Cegedim: Strong rebound in first half 2021 revenue
Quarterly financial information as of June 30, 2021IFRS -
Regulated information - Not audited
Cegedim: Strong rebound in first half
2021 revenue
- Like-for-like(1)
revenue growth reached 6.2% in the first half
- Like-for-like(1)
revenue growth reached 11.7% in the second quarter
- Revenue growth
target revised higher.
Boulogne-Billancourt, France, July 27, 2021, after the
market close
Cegedim generated
consolidated H1 2021 revenues of €251.2 million, an increase of
6.3% as reported and 6.2% like for like
(1) compared with the same period in 2020,
and up 3.4% compared with 2019.
Second quarter revenues rose 12.2% as reported
and 11.7% like for like(1) compared with the same period in 2020
and 2.6% compared with 2019. This growth reflects the fact that Q2
2020 was hit particularly hard by the pandemic, especially pharmacy
media and project-based activities in the health insurance sector.
Laurent Labrune, Deputy Managing Director of Cegedim, said:
“We had a particularly active start to the year.
The Group’s innovation efforts paid off in the form of several
sizeable contracts in project-based business, notably in the
insurance sector. We also launched Cegedim Santé France, a new unit
with its own brand aimed at making us more competitive by bundling
products and services for the healthcare professional market while
also responding to new public health challenges.
Conditions are still volatile and uncertain, and
we are still feeling the impacts of the pandemic, but revenues rose
11.7% like for like in the second quarter of 2021 compared with
2020. This growth reflects our unique positioning within the
healthcare space, offering data management, digital technologies,
software, flow management, and related services.
Lastly, the acquisition of two best-in-class
companies, Médimust and Kobus Tech, has among other things made
Cegedim the top medical software publisher in France(2) and allowed
it to meet the needs of more than 100,000 French healthcare
professionals”.
Revenue
|
|
H1 |
Change H1 2021 / 2020 |
Change H1 2021/2019 |
in € millions |
|
2021 |
2020 |
Reported |
LFL(3) |
LFL(4) |
Software & Services |
|
140.2 |
133.7 |
+4.9% |
+4.6% |
+1.9% |
Flow |
|
41.7 |
38.4 |
+8.7% |
+8.7% |
+2.6% |
Data &
Marketing |
|
44.8 |
38.4 |
+16.4% |
+16.5% |
+8.8% |
BPO |
|
22.9 |
23.9 |
(4.3)% |
(4.3)% |
+5.9% |
Corporate and
others |
|
1.5 |
1.7 |
(12.6)% |
(12.6)% |
(12.3)% |
Cegedim |
|
251.2 |
236.2 |
+6.3% |
+6.2% |
+3.4% |
(1) At constant scope and
exchange rates.(2) Source: GIE
SESAM-Vitale.(3) At constant scope and exchange
rates. Acquisitions and divestments had virtually no
impact.(4) At constant scope and exchange rates.
Exchange rates had virtually no impact. The €3.0 million hit from
scope effects, or 1.2pp, 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. The
acquisitions of Médimust and Kobus Tech in May 2021 had a marginal
impact as of June 30, 2021.
Analysis of business trends by division
The division’s first half 2021 revenues rose to
€140.2 million, up 4.6% like for like(1) compared with 2020 and
1.9% compared with 2019.
The growth came chiefly from a resurgence of
project-based business, particularly in health insurance, following
a pause of several months. The Group’s allied health professional
computerization business in France and its appointment scheduling,
remote health, and HR management solutions were particularly
dynamic in the second quarter.
The division’s first half 2021 revenues rose to
€41.7 million, up 8.7% like for like(1) compared with 2020 and 2.6%
compared with 2019.
Process digitalization had a strong quarter
across all sectors. After people in France reduced their use of the
healthcare system early in the year because of public health
restrictions, healthcare flow business increased in the second
quarter.
The division’s first half 2021 revenues rose to
€44.8 million, up 16.5% like for like(1) compared with 2020 and
8.8% compared with 2019.
Data activities experienced strong growth
against the backdrop of the pandemic. Advertising in French
pharmacies was again close to its pre-pandemic level.
The division’s first half 2021 revenues fell to
€22.9 million, down 4.3% like for like(1) compared with 2020 but up
5.9% compared with 2019.
A significant portion of this division’s
business is providing services for insurance companies and mutual
insurance providers, so it took a hit from public health
restrictions that caused people in France reduce their use of the
healthcare system.
The division’s first half 2021 revenues fell to
€1.5 million, down 12.6% like for like(1) compared with 2020 and
12.3% compared with 2019.
Highlights
To the best of the company’s knowledge, apart
from the items listed below, there were no events or changes during
the first half of 2021 that would materially alter the Group’s
financial situation.
-
Acquisition of Kobus in France
On April 30, 2021, Cegedim acquired French
start-up Kobus Tech, which specializes in patient management for
physical therapists (patient care summaries, exercise prescription,
mail generation, etc.). Its solution has more than 4,000 users. It
is perfectly compatible with Cegedim Santé’s solutions and their
combined offering is one of the market’s most comprehensive. It
began contributing to the Group’s consolidation scope in May
2021.
-
Acquisition of Médimust
in France
On May 4, 2021, Cegedim acquired Médimust, a
software publisher serving healthcare professions for 25 years that
currently supplies 2,000 independent physicians. The acquisition
cements Cegedim Santé place as France’s number 1 medical software
company(2). Pooling the companies’ know-how and expertise is
strengthening Cegedim Santé’s range of solutions and improving its
ability to adapt to market developments and healthcare
professionals’ changing needs.
