Cegedim achieves solid growth in first quarter 2024
Quarterly financial information as of March 31, 2024IFRS -
Regulated information - Not audited
Cegedim achieves solid growth in first quarter
2024
- Q1 2024 revenue up
6.9%
- Strong growth in
digitization, marketing, and international activities
Boulogne-Billancourt, France, April 25, 2024, after the
market close
Revenue
|
|
First quarter |
Change Q1 2024 / 2023 |
|
In millions of euros |
2024 |
2023 Reclassified(1) |
Reclassification(1) |
2023 Reported |
Reported vs. Reclassified(1) |
Like for like (2) (3) vs.Reclassified |
|
Software & Services |
74.3 |
74.4 |
-6.0 |
80.4 |
-0.1% |
-1.7% |
|
Flow |
25.3 |
24.0 |
-0.8 |
24.8 |
5.5% |
5.3% |
|
Data & Marketing |
27.0 |
24.6 |
0.0 |
24.6 |
9.8% |
9.9% |
|
BPO |
20.2 |
14.4 |
0.0 |
14.4 |
39.7% |
39.7% |
|
Cloud & Support |
9.0 |
8.4 |
6.8 |
1.6 |
7.0% |
7.0% |
|
Cegedim |
155.9 |
145.9 |
0.0 |
145.9 |
6.9% |
6.0% |
(1) The activities of Cegedim
Outsourcing, Audiprint, and BSV have been reclassified under the
“Cloud & Support” division due to operational
synergies.(2) At constant scope and exchange
rates. (3) The positive currency impact of 0.2%
was mainly due to the pound sterling. The positive scope effect of
0.7% was attributable to the first-time consolidation in Cegedim’s
accounts of Visiodent from March 1, 2024.Cegedim generated
consolidated Q1 2024 revenues of €155.9 million, an increase of
6.9% as reported and 6.0% like for like
(2) compared with 2023.
As a result of the operational synergies between
the cloud businesses and the integration of IT solutions, as of
January 1, 2024, the Cloud & Support division now
includes our Cegedim Outsourcing and Audiprint
subsidiaries—previously in the Software & Services division—and
BSV—previously in the Flow division.
Analysis of business trends by division
|
|
First quarter |
Change Q1 2024 / 2023 |
|
In millions of euros |
2024 |
2023 Reclassified(1) |
Reported vs. Reclassified(1) |
Like for like (2) vs.Reclassified(1) |
|
Cegedim Santé |
18.0 |
20.6 |
-12.6% |
-17.1% |
|
Insurance, HR, Pharmacies, and other services |
42.7 |
41.3 |
3.6% |
3.5% |
|
International businesses |
13.6 |
12.5 |
8.7% |
6.6% |
|
Software & Services |
74.3 |
74.4 |
-0.1% |
-1.7% |
Cegedim Santé’s Q1 revenue declined 12.6%,
principally because the Ségur subsidies received in 2023 made for
an unfavorable basis effect. Postponed delivery of tablets for
nurses also impacted Q1 revenue growth, although the shortfall
should be made up in the coming quarters. The favorable scope
effect is due to the integration of Visiodent from March 1,
2024.
Other French subsidiaries posted growth of 3.6%,
buoyed by continued expansion of HR activities, which is being
driven notably by their new partner networks. The insurance segment
made a smaller contribution to the division’s growth. The pharmacy
segment was impacted by an unfavorable comparison basis for its
equipment installation and updating activities, both of which
experienced strong growth in 2023 as clients prepared to integrate
functionalities related to the French health authorities’ Ségur
program.
International subsidiaries’ Q1 revenue grew 6.6%
like for like, spurred by both the UK pharmacy segment, which is
benefiting from the launch of the NHS’s Pharmacy First service, and
expansion of the hospital activity in Spain’s Murcia region. The
positive exchange rate effect is mostly linked to a stronger pound
sterling.
|
|
First quarter |
Change Q1 2024 / 2023 |
|
In millions of euros |
2024 |
2023 Reclassified(1) |
Reported vs. Reclassified(1) |
Like for like (2) vs.Reclassified(1) |
|
E-business |
15.4 |
14.2 |
8.9% |
8.6% |
|
Third-party payer |
9.9 |
9.8 |
0.5% |
0.5% |
|
Flow |
25.3 |
24.0 |
5.5% |
5.3% |
The e-business flows grew 8.9 % with its two
segments contributing to growth: the invoicing and procurement
segment continued to grow, while health data flow activity was
buoyed by the launch of new offerings designed to help hospitals to
safeguard their pharmaceutical supply chain.
