Redeye comments on Physitrack ahead of its Q2 results, due on 18 July (rescheduled from 31 July). We expect the positive margin trend seen in Q1 2025 to continue into Q2, supported by a significantly lower cost base. The reduction in staff—primarily through cutting external consultants—has had an immediate impact, with minimal restructuring costs. Additionally, the recent closure of low-margin clinics further supports profitability. Although Q2 is typically a seasonally weak quarter for Physitrack's cash flow, we anticipate a solid year-over-year improvement. FCF is projected to approach breakeven, marking a clear step up from last year.

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