Cegedim : Growth picked up speed in Q2 2022
Quarterly financial information as of June 30, 2022IFRS -
Regulated information - Not audited
Cegedim: Growth picked up speed in the
second quarter of 2022
- Q2 2022 revenues
grew 7.5%
- All operating
divisions contributed to growth
- H1 2022 revenues
grew 6.5%
- Cegedim Santé: €65
million reserved capital increase completed
- H1 recurring
operating income(3) expected to be down
Boulogne-Billancourt, France, July 28, 2022, after the
market close
Consolidated second quarter revenues
rose 7.5% as reported and 7.0% like for
like(1)
compared with the same period in 2021.
First half revenues rose 6.5% as reported and
6.1% like for like(1) compared
with the same period in 2021. This shows that the second quarter
was particularly dynamic. Laurent Labrune, Deputy Managing Director
of Cegedim, said:
“Growth picked up speed in the second quarter
and all operating divisions contributed, which demonstrates that
our strategy is sound.A lot happened this past quarter. We acquired
Mesdocteurs, a leader in telehealth and a pioneer in 24/7
telemedicine; Laponi, an innovative solution for managing
absenteeism in real time; and Sedia, tracking software for medical
instrumentation since 1985. We launched a groundbreaking strategic
industrial partnership between Cegedim Santé and three social
protection companies whose services cover 25 million beneficiaries
in France and carried out a €65 million reserved capital increase
for Cegedim Santé.We are entering the second half of the year with
confidence as we look to take full advantage of trends in the
markets where we are present, and we continue to invest in
innovation and our sales force.”
Revenue
|
|
|
First half |
Change H1 2022 / 2021 |
|
in millions of euros |
|
2022 |
2021 |
Reported |
Like for like(1)(2) |
|
Software & services |
|
145.6 |
140.2 |
+3.8% |
+3.0% |
| Flow |
|
45.2 |
41.7 |
+8.3% |
+8.2% |
| Data &
Marketing |
|
50.0 |
44.8 |
+11.8% |
+11.8% |
| BPO |
|
25.4 |
22.9 |
+10.8% |
+10.8% |
| Corporate and
others |
|
1.3 |
1.5 |
(11.2)% |
(11.2)% |
|
Cegedim |
|
267.6 |
251.2 |
+6.5% |
+6.1% |
--------------------(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 0.2% was attributable to the first-time
consolidation at June 30, 2021, of Kobus Tech and at June 30, 2022,
of Mesdocteurs. (3) See 2021 Universal
Registration Document Chapter 4 “Consolidated Financial Statements”
section 4.6 Note 2 on Alternative performance indicators.
Analysis of business trends by division
H1 2022 division revenues came to €145.6
million, up 3.0% like for like(1) compared with the same period in
2021.
All of the division’s activities turned in solid
performances with the exception of the still-recovering healthcare
professional computerization business in the UK.
H1 2022 division revenues came to €45.2 million,
up 8.2% like for like(1) compared with the same period in 2021.
The process digitalization and digital data flow
business experienced strong growth in France. The clear recovery
seen in Germany and the UK in the first quarter continued in the
second. The healthcare flow business related to healthcare
reimbursements in France also grew over the first half.
H1 2022 division revenues came to €50.0 million,
up 11.8% like for like(1) compared with the same period in
2021.
Data and digital communication solutions for
French pharmacies still have good momentum.
H1 2022 division revenues came to €25.4 million,
up 10.8% like for like(1) compared with the same period in
2021.
The business of providing services for insurance
companies and mutual insurance providers was stable in the first
quarter and posted double-digit growth in the second quarter.
Growth in BPO services for HR departments--already in double digits
in Q1--ramped up in the second quarter.
H1 2022 division revenues came to €1.3 million,
down 11.2% like for like(1) compared with the same period in
2021.
Highlights
Apart from the items cited below, to the best of
the company’s knowledge. there were no events or changes during Q2
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.
-
Groundbreaking strategic industrial partnership between
Cegedim and Malakoff Humanis, Groupe VYV, and PRO BTP
On May 16, 2022, Cegedim Group and social
protection companies Malakoff Humanis, Groupe VYV, and PRO BTP
Groupe announced that they had finalized the strategic partnership
they began negotiating on March 1, 2022.
This strategic partnership will advance the
goals laid out by the French government in its Ma Santé 2022 plan.
It will draw on the recognized expertise of Cegedim, Malakoff
Humanis, Groupe VYV, and PRO BTP, all of whom share the goal of
improving patients’ access to care and making the course of care as
smooth as possible.
To this end, Malakoff Humanis, Groupe VYV, and
PRO BTP Groupe—who together represent 25 million beneficiaries in
France—subscribed a reserved capital increase of €65 million on May
25, 2022, and now own 8% of the shares of Cegedim Santé. The deal
values Cegedim Santé at €360.9 million. As part of the deal,
Cegedim Santé acquired Groupe VYV subsidiary MesDocteurs, a
telehealth solution pioneer and one of the originators of 24/7
telemedicine.
