• Cegedim: first-half 2023 revenues grew at a double-digit pace

    Source: Nasdaq GlobeNewswire / 27 Jul 2023 10:45:00   America/Chicago

     
     

    PRESS RELEASE

    Quarterly financial information as of June 30, 2023
    IFRS - Regulated information - Not audited

    Cegedim: first-half 2023 revenues grew at a double-digit pace

    • 12.2% revenue growth in the second quarter, giving first-half growth of 12.5%, led by BPO division
    • Successful launch of the Allianz BPO contract
    • Public health investments (Ségur de la Santé) contribute €4.3m over the first-half

    Boulogne-Billancourt, France, July 27, 2023, after the market close

    Revenue

     First halfChange H1 2023 / 2022
    in millions of euros20232022ReportedLike for like(1)(2)
    Software & Services161.5145.610.9%10.5%
    Flow48.245.26.7%6.8%
    Data & Marketing54.950.09.9%8.9%
    BPO32.825.429.3%29.3%
    Corporate and others3.51.3160.9%160.9%
    Cegedim301.0267.612.5%12.1%

    (1)   At constant scope and exchange rates.
    (2)   The negative currency impact of 0.3% was mainly due to the pound sterling. The positive scope effect of 0.7% was attributable to the consolidation in Cegedim’s accounts of acquisitions Mesdocteurs, Laponi, Sedia, and Clinityx.

    Cegedim generated consolidated first-half 2023 revenue of €301.0 million, up 12.5% on a reported basis and 12.1% like for like(1) compared with 2022. All divisions contributed to the growth, sustaining the good sales momentum seen in the previous quarter. Work on the new contract with Allianz started April 1, 2023, and helped boost the BPO division’s first-half revenue growth to nearly 30%.

    Analysis of business trends by division

    • Software & Services
    Software & ServicesFirst halfChange H1 2023 / 2022
    in millions of euros20232022ReportedLFL
    Cegedim Santé:39.831.825.1%21.9%
    Insurance, HR, Pharmacies, and other services95.389.86.2%5.9%
    International businesses26.324.09.8%12.6%
    Software & Services161.5145.610.9%10.5%

    Cegedim Santé kept its pace of like-for-like growth above 20%. Ségur public health projects contributed €4.3 million over the first half.

    Other French businesses grew at the same pace as in the first quarter, 6.2%, driven by the HR segment and other services.

    International businesses built on good first-quarter trends and grew 15.2% in the second quarter, notably in the UK in the doctor and insurance segments.

    • Flow
    FLOWFirst halfChange H1 2023 / 2022
    in millions of euros20232022ReportedLFL
    e-business29.327.2+7.4%7.7%
    Third-party payer19.018.05.5%5.5%
    Flow48.245.26.7%6.8%

    The electronic invoicing and digital data flow business grew 7.4%. Both French and international activities contributed to the growth.

    The digital data flow business dealing with reimbursement of healthcare payments in France (Third-party payer) experienced 1.2% year-on-year growth in the second quarter and +5.5% over the first half. Invoicing related to the Allianz third-party payer contract now falls under BPO services (switch was made on April 1).

    • Data & Marketing
    Data & MarketingFirst halfChange H1 2023 / 2022
     in millions of euros20232022ReportedLFL
    Data28.926.110.7%8.8%
    Marketing26.123.98.9%8.9%
    Data & Marketing54.950.09.9%8.9%

    Data activities grew 16.5% yoy in the second quarter, giving 10.7% growth in the first half, led mainly by sales in France.

    In Marketing, advertising in pharmacies continued to grow in the second quarter (+5.6%), reaching growth of nearly 9% for the half.

    • BPO
    BPOFirst halfChange H1 2023 / 2022
     in millions of euros20232022ReportedLFL
    Insurance BPO22.215.641.7%41.7%
    HR BPO10.79.89.4%9.4%
    BPO32.825.429.3%29.3%

    Insurance BPO growth amounted to 65% in the second quarter and 42% in the first half, led by the April 1, 2023, start of the Allianz contract.

