Redeye initiates coverage on Physitrack, a scalable and rapidly growing e-health software company that assists corporations in improving employee health and patients with rehabilitation. The company has recently expanded into the fast-growing corporate health market with its Champion Health platform and now aims to take on the European market and more English-speaking markets to accelerate revenue and expand profit margins. Given recurring revenues at 70%, proforma growth of 30%-plus, expected margin expansion in 2023, and the market-only pricing in one of the two business divisions, we see a significant potential upside in the investment case. We initiate coverage with a Base case of SEK38.