Quarterly financial information as of December 31, 2020 IFRS -
Regulated information - Not audited
Cegedim: 2020 revenue virtually stable like for
like
- Like-for-like revenues grew 2.3% in the fourth quarter of
2020
- Targeting stable recurring operating income1 in 2020 vs.
2019
- Targeting positive like-for-like revenue growth in 2021 vs.
2020
Boulogne-Billancourt, France, January 26, 2021, after
the market close
Cegedim generated 2020 consolidated
revenues of €496.9 million, down 1.4% as reported and 0.2% like for
like compared with 2019 on the back of a 1.9% increase in the third
quarter and a 2.3% increase in the fourth quarter.
“Amid challenging conditions, the Group proved
itself resilient by posting like-for-like 2020 revenues that were
virtually stable relative to 2019. After the first lockdown,
revenues rebounded by 1.9%2 in the third quarter and then
accelerated to 2.3% LFL growth in the fourth quarter. This was made
possible by our unique positioning within the healthcare ecosystem,
which combines a highly recurring business model and robust
investment in innovation. The fact that the French government
decided to supply Covid-19 vaccination centers with our Maiia
appointment scheduling solution will tremendously increase our name
recognition. 2021 is looking like it will be a tricky year;
however, we are confident that we will be able to top our 2020
performance.” Laurent Labrune, Cegedim Group Deputy Managing
Director.
Revenue
|
|
12 months |
in € millions |
|
2020 |
2019 |
LFL change |
Reported chg. |
Software &
Services |
|
277.2 |
286.9 |
-0.7% |
-3.4% |
Flow |
|
79.4 |
80.6 |
-3.6% |
-1.5% |
Data &
Marketing |
|
87.8 |
85.8 |
+2.4% |
+2.4% |
BPO |
|
48.9 |
47.1 |
+3.9% |
+3.9% |
|
|
|
|
|
|
Corporate and
others |
|
3.6 |
3.4 |
+6.3% |
+6.3% |
Cegedim |
|
496.9 |
503.7 |
-0.2% |
-1.4% |
Always looking for ways to improve its financial
communication, the Group will now be reporting its results by
business activity (divisions: Software & Services, Flow, Data
& Marketing, and BPO) rather than by client segment (sectors:
Health insurance, HR and e-services, and Healthcare professionals).
To help you analyze these revenue figures, we have provided in the
annex a breakdown by sector, as well as a table comparing the
sector and division figures. Fourth-quarter figures are also
presented by sector and by division in the annex.
Bridge from reported to LFL revenues
in € millions |
|
|
Consolidated Group revenue at 31/12/2019 |
|
503.7 |
Impact of
acquisitions and disposals |
|
-5.2 |
Currency
impacts |
|
-0.8 |
Revenue
excl. impacts at 31/12/2019 |
|
497.7 |
|
|
|
Software &
Services contribution |
|
-2.1 |
Flow
contribution |
|
-2.9 |
Data &
Marketing contribution |
|
+2.1 |
BPO
contribution |
|
+1.9 |
Corporate and
others contribution |
|
+0.2 |
Consolidated Group revenue at 31/12/2020 |
|
496.9 |
In 2020 the €5.2 million hit from scope effects,
or 1.0pp, was chiefly due to the sale of nearly all of the business
activities of Pulse Systems Inc. in the US in August 2019, which
was partly offset by the acquisitions of Cosytec in France in July
2019 and NetEDI in the UK in August 2019. Excluding an unfavorable
currency translation impact of 0.2pp and an unfavorable scope
effect of 1.0pp, revenues fell 0.2%.
Analysis of business trends by division
·Software & Services
The division’s 2020 revenues fell 0.7% like for
like to €277.2 million.
This highly recurring business received a boost
from the launch of a teleconsultation solution, Maiia
Téléconsultation, which experienced strong growth due to the
Covid-19 pandemic. As a reminder, the teleconsultation offering was
supplied to clients free of charge in the first half of 2020. This
fine performance was more than offset by the fact that several
projects due to launch in 2020 were delayed until 2021 and because
the complicated backdrop caused many investment decisions to be put
off, particularly in the field of health insurance.
