Årsredovisning 2024

Translation from the Swedish original
Auditor's report Carasent AB (publ), corp. id 559478-3440, 2024 70
Auditor’s Report 
To the general meeting of the shareholders of Carasent AB (publ), corp. id 559478-3440 
Report on the annual accounts and consolidated accounts 
Opinions 
We have audited the annual accounts and consolidated accounts of Carasent AB (publ) for the year 2024, except for the corporate 
governance statement on pages 17-26. The annual accounts and consolidated accounts of the company are included on pages 7-69 in this 
document.  
In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act, and present fairly, in all material 
respects, the financial position of the parent company as of 31 December 2024 and its financial performance and cash flow for the year then 
ended in accordance with the Annual Accounts Act. The consolidated accounts have been prepared in accordance with the Annual Accounts 
Act and present fairly, in all material respects, the financial position of the group as of 31 December 2024 and their financial performance and 
cash flow for the year then ended in accordance with IFRS Accounting Standards, as adopted by the EU, and the Annual Accounts Act. Our 
opinions do not cover the corporate governance statement on pages 17-26. The statutory administration report is consistent with the other 
parts of the annual accounts and consolidated accounts. 
We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company 
and the statement of comprehensive income and balance sheet for the group. 
Our opinions in this report on the annual accounts and consolidated accounts are consistent with the content of the additional report that 
has been submitted to the parent company's audit committee in accordance with the Audit Regulation (537/2014) Article 11.  
Basis for Opinions 
We conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. 
Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent 
company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical 
responsibilities in accordance with these requirements.This includes that, based on the best of our knowledge and belief, no prohibited 
services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided to the audited company or, where applicable, its parent 
company or its controlled companies within the EU. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. 
Other information 
The audit of the consolidated financial statements for the year 2023 has been conducted by another auditor who issued an audit report dated 
March 21, 2024, with unmodified opinions in the Report on the annual and consolidated financial statements. 
Key Audit Matters 
Key audit matters of the audit are those matters that, in our professional judgment, were of most significance in our audit of the annual 
accounts and consolidated accounts of the current period. These matters were addressed in the context of our audit of, and in forming our 
opinion thereon, the annual accounts and consolidated accounts as a whole, but we do not provide a separate opinion on these matters.  
Valuation of Intangible Assets 
See disclosure 12 and 13 in the annual account and consolidated accounts for detailed information and description of the matter. 
Description of key audit matter Response in the audit 
As of December 31, 2024, the Group reports intangible assets 
amounting to 713 million SEK, of which goodwill constitutes 498.5 
million SEK.  
Goodwill must be subject to at least one annual impairment test, 
which involves both complexity and significant elements of judgment 
from the group management. An impairment test must be prepared 
for each of the cash-generating units where goodwill is recognized. 
Goodwill pertains to the operations within the wholly-owned 
subsidiaries Carasent Sverige AB, Metodika AB, Medrave Software 
AB, Carasent Norge AS, and HPI Health Profile AB, as well as the 
acquisition of Data-AL GmbH. 
According to the applicable regulations, the test must be conducted 
using a specific technique where management must make future 
assessments regarding both internal and external conditions and 
plans of the business. Examples of such assessments include future 
inflows and outflows, which among other things require assumptions 
about future market conditions and thus indirectly about how 
competitors might be expected to act. Another important assumption 
is the discount rate that should be used to account for the fact that 
future estimated inflows are associated with risk and are therefore 
worth less than cash that is directly available to the group. 
Capitalized expenses for development work primarily refer to 
expenses related to development projects for existing markets as well 
as new initiatives concerning the platform for the German market. Key 
We have reviewed the company's impairment tests to assess whether 
they have been conducted in accordance with the prescribed 
technique.  
We have evaluated management's assessment concerning the 
determination of cash-generating units. Furthermore, we have 
assessed the reasonableness of the future inflows and outflows, as 
well as the assumed discount rate, by reviewing and evaluating 
management's written documentation and plans. We have also 
interviewed management and evaluated previous years' assessments 
in relation to actual outcomes.  
We have involved our own valuation specialists in the audit team to 
ensure experience and expertise in the field, particularly regarding 
assumptions related to external markets and competitors. An 
important part of our work has also been to evaluate and challenge 
management on how changes in assumptions can affect the 
valuation, i.e., to perform and review the group's sensitivity analysis. 
We have also checked the completeness of the disclosures in the 
annual report and assessed whether they are consistent with the 
assumptions applied by the group in its impairment test and whether 
the information is sufficiently comprehensive to understand 
management's assessments.

