Cegedim: Growth continued in the third quarter of 2022
Quarterly financial information as of September 30, 2022IFRS -
Regulated information - Not audited
Cegedim: Growth continued in the third quarter of
2022
- Q3 2022 revenues
grew 6.7%
- All operating
divisions contributed to growth
- Growth for the first
nine months came to 6.6%
- Cegedim Santé:
starting to rev its engines
Boulogne-Billancourt, France, October 27, 2022, after
the market close
Revenue
|
Third quarter |
Change Q3 2022 / 2021 |
First 9 months |
Change 9M 2022 / 2021 |
in millions of euros |
2022 |
2021 |
Reported |
Like for like |
2022 |
2021 |
Reported |
Like for like(1)(2) |
Software & services |
75.2 |
71.3 |
+5.5% |
+3.7% |
220.8 |
211.5 |
+4.4% |
+3.3% |
Flow |
21.5 |
19.8 |
+8.8% |
+8.8% |
66.7 |
61.5 |
+8.5% |
+8.4% |
Data & Marketing |
22.8 |
21.8 |
+4.5% |
+3.7% |
72.8 |
66.5 |
+9.4% |
+9.1% |
BPO |
13.0 |
11.4 |
+13.6% |
+13.6% |
38.4 |
34.4 |
+11.8% |
+11.8% |
Corporate and others |
0.8 |
0.5 |
+41.1% |
+41.1% |
2.1 |
2.0 |
+2.5% |
+2.5% |
Cegedim |
133.3 |
124.8 |
+6.7% |
+5.6% |
400.8 |
376.0 |
+6.6% |
+5.9% |
(1) At constant scope and
exchange rates.(2) The positive currency impact of
0.2% was mainly due to the pound sterling. The positive scope
effect of 0.5% was attributable to the first-time consolidation of
Kobus Tech, Mesdocteurs, Laponi and Clinityx.
Consolidated third quarter revenues rose 6.7% as
reported and 5.6% like for
like(1) compared with the same
period in 2021.
Revenues to end-September rose 6.6% as reported
and 5.9% like for like(1)
compared with the same period in 2021, confirming the healthy
trajectory we saw in the second quarter.
Analysis of business trends by division
Software and Services |
Third quarter |
Change Q3 2022 / 2021 |
First 9 months |
Change 9M 2022 / 2021 |
in millions of euros |
2022 |
2021 |
Reported |
Like for like |
2022 |
2021 |
Reported |
Like for like |
Cegedim Santé |
18.5 |
15.4 |
+20.0% |
+12.6% |
50.3 |
45.9 |
+9.5% |
+5.9% |
Insurance, HR, Pharmacies and other services |
44.7 |
42.3 |
+5.7% |
+5.5% |
134.5 |
126.3 |
+6.5% |
+6.4% |
International businesses |
12.0 |
13.6 |
(11.6)% |
(11.6)% |
36.0 |
39.3 |
(8.4)% |
(9.8)% |
Software & Services |
75.2 |
71.3 |
5.5% |
3.7% |
220.8 |
211.5 |
4.4% |
3.3% |
Cegedim Santé’s capital increase allowed it to
implement a development plan that has boosted its like-for-like
growth rate into the double digits over the third quarter.
The division’s other businesses in France posted
growth rates in line with their business plans: Software &
Services for clients in the insurance, HR, and pharmacy sectors all
made positive contributions through end-September.
On the other hand, international businesses are
still awaiting a turnaround. Computerization services for
healthcare professionals in the UK are a good example, as tender
offers by UK health authorities aren’t scheduled to take place
until late 2023.
Flow |
Third quarter |
Change Q3 2022 / 2021 |
First 9 months |
Change 9M 2022 / 2021 |
in millions of euros |
2022 |
2021 |
Reported |
Like for like |
2022 |
2021 |
Reported |
Like for like |
e-business |
12.9 |
11.3 |
+13.5% |
+13.6% |
40.1 |
35.3 |
+13.5% |
+13.4% |
Third-party payment |
8.6 |
8.4 |
+2.5% |
+2.5% |
26.6 |
26.2 |
+1.7% |
+1.7% |
Flow |
21.5 |
19.8 |
8.8% |
8.8% |
66.7 |
61.5 |
8.5% |
8.4% |
Process digitalization and electronic data flows
continue to do well both in France and abroad, with growth in the
double digits. The clear recovery seen in Germany and the UK in the
first half continued in the third quarter, boosting the weight of
international business to 13% of the total.
Third-party payment flows in France decreased
during the pandemic but have ramped back up as healthcare spending
has risen in France.
Data & Marketing |
Third quarter |
Change Q3 2022 / 2021 |
First 9 months |
Change 9M 2022 / 2021 |
in millions of euros |
2022 |
2021 |
Reported |
Like for like |
2022 |
2021 |
Reported |
Like for like |
Data |
14.3 |
13.0 |
+10.1% |
+8.7% |
40.4 |
37.2 |
+8.5% |
+8.1% |
Marketing |
8.5 |
8.8 |
(3.7)% |
(3.7)% |
32.4 |
29.3 |
+10.5% |
+10.5% |
Data & Marketing |
22.8 |
21.8 |
4.5% |
3.7% |
72.8 |
66.5 |
9.4% |
9.1% |
The data business continued its strong showing
from the first half. Clinityx, which the Group acquired in July, is
now consolidated in this unit.
The majority of the Group’s marketing activities
are non-recurring, and the business did not manage to repeat its
second-quarter performance. It was disadvantaged by the comparison
with the post-Covid recovery in Q3 2021. Even so, cumulative growth
to end-September was still above 10%.
