2025 Results
2025 was a year of commercial validation: invoiced contracts grew +145% YoY and client retention exceeded 90%. However, recognized revenue fell short of the 3.5x target, reaching €604K (+47% YoY). The gap between invoiced (€848K) and recognized (€604K) reflects the reality of healthcare sales cycles, where signed contracts take time to convert into recognized revenue.
Summary
| Goal | Target | Result | |
|---|---|---|---|
| Revenue | €1,437,755 | €604,495 (+47% YoY) | Revenue fell short, but commercial focus shifted toward long-term recurring deals |
| Invoiced contracts | — | €847,778 (+145% YoY) | Strongest indicator of commercial traction |
| New markets | 2 | 2 (Poland, Brazil) | 100% |
| ANVISA (Brazil) | Planned | Certified | Enabling commercial operations in Brazil |
| Client retention | — | 92% top-half, 83% bottom-half | Retention used as proxy; CSAT not yet measured |
Revenue
Target vs. Actual
| Metric | Target | Actual | Achievement |
|---|---|---|---|
| Revenue | €1,437,755 | €604,495 | 42% |
| Growth | 3.5x (250%) | +47% YoY | — |
Revenue fell significantly short of the 3.5x target. The gap became unrecoverable after losing key pharma deals earlier in the year, notably Sagimet, which represented substantial expected revenue.
Despite this shortfall, invoiced contracts grew +145% YoY. The commercial focus shifted toward long-term clinical practice deals with higher expected volume over time, trading immediate revenue recognition for sustainable recurring relationships.
Revenue vs. Invoiced
The difference between revenue and invoiced reflects deferred revenue from multi-year contracts and deals signed late in the year.
| Metric | 2024 | 2025 | YoY Growth |
|---|---|---|---|
| Revenue | €410,787 | €604,495 | +47% |
| Invoiced | €346,522 | €847,778 | +145% |
Revenue by Segment
| Segment | Revenue | % | Invoiced | % |
|---|---|---|---|---|
| Pharmaceutical | €205,913 | 34% | €404,568 | 48% |
| Care providers | €204,187 | 34% | €260,919 | 31% |
| Insurance | €194,394 | 32% | €182,291 | 21% |
| Total | €604,495 | 100% | €847,778 | 100% |
Pharmaceutical companies represented the largest invoiced segment (48%), driven primarily by J&J contracts. Insurance showed the smallest gap between invoiced and revenue, indicating faster revenue recognition in that segment.
Revenue by Quarter
| Quarter | Revenue | Invoiced |
|---|---|---|
| Q1 | €260,444 | €213,501 |
| Q2 | €77,235 | €71,269 |
| Q3 | €109,714 | €64,237 |
| Q4 | €157,102 | €498,771 |
| FY | €604,495 | €847,778 |
Q4 invoicing (€499K) accounted for 59% of the year's total, reflecting the closing of large pharma contracts and public sector deals in the final quarter.
Revenue Evolution
| Year | Revenue | YoY Growth | Invoiced |
|---|---|---|---|
| 2023 | €188,685 | — | — |
| 2024 | €410,787 | +118% | €346,522 |
| 2025 | €604,495 | +47% | €847,778 |
Market Expansion
| Metric | Target | Actual | Achievement |
|---|---|---|---|
| New markets | 2 markets | 2 markets | 100% |
New markets entered: Poland, Brazil
Brazil contract was signed in late 2024 but operations began in 2025.
Global presence (2025): Spain, France, Germany, Sweden, Hong Kong, Brazil, Poland
Regulatory Certification
| Certification | Market | Target | Status |
|---|---|---|---|
| ANVISA | Brazil | Planned | Certified |
| FDA 510(k) | United States | Planned | Strategy defined |
ANVISA: Certification obtained, enabling commercial operations in Brazil.
FDA 510(k): Strategy defined in 2025. Roadmap includes retrospective clinical validation, pre-submission before summer 2026, and full submission by end of 2026, with certification expected in 2027.
MDD to MDR transition: Significant effort from the technical and regulatory teams to complete the transition from Medical Device Directive to Medical Device Regulation. This foundational work, while demanding, will streamline the FDA submission process.
Customer Success
| Metric | Target | Actual | Achievement |
|---|---|---|---|
| CSAT | >75% | Not measured | — |
| CUS | >70% | Not measured | — |
In 2024, NPS was measured at 73%. For 2025, the metrics shifted to CSAT and CUS, but systematic measurement was not established. Retention serves as a proxy indicator:
| Segment | Retention |
|---|---|
| Top half clients | 92% |
| Bottom half clients | 83% |
Lessons for 2026
Based on 2025 results, three key learnings inform the 2026 strategy:
- Invoiced is the leading indicator: The +145% invoiced growth validates commercial traction; the revenue gap is a timing issue, not a demand issue.
- Segment specialization works: Insurance showed the fastest revenue recognition; pharma drives the largest deal sizes. The 2026 dual engine approach formalizes this.
- CSAT measurement is non-negotiable: Two consecutive years without systematic satisfaction measurement is a gap. 2026 sets a concrete >75% CSAT target with quarterly cadence.