Cegedim: 2021 gets off to an interesting start
28 April 2021 - 1:45AM
Quarterly financial information as of March 31, 2021IFRS -
Regulated information - Not audited
Cegedim: 2021 gets off to an interesting
start
- Like-for-like Q1 revenues are up
1.0% on 2020.
- Like-for-like Q1 revenues are up
4.2% on 2019.
- We confidently expect to meet our
2021 business objectives.
Boulogne-Billancourt, France,
April
27, 2021, after the
market close
Cegedim posted
consolidated Q1 2021 revenues of
€122.5 million, up 0.8% on a reported basis, and
up 1.0% and 4.2% like for like compared with the same periods in
2020 and 2019 respectively.
“The situation remains volatile, uncertainties
continue, and we are still feeling the impacts of the health
crisis. However, after relatively flat months in January and
February, business picked up in March. Compared with the first
quarter of 2019, revenues have grown 4.2% like for like, and we are
therefore confident in our ability to put in a sound performance
this year”.
Laurent Labrune,
Cegedim Deputy Managing Director
Revenue
|
|
First quarter |
Change Q1 2021 / 2020 |
Change Q1 2021/2019 |
in € millions |
|
2021 |
2020 |
Reported |
LFL(1) |
LFL(2) |
Software & Services |
|
68.8 |
69.1 |
(0.4)% |
(0.1)% |
+3.0% |
Flow |
|
21.0 |
20.4 |
+3.3% |
+3.4% |
+4.3% |
Data &
Marketing |
|
19.9 |
18.9 |
+5.6% |
+5.7% |
+5.4% |
BPO |
|
11.7 |
12.3 |
(5.2)% |
(5.2)% |
+8.0% |
Corporate and
others |
|
1.0 |
0.9 |
+21.3% |
+21.3% |
+17.2% |
Cegedim |
|
122.5 |
121.5 |
+0.8% |
+1.0% |
+4.2% |
(1) At constant scope and
exchange rates. Scope effects were virtually nil and currency
translation had a negative impact of 0.2pp due to the pound
sterling.
(2) At constant scope and
exchange rates. In 2020, the €1.8 million hit from scope effects,
or 1.5pp, was chiefly due to the sale of nearly all 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.
Analysis of business trends by division
Q1 2021 division revenues came to €68.8 million,
virtually stable compared with 2020, and up 3% on 2019 like for
like.
Revenues were stable as growth in software
businesses was offset by a negative base effect in computerization
services for UK doctors— in 2020, the NHS requested specific
developments which generated one-off revenues.
In the so-called project business—which mostly
concerns the health insurance sector and had been at a standstill
for several months—activity picked up again as the Group’s
technological advances were rewarded with several large new
contracts.
Q1 2021 division revenues totaled €21.0 million,
up 3.4% on 2020 and 4.3% on 2019 like for like.
Process digitization in all sectors grew
sharply, boosted by contracts signed in Q4 2020. This growth was
partially curbed by:
- International
activities, with strict lockdowns in both Germany and the UK.
However, the business recovery in both these countries bodes well
for a return to growth in H2.
- Health flows,
since French people avoid medical care during periods of Covid-19
restrictions.
Q1 2021 division revenues came to €19.9 million,
up 5.7% on 2020 and 5.4% on 2019 like for like.
Data activities experienced strong growth as a
result of the pandemic. The pharmacy advertising business in France
continues to recover.
Q1 2021 division revenues came to €11.7 million,
down 5.2% on 2020, and up 8.0% on 2019 like for like.
This business, which includes a large share of
outsourced management services for health insurance companies and
mutuals, was hard hit as French people delayed or avoided medical
care because of the Covid-19 pandemic.
Q1 2021 division revenues came to €1.0 million,
up 21.3% on 2020 and 17.2% on 2019 like for like.
Highlights
To the best of the company’s knowledge, there
were no events or changes during the first quarter of 2020 that
would materially alter the Group’s revenues.
Significant transactions and events post
March 31,
2021
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
With Q1 2021 like-for-like(1) revenues up 1.0%,
the Group maintains its FY 2021 growth forecasts of about 2% in
like-for-like(1) revenue and about 4% in recurring operating
income(1).
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 APRIL 27, 2021
AT 6:15 PM (PARIS TIME) |
The webcast is available at:
www.cegedim.com/webcast |
|
The Q1 2021 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
|
Financial calendar
2021 |
June 17July 27 after the
closeSeptember 16 after the closeSeptember
17October 28 after the close |
Shareholders’ 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 April 27, 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
2020 Universal Registration
Document filled with the AMF on April
16, 2021 under
number
D.21-0320. |
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 of 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
BALLEYDIERCegedimMedia 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
Breakdown of revenue by quarter and
division
in € thousands |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Software & services |
|
68.8 |
|
|
|
68.8 |
|
Flow |
|
21.0 |
|
|
|
21.0 |
|
Data &
Marketing |
|
19.9 |
|
|
|
19.9 |
|
BPO |
|
11.7 |
|
|
|
11.7 |
|
Corporate and
others |
|
1.0 |
|
|
|
1.0 |
|
Consolidated Group revenue |
|
122.5 |
|
|
|
122.5 |
|
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 |
|
Breakdown of revenue by geographic zone and
division as of March 31, 2021
as a % of consolidated revenues |
|
France |
EMEA ex. France |
Americas |
Software & services |
|
81.3% |
18.6% |
0.1% |
Flow |
|
93.6% |
6.4% |
0.0% |
Data &
Marketing |
|
97.1% |
2.9% |
0.0% |
BPO |
|
100.0% |
0.0% |
0.0% |
Corporate and
others |
|
99.5% |
0.5% |
0.0% |
Cegedim |
|
87.9% |
12.0% |
0.1% |
Breakdown of revenue by currency and division
as of March 31, 2021
as a % of consolidated revenues |
|
Euro |
GBP |
Others |
Software & services |
|
84.0% |
13.9% |
2.1% |
Flow |
|
96.5% |
3.5% |
0.0% |
Data &
Marketing |
|
97.1% |
0.0% |
2.9% |
BPO |
|
100.0% |
0.0% |
0.0% |
Corporate and
others |
|
100.0% |
0.0% |
0.0% |
Cegedim |
|
90.0% |
8.4% |
1.6% |
Q1 2021 Revenue by sector
|
|
First quarter |
in € millions |
|
2021 |
2020 |
LFL change |
Reported chg. |
Health insurance, HR and e-services |
|
85.2 |
82.7 |
+3.1% |
+3.1% |
Healthcare
professionals |
|
36.2 |
38.0 |
(4.0)% |
(4.6)% |
Corporate and
others |
|
1.0 |
0.9 |
+21.3% |
+21.3% |
Cegedim |
|
122.5 |
121.5 |
+1.0% |
+0.8% |
Sector / division comparison
|
|
Q1 2021 |
in € millions |
|
Health insurance, HR and e-services |
Healthcare professionals |
Total |
Software & services |
|
32.6 |
36.2 |
68.8 |
Flow |
|
21.0 |
0.0 |
21.0 |
Data &
Marketing |
|
19.9 |
0.0 |
19.9 |
BPO |
|
11.7 |
0.0 |
11.7 |
Corporate and
others |
|
0.0 |
0.0 |
1.0 |
Cegedim |
|
85.2 |
36.2 |
122.5 |
- Cegedim_Revenue_1Q2021_ENG
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