    Development in BPO for HR departments continues, with growth of 9.4% over the second quarter.

    Highlights

    To the best of the company’s knowledge, there were no events or changes during the first half of 2023 that would materially alter the Group’s financial situation.

    • War in Ukraine

    The Group does not do business in Russia or Ukraine and furthermore has no assets exposed to those countries.

    Significant transactions and events post June 30, 2023

    To the best of the company’s knowledge, there were no post-closing events or changes after June 30, 2023, that would materially alter the Group’s financial situation.

    Outlook

    Based on H1 2023 revenues up 12.1% like for like(1), and despite the public health, economic, geopolitical, and monetary uncertainty facing the world, the Group is confident it can grow full-year revenues by at least 10% like for like(1) and improve its recurring operating income.

    The Group does not expect to make any significant acquisitions in 2023.

    ---------

    (1) At constant scope and exchange rates.

    WEBCAST ON JULY 27, 2023, AT 6:15 PM (PARIS TIME)
    The webcast is available at: www.cegedim.fr/webcast
     
    The H1 2023 revenues presentation is available:

     
     

    2023 financial calendar

    2023September 20 after the close

    September 21 at 11:30 am

     

    October 26 after the close    		H1 2023 results

    SFAF meeting: first-half 2023 results presentation

    Third-quarter 2023 revenues

     

    Financial calendar: https://www.cegedim.fr/finance/agenda/Pages/default.aspx

    Notice
    This 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 July 27, 2023, 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 2022 Universal Registration Document filled with the AMF on April 12, 2023, under number D.23-0266.

     
     

     

    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 million in 2022.
    Cegedim SA is listed in Paris (EURONEXT: CGM).
    To learn more, please visit: www.cegedim.fr
    And follow Cegedim on Twitter: @CegedimGroup, LinkedIn and Facebook.

     

    Aude Balleydier
    Cegedim
    Media Relations
    and Communications Manager
    Tel.: +33 (0)1 49 09 68 81
    aude.balleydier@cegedim.fr
    Jérôme Moreau
    Cegedim
    Director of Management Control
    Head of Financial Communication
    Tel.: +33 (0)7 85 63 61 99
    jerome.moreau@cegedim.com
    Céline Pardo
    .becoming
    Media Relations

     

    Tel.:        +33 (0)6 52 08 13 66
    cegedim@becoming-group.com    		 

     

    Annexes

    Breakdown of revenue by quarter and division

    • Year 2023
    in millions of euros Q1Q2Q3Q4Total
    Software & Services 80.481.1  161.5 
    Flow 24.823.4  48.2 
    Data & marketing 24.630.3  54.9 
    BPO 14.418.4  32.8 
    Corporate and others 1.61.9  3.5 
    Group revenue 145.9155.1  301.0 
    • Year 2022
    in millions of euros Q1Q2Q3Q4Total
    Software & services 71.274.475.281.1302.0 
    Flow 22.622.621.523.990.6 
    Data & marketing 22.527.622.834.1106.9 
    BPO 12.313.113.014.653.0 
    Corporate and others 0.70.70.80.72.8 
    Group revenue 129.2138.3133.3154.4555.2 

    Revenue breakdown by geographic zone, currency, and division at June 30, 2023

    as a % of consolidated revenues

         		 Geographic zone Currency
     FranceEMEA
    ex. France    		Americas EuroGBPOthers
    Software & services 83.7%+16.2%0.1% 86.5%12.0%1.6%
    Flow 91.8%8.2%0.0% 94.6%5.4%0.0%
    Data & marketing 97.4%2.6%0.0% 97.8%0.0%2.2%
    BPO 100.0%0.0%0.0% 100.0%0.0%0.0%
    Corporate and others 100.0%0.0%0.0% 100.0%0.0%0.0%
    Cegedim 89.5%10.5%0.1% 91.5%7.3%1.2%

    Attachment


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