Cegedim: Growth continued in third quarter 2023
26 Octobre 2023 - 5:45PM
Cegedim: Growth continued in third quarter 2023
Quarterly financial information as of September 30, 2023IFRS -
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 quarter |
Change Q3 2023 / 2022 |
Nine months |
Change 9M 2023 / 2022 |
|
in millions of euros |
2023 |
2022 |
Reported |
Like for like |
2023 |
2022 |
Reported |
Like for like (1)(2) |
|
Software & Services |
80.7 |
75.2 |
7.3% |
7.4% |
242.2 |
220.8 |
9.7% |
9.5% |
|
Flow |
22.9 |
21.5 |
6.6% |
6.6% |
71.1 |
66.7 |
6.6% |
6.8% |
|
Data & Marketing |
24.1 |
22.8 |
5.7% |
5.7% |
79.0 |
72.8 |
8.6% |
7.9% |
|
BPO |
19.0 |
13.0 |
46.2% |
46.2% |
51.8 |
38.4 |
35.0% |
35.0% |
|
Corporate and others(3) |
1.6 |
0.8 |
111.5% |
111.5% |
5.1 |
2.1 |
143.1% |
143.1% |
|
Cegedim |
148.3 |
133.3 |
11.3% |
11.4% |
449.3 |
400.8 |
12.1% |
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 divisionCegedim
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 |
Third quarter |
Change Q3 2023 / 2022 |
Nine months |
Change 9M 2023 / 2022 |
|
in millions of euros |
2023 |
2022 |
Reported |
Like for like |
2023 |
2022 |
Reported |
Like for like |
|
Cegedim Santé |
18.6 |
18.5 |
0.5% |
0.5% |
58.4 |
50.3 |
16.1% |
14.0% |
|
Insurance, HR, Pharmacies and other services |
48.7 |
44.7 |
8.9% |
8.9% |
144.0 |
134.5 |
7.1% |
6.9% |
|
International businesses |
13.5 |
12.0 |
11.8% |
12.2% |
39.8 |
36.0 |
10.5% |
12.4% |
|
Software & Services |
80.7 |
75.2 |
7.3% |
7.4% |
242.2 |
220.8 |
9.7% |
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 |
Third quarter |
Change Q3 2023 / 2022 |
Nine months |
Change 9M 2023 / 2022 |
|
in millions of euros |
2023 |
2022 |
Reported |
Like for like |
2023 |
2022 |
Reported |
Like for like |
|
SY / E Business |
14.0 |
12.9 |
8.9% |
8.9% |
43.3 |
40.1 |
7.9% |
8.1% |
|
Third-party payer |
8.9 |
8.6 |
3.2% |
3.2% |
27.9 |
26.6 |
4.8% |
4.8% |
|
Flow |
22.9 |
21.5 |
6.6% |
6.6% |
71.1 |
66.7 |
6.6% |
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 |
Third quarter |
Change Q3 2023 / 2022 |
Nine months |
Change 9M 2023 / 2022 |
|
in millions of euros |
2023 |
2022 |
Reported |
Like for like |
2023 |
2022 |
Reported |
Like for like |
|
Data |
14.6 |
14.3 |
1.9% |
1.9% |
43.4 |
40.4 |
7.6% |
6.4% |
|
Marketing |
9.5 |
8.5 |
12.2% |
12.2% |
35.6 |
32.4 |
9.8% |
9.8% |
|
Data & Marketing |
24.1 |
22.8 |
5.7% |
5.7% |
79.0 |
72.8 |
8.6% |
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 |
Third quarter |
Change Q3 2023 / 2022 |
Nine months |
Change 9M 2023 / 2022 |
|
in millions of euros |
2023 |
2022 |
Reported |
Like for like |
2023 |
2022 |
Reported |
Like for like |
|
Insurance BPO |
13.8 |
8.1 |
70.4% |
70.4% |
35.9 |
23.7 |
51.5% |
51.5% |
|
HR BPO |
5.2 |
4.9 |
6.3% |
6.3% |
15.9 |
14.7 |
8.4% |
8.4% |
|
BPO |
19.0 |
13.0 |
46.2% |
46.2% |
51.8 |
38.4 |
35.0% |
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:
- − 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
|
|
|
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
|
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 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.comAnd follow Cegedim on Twitter : @CegedimGroup,
LinkedIn and Facebook. |
| Aude
BalleydierCegedimMedia Relationsand
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 |
80.7 |
|
242.2 |
| Flow |
|
24.8 |
23.4 |
22.9 |
|
71.1 |
| Data &
Marketing |
|
24.6 |
30.3 |
24.1 |
|
79.0 |
| BPO |
|
14.4 |
18.4 |
19.0 |
|
51.8 |
| Corporate and
others |
|
1.6 |
1.9 |
1.6 |
|
5.1 |
|
Group revenue |
|
145.9 |
155.1 |
148.3 |
|
449.3 |
|
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 |
Breakdown of revenue by geographic zone, currency, and
division at September 30, 2023
|
as a % of consolidatedrevenues |
|
Geographic zone |
|
Currency |
| |
France |
EMEAex. France |
Americas |
|
Euro |
GBP |
Others |
|
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% |
- Cegedim_Revenue_3Q2023_ENG
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