Good morning, everyone, and welcome to this webcast for Carasent ASA and the Q3 results. My name is Johan Lindqvist, and I'm the Chairman of the Board. I would like to guide you through the Q3 results in a few minutes. Before we do that, I would like to start with a brief recap of who we are, what we do, and also a little bit about our strategy going forward. Carasent, our strategy is to invest in companies that have the potential to develop and expand digitization within the healthcare sector in Scandinavia. As you might be aware of, we acquired Evimeria in May 2018, and I've had questions around this, whether Evimeria is the focus of the strategy or not, and I want to make it crystal clear that Evimeria is the fundament in the strategy going forward.
Having said that, we might as well, when we do acquisitions going forward, have more companies and operational entities in the Carasent ASA structure. We will not do anything that's not related or where we don't have synergies in the strategy and a strategic fit with Evimeria. A few words on Evimeria and what we do. Evimeria basically do three things. We develop, we sell, and we deliver a proprietary EMR system called Webdoc. To that, we have approximately 70 integrated services, making it a full business critical system for the private healthcare clinics in today's Sweden. We handle 470 clinics and serving them every day, and our clinics handle about 3 million records per year. To put that in a perspective, the private healthcare market in Sweden handles approximately 35 million-40 million records per year.
That gives us a market share of around 10%. We are 50 employees in Gothenburg and Stockholm with a mix of healthcare and IT competence. Last year in 2019, we had revenues of SEK 51.4 million, and that, of course, is a number for 2019. As you will see during this presentation, our run rate as of now is more in the SEK 70 million range. What's the strategy for continued and future growth? As I said before, Evimeria is the fundament of the strategy. Evimeria has a scalable and proven track record, and we also have an organization that can be leveraged in many dimensions. When it comes to our growth strategy going forward, it's basically about four things. Of course, we will continue to grow organically in the markets that we're in today. Today, we address four different segments in the Swedish market.
That's primary care, it's specialist, it's paramedical, and it's occupational healthcare. We also see great opportunities to three other dimensions in terms of new geographies, new segments, and new products and services. We think we will be able to do that both in an organic way, but we also see great opportunities to do some acquisitions to support this growth strategy going forward. We have a history where we, for the last couple of years, has grown our customer base with approximately 30%. That leads us into a revenue growth of 40%, and we have also been able to scale our platform with the EBIT growth of 50%. This is historical numbers, but our internal target is, of course, to continue on this path.
I will come back to later a little bit around how we can do that and how a 30% customer growth will lead into a 40% revenue growth, and that 50% EBIT growth. This is not a guiding, but it's internal targets that we live with every day. Now over to the third quarter 2020 results. I'm going to start with a short overview and a few highlights of the third quarter, then going into some performance measures in financials. We will also end this session with an outlook, what we think about the future and what we intend to do. We will finally, of course, have a Q&A session. I think that you can already now put in your questions, and I will try to answer them at the end of this presentation. Third quarter 2020. We had a decent quarter.
Evimeria delivered, in my opinion, as expected. We had revenues of SEK 17.2 million, which represents an increase of 37% compared to Q3 2019. The EBITDA was SEK 7.2 million as compared to SEK 4.4 million in Q3 2019, and the EBIT was SEK 5 million as compared to SEK 3.4 million during Q3 2019. We also signed 23 new clinics during the third quarter, and we ended the third quarter with 470 active clinics. When you look at the Carasent numbers and the consolidated numbers, revenues was SEK 17.7 million as compared to SEK 11.6 million. As you can see, we have a quite large FX effect between the NOK and the SEK over the years. Including expenses for changes in some fair value of the previous issued stock options, we also had a net loss in Carasent ASA of SEK 9.1 million.
Just to remind you that we have the option to not dilute the number of shares, but instead paying this in cash if we want when the program ends in 2022. We have to handle this with a P&L. Then, of course, if we decide to dilute the 2 million shares, this will all be reversed. We ended the quarter with a cash balance of SEK 12.3 million, but we also have a short-term receivable of SEK 287.5 million, related to the share issues that we did in September. Basically, we ended the quarter with SEK 290 million in cash. What about the market in the third quarter? The market situation has stabilized further during the third quarter. As you might recall from the second quarter, we had some big decreases in customer activity, and in April, activity was down to maybe 80% of normal levels.
What we have seen during the third quarter is that almost all customer segments has been back close to normal levels in September. There's still some uncertainty out there in the market, and especially in the big cities in Sweden, in Stockholm and Gothenburg and Malmö. At the end of September, we saw some outbreaks again linked to COVID-19. There's still some uncertainty out there. As of now, the situation is stable, and we see almost normal levels in customer activity. Over the years, or over the last year, there have been several consolidation and expansion opportunities that we've been working on. To be able to execute on that, we carried out a successful private placement in September, which raised approximately SEK 274 million of net cash. Most important for us in our growth strategy is, of course, the organic sales engine.
During the quarter, as I said, we signed 23 new clinics, which represents a growth in the number of clinics of just about 20%. We still see good activity and good demand for digital service in our market. It's very strong. If you look at the sales processes to smaller and individual clinics, they have progressed just according to plan or just above our plan. What we have seen in the second quarter and also in the third quarter is that the larger customer groups with the larger customer with more than one clinic, where we very often have face-to-face meetings, have had other priorities during this period, and that market is still not back to normal levels. Having said that, we have seen an increased activity among this group, and hopefully, we can see an uptick in the number of clinics in Q4 of this year.
