Cegedim: Steady revenue growth in 2021
Quarterly financial information as of December 31, 2021IFRS -
Regulated information - Not audited
Cegedim: Steady revenue growth in
2021
- Like-for-like (1)
revenue growth of 5.0% to €525m in 2021
- 2021 revenues at the
top of the Group’s estimated range
Boulogne-Billancourt, France,
January
27,
2022, after the market
close
Cegedim generated consolidated 4Q 2021 revenues
of €148.7 million, an increase of 4.9% as reported and 3.9% like
for like (1) compared with the same period in 2020. Over the full
year, consolidated revenues of €524.7 million represented
year-on-year growth of 5.6% as reported and 5.0% like for like
(1).
“The Group’s fourth-quarter revenue growth of
4.9% allowed it to achieve full-year revenue of €525 million in
2021 even though the pandemic ramped up late in the year. Owing to
successful vaccination campaigns and the discovery of new
medicines, we could see a gradual lessening of the public health
crisis in 2022. We are confident that we can continue to grow
sustainably while strengthening our ESG strategy, notably by
following through on investments that respond to the growing need
for digitalization in healthcare and business processes.”
Laurent Labrune
– Cegedim Deputy Managing
Director
Revenue
|
|
12 months |
Change FY 2021 /
2020 |
in € millions |
|
2021 |
2020 |
Reported |
Lfl (2) |
Software & Services |
|
292.0 |
277.2 |
+5.4% |
+4.4% |
Flow |
|
84.2 |
79.4 |
+6.1% |
+6.0% |
Data &
Marketing |
|
98.4 |
87.8 |
+12.1% |
+12.1% |
BPO |
|
47.3 |
48.9 |
(3.3)% |
(3.3)% |
Corporate and
others |
|
2.7 |
3.6 |
(24.8)% |
(24.8)% |
Cegedim |
|
524.7 |
496.9 |
+5.6% |
+5.0% |
The Audit Committee, the ESG Committee and the
Board of Directors met on January 27, 2022.
__________(1) At constant scope
and exchange rates.(2) At constant scope and
exchange rates. The positive currency impact of 0.3% was mainly due
to the pound sterling. The positive scope effect of 0.3% was
attributable to the first-time consolidation of new acquisitions
Médimust and Kobus Tech.
Analysis of business trends by division
Over the full year 2021, revenues rose 4.4% like
for like(1) compared with 2020 to €292.0 million, despite a
challenging comparison in the fourth quarter.
Revenues got a boost from stronger growth in
computerization activities for health insurers—bolstered by the
resumption of project-based business, among other factors—and from
an excellent performance in HR management outsourcing activities.
Growth was also driven by trading operations in the fourth
quarter.
Commercial trends at Cegedim Santé are robust
despite the Covid flare-up late in the year, which curtailed sales
efforts targeting healthcare professionals. Maiia, which
specializes in appointment scheduling—particularly for vaccination
appointments—and teleconsultation, doubled its revenues in 2021
compared with 2020, as predicted.
2021 revenues rose 6.0% like for like (1)
compared with 2020 to €84.2 million.
The process digitalization and digital data flow
business grew despite slowing somewhat in the fourth quarter due to
the resurgence of the Covid-19 pandemic.
People in France reduced their use of the
healthcare system because of public health restrictions, which put
a crimp on healthcare flow business related to reimbursements. The
negative impact was chiefly evident in the first and fourth
quarters.
2021 revenues rose 12.1% like for like (1)
compared with 2020 to €98.4 million.
Data activities experienced strong growth
against the backdrop of the pandemic and had their strongest
quarter of the year in Q4 despite a demanding comparison.
Digital displays in pharmacies experienced
substantial growth over the year but ran into a challenging
comparison in Q4, as the business had rebounded strongly in the
fourth quarter of 2020. Futuramedia, a digital communication
solutions expert for pharmacies, continues to roll out its offering
in the UK.
2021 division revenues came to €47.3 million,
down 3.3% like for like (1) compared with the same period in 2020.
The fourth quarter benefited from an undemanding comparison.
This business, which largely involves managing
services on behalf of insurance companies and mutual health
insurers, was hurt by a decrease in unit prices now that the
implementation phase is complete, and by less so-called overflow
business. On the other hand, the division got a boost in Q4 from
strong demand for BPO services from HR departments.
2021 division revenues came to €2.7 million,
down 24.8% like for like (1) compared with the same period in
2020.
Highlights
To the best of the company’s knowledge, apart
from the item mentioned below there were no events or changes
during the fourth quarter of 2021 that would materially alter the
Group’s financial situation.
Cegedim, jointly with IQVIA (formerly IMS
Health), is being sued by Euris for unfair competition. Cegedim has
asked the court to dismiss the case against the Group. On December
17, 2018, the Paris Commercial Court granted Cegedim’s request,
which IQVIA then appealed. On December 8, 2021, the Court of
Appeals upheld the judgement in favor of Cegedim.
After consulting its external legal counsel, the
Group had decided not to set aside any provisions.
Significant transactions and events post
December 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 respect to 2021, trading operations carried
out in the fourth quarter by the Software and services division are
very likely to negatively affect recurring operating income (2)
growth.
