Champion Health UK has secured a four-year, EUR1.3m contract with a leading UK corporate health provider—Physitrack’s largest deal to date. The partnership integrates Champion Health’s platform into the customer’s long-term strategy, enhancing employee well-being and productivity. The collaboration also includes a custom version of the Champion Health app, similar to Physitrack’s successful white-label solutions in its Lifecare division for larger enterprise customers.

Additionally, Physitrack announced a Champion Health Nordic deal in early February 2025, valued at cEUR0.1m over three years. Any further momentum or an improved short-term outlook for the Wellness division in the Q4 report could serve as catalysts for the stock.

While these contracts do not warrant estimate changes, as we project EUR5.3m in 2025e Wellness revenues, they account for c7% of that total and reinforce our confidence in our forecast and a turnaround for the Wellness division in 2025.

Physitrack recently announced its largest NHS (National Health Service in the UK) contract to date following a public tender. The agreement, valued at £75,000 in its first year and with secured funding for two additional years, has a total potential worth of £225,000. The deal covers subscription fees for Physitrack’s exercise prescription platform (Lifecare division) for up to 600 users, along with data analytics tools to enhance patient care and clinical efficiency. Active in the UK public healthcare space since 2014, Physitrack continues to strengthen its position as a digital health partner for the NHS, and we expect more contracts to follow. The contract does not warrant any changes to our estimates, as we have projected a c10% year-over-year growth for the Lifecare division in 2025e. However, the deal represents about c10% of that growth and strengthens our confidence in these estimates.