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Translation from the Swedish original 
Auditor's report Carasent AB (publ), corp. id 559478-3440, 2024 71
criteria for capitalizing development costs include the ability to 
technically execute and complete the project so that the asset 
becomes available for use, as well as the ability to utilize the asset 
and the realization of expected future economic benefits and reliable 
measurement of the acquisition cost. Capitalized development costs 
are subject to systematic amortization and should be regularly 
evaluated to ensure there is no need for impairment. 
Other Information than the annual accounts and consolidated accounts  
This document also contains information other than the annual accounts and consolidated financial statements, found on pages 1-6 and 74-
75. The other information also includes the remuneration report that we obtained prior to the date of this audit report. The board of directors
and the CEO are responsible for this other information.
Our opinion on the annual accounts and consolidated accounts does not cover this other information and we do not express any form of 
assurance conclusion regarding this other information. 
In connection with our audit of the annual accounts and consolidated accounts, our responsibility is to read the information identified above 
and consider whether the information is materially inconsistent with the annual accounts and consolidated accounts. In this procedure we also 
take into account our knowledge otherwise obtained in the audit and assess whether the information otherwise appears to be materially 
misstated. 
If we, based on the work performed concerning this information, conclude that there is a material misstatement of this other information, we 
are required to report that fact. We have nothing to report in this regard. 
Responsibilities of the Board of Directors and the Managing Director 
The Board of Directors and the Managing Director are responsible 
for the preparation of the annual accounts and consolidated accounts 
and that they give a fair presentation in accordance with the Annual 
Accounts Act and, concerning the consolidated accounts, in 
accordance with IFRS Accounting Standards as adopted by the EU. 
The Board of Directors and the Managing Director are also 
responsible for such internal control as they determine is necessary 
to enable the preparation of annual accounts and consolidated 
accounts that are free from material misstatement, whether due to 
fraud or error.  
In preparing the annual accounts and consolidated accounts The 
Board of Directors and the Managing Director are responsible for the 
assessment of the company’s and the group's ability to continue as a 
going concern. They disclose, as applicable, matters related to going 
concern and using the going concern basis of accounting. The going 
concern basis of accounting is however not applied if the Board of 
Directors and the Managing Director intend to liquidate the company, 
to cease operations, or has no realistic alternative but to do so. 
Auditor’s responsibility 
Our objectives are to obtain reasonable assurance about whether the 
annual accounts and consolidated accounts as a whole are free from 
material misstatement, whether due to fraud or error, and to issue an 
auditor’s report that includes our opinions. Reasonable assurance is 
a high level of assurance, but is not a guarantee that an audit 
conducted in accordance with ISAs and generally accepted auditing 
standards in Sweden will always detect a material misstatement 
when it exists. Misstatements can arise from fraud or error and are 
considered material if, individually or in the aggregate, they could 
reasonably be expected to influence the economic decisions of users 
taken on the basis of these annual accounts and consolidated 
accounts. 
As part of an audit in accordance with ISAs, we exercise professional 
judgment and maintain professional scepticism throughout the audit. 
We also: 
⎯ Identify and assess the risks of material misstatement of the
annual accounts and consolidated accounts, whether due to 
fraud or error, design and perform audit procedures responsive 
to those risks, and obtain audit evidence that is sufficient and 
appropriate to provide a basis for our opinions. The risk of not 
detecting a material misstatement resulting from fraud is higher 
than for one resulting from error, as fraud may involve collusion, 
forgery, intentional omissions, misrepresentations, or the 
override of internal control. 
⎯ Obtain an understanding of the company’s internal control
relevant to our audit in order to design audit procedures that are 
appropriate in the circumstances, but not for the purpose of 
expressing an opinion on the effectiveness of the company’s 
internal control. 
⎯ Evaluate the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related 
disclosures made by the Board of Directors and the Managing 
Director. 
⎯ Conclude on the appropriateness of the Board of Directors’ and
the Managing Director's, use of the going concern basis of 
accounting in preparing the annual accounts and consolidated 
accounts. We also draw a conclusion, based on the audit 
evidence obtained, as to whether any material uncertainty exists 
related to events or conditions that may cast significant doubt 
on the company’s and the group's ability to continue as a going 
concern. If we conclude that a material uncertainty exists, we 
are required to draw attention in our auditor’s report to the 
related disclosures in the annual accounts and consolidated 
accounts or, if such disclosures are inadequate, to modify our 
opinion about the annual accounts and consolidated accounts. 
Our conclusions are based on the audit evidence obtained up to 
the date of our auditor’s report. However, future events or 
conditions may cause a company and a group to cease to 
continue as a going concern. 
⎯ Evaluate the overall presentation, structure and content of the
annual accounts and consolidated accounts, including the 
disclosures, and whether the annual accounts and consolidated 
accounts represent the underlying transactions and events in a 
manner that achieves fair presentation. 
⎯ Plan and perform the group audit to obtain sufficient and
appropriate audit evidence regarding the financial information of 
the entities or business units within the group as a basis for 
forming an opinion on the consolidated accounts. We are 
responsible for the direction, supervision and review of the audit 
work performed for purposes of the group audit. We remain 
solely responsible for our opinions. 
We must inform the Board of Directors of, among other matters, the 
planned scope and timing of the audit. We must also inform of 
significant audit findings during our audit, including any significant 
deficiencies in internal control that we identified.  
We must also provide the Board of Directors with a statement that 
we have complied with relevant ethical requirements regarding 
independence, and to communicate with them all relationships and 
other matters that may reasonably be thought to bear on our 
independence, and where applicable, measures that have been 
taken to eliminate the threats or related safeguards.