Médimust generated revenues of €1.3 million in
2020 and earned a profit. It began contributing to the Group’s
consolidation scope in May 2021.
(1) At constant scope and
exchange rates.(2) Source: GIE SESAM-Vitale.
Significant transactions and events post
June 30,
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
Revenues rebounded immediately after the first
lockdown, so after a 2.5% like-for-like (1) decrease in first half
2020, we saw like-for-like(1) growth of 2.1% in the second half of
2020. Considering this basis of comparison and H1 2021 growth of
6.2%, the Group is raising its target for like-for-like(1) revenue
growth in 2021 from 2% previously to 3-5%.
This target may need to be revised if the
Covid-19 crisis causes a severe tightening of public health
restrictions in Europe after this press release is issued.
The Group will announce any changes to its
outlook for recurring operating income(1) growth, currently 4%,
when it releases its first half results on September 16, 2021.
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 JULY
27, 2021 AT 6:15 PM (PARIS
TIME) |
The webcast is available at:
www.cegedim.com/webcast |
|
The H1 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 |
September 16 after the closeSeptember
17October 28 after the close |
H1 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 July 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 group 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 66cegedim@becoming-group.com |
|
Annexes
Breakdown of revenue by quarter and
division
in € thousands |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Software & services |
|
68.8 |
71.4 |
|
|
140.2 |
|
Flow |
|
21.0 |
20.7 |
|
|
41.7 |
|
Data &
Marketing |
|
19.9 |
24.8 |
|
|
44.8 |
|
BPO |
|
11.7 |
11.2 |
|
|
22.9 |
|
Corporate and
others |
|
1.0 |
0.5 |
|
|
1.5 |
|
Consolidated Group revenue |
|
122.5 |
128.7 |
|
|
251.2 |
|
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 June
30, 2021
as a % of consolidated revenues |
|
France |
EMEA ex. France |
Americas |
Software & services |
|
81.7% |
18.2% |
0.1% |
Flow |
|
93.8% |
6.2% |
0.0% |
Data &
Marketing |
|
97.2% |
2.8% |
0.0% |
BPO |
|
100.0% |
0.0% |
0.0% |
Corporate and
others |
|
99.6% |
0.4% |
0.0% |
Cegedim |
|
88.2% |
11.7% |
0.1% |
Breakdown of revenue by currency and division
as of June 30,
2021
as a % of consolidated revenues |
|
Euro |
GBP |
Others |
Software & services |
|
84.5% |
13.5% |
2.0% |
Flow |
|
96.6% |
3.4% |
0.0% |
Data &
Marketing |
|
97.2% |
0.0% |
2.8% |
BPO |
|
100.0% |
0.0% |
0.0% |
Corporate and
others |
|
100.0% |
0.0% |
0.0% |
Cegedim |
|
90.3% |
8.1% |
1.6% |
H1 2021 Revenue by
sector
|
|
H1 |
in € millions |
|
2021 |
2020 |
LFL change(1) |
Reported chg. |
Health insurance, HR and e-services |
|
176.6 |
160.3 |
+10.2% |
+10.1% |
Healthcare
professionals |
|
73.0 |
74.1 |
(1.5)% |
(1.8)% |
Corporate and
others |
|
1.5 |
1.7 |
(12.6)% |
(12.6)% |
Cegedim |
|
251.2 |
236.2 |
+6.3% |
+6.2% |
Sector / division comparison
|
|
H1 2021 |
in € millions |
|
Health insurance, HR and e-services |
Healthcare professionals |
Corporate and others |
Total |
Software & services |
|
67.2 |
73.0 |
- |
140.2 |
Flow |
|
41.7 |
- |
- |
41.7 |
Data &
Marketing |
|
44.8 |
- |
- |
44.8 |
BPO |
|
22.9 |
- |
- |
22.9 |
Corporate and
others |
|
- |
- |
1.5 |
1.5 |
Cegedim |
|
176.6 |
73.0 |
1.5 |
251.2 |
Q2 2021 Revenue by division
|
|
Q2 |
Change Q2 2021 / 2020 |
Change Q2 2021/2019 |
in € millions |
|
2021 |
2020 |
Reported |
LFL(1) |
LFL(2) |
Software & Services |
|
71.4 |
64.6 |
+10.6% |
+9.7% |
+0.7% |
Flow |
|
20.7 |
18.0 |
+14.8% |
+14.7% |
+0.9% |
Data &
Marketing |
|
24.8 |
19.6 |
+26.9% |
+26.9% |
+11.7% |
BPO |
|
11.2 |
11.6 |
(3.2)% |
(3.2)% |
+3.7% |
Corporate and
others |
|
0.5 |
0.9 |
(45.5)% |
(45.5)% |
(43.2)% |
Cegedim |
|
128.7 |
114.7 |
+12.2% |
+11.7% |
+2.6% |
(1) At constant scope and
exchange rates. Acquisitions and divestments had a positive impact
of 0.2pp, exchange rates had a positive impact of 0.3pp due to the
pound sterling.(2) At constant scope and exchange
rates. Exchange rates had virtually no impact. The €1.3 million hit
from scope effects, or 1.1pp, 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. The
acquisitions of Médimust and Kobus Tech in May 2021 had a marginal
impact as of June 30, 2021.
- Cegedim_Revenues_2Q2021_ENG
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