·Flow
The division’s 2020 revenues fell 3.6% like for
like to €79.4 million.
This business was negatively affected by the
Covid-19 pandemic, which caused many in France to make fewer doctor
visits during lockdowns, thus diminishing health flows. Some of our
clients decided to postpone projects from 2020 to 2021. However,
the decline was partly offset by a very good performance in the
invoice and process digitalization activity.
·Data & Marketing
The division’s 2020 revenues rose 2.4% like for
like to €87.8 million.
Data activities experienced strong growth as a
result of the pandemic. On the other hand, during the first
lockdown of 2020, the pandemic had a detrimental impact on
advertising business revenues from pharmacies in France.
·BPO
The division’s 2020 revenues rose 3.9% like for
like to €48.9 million.
This business got a boost from adding a new
contract in the fourth quarter of 2019, which more than offset the
decrease in French residents’ use of healthcare during the Covid-19
lockdowns.
Highlights
To the best of the company’s knowledge, there
were no events or changes during 2020 that would materially alter
the Group’s revenues. For other highlights, please see the press
releases announcing first-half and third-quarter results.
Significant transactions and events post December 31,
2020
To the best of the company’s knowledge, there
were no post-closing events or changes that would materially alter
the Group’s financial situation.
Outlook
Given the slight decline in like-for-like 2020
revenues, savings (notably from reduced business travel), and
strict payroll cost management, the Group expects 2020 recurring
operating income3 to be on a par with 2019.
For 2021, the Group expects like-for-like
revenue growth of c.2%.
When it announces its 2020 results on March 18,
2021, after the market closes, the Group will share its targets for
2021 results by division and at the consolidated level.
The Group does not expect to make any
significant acquisitions in 2021. And lastly, the group does not
provide earnings estimates or forecasts.
WEBCAST ON JANUARY 26, 2021 AT 6:15 PM (PARIS
TIME) |
The webcast is available at:
https://www.cegedim.fr/finance/documentation/communiques/Pages/FY-2020-revenues.aspx |
|
The 2020 revenues presentation is available at:
- On the website:
https://www.cegedim.com/finance/documentation/Pages/presentations.aspx
- And on the Cegedim IR smartphone app, available at
https://www.cegedim.com/finance/profile/Pages/cegedimir.aspx
|
|
Financial calendar
2021 |
March 18 after the closeMarch 19
April 27 after the closeJune
17July 27 after the
closeSeptember 16 after the closeSeptember
17October 28 after the close |
2020 resultsSFAF meetingQ1 2021 revenuesShareholders’ meetingQ2
2021 revenuesH1 2021 resultsSFAF meetingQ3 2021 revenues |
DisclaimerThis press release is available
in French and in English. In the event of any difference between
the two versions, the original French version takes precedence. It
was sent to Cegedim’s authorized distributor on January 26, 2021,
no earlier than 5:45 pm Paris time.The figures
cited in this press release include guidance on Cegedim's future
financial performance targets. This forward-looking information is
based on the opinions and assumptions of the Group’s senior
management at the time this press release is issued and naturally
entails risks and uncertainty. For more information on the risks
facing Cegedim, please refer to Chapter 7, “Risk management”,
section 7.2, “Risk factors and insurance”, and Chapter 3, “Overview
of the financial year”, section 3.6, “Outlook”, of the 2019
Universal Registration Document filled with the AMF on March 31,
2020 under number D.20-0218.Fourth-quarter and
full-year 2020 revenue figures have not been audited by the
Statutory Auditors. |
About Cegedim: Founded in 1969, Cegedim is an innovative
technology and services company in the field of digital data flow
management for healthcare ecosystems and B2B, and a business
software publisher for healthcare and insurance professionals.