BPO |
Third quarter |
Change Q3 2022 / 2021 |
First 9 months |
Change 9M 2022 / 2021 |
in millions of euros |
2022 |
2021 |
Reported |
Like for like |
2022 |
2021 |
Reported |
Like for like |
Insurance BPO |
8.1 |
7.1 |
+13.8% |
+13.8% |
23.7 |
21.8 |
+9.0% |
+9.0% |
HR BPO |
4.9 |
4.3 |
+13.3% |
+13.3% |
14.7 |
12.6 |
+16.5% |
+16.5% |
BPO |
13.0 |
11.4 |
13.6% |
13.6% |
38.4 |
34.4 |
11.8% |
11.8% |
BPO services continue to expand—both for
clients’ HR departments and for insurance companies and mutuals—and
third-quarter growth was in the double digits.
Highlights
Apart from the items cited below, to the best of
the company’s knowledge, there were no events or changes during Q3
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.
On July 19, 2022, Cegedim e-business rounded out
its Hospitalis offering by acquiring Sedia.
Sedia has specialized in software that tracks
medical instrumentation usage since 1985. Thanks to this
acquisition, Hospitalis now offers a medical device and implantable
medical device (MD/IMD) tracking service. The service is
responsible for 900,000 scans annually and has tracked more than 8
million IMDs. The newest component in the Hospitalis range, Sedia
offers health, financial, and logistical tracking of MD/IMDs that
are on consignment or have been lent or purchased outright.
Sedia is profitable. It will begin contributing
to the Group’s consolidation scope on August 1, 2022.
On July 28, 2022, Cegedim strengthened its
position in the real-world data sector by acquiring Clinityx.
Clinityx, a health start-up founded in 2018,
aims to make real-word data research easier by providing a robust
scientific, technical, and regulatory environment. Clinityx
partners with academic establishments to build data warehouses
paired with the SNDS, the French administrative healthcare
database, enriching the health data and ensuring their good
governance and security. The company also provides consulting
services and manages all aspects of real-world studies from
protocol design to final report, using data from its own
warehouses, the SNDS, and other databases.
Clinityx is profitable. It began contributing to
the Group’s consolidation scope on August 1, 2022.
Significant transactions and events post September 30,
2022
Allianz France and Cegedim Insurance Solutions—a
major provider of software solutions and services for the personal
protection insurance sector—have signed a 15-year strategic
partnership under which Allianz will outsource the management of
insurance policy portfolios in the Group Health, Individual Health,
and Group Personal Protection segments in France to Cegedim
Insurance Solutions. The deal covers 1.3 million beneficiaries. As
part of the partnership, the Allianz France staff that currently
perform these duties will be transferred to Cegedim.
Outlook
Based on 9M 2022 revenues up 5.9% like for
like(1), and despite the public health, economic, geopolitical, and
monetary uncertainty facing the world, the Group is confident it
can grow revenues by 5% like for like(1) in 2022.
There is a delay of several months between wage
increases and the annual increase in salaries indexed to, for
example, the Syntec index in France. The negative impact of that
delay, combined with the Cegedim Santé development plan launch,
will be a headwind for recurring operating income.
WEBCAST ON OCTOBER 27, 2022, AT 6:15 PM PARIS
TIME |
The webcast is available at:
www.cegedim.fr/webcast |
|
The 9M 2022 revenues presentation is available:
- 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 |
January 26 after the close |
FY 2022 revenues |
Financial Calendar available on the website:
https://www.cegedim.com/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 October
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 2021 Universal Registration Document
filled with the AMF on April 1st,
2022, under number D.22-0232. |
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 5,600 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 ManagerTel.: +33 (0)1 49 09 68
81aude.balleydier@cegedim.fr |
Jérôme
MoreauCegedimGroup Controller Directorin
charge of the Financial
CommunicationTel.: +33
(0)1 46 10 72 62jerome.moreau@cegedim.com |
Céline
Pardo .BecomingMedia
Relations Tel.: +33
(0)6 52 08 13 66cegedim@becoming-group.com |
|
Annexes
Breakdown of revenue by quarter and
division
in € million |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Software & services |
|
71.2 |
74.4 |
75.2 |
|
220.8 |
|
Flow |
|
22.6 |
22.6 |
21.5 |
|
66.7 |
|
Data &
marketing |
|
22.5 |
27.6 |
22.8 |
|
72.8 |
|
BPO |
|
12.3 |
13.1 |
13.0 |
|
38.4 |
|
Corporate and
others |
|
0.7 |
0.7 |
0.8 |
|
2.1 |
|
Group revenue |
|
129.2 |
138.3 |
133.3 |
|
400.8 |
|
in € million |
|
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 September 30, 2022
as a % of consolidated revenues |
|
Geographic zone |
|
Currency |
|
France |
EMEAex. France |
Americas |
|
Euro |
GBP |
Others |
Software & services |
|
+83.7% |
+16.2% |
+0.1% |
|
+86.6% |
+11.7% |
+1.7% |
Flow |
|
+92.5% |
+7.5% |
+0.0% |
|
+95.5% |
+4.5% |
+0.0% |
Data &
marketing |
|
+97.6% |
+2.4% |
+0.0% |
|
+97.6% |
+0.0% |
+2.4% |
BPO |
|
+100.0% |
+0.0% |
+0.0% |
|
+100.0% |
+0.0% |
+0.0% |
Corporate and
others |
|
+99.6% |
+0.4% |
+0.0% |
|
+100.0% |
+0.0% |
+0.0% |
Cegedim |
|
89.3% |
10.6% |
0.1% |
|
91.4% |
7.2% |
1.4% |
- Cegedim_Revenue_3Q2022_ENG
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