===== SIDA 72 =====

Translation from the Swedish original 
Auditor's report Carasent AB (publ), corp. id 559478-3440, 2024 72
From the matters communicated with the Board of Directors, we 
determine those matters that were of most significance in the audit of 
the annual accounts and consolidated accounts, including the most 
important assessed risks for material misstatement, and are 
therefore the key audit matters. We describe these matters in the 
auditor’s report unless law or regulation precludes disclosure about 
the matter. 
Report on other legal and regulatory requirements 
The auditor's review of management and the proposal for the appropriation of the company's profit or loss 
Opinions 
In addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Directors 
and the Managing Director of Carasent AB (publ) for the year 2024 and the proposed appropriations of the company's profit or loss. 
We recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory 
administration report and that the members of the Board of Directors and the Managing Director be discharged from liability for the financial 
year. 
Basis for Opinions 
We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibilities under those standards are 
further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with 
professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. 
Responsibilities of the Board of Directors and the Managing Director 
The Board of Directors is responsible for the proposal for 
appropriations of the company’s profit or loss. At the proposal of a 
dividend, this includes an assessment of whether the dividend is 
justifiable considering the requirements which the company's and the 
group's type of operations, size and risks place on the size of the 
parent company's and the group’s equity, consolidation 
requirements, liquidity and position in general. 
The Board of Directors is responsible for the company’s organization 
and the administration of the company’s affairs. This includes among 
other things continuous assessment of the company’s and the 
group's financial situation and ensuring that the company's 
organization is designed so that the accounting, management of 
assets and the company’s financial affairs otherwise are controlled in 
a reassuring manner.  
The Managing Director shall manage the ongoing administration 
according to the Board of Directors' guidelines and instructions and 
among other matters take measures that are necessary to fulfill the 
company's accounting in accordance with law and handle the 
management of assets in a reassuring manner. 
Auditor’s responsibility 
Our objective concerning the audit of the administration, and thereby 
our opinion about discharge from liability, is to obtain audit evidence 
to assess with a reasonable degree of assurance whether any 
member of the Board of Directors or the Managing Director in any 
material respect: 
⎯ has undertaken any action or been guilty of any omission which
can give rise to liability to the company, or 
⎯ in any other way has acted in contravention of the Companies
Act, the Annual Accounts Act or the Articles of Association. 
Our objective concerning the audit of the proposed appropriations of 
the company’s profit or loss, and thereby our opinion about this, is to 
assess with reasonable degree of assurance whether the proposal is 
in accordance with the Companies Act. 
Reasonable assurance is a high level of assurance, but is not a 
guarantee that an audit conducted in accordance with generally 
accepted auditing standards in Sweden will always detect actions or 
omissions that can give rise to liability to the company, or that the 
proposed appropriations of the company’s profit or loss are not in 
accordance with the Companies Act. 
As part of an audit in accordance with generally accepted auditing 
standards in Sweden, we exercise professional judgment and 
maintain professional scepticism throughout the audit. The 
examination of the administration and the proposed appropriations of 
the company’s profit or loss is based primarily on the audit of the 
accounts. Additional audit procedures performed are based on our 
professional judgment with starting point in risk and materiality. This 
means that we focus the examination on such actions, areas and 
relationships that are material for the operations and where 
deviations and violations would have particular importance for the 
company’s situation. We examine and test decisions undertaken, 
support for decisions, actions taken and other circumstances that are 
relevant to our opinion concerning discharge from liability. As a basis 
for our opinion on the Board of Directors’ proposed appropriations of 
the company’s profit or loss we examined whether the proposal is in 
accordance with the Companies Act. 
The auditor’s examination of the Esef report 
Opinion 
In addition to our audit of the annual accounts and consolidated accounts, we have also examined that the Board of Directors and the 
Managing Director have prepared the annual accounts and consolidated accounts in a format that enables uniform electronic reporting (the 
Esef report) pursuant to Chapter 16, Section 4(a) of the Swedish Securities Market Act (2007:528) for Carasent AB (publ) for year 2024.  
Our examination and our opinion relate only to the statutory requirements.  
In our opinion, the Esef report has been prepared in a format that, in all material respects, enables uniform electronic reporting.. 
Basis for opinion 
We have performed the examination in accordance with FAR’s recommendation RevR 18 Examination of the Esef report. Our responsibility 
under this recommendation is described in more detail in the Auditors’ responsibility section. We are independent of Carasent AB (publ) in 
accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with 
these requirements.  
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 
Responsibilities of the Board of Directors and the Managing Director  
The Board of Directors and the Managing Director are responsible 
for the preparation of the Esef report in accordance with the Chapter 
16, Section 4(a) of the Swedish Securities Market Act (2007:528), 
and for such internal control that the Board of Directors and the 
Managing Director determine is necessary to prepare the Esef 
report without material misstatements, whether due to fraud or error

