• Cegedim: Growth continued in third quarter 2023

    Source: Nasdaq GlobeNewswire / 26 Oct 2023 10:45:00   America/Chicago

     
     

    PRESS RELEASE

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

    Cegedim: Growth continued in third quarter 2023

    • Q3 2023 revenues grew 11.3% to €148.3 million
    • All operating divisions contributed to growth
    • Over the first nine months of 2023 revenues reaches €449.3 million

    Boulogne-Billancourt, France, October 26, 2023, after the market close

    Revenue

     Third quarterChange Q3 2023 / 2022Nine monthsChange 9M 2023 / 2022
    in millions of euros20232022ReportedLike for like20232022ReportedLike for like (1)(2)
    Software & Services80.775.27.3%7.4%242.2220.89.7%9.5%
    Flow22.921.56.6%6.6%71.166.76.6%6.8%
    Data & Marketing24.122.85.7%5.7%79.072.88.6%7.9%
    BPO19.013.046.2%46.2%51.838.435.0%35.0%
    Corporate and others(3)1.60.8111.5%111.5%5.12.1143.1%143.1%
    Cegedim148.3133.311.3%11.4%449.3400.812.1%11.9%

    (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 0.4% was attributable to the first-time consolidation in Cegedim’s accounts of new acquisitions Mesdocteurs, Laponi, and Clinityx.
    (3)   Since the beginning of 2023, the Corporate division has included specific hosting activities previously housed in the Software and Services division


    Cegedim posted third-quarter revenue growth of 11.3% on a reported basis and 11.4% like for like(1) compared with third quarter 2022. This confirms the first-half trend showing revenues on the right track.

    Through end-September, Cegedim posted cumulative revenue growth of 12.1% on a reported basis and 11.9% like for like(1) compared with the first nine months of 2022.

    Analysis of business trends by division

    • Software & Services
    Software & ServicesThird quarterChange Q3 2023 / 2022Nine monthsChange 9M 2023 / 2022
    in millions of euros20232022ReportedLike for like20232022ReportedLike for like
    Cegedim Santé18.618.50.5%0.5%58.450.316.1%14.0%
    Insurance, HR, Pharmacies and other services48.744.78.9%8.9%144.0134.57.1%6.9%
    International businesses13.512.011.8%12.2%39.836.010.5%12.4%
    Software & Services80.775.27.3%7.4%242.2220.89.7%9.5%

    Cegedim Santé’s dynamic growth so far this year slowed down in the third quarter owing mainly to tougher comparisons related to Ségur public health investments. Performance over nine months remains very robust, with like-for-like growth of 14%.

    The division’s other businesses in France sustained growth of around 7%, buoyed by the HR and pharmacy units (the first wave of “Ségur de la Santé” for the pharmacy segment).

    International businesses built on strong first-half trends, posting 12% growth in the third quarter. Bright spots included the doctor segment in Spain and the doctor, pharmacist, and insurance segments in the UK.

    • Flow
    FLOWThird quarterChange Q3 2023 / 2022Nine monthsChange 9M 2023 / 2022
    in millions of euros20232022ReportedLike for like20232022ReportedLike for like
    SY / E Business14.012.98.9%8.9%43.340.17.9%8.1%
    Third-party payer8.98.63.2%3.2%27.926.64.8%4.8%
    Flow22.921.56.6%6.6%71.166.76.6%6.8%

    The electronic invoicing and digital data flow business grew nearly 9% in the third quarter. Both French and international activities contributed to growth.

    Flow businesses related to health spending in France (Third-party payer) posted 3.2% year-on-year growth in the third quarter and 4.8% over nine months. Invoicing related to the Allianz third-party payer contract now falls under BPO services (switch was made on April 1st).

    • Data & Marketing
    Data & MarketingThird quarterChange Q3 2023 / 2022Nine monthsChange 9M 2023 / 2022
    in millions of euros20232022ReportedLike for like20232022ReportedLike for like
    Data14.614.31.9%1.9%43.440.47.6%6.4%
    Marketing9.58.512.2%12.2%35.632.49.8%9.8%
    Data & Marketing24.122.85.7%5.7%79.072.88.6%7.9%

    Growth in Data business was modest, at 2% year on year, bringing growth over nine months to 7.6%.

    On the Marketing side, advertising in pharmacies was dynamic in the third quarter, up 12.2%, resulting in 9M growth of nearly 10%.

    • BPO
    BPOThird quarterChange Q3 2023 / 2022Nine monthsChange 9M 2023 / 2022
    in millions of euros20232022ReportedLike for like20232022ReportedLike for like
    Insurance BPO13.88.170.4%70.4%35.923.751.5%51.5%
    HR BPO5.24.96.3%6.3%15.914.78.4%8.4%
    BPO19.013.046.2%46.2%51.838.435.0%35.0%

    Insurance BPO posted growth of 70% in the third quarter and 51.5% over the first nine months, driven by the April 1 start of the Allianz contract and overflow business.

    Development in BPO for HR departments continues, with cumulative growth of 8.4% since the start of the year.

    Highlights

    To the best of the company's knowledge, there have been no national or international events or changes during the third quarter of 2023 that would be likely to have a material impact on the Group's financial position.

    Significant transactions and events post September 30, 2023

    Apart from the items cited below, to the best of the company’s knowledge, there were no events or changes post September 30, 2023, that would materially alter the Group’s financial situation.

    Outlook

    Based on nine-month 2023 revenues up 11.9% like for like, and despite the public health, economic, geopolitical, and monetary uncertainty facing the world, the Group is confident it can grow full-year revenues by 11% to 12% and improve its recurring operating income.

    WEBCAST ON OCTOBER 26, 2023, AT 6:15 PM (PARIS TIME)
    The webcast is available at: www.cegedim.fr/webcast
     
    The presentation of 9M 2023 revenues is available:

     
     

    We will release our 2024 financial calendar in the fourth quarter of 2023 at the following address: https://www.cegedim.fr/finance/agenda/Pages/default.aspx

    Disclaimer
    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 October 26, 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.com
    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 80.481.180.7 242.2
    Flow 24.823.422.9 71.1
    Data & Marketing 24.630.324.1 79.0
    BPO 14.418.419.0 51.8
    Corporate and others 1.61.91.6 5.1
    Group revenue 145.9155.1148.3 449.3
    • 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

    Breakdown of revenue by geographic zone, currency, and division at September 30, 2023

    as a % of consolidatedrevenues

         		 Geographic zone Currency
     FranceEMEA
    ex. France    		Americas EuroGBPOthers
    Software & Services 83.6%16.3%0.1% 86.6%11.9%1.6%
    Flow 91.6%8.4%0.0% 94.4%5.6%0.0%
    Data & Marketing 97.4%2.6%0.0% 97.7%0.0%2.3%
    BPO 100.0%0.0%0.0% 100.0%0.0%0.0%
    Corporate and others 99.9%0.1%0.0% 100.0%0.0%0.0%
    Cegedim 89.4%10.6%0.1% 91.5%7.3%1.2%

    Attachment


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