Cegedim: revenue growth continued in 2022
27 January 2023 - 3:45AM
Cegedim: revenue growth continued in 2022
Quarterly financial information as of December 31, 2022IFRS -
Regulated information - Not audited
Cegedim: Revenue growth continued in 2022
- Fourth-quarter
revenues grew 2.9% like for like
- 2022 revenue
amounted to €555.6 million, a 5.1% like for like increase
- Cegedim Santé:
Double-digit growth in the second half
Boulogne-Billancourt, France, January 26, 2023, after
the market close
Revenue
|
Fourth quarter |
Change Q4 2022 / 2021 |
Full Year |
Change 2022 / 2021 |
in millions of euros |
2022 |
2021 |
Reported |
Like for like(1)(2) |
2022 |
2021 |
Reported |
Like for like(1)(2) |
Software & services |
81.1 |
80.4 |
0.9% |
-0.5% |
302.0 |
292.0 |
3.4% |
2.2% |
Flow |
23.9 |
22.7 |
5.0% |
4.2% |
90.6 |
84.2 |
7.5% |
7.3% |
Data & Marketing |
34.4 |
31.9 |
8.1% |
6.7% |
107.2 |
98.4 |
9.0% |
8.3% |
BPO |
14.6 |
13.0 |
12.4% |
12.4% |
53.0 |
47.3 |
11.9% |
11.9% |
Corporate and others |
0.7 |
0.7 |
0.4% |
0.4% |
2.8 |
2.7 |
2.0% |
2.0% |
Cegedim |
154.7 |
148.7 |
4.1% |
2.9% |
555.6 |
524.7 |
5.9% |
5.1% |
(1) At constant scope and
exchange rates.(2) The positive currency impact of
0.1% was mainly due to the pound sterling. The positive scope
effect of 0.8% was attributable to the first-time consolidation of
Kobus Tech. Mesdocteurs. Laponi, SEDIA, and Clinityx.
Consolidated fourth quarter revenues rose to
€154.7 million, up 4.1% as reported and 2.9% like for
like(1) compared with the same
period in 2021. The moderate growth in the fourth quarter was
mainly due to December 2022 revenues, which grew 0.4% compared to
December 2021. That was the slowest monthly growth rate in 2022 and
will be a headwind for full year recurring operating income.
Over the full year, revenues rose 5.9% as
reported and 5.1% like for like compared with 2021.
Analysis of business trends by division
Software & Services |
Fourth quarter |
Change Q4 2022 / 2021 |
Full Year |
Change 2022 / 2021 |
in millions of euros |
2022 |
2021 |
Reported |
Like for like |
2022 |
2021 |
Reported |
Like for like |
Cegedim Santé |
19.2 |
17.1 |
12.4% |
5.5% |
69.6 |
63.1 |
10.3% |
5.8% |
Insurance, HR, Pharmacies and other services |
49.0 |
48.7 |
0.6% |
0.3% |
183.5 |
175.0 |
4.8% |
4.7% |
International businesses |
12.9 |
14.6 |
-11.7% |
-10.1% |
48.9 |
53.9 |
-9.3% |
-9.9% |
Software & Services |
81.1 |
80.4 |
0.9% |
-0.5% |
302.0 |
292.0 |
3.4% |
2.2% |
Cegedim Santé posted fourth-quarter revenue
growth of 12.4%. Growth in the second half was 16% year on year.
Cegedim Santé’s overall subscriber churn rate came to 12% over the
full year.
Q4 revenues at the division’s other activities
in France were flat, hampered by a trading operation in Q4 2021 and
tepid pharmacy solution revenues.
International business dipped in the fourth
quarter and finished the year down 9.3% compared with 2021. UK
operations, which account for 70% of the division’s international
revenues, were responsible for most of the decline. Pharmacy
solutions suffered the full year impact of losing their largest
client, who decided to build its own solutions in-house.
FLOW |
Fourth quarter |
Change Q4 2022 / 2021 |
Full Year |
Change 2022 / 2021 |
in millions of euros |
2022 |
2021 |
Reported |
Like for like |
2022 |
2021 |
Reported |
Like for like |
e-business |
13.8 |
13.4 |
2.9% |
1.6% |
53.9 |
48.7 |
10.6% |
10.1% |
Third-party payer |
10.1 |
9.3 |
8.0% |
8.0% |
36.7 |
35.5 |
3.3% |
3.3% |
Flux |
23.9 |
22.7 |
5.0% |
4.2% |
90.6 |
84.2 |
7.5% |
7.3% |
Process digitalization and electronic data flows
continued to do well, but the pace of growth slowed relative to
prior quarters. International operations (Germany and the UK)
continued to build on the recovery seen in the first three
quarters, gaining 18% in the fourth. E-business generated
double-digit growth over the full year.
Third-party payer systems had an excellent
fourth quarter, benefiting from high volumes of pharmacy invoices
and rising volumes in the hospital segment, which took on new
clients.