===== SIDA 73 =====

Translation from the Swedish original 
Auditor's report Carasent AB (publ), corp. id 559478-3440, 2024 73
. 
Auditor’s responsibility 
Our responsibility is to obtain reasonable assurance whether the 
Esef report is in all material respects prepared in a format that 
meets the requirements of Chapter 16, Section 4(a) of the Swedish 
Securities Market Act (2007:528), based on the procedures 
performed.  
RevR 18 requires us to plan and execute procedures to achieve 
reasonable assurance that the Esef report is prepared in a format 
that meets these requirements.  
Reasonable assurance is a high level of assurance, but it is not a 
guarantee that an engagement carried out according to RevR 18 
and generally accepted auditing standards in Sweden will always 
detect a material misstatement when it exists. Misstatements can 
arise from fraud or error and are considered material if, individually 
or in aggregate, they could reasonably be expected to influence the 
economic decisions of users taken on the basis of the Esef report.  
The audit firm applies International Standard on Quality 
Management 1, which requires the firm to design, implement and 
operate a system of quality management including policies or 
procedures regarding compliance with ethical requirements, 
professional standards and applicable legal and regulatory 
requirements. 
The examination involves obtaining evidence, through various 
procedures, that the Esef report has been prepared in a format 
that enables uniform electronic reporting of the annual accounts 
and consolidated accounts. The procedures selected depend on 
the auditor’s judgment, including the assessment of the risks of 
material misstatement in the report, whether due to fraud or error. 
In carrying out this risk assessment, and in order to design 
procedures that are appropriate in the circumstances, the auditor 
considers those elements of internal control that are relevant to 
the preparation of the Esef report by the Board of Directors and 
the Managing Director, but not for the purpose of expressing an 
opinion on the effectiveness of those internal controls. The 
examination also includes an evaluation of the appropriateness 
and reasonableness of the assumptions made by the Board of 
Directors and the Managing Director.  
The procedures mainly include a validation that the Esef report has 
been prepared in a valid XHTML format and a reconciliation of the 
Esef report with the audited annual accounts and consolidated 
accounts. 
Furthermore, the procedures also include an assessment of 
whether the consolidated statement of financial performance, 
financial position, changes in equity, cash flow and disclosures in 
the Esef report have been marked with iXBRL in accordance with 
what follows from the Esef regulation 
The auditor's examination of the corporate governance statement 
The Board of Directors is responsible for that the corporate governance statement on pages 17-26 has been prepared in accordance with 
the Annual Accounts Act. 
Our examination of the corporate governance statement is conducted in accordance with FAR´s standard RevR 16 The auditor´s 
examination of the corporate governance statement. This means that our examination of the corporate governance statement is different 
and substantially less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted 
auditing standards in Sweden. We believe that the examination has provided us with sufficient basis for our opinions.  
A corporate governance statement has been prepared. Disclosures in accordance with chapter 6 section 6 the second paragraph points 
2-6 of the Annual Accounts Act and chapter 7 section 31 the second paragraph the same law are consistent with the other parts of the
annual accounts and consolidated accounts and are in accordance with the Annual Accounts Act.
KPMG AB, Box 11908, 404 39 , Göteborg, was appointed auditor of Carasent AB (publ) by the general meeting of the shareholders on 
the 27 August 2024. KPMG AB or auditors operating at KPMG AB have been the company's auditor since 2024. 
Göteborg  
KPMG AB 
Signed on the Swedish original 
Daniel Haglund 
Authorized Public Accountant