Based on currently available information and
2021 estimates, the Group expects 2022 revenue growth on a par with
2021 growth.
The Group does not expect to make any
significant acquisitions in 2022. And lastly, the group does not
provide earnings estimates or forecasts.
__________(1) At constant scope
and exchange rates.(2) See Universal Registration
Document Chapter 4 “Consolidated Financial Statements” section 4.6
Note 2 on Alternative performance
indicators2022 Financial
calendar
WEBCAST ON JANUARY
27, 2022
AT 6:15 PM (PARIS TIME) |
The webcast is available at:
www.cegedim.com/webcast |
|
The FY 2021 revenues presentation is available:
- 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
|
2022 |
March 24, after the close April
28, after the close June
17 at 9:30 pm CET July 28 after
the close September 20 after the close |
FY 2021 results 1Q 2022 revenues Shareholders’ meeting 1H 2022
revenues 1H 2022 earnings |
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 27, 2022,
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 5,600 people in more than 10 countries
and generated revenue of €525 million in 2021. 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 |
|
1Q |
2Q |
3Q |
4Q |
Total |
Software & services |
|
68.8 |
71.4 |
71.3 |
80.4 |
292.0 |
|
Flow |
|
21.0 |
20.7 |
19.8 |
22.7 |
84.2 |
|
Data &
Marketing |
|
19.9 |
24.8 |
21.8 |
31.9 |
98.4 |
|
BPO |
|
11.7 |
11.2 |
11.4 |
13.0 |
47.3 |
|
Corporate and
others |
|
1.0 |
0.5 |
0.5 |
0.7 |
2.7 |
|
Consolidated Group revenue |
|
122.5 |
128.7 |
124.8 |
148.7 |
524.7 |
|
in € thousands |
|
1Q |
2Q |
3Q |
4Q |
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 December
31, 2021
as a % of consolidated revenues |
|
France |
EMEA ex. France |
Americas |
Software & services |
|
81.5% |
18.4% |
0.1% |
Flow |
|
93.5% |
6.5% |
0.0% |
Data &
Marketing |
|
97.4% |
2.6% |
0.0% |
BPO |
|
100.0% |
0.0% |
0.0% |
Corporate and
others |
|
99.4% |
0.6% |
0.0% |
Cegedim |
|
88.2% |
11.7% |
0.1% |
Breakdown of revenue by currency and division
as of December 31,
2021
as a % of consolidated revenues |
|
Euro |
GBP |
Others |
Software & services |
|
84.5% |
13.6% |
1.9% |
Flow |
|
96.6% |
3.4% |
0.0% |
Data &
Marketing |
|
97.4% |
0.0% |
2.6% |
BPO |
|
100.0% |
0.0% |
0.0% |
Corporate and
others |
|
100.0% |
0.0% |
0.0% |
Cegedim |
|
90.4% |
8.1% |
1.6% |
FY 2021 Revenue by
sector
|
|
12 months |
in € millions |
|
2021 |
2020 |
LFL change(1) |
Reported chg. |
Health insurance, HR and e-services |
|
371.4 |
341.8 |
+8.5% |
+8.6% |
Healthcare
professionals |
|
150.6 |
151.5 |
(2.1)% |
(0.6)% |
Corporate and
others |
|
2.7 |
3.6 |
(24.8)% |
(24.8)% |
Cegedim |
|
524.7 |
496.9 |
+5.0% |
+5.6% |
(1) At constant scope and
exchange rates.Sector / division comparison
|
|
FY 2021 |
in € millions |
|
Health insurance, HR and e-services |
Healthcare professionals |
Corporate and others |
Total |
Software & services |
|
141.4 |
150.6 |
- |
292.0 |
Flow |
|
84.2 |
- |
- |
84.2 |
Data &
Marketing |
|
98.4 |
- |
- |
98.4 |
BPO |
|
47.3 |
- |
- |
47.3 |
Corporate and
others |
|
- |
- |
2.7 |
2.7 |
Total |
|
371.4 |
150.6 |
2.7 |
524.7 |
4Q 2021 Revenue by
division
|
|
4Q |
Change 4Q
2021 / 2020 |
in € millions |
|
2021 |
2020 |
Reported |
LFL(2) |
Software & Services |
|
80.4 |
75.5 |
+6.6% |
+4.8% |
Flow |
|
22.7 |
22.0 |
+3.2% |
+3.0% |
Data &
Marketing |
|
31.9 |
30.3 |
+5.1% |
+5.1% |
BPO |
|
13.0 |
13.0 |
(0.4)% |
(0.4)% |
Corporate and
others |
|
0.7 |
1.0 |
(27.4)% |
(27.4)% |
Cegedim |
|
148.7 |
141.8 |
+4.9% |
+3.9% |
(2) At constant scope and
exchange rates. The positive currency impact of 0.5% was mainly due
to the pound sterling. The positive scope effect of 0.4% was
attributable to the first-time consolidation of new acquisitions
Médimust and Kobus Tech.
- Cegedim_Revenue_4Q2021_ENG
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