Cegedim: first-half 2023 revenues grew at a double-digit pace
July 27 2023 - 10:45AM
Quarterly financial information as of June 30, 2023IFRS -
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 half |
Change H1 2023 / 2022 |
in millions of euros |
2023 |
2022 |
Reported |
Like for like(1)(2) |
Software & Services |
161.5 |
145.6 |
10.9% |
10.5% |
Flow |
48.2 |
45.2 |
6.7% |
6.8% |
Data & Marketing |
54.9 |
50.0 |
9.9% |
8.9% |
BPO |
32.8 |
25.4 |
29.3% |
29.3% |
Corporate and others |
3.5 |
1.3 |
160.9% |
160.9% |
Cegedim |
301.0 |
267.6 |
12.5% |
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 |
First half |
Change H1 2023 / 2022 |
in millions of euros |
2023 |
2022 |
Reported |
LFL |
Cegedim Santé: |
39.8 |
31.8 |
25.1% |
21.9% |
Insurance, HR, Pharmacies, and other services |
95.3 |
89.8 |
6.2% |
5.9% |
International businesses |
26.3 |
24.0 |
9.8% |
12.6% |
Software & Services |
161.5 |
145.6 |
10.9% |
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 |
First half |
Change H1 2023 / 2022 |
in millions of euros |
2023 |
2022 |
Reported |
LFL |
e-business |
29.3 |
27.2 |
+7.4% |
7.7% |
Third-party payer |
19.0 |
18.0 |
5.5% |
5.5% |
Flow |
48.2 |
45.2 |
6.7% |
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 |
First half |
Change H1 2023 / 2022 |
in millions of euros |
2023 |
2022 |
Reported |
LFL |
Data |
28.9 |
26.1 |
10.7% |
8.8% |
Marketing |
26.1 |
23.9 |
8.9% |
8.9% |
Data & Marketing |
54.9 |
50.0 |
9.9% |
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 |
First half |
Change H1 2023 / 2022 |
in millions of euros |
2023 |
2022 |
Reported |
LFL |
Insurance BPO |
22.2 |
15.6 |
41.7% |
41.7% |
HR BPO |
10.7 |
9.8 |
9.4% |
9.4% |
BPO |
32.8 |
25.4 |
29.3% |
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.
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:
- 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 |
September 20 after the closeSeptember 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
NoticeThis 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.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)7 85 63 61
99jerome.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 millions of euros |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Software & Services |
|
80.4 |
81.1 |
|
|
161.5 |
|
Flow |
|
24.8 |
23.4 |
|
|
48.2 |
|
Data &
marketing |
|
24.6 |
30.3 |
|
|
54.9 |
|
BPO |
|
14.4 |
18.4 |
|
|
32.8 |
|
Corporate and
others |
|
1.6 |
1.9 |
|
|
3.5 |
|
Group revenue |
|
145.9 |
155.1 |
|
|
301.0 |
|
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 |
34.1 |
106.9 |
|
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 |
154.4 |
555.2 |
|
Revenue breakdown by geographic zone, currency, and
division at June 30, 2023
as a % of consolidated revenues |
|
Geographic zone |
|
Currency |
|
France |
EMEAex. France |
Americas |
|
Euro |
GBP |
Others |
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% |
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