===== SIDA 74 =====

7171
ALTERNATIVE PERFORMANCE MEASURES
Carasent AB may disclose information on alternative performance measures as part of its financial reporting as 
a complement to the financial statements prepared in accordance with IFRS. Carasent AB believes that the key 
figures provide useful supplementary information to management, investors and other stakeholders and are 
intended to provide an increased insight into the financial development of the business and to improve 
comparability between periods.
EBITDA defined as earnings before income tax, net financial items, and depreciation of tangible and intangible 
assets.
Adjusted EBITDA is defined as EBITDA adjusted for certain specific operating items that affect comparability.
EBITDA margin is defined as EBITDA as a percentage of revenue.
Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of revenue.
EBIT is defined as earnings before net financial items and income tax .
Adjusted EBIT is defined as EBIT adjusted for certain special operating items that affect comparability.
EBIT margin is defined as EBIT as a percentage of revenues.
Adjusted EBIT margin is defined as adjusted EBIT as a percentage of revenues.
EBITDAC is defined as EBITDA minus capitalized development.
Justerad EBITDAC is defined as adjusted EBITDA minus capitalized development.
Adjusted EBITDAC margin is defined as adjusted EBITDAC as a percentage of revenue.
The annualized value of the recurring revenue ("ARR") is defined as the monthly recurring revenue ("MRR") 
multiplied by 12. MRR is defined as the revenue that the Group expects to receive on a monthly basis from 
customers of EHR solutions and platform products.
74

===== SIDA 75 =====

7272
January - December
2024 2023 
(Amounts in SEK 1 000)
Net Income/(Loss) (42 259) (46 674)
Income Tax Expense/(Income) 171 3 650 
Net Financial Items 12 072 27 580 
Net Operating Income/(Loss) (54 502) (77 903)
Depreciation and Amortization 61 051 51 145 
Derecognition intangible assets 5 089 40 165
(a) EBITDA 11 637 13 407 
Adjusted for:
Transaction costs​ 6 253 1 133 
Share based payments​ 8 812 
Other special operating items 22 641 1 649 
Restructuring costs 1 662 4 159
(b) Adjusted EBITDA 42 201 21 159 
(c) Operating revenue 275 264 245 183 
EBITDA Margin (a/c) 4,2% 5,5%
Adjusted EBITDA Margin (b/c) 15,3% 8,6%
(d) Capitalized development (41 405) (65 768)
(a – d) EBITDAC (29 768) (52 361)
EBITDAC margin (a – d/c) -10,8% -21,4%
(b - d) Adjusted EBITDAC 796 (44 609)
Adjusted EBITDAC Margin (e/c) 0,3% -18,2%
January - December
2024 2023 
(Amounts in SEK 1 000)
Net Income/(Loss (42 259) (46 674)
Income Tax Expense/(Income) 171 3 650 
Net Financial Items 12 072 27 580 
(a) EBIT (54 502) (77 903)
Adjusted for:
Transaction costs​ 6 253 1 133 
Share based payments​ 8 812 
Other special operating items​ 22 641 1 649 
Restructuring costs 1 662 4 159 
Derecognition intangible assets 5 089 40 165 
Write-off lease asset IFRS (non-cash) - 1 658 
Amortization excess values 7 754 7 266 
(b) Adjusted EBIT (11 096) (21 063)
(c) Operating revenue 275 264 245 183 
EBIT Margin (a/c) -19,8% -31,8%
Adjusted EBIT Margin (b/c) -4,0% -8,6%
75