in healthcare organisations and the rise of online consultations https://www.grandviewresearch.com/press-release/global-healthcare-crm-customer-relationship-management-market">https://www.grandviewresearch.com/press-rel...
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🌐" title="Weltkugel mit Längengraden" aria-label="Emoji: Weltkugel mit Längengraden"> According to Market Research Future, the healthcare CRM market is set to grow by 13.4% per year over the 2019 - 2025 period and was valued at $ 8.9B in 2018

https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend"> Driven by the increase in the number of hospitals & inclination towards automated workflows https://www.marketresearchfuture.com/reports/healthcare-crm-market-7324">https://www.marketresearchfuture.com/reports/h...
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🌐" title="Weltkugel mit Längengraden" aria-label="Emoji: Weltkugel mit Längengraden"> According to Mordor Intelligence, the market for practice management software is set to increase by 8.3% over the 2020 - 2025 period

https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend"> Driven by the need to increase practice-efficiency and increase the practitioner’s time spent with patients

https://www.mordorintelligence.com/industry-reports/practice-management-system-market">https://www.mordorintelligence.com/industry-...
The market is fragmented, with local players providing the tools local practitioners need

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🏛" title="Gebäude im Klassischen Stil" aria-label="Emoji: Gebäude im Klassischen Stil"> But governments are constantly raising the bar for software to be eligible for subsidies

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🏰" title="Europäisches Schloss" aria-label="Emoji: Europäisches Schloss"> Raising the barrier to entries and chasing away smaller, local solutions
In order to expand its customer base and consolidate its position PatientSky acquired Infodoc

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> Infodoc provides EHR, billing modules and appointment scheduling

https://abs.twimg.com/emoji/v2/... draggable="false" alt="💸" title="Geld mit Flügeln" aria-label="Emoji: Geld mit Flügeln"> It paid $ 32m and Infodoc had sales of around $ 6.7m and is debt-free, for an EV / Sales of around 5
What do we have here?

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> PatientSky generates $ 20m a year in sales through its cloud-based patient management tool

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔥" title="Feuer" aria-label="Emoji: Feuer"> It plans to monetise its app, which has been downloaded 1.8m times by 2020 (vs 1m in 2019)
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✨" title="Funken" aria-label="Emoji: Funken"> It has invested $ 38m in its PaaS solution, which provides a Low / No Code platform for building fully-integrated healthcare CRM apps
“PatientSky is positioning itself to be the preferred platform for healthcare, upon which third party vendors can build applications that both work within the ecosystem in the platform and as stand-alone applications. […]”

Johan Zetterström, Group CEO of PatientSky
https://abs.twimg.com/emoji/v2/... draggable="false" alt="💸" title="Geld mit Flügeln" aria-label="Emoji: Geld mit Flügeln"> Financial Check https://abs.twimg.com/emoji/v2/... draggable="false" alt="💸" title="Geld mit Flügeln" aria-label="Emoji: Geld mit Flügeln">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="📈" title="Tabelle mit Aufwärtstrend" aria-label="Emoji: Tabelle mit Aufwärtstrend"> Sales grew 26% form 2019 to 2020 and are expected to grew 38% from 2020 to 2021

https://abs.twimg.com/emoji/v2/... draggable="false" alt="💵" title="Banknote mit Dollar-Zeichen" aria-label="Emoji: Banknote mit Dollar-Zeichen"> Operating expenses stood at 110% of sales for H1 ’20 vs 134% in 2019
https://abs.twimg.com/emoji/v2/... draggable="false" alt="💰" title="Geldsack" aria-label="Emoji: Geldsack"> Current assets stood at NOK 510m ($ 60m) versus NOK 102 ($ 12m) in ST liabilities

https://abs.twimg.com/emoji/v2/... draggable="false" alt="💎" title="Edelstein" aria-label="Emoji: Edelstein"> EBITDA margins stood at 15% in 2019 and are expected to reach 35% in 2020
https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten"> The Bottom Line https://abs.twimg.com/emoji/v2/... draggable="false" alt="👇" title="Rückhand Zeigefinger nach unten" aria-label="Emoji: Rückhand Zeigefinger nach unten">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> Market of patient management is growing by around 10% a year over 2020 - 2025 period as population is ageing

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> Market is further driven by increasing efficiency and digitisation requirements, in part boosted by regulation
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> PatientSky has developed its own patient management tool and grew sales to $ 20m / year

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> It also counts 1.8m download for its app (which enables users to book appointments) and plans to monetise it
https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> PatientSky bets that one unified solution can be built and therefore invested $ 38m in its PaaS solution

https://abs.twimg.com/emoji/v2/... draggable="false" alt="✅" title="Fettes weißes Häkchen" aria-label="Emoji: Fettes weißes Häkchen"> Using apps proposed by third-parties on the PatientSky platform, developers and practitioners can build their own fully-integrated and customised solution
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚩" title="Dreieckige Fahne an einem Pfosten" aria-label="Emoji: Dreieckige Fahne an einem Pfosten"> Users report that the PatientSky app is encountering bugs and doesn’t work, compromising PatientSky’s ability to monetise it

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚩" title="Dreieckige Fahne an einem Pfosten" aria-label="Emoji: Dreieckige Fahne an einem Pfosten"> Market for healthcare CRM tools is fragmented and depends heavily on local regulations
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚩" title="Dreieckige Fahne an einem Pfosten" aria-label="Emoji: Dreieckige Fahne an einem Pfosten"> PatientSky hasn’t yet fully commercialised its PaaS offering and might first focus on correcting its app’s issues

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔥" title="Feuer" aria-label="Emoji: Feuer"> We stay on the sidelines for now and wait for PatientSky to show commercial progress with its PaaS platform

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔮" title="Kristallkugel" aria-label="Emoji: Kristallkugel"> $SF.ST is on our watchlist https://abs.twimg.com/emoji/v2/... draggable="false" alt="👉" title="Rückhand Zeigefinger nach rechts" aria-label="Emoji: Rückhand Zeigefinger nach rechts"> Coming SOON https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔮" title="Kristallkugel" aria-label="Emoji: Kristallkugel">
Disclaimer - This is not investment advice in any form and investors are responsible for conducting their own research before investing.

Sources

✑ Investor presentation

✑ Company website

✑ Mordor Intelligence

✑ Grand View Research

✑ Market Research Future
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