Cegedim employs more than 5,300 people in more than 10 countries
and generated revenue close to €500 million in 2020. Cegedim SA is
listed in Paris (EURONEXT: CGM).To learn more, please visit:
www.cegedim.frAnd follow Cegedim on Twitter: @CegedimGroup,
LinkedIn and Facebook. |
Aude
BALLEYDIERCegedim Media Relations and
Communications ManagerTél. : +33 (0)1 49 09 68
81aude.balleydier@cegedim.fr |
Jan Eryk
UMIASTOWSKICegedimChief Investment and
Investor Relations OfficerTél. : +33 (0)1 49 09 33
36janeryk.umiastowski@cegedim.com |
Céline
PARDOsuPRMedia RelationsTél. : +33
(0)6 52 08 13 66 +33 (0)6
80 80 83 97cegedim@becoming-group.com |
|
Annexes
Division profiles
Software & Services
division: comprises all of the Group’s software offerings
in all formats (licenses, SaaS, internet services) as well as
hosting (HDS certified for health data) and IT facilities
management. Cegedim markets these offerings to health and personal
protection insurers (France and the UK); allied health
professionals—physical therapists, nurses, speech therapists,
podiatrists, midwives, etc. (France); HR departments (France);
independent pharmacies as well as chains and consortiums of
pharmacies (France, Romania, and the UK); and doctors and medical
centers (France, the UK, Belgium, Spain, and Italy).
Flow division: comprises
third-party payment management (France), invoice and process
digitization, probative value storage, and EDI (France, the UK, and
Germany). This business has service centers in France, Romania, and
Morocco.
Data & Marketing division:
comprises
- data for health authorities, healthcare professionals,
researchers, the healthcare industry and its partners in France,
Italy, Germany, Spain, Romania, and the UK;
- print and digital advertising in pharmacies and health &
wellness shops in France;
- digital marketing to doctors;
- healthcare product distribution.
BPO division: comprises
business process outsourcing activities in France for supplemental
health insurers (managing reimbursement, among other things);
personal protection insurers, and HR departments. This division has
service centers in France and Romania.
Revenue trends by sector
|
|
12 months |
in € millions |
|
2020 |
2019 |
LFL change |
Reported chg. |
Health insurance,
HR and e-services |
|
341.8 |
340.5 |
-0.2% |
+0.4% |
Healthcare
professionals |
|
151.5 |
159.8 |
-0.1% |
-5.2% |
Corporate and
others |
|
3.6 |
3.4 |
+6.3% |
+6.3% |
Cegedim |
|
496.9 |
503.7 |
-0.2% |
-1.4% |
Sector / division comparison
|
|
2020 |
in € millions |
|
Health insurance,HR and e-services |
Healthcare professionals |
Total |
Software &
services |
|
125.7 |
151.5 |
277.2 |
Flow |
|
79.4 |
0 |
79.4 |
Data &
Marketing |
|
87.8 |
0 |
87.8 |
BPO |
|
48.9 |
0 |
48.9 |
Corporate and
others |
|
0 |
0 |
3.6 |
Cegedim |
|
341.8 |
151.5 |
496.9 |
Q4 2020 revenues by sector and by division
|
|
Q4 |
in € millions |
|
2020 |
2019 |
LFL change |
Reported chg. |
Health insurance,
HR and e-services |
|
100.6 |
98.4 |
+2.3% |
+2.2% |
Healthcare
professionals |
|
40.2 |
40.2 |
+1.9% |
+0.0% |
Corporate and