When it comes to the growth, the revenues in the third quarter was SEK 17.2 million, as I said before, which represents a growth of 37%. Our growth rates is not only depending on the number of new clinics that we sell, but it's also dependent on how our customer base actually grows, since we have a transparent business model. If our customer base grows, we will grow. It's also dependent on whether they buy more digitalization services from us. We also have a mechanism in our agreement that increases prices on a yearly basis. Even though we have seen over the last year a customer growth in the range of 20%-25%, we still see growth on revenues in the 35%-40% range based on the organic growth and the digitalization growth and the price mechanism. We have approximately 80% gross margins.
If you look at the different revenue streams, the gross margins from the Webdoc license is close to 100%. By definition, the gross margin in consulting is 100% as well, while we have approximately 55%-60% gross margins on the integrated services. One more important thing when you look at the mix of the revenue streams is that an important part of our strategy is to expand the relationship of integrated services to build this big ecosystem for our customers. The relationship has been approximately between licenses and add-on services has been 1- 0.8. We saw in Q3 of 2020 that we, at the end of the quarter, were closer to one to 0.9. That is also going in the right direction.
Thirdly, of course, when you talk about sales, you talk about growth, it's also important to see the scalability of the business. We have had a history of scaling the business on an EBIT growth level of approximately 50% per year. You can see that we did that in the third quarter as well. The EBIT growth compared to the third quarter last year was 48%, and the EBIT margin standalone in the quarter was 29%. If you look at the consolidated financials for Carasent, most of both revenues or all the revenues and most of the OpEx is related, of course, to Evimeria. What the differences between the EBIT in Evimeria and Carasent is basically related to three things. It's an FX effect, which in the third quarter was minor.
Then it's also the OpEx structure of Carasent, meaning the legal fees, the stock exchange fees, the board fees, et cetera, and the cost that we have to run a listed entity. We have previously guided that this is a cost in the range of NOK 1 million per quarter, that was pretty spot on in the third quarter. We also have a depreciation item in Carasent, which is related to the acquisition of Evimeria, that was NOK 900,000 in the third quarter. If you walk the bridge from SEK 5 million of EBIT in Evimeria, you end up with an EBIT of NOK 3.1 million EBIT in Carasent for third quarter 2020.
As we discussed before, we also have this stock option cost that we take that gives us the opportunity to do a cash transaction on the stock option program when it ends 2022. Finally, a little bit about the future. Overall, I think it's become increasingly clear, and it's not only for this business segment, but for many segments, that the pandemic as such will act as a catalyst for accelerated digitalization, and especially in the healthcare services sector. Far for Evimeria, the effect of the pandemic has been relatively limited. I think the biggest impact that we have seen is the delay in our sales processes to larger customers. Besides from that, I think we have handled the situation or the effects on Evimeria has been limited. There's still uncertainty out there.
We don't know how this situation will play out for the next quarters if we have new outbreaks linked to COVID-19. As of now, the situation has stabilized if you compare to the second quarter. Of course, as we did that private placement in September, we are working with several opportunities in the market. We have a very long list and also a very attractive shortlist that we're working on. We expect to execute on that strategy in the short term. I would like to put it just in the short term. I don't want to put a specific date, but we're working with many opportunities, and I think we will execute on those shortly. With that, I'm going to open up for some questions.
I have a question here from Matthias that says, "What are your main competitors in Sweden, and is there something that they do better than Evimeria?" The other question is, "How do you plan to start operations in Norway?" The first question, main competitor in Sweden is CompuGroup, which is a German company with their main focus actually on the hospital side of things, where we are not, but they also have a couple of systems out there for the private healthcare sector that we address. They have approximately between 30% and 40% of the market today. The second question was, how do you plan to start operations in Norway?
We have already started the Norwegian project, and I don't have any update on that other than what we said in the Q2 report, that we have postponed that given the restrictions to travel back and forward into Norway. What we can say about Norway is that is obviously a country where we look into doing a potential acquisition. We have already started to organically adjust our software to the Norwegian market. There's also a question from Christopher. "Can you share some timeline and size of potential acquisitions?" I don't want to put ourselves in a position where we put out a timeline nor a size of a potential acquisition, but I prefer to say in the short term, we will do an acquisition.
When it comes to size, I would say that what we would prefer is to do something to start with at the size similar to Evimeria. Couple of questions from Mark. Says, "In Q2, you said that the pandemic, to some degree, served as a catalyst for accelerated digitalization process, especially for services that enable remote visits. You also said that there was some spillover effects to other services. Have you continued to see this trend, especially since the ratio has gone up to 1x- 0.9x? Can you expand a bit on this?" Yes. The trend is basically the same. What we see is a slowdown in traditional services linked to physical visits, and we see a ramp-up of services that enables our customers to do digital visits. That's the most obvious one. There is a question of, again, around Norway. I think I've answered that.
Then there is a question, "Have you seen an uptake of newly started clinics trying to take care of the 'vårdskulden?'" The debt. That's a very fair and important question. During the second quarter and also during the third quarter, it's obvious that a lot of healthcare operations that should have been done wasn't actually executed from the healthcare operators because of COVID-19. You delay the surgeries, you delay the different treatments, and that will come back. The effect that we see of that initially is that there will be more private clinics starting up over the next year in Sweden. We see it in terms of new started clinics that needs to have an IT environment that can support their startups. I think that was it. That ends also the Q&A session. Thank you very much for your time.
The report and the presentation will be both on our website and also published on Newsweb. Thank you.