ARR
€4.4m
+5.7% MoM · +144.4% since Nov 25
Company
Clinical documentation that writes the note the trust will actually file.
3.08x
ARR
€4.4m
+5.7% MoM · +144.4% since Nov 25
Net burn
€550k / mo
Implied cash €7.7m
Runway
14 mo
Outside the nine-month line
People
39
NRR 118% · GM 74%
watch
The trust is still in the pilot. Pipeline coverage for the year holds, but Q4 bookings are now the number that matters, not the demo count.
Suggested action. Ask for a named-buyer forecast at the November board. If two trusts move to ‘next fiscal’, reopen the 2027 plan before we talk about the reserve.
€m, monthly
€m per month
Monitoring note
Clinicians finish the note. That sounds small and it is the whole company. Coding quality is ahead of the last two health deals we passed. The sales cycle is the constraint, and it is a public-sector sales cycle, which we knew.