others |
|
1.0 |
0.9 |
+10.1% |
+10.1% |
Cegedim |
|
141,8 |
139,5 |
+2.3% |
+1.6% |
|
|
Q4 |
in € millions |
|
2020 |
2019 |
LFL change |
Reported chg. |
Software &
services |
|
75.5 |
75.4 |
+1.2% |
+0.1% |
Flow |
|
22.0 |
22.5 |
-1.9% |
-2.0% |
Data &
Marketing |
|
30.3 |
26.8 |
+13.3% |
+13.3% |
BPO |
|
13.0 |
14.0 |
-7.0% |
-7.0% |
Corporate and
others |
|
1.0 |
0.9 |
+10.1% |
+10.1% |
Cegedim |
|
141.8 |
139.5 |
+2.3% |
+1.6% |
Breakdown of revenue by quarter and
division
·Year 2020
in € thousands |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Health insurance, HR and e-services |
|
82.7 |
77.7 |
80.9 |
100.6 |
341.8 |
|
Healthcare
professionals |
|
38.0 |
36.2 |
37.1 |
40.2 |
151.5 |
|
Corporate and
others |
|
0.9 |
0.9 |
1.0 |
1.0 |
3.6 |
|
Consolidated Group revenue |
|
121.5 |
114.7 |
118.9 |
141.8 |
496.9 |
|
in € thousands |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Software & services |
|
69.1 |
64.4 |
68.0 |
75.5 |
277.2 |
|
Flow |
|
20.4 |
18.0 |
19.0 |
22.0 |
79.4 |
|
Data &
Marketing |
|
18.9 |
19.6 |
19.0 |
30.3 |
87.8 |
|
BPO |
|
12.3 |
11.6 |
12.0 |
13.0 |
48.9 |
|
Corporate and
others |
|
0.9 |
0.9 |
1.0 |
1.0 |
3.6 |
|
Consolidated Group revenue |
|
121.5 |
114.7 |
118.9 |
141.8 |
496.9 |
|
·Year 2019
in € thousands |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Health insurance, HR and e-services |
|
79.2 |
83.3 |
79.6 |
98.4 |
340.5 |
|
Healthcare
professionals |
|
39.1 |
42.5 |
38.0 |
40.2 |
159.8 |
|
Corporate and
others |
|
0.9 |
0.8 |
0.8 |
0.9 |
3.4 |
|
Consolidated Group revenue |
|
119.2 |
126.6 |
118.4 |
139.5 |
503.7 |
|
in € thousands |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Software & services |
|
69.2 |
72.8 |
69.5 |
75.4 |
286.9 |
|
Flow |
|
19.4 |
19.8 |
18.9 |
22.5 |
80.6 |
|
Data &
Marketing |
|
18.9 |
22.2 |
17.8 |
26.8 |
85.7 |
|
BPO |
|
10.8 |
10.8 |
11.4 |
14.0 |
47.1 |
|
Corporate and
others |
|
0.9 |
0.8 |
0.8 |
0.9 |
3.4 |
|
Consolidated Group revenue |
|
119.2 |
126.6 |
118.4 |
139.5 |
503.7 |
|
Breakdown of revenue by geographic zone and
division
·At December 31, 2020
as a % of consolidated revenues |
|
France |
EMEA ex. France |
Americas |
Software & services |
|
78.5% |
21.4% |
0.2% |
Flow |
|
93.1% |
6.9% |
0.0% |
Data &
Marketing |
|
97.1% |
2.9% |
0.0% |
BPO |
|
100.0% |
0.0% |
0.0% |
Logicle |
|
100.0% |
0.0% |
0.0% |
Cegedim |
|
86.4% |
13.5% |
0.1% |
Breakdown of revenue by currency and
division
·At December 31, 2020
as a % of consolidated revenues |
|
Euro |
GBP |
USD |
Others |
Software & services |
|
81.4% |
16.7% |
0.0% |
1.9% |
Flow |
|
96.0% |
4.0% |
0.0% |
0.0% |
Data &
Marketing |
|
97.1% |
0.0% |
0.0% |
2.9% |
BPO |
|
100.0% |
0.0% |
0.0% |
0.0% |
Corporate and
others |
|
100.0% |
0.0% |
0.0% |
0.0% |
Cegedim |
|
88.5% |
10.0% |
0.0% |
1.6% |
1 Alternative performance indicators. See page 113 to 114 of the
2019 Universal Registration Document.
2 Like-for-like.
3 Alternative performance indicators. See page 113 to 114 of the
2019 Universal Registration Document.
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