Third-party payer revenue appeared stable
because the Allianz contract’s flows have been managed as a BPO
service since April 2023. Excluding this impact, the business has
grown, boosted by higher volumes and the development of the fraud
detection offering.
|
|
First quarter |
Change Q1 2024 / 2023 |
|
In millions of euros |
2024 |
2023 Reclassified1 |
Reported vs. Reclassified(1) |
Like for like (2) vs.Reclassified(1) |
|
Data |
13.0 |
13.1 |
-0.6% |
-0.6% |
|
Marketing |
14.0 |
11.5 |
21.7% |
21.7% |
|
Data & Marketing |
27.0 |
24.6 |
9.8% |
9.8% |
Data activities were stable in the first
quarter, with stronger sales in France than internationally.
Advertising in pharmacies continued to
experience robust growth, driven by the expansion of in-pharmacy
phygital media.
|
|
First quarter |
Change Q1 2024 / 2023 |
|
In millions of euros |
2024 |
2023 Reclassified(1) |
Reported vs. Reclassified(1) |
Like for like( 2) vsReclassified(1) |
|
Insurance BPO |
14.5 |
8.8 |
65.2% |
65.2% |
|
BPO Business Services* |
5.7 |
5.6 |
0.3% |
0.3% |
|
BPO |
20.2 |
14.4 |
39.7% |
39.7% |
* BPO of HR and digitization activities
BPO services for health and personal protection
insurers again benefited from a positive comparison effect related
to the Allianz contract, which started in Q2 2023, as well as from
dynamic sales in the overflow business.
BPO Business Services (HR and digitization
services) posted stable revenue in Q1.
Highlights
To the best of the company’s knowledge, apart
from the items cited below, there were no events or changes during
Q1 2024 that would materially alter the Group’s financial
situation.
On February 15, 2024, Cegedim Santé acquired
Visiodent, a leading provider of management solutions for dental
practices and health clinics in France. Visiodent launched the
market’s first 100% SaaS solution, Veasy, at a time when the number
of dental practices and health clinics in France was increasing
significantly. Its users now include the country’s largest
nation-wide networks of health clinics, both cooperative and
privately owned, as well as several thousand dental surgeons in
private practice. Visiodent generated revenue of c.€10 million in
2023 and began contributing to Cegedim Group’s consolidation scope
on March 1, 2024. Post the acquisition, Cegedim is in compliance
with all of its covenants and financing contracts.
Cegedim, jointly with IQVIA (formerly IMS
Health), is being sued by Euris for unfair competition. Cegedim
asked the court to dismiss the case against the Company. On
December 17, 2018, the Paris Commercial Court granted Cegedim’s
request, which IQVIA then appealed. On December 8, 2021, the Court
of Appeals upheld the judgement in favor of Cegedim. The case was
appealed to the Supreme Court, and in a ruling on March 20, 2024,
the court overturned the Court of Appeals judgement that had
exonerated Cegedim. As a result, the case has been sent back to the
Paris Court of Appeals, with a different set of judges.After
consulting its external legal counsel, the Group decided not to set
aside any provisions.
The Group does not do business in Russia or
Ukraine and has no assets exposed to those countries.
Significant transactions and events post March 31,
2024
To the best of the company’s knowledge, there
were no events or changes after March 31, 2024, that would
materially alter the Group’s financial situation.
Outlook
Based on the currently available information,
the Group expects 2024 like-for-like revenue(1) growth to be in the
range of 5-8% relative to 2023. Recurring operating income should
continue to improve, following a similar trajectory as in 2023.
These targets are not forecasts and may need to
be revised if there is a significant worsening of geopolitical,
macroeconomic, or currency risks.
