Nordhealth reports strong Q3 2025 growth, recurring revenue up

Nordhealth has announced its Q3 2025 results, demonstrating strong performance with total reported revenues increasing by 15.2% year-over-year to €12.9m. Recurring revenues, a key indicator, grew by 10.8% year-over-year to €11.5m, constituting 89.0% of total revenue. The company’s Annual Recurring Revenue (ARR) saw a 10.6% year-over-year growth, excluding specific large enterprise rollouts, highlighting robust organic and acquisition-led expansion. Adjusted cash flow also improved by €0.5m, reaching -€1.6m in Q3 year-to-date 2025.

The company is strategically focused on large enterprise rollouts in its veterinary segment, including AmeriVet and Vets4Pets, and migration efforts in the therapy segment. Investments in R&D and AI features are accelerating, aiming to enhance practitioner efficiency and unlock new market opportunities. The company maintains its 2025 guidance for 12-17% organic growth in veterinary and therapy recurring revenue.

Nordhealth remains well-capitalized with a strong cash position, reporting €16.5m in cash, cash equivalents, and money market funds at the end of Q3 2025.