Data & Marketing |
Fourth
quarter |
Change Q4 2022 / 2021 |
Full Year |
Change 2022 / 2021 |
in millions of euros |
2022 |
2021 |
Reported |
Like for like |
2022 |
2021 |
Reported |
Like for like |
Data |
20.8 |
19.6 |
5.9% |
3.6% |
61.2 |
56.8 |
7.6% |
6.5% |
Marketing |
13.6 |
12.2 |
11.5% |
11.5% |
46.0 |
41.6 |
10.8% |
10.8% |
Data & Marketing |
34.4 |
31.9 |
8.1% |
6.7% |
107.2 |
98.4 |
9.0% |
8.3% |
The data business recorded 3.9% organic growth
in the fourth quarter. The scope effect came from Clinityx, which
specializes in innovative models for employing and matching real
world data in France, consolidated in the group figures since July
2022.
Marketing activities—whose business model is
largely non-recurring—saw 11.5% growth in the fourth quarter,
driven by advertising in pharmacies.
BPO |
Fourth quarter |
Change Q4 2022 / 2021 |
Full Year |
Change 2022 / 2021 |
in millions of euros |
2022 |
2021 |
Reported |
Like for like |
2022 |
2021 |
Reported |
Like for like |
Insurance BPO |
8.4 |
7.4 |
13.3% |
13.3% |
32.1 |
29.2 |
10.1% |
10.1% |
HR BPO |
6.1 |
5.5 |
11.3% |
11.3% |
20.8 |
18.1 |
14.9% |
14.9% |
BPO |
14.6 |
13.0 |
12.4% |
12.4% |
53.0 |
47.3 |
11.9% |
11.9% |
BPO operations continued to post double-digit
growth over both the fourth quarter and the full year, driven by
services for health and personal protection insurance companies,
and by those designed for clients’ HR departments.
Highlights
Apart from the items cited below, to the best of
the company’s knowledge, there were no events or changes during Q4
2022 that would materially alter the Group’s financial
situation.
The Group does not do business in Russia or
Ukraine and has no assets exposed to those countries.
Significant transactions and events post December 31,
2022
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
The impact of launching the Cegedim Santé
development plan and lower sales in the UK will negatively affect
the Group’s 2022 recurring operating income.
Based on currently available information, the
Group expects 2023 revenue growth in the range of 6% to 9% compared
to 2022.
The Group does not expect to make any
significant acquisitions in 2023. And lastly, the group does not
provide earnings estimates or forecasts.
WEBCAST ON JANUARY 26, 2023 AT 6:15 PM (PARIS
TIME) |
The webcast is available at:
www.cegedim.fr/webcast |
|
The 2022 revenues presentation is available at:
- On the website:
https://www.cegedim.fr/finance/documentation/Pages/presentations.aspx
- And on the Cegedim
IR smartphone app, available at
https://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx
|
|
2023 financial calendar
2023 |
March 23 after the closeMarch 24
at 10:00 amApril 27 after the closeJune
16 at 9:30 amJuly 27 after the
closeSeptember 20 after the close |
2022 resultsSFAF MeetingQ1 2023 revenuesShareholders’ meetingH1
2023 revenuesH1 2023 results |
Financial calendar:
https://www.cegedim.fr/finance/agenda/Pages/default.aspx
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.
This press release may contain inside information. It was sent
to Cegedim’s authorized
distributor on January 26, 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
2021 Universal Registration Document filled with the AMF on April
16, 2022, 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 6,000 people in more than 10 countries
and generated revenue of €555.6 million in 2022. 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 ManagerTel.: +33 (0)1 49 09 68
81aude.balleydier@cegedim.fr |
Jérôme
MoreauCegedimDirector of Management
Control Head of Financial CommunicationTel.: +33 (0)1 46 10 72
62jerome.moreau@cegedim.com |
Céline
Pardo Becoming
GroupMedia
Relations Tel.: +33
(0)6 52 08 13 66cegedim@becoming-group.com |
|
Annexes
Breakdown of revenue by quarter and
division
in millions of euros |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Software & services |
|
71.2 |
74.4 |
75.2 |
81.1 |
302.0 |
|
Flow |
|
22.6 |
22.6 |
21.5 |
23.9 |
90.6 |
|
Data &
marketing |
|
22.5 |
27.6 |
22.8 |
34.4 |
107.2 |
|
BPO |
|
12.3 |
13.1 |
13.0 |
14.6 |
53.0 |
|
Corporate and
others |
|
0.7 |
0.7 |
0.8 |
0.7 |
2.8 |
|
Group revenue |
|
129.2 |
138.3 |
133.3 |
154.7 |
555.6 |
|
in millions of euros |
|
Q1 |
Q2 |
Q3 |
Q4 |
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 |
|
Group revenue |
|
122.5 |
128.7 |
124.8 |
148.7 |
524.7 |
|
Breakdown of revenue by geographic zone, currency and
division at December 31, 2022
as a % of consolidated revenues |
|
Geographic zone |
|
Currency |
|
France |
Ex. France |
|
Euro |
GBP |
Others |
Software & services |
|
83.8% |
16.2% |
|
86.8% |
11.6% |
1.6% |
Flow |
|
92.5% |
7.5% |
|
95.4% |
4.6% |
0.0% |
Data &
marketing |
|
97.5% |
2.5% |
|
97.7% |
0.0% |
2.3% |
BPO |
|
100.0% |
0.0% |
|
100.0% |
0.0% |
0.0% |
Corporate and
others |
|
99.5% |
0.5% |
|
100.0% |
0.0% |
0.0% |
Group revenue |
|
89.5% |
10.5% |
|
91.6% |
7.1% |
1.3% |
- Cegedim_Revenue_4Q2022_ENG
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