---------
(1) At constant scope and exchange rates.
|
WEBCAST IN ENGLISH ON APRIL 25, 2024, AT 6:15 PM (PARIS
TIME) |
|
The webcast is available at:
www.cegedim.fr/webcast |
| |
|
The Q1 2024 revenue presentation is available on the website:
https://www.cegedim.fr/finance/documentation/Pages/presentations.aspx |
|
|
The Audit Committee met on April 25, 2024.
The Board of Directors, chaired by Jean-Claude
Labrune, met on April 25, 2024.
2024 financial calendar
|
2024 |
June 14 at 9:30 amJuly 25 after
the closeSeptember 26 after the
closeOctober 24 after the close |
Shareholders’ General MeetingH1 2024 revenuesH1 2024 resultsQ3 2024
revenues |
The financial calendar is available on the website:
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 April 25, 2024, 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 2023 Universal Registration
Document filed with the AMF on April 3, 2024, under number
D.24-0233. |
|
About Cegedim:Founded in 1969, Cegedim is an innovative
technology and services group 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 6,500 people in more than 10 countries
and generated revenue of €616 million in 2023. Cegedim SA is listed
in Paris (EURONEXT: CGM).To learn more please visit:
www.cegedim.frAnd follow Cegedim on X: @CegedimGroup, LinkedIn and
Facebook. |
| Aude
BalleydierCegedimMedia Relations
andCommunications ManagerTel.: +33 (0)1 49 09 68
81aude.balleydier@cegedim.fr |
Damien
BuffetCegedimHead of Financial
CommunicationTel.: +33 (0)7 64 63 55
73damien.buffet@cegedim.com |
Céline
Pardo BecomingMedia
Relations Tel.: +33
(0)6 52 08 13 66cegedim@becoming-group.com |
|
Annexes
Breakdown of revenue by division
|
In million euros |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
|
Software & Services |
|
74.3 |
|
|
|
74.3 |
|
| Flow |
|
25.3 |
|
|
|
25.3 |
|
| Data &
Marketing |
|
27.0 |
|
|
|
27.0 |
|
| BPO |
|
20.2 |
|
|
|
20.2 |
|
| Cloud &
Support |
|
9.0 |
|
|
|
9.0 |
|
|
Group revenue |
|
155.9 |
|
|
|
155.9 |
|
|
In million euros |
|
Q1 Reclassified |
Q1Reported |
Reclassification |
TotalReclassified |
TotalReported |
|
Software & Services |
|
74.4 |
80.4 |
-6.0 |
74.4 |
80.4 |
|
| Flow |
|
24.0 |
24.8 |
-0.8 |
24.0 |
24.8 |
|
| Data &
Marketing |
|
24.6 |
24.6 |
0.0 |
24.6 |
24.6 |
|
| BPO |
|
14.4 |
14.4 |
0.0 |
14.4 |
14.4 |
|
| Cloud &
Support |
|
8.4 |
1.6 |
6.8 |
8.4 |
1.6 |
|
|
Group revenue |
|
145.9 |
145.9 |
0.0 |
145.9 |
145.9 |
|
Breakdown of revenue by geographic zone, currency, and
division at March 31, 2024
|
As a % of consolidated revenues |
|
Geographic zone |
|
Currency |
| |
France |
EMEAexcl. France |
Americas |
|
Euro |
GBP |
Others |
|
Software & Services |
|
81.7% |
18.2% |
0.1% |
|
85.2% |
13.1% |
1.7% |
| Flow |
|
91.4% |
8.6% |
0.0% |
|
94.5% |
5.5% |
0.0% |
| Data &
Marketing |
|
97.6% |
2.4% |
0.0% |
|
97.9% |
0.0% |
2.1% |
| BPO |
|
100.0% |
0.0% |
0.0% |
|
100.0% |
0.0% |
0.0% |
| Cloud &
Support |
|
99.9% |
0.1% |
0.0% |
|
100.0% |
0.0% |
0.0% |
|
Cegedim |
|
89.5% |
10.5% |
0.1% |
|
91.7% |
7.1% |
1.2% |
(4) The activities of Cegedim
Outsourcing, Audiprint, and BSV have been reclassified under the
“Cloud & Support” division due to operational
synergies.(5) At constant scope and exchange
rates.
- Cegedim_Revenue_1Q2024_ENG
Cegedim (EU:CGM)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Cegedim (EU:CGM)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