------------------(1) At
constant scope and exchange rates.
On June 21, 2022, Cegedim SRH acquired Laponi,
an innovative solution for managing absenteeism in real time.
Laponi, a French startup founded in 2016, has successfully
developed a digital SaaS platform that lets companies ask internal
and external employees to cover shifts when someone is absent. The
Laponi solution is easy to use and alerts employees in real time
about tasks that need to be done. Employees are then free to choose
tasks while boosting their income. The acquisition enhances Cegedim
SRH’s TeamsRH HRIS platform.
As a standalone component in Cegedim SRH’s
portfolio, Laponi will be able to help solve absenteeism issues at
the company’s 400 clients, and its solution will benefit from
Cegedim SRH’s technical and financial resources as well as its
sales force.
Laponi is profitable. It began contributing to
the Group’s consolidation scope on July 1, 2022.
Significant transactions and events post June 30,
2022
Apart from the item cited below, to the best of
the company’s knowledge, there were no post-closing events or
changes after June 30, 2022, that would materially alter the
Group’s financial situation.
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.
Outlook
Based on H1 2022 revenues up 6.1% like for
like(1), and despite the public health, economic, geopolitical, and
monetary uncertainty facing the world, the Group is confident it
can grow revenues by 5% like for like(1) in 2022.
There is a delay of several months between wage
increases and the annual increase in product prices resulting from
indexation, for example products linked to the Syntec index in
France.
The negative impact of that delay, combined with
continued investment in R&D and the sales force, will be a
headwind for H1 recurring operating income(2).
|
WEBCAST ON JULY 28, 2022, AT 6:15 PM (PARIS
TIME) |
|
The webcast is available at:
www.cegedim.fr/webcast |
| |
The H1 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
|
|
|
2022 financial calendar
|
2022 |
September 20 after the closeOctober
27 after the close |
First-half 2022 resultsThird-quarter 2022 revenues |
__________(1) At constant scope
and exchange rates.(2) See 2021 Universal
Registration Document Chapter 4 “Consolidated Financial Statements”
section 4.6 Note 2 on Alternative performance indicators.
|
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 July 28, 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 |
Jan
Eryk
UmiastowskiCegedimChief
Investment and Investor Relations OfficerTel.: +33 (0)1 49 09 33
36janeryk.umiastowski@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 € thousands |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
|
Software & services |
|
71.2 |
74.4 |
|
|
145.6 |
|
| Flow |
|
22.6 |
22.6 |
|
|
45.2 |
|
| Data &
marketing |
|
22.5 |
27.6 |
|
|
50.0 |
|
| BPO |
|
12.3 |
13.1 |
|
|
25.4 |
|
| Corporate and
others |
|
0.7 |
0.7 |
|
|
1.3 |
|
|
Group revenue |
|
129.2 |
138.3 |
|
|
267.6 |
|
|
in € thousands |
|
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 June
30, 2022
|
as a % of consolidated revenues |
|
Geographic zone |
|
Currency |
| |
France |
EMEAex. France |
Americas |
|
Euro |
GBP |
Others |
|
Software & services |
|
83.5% |
16.4% |
+0.1% |
|
86.5% |
11.8% |
1.7% |
| Flow |
|
92.6% |
+7.4% |
0.0% |
|
95.6% |
4.4% |
0.0% |
| Data &
marketing |
|
97.3% |
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 |
|
99.7% |
0.3% |
0.0% |
|
100.0% |
0.0% |
0.0% |
|
Cegedim |
|
89.3% |
10.6% |
0.1% |
|
91.5% |
7.2% |
1.4% |
Q2 2022 revenues by
division
|
|
|
Second quarter |
Change Q2 2022 / 2021 |
|
in millions of euros |
|
2022 |
2021 |
Reported |
Like for like(1) |
|
Software & services |
|
74.4 |
71.4 |
+4.1% |
+3.3% |
| Flow |
|
22.6 |
20.7 |
+9.2% |
+9.1% |
| Data &
Marketing |
|
27.6 |
24.8 |
+11.0% |
+11.0% |
| BPO |
|
13.1 |
11.2 |
+16.9% |
+16.9% |
| Corporate and
others |
|
0.7 |
0.5 |
+36.6% |
+36.6% |
|
Cegedim |
|
138.3 |
128.7 |
+7,5% |
+7.0% |
(1) At constant scope and
exchange rates. The positive scope effect of 0.3% was attributable
to the first-time consolidation at June 30, 2021, of Kobus Tech,
and at June 30, 2022, of Mesdocteurs. The positive currency impact
of 0.1% was due to the pound sterling.
- Cegedim_Revenue_2Q2022_ENG
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