Despite having lost more than 75% of its value since listing on the Euronext exchange in Oslo, PatientSky (ticker: PSKY) believes in billion-kroner potential, writes leading Danish daily Børsen in an exclusive all-first interview with newly-appointed Danish CEO Kristian Ikast.
Confusion over whether PatientSky (“PSKY") is a company that sells software as a service (“SaaS”) or a platform company (“PaaS”) in addition to delays in the roll-out of the PaaS technology has sent the share price of PSKY more than 75% down, writes leading Danish financial daily Børsen in an exclusive all-first interview with newly-appointed Danish CEO Kristian Ikast:
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“We have not been sharp enough to explain what it is that we do. If you isolate our service business (SaaS, edt.), it has a very high profitability”, says Kristian Ikast in the interview with Børsen published on Monday, October 18, which is the first time the leading Danish financial daily covers PSKY, noting that the e-healthcare company was founded by five Danes and listed on the Euronext exchange in Oslo in 2020.
Want to be a platform company
Børsen writes that Kristian Ikast joined PSKY’s board of directors in connection with the listing but has now taken over the management, as PSKY has decided to create four business units to have clearer communication with investors. Holistically, PSKY does not make money as it invests in completing the platform for an international expansion, Børsen writes, however, in isolation the Norwegian SaaS business has an operating margin of around 50%, the article notes, highlighting that the SaaS part in Norway is used as proof that the platform works, just as the company has chosen to run it themselves to take on the challenges it entails, citing Kristian Ikast’s estimates that healthcare professionals can save 85% in cost and time by using the platform for their patient management:
“We want to be a platform company. That is the most important thing for us”, Kristian Ikast emphasizes about the background for the division to Børsen.
A gigantic market and billion-revenue potential
In the interview, Kristian Ikast points out that the market, in which the company operates, is gigantic and has a value of estimated EUR100billion and an average annual growth of around 35%. Finland is the first market outside Norway where PSKY is in the process of building a position, and the goal is to address the local markets before the larger European ones, Børsen concludes, noting that despite that PSKY earlier this year downgraded forecast expectations because of platform delays, Kristian Ikast eyes a billion-revenue potential ahead:
"It is not a doubling of our platform revenue. It’s much more. We have focused on local markets in the first instance. We have a few potential partners in the major markets. I have to be careful what I say when we have not closed the agreements, but it’s probably a tenfold increase (i.e. of the PaaS revenue, edt.)”, says Kristian Ikast to Børsen, ending the article by noting that Ikast desires a broader investor base and that he reckons that the share price is currently half of PSKY’s inner value.
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