Cegedim: first-half 2023 revenues grew at a double-digit pace
| PRESS RELEASE |
Quarterly financial information as of June 30, 2023
IFRS - 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.
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
| 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
| 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
| 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
| 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.
- War in Ukraine
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.
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(1) At constant scope and exchange rates.
| WEBCAST ON JULY 27, 2023, AT 6:15 PM (PARIS TIME) |
| The webcast is available at: /webcast |
The H1 2023 revenues presentation is available:
|
2023 financial calendar
| 2023 | September 20 after the close September 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: /finance/agenda/Pages/default.aspx
| Notice 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 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: And follow Cegedim on Twitter: , and . | |||
Aude Balleydier Cegedim Media Relations and Communications Manager Tel.: +33 (0)1 49 09 68 81 | Jérôme Moreau Cegedim Director of Management Control Head of Financial Communication Tel.: +33 (0)7 85 63 61 99 | Céline Pardo .becoming Media Relations Tel.: +33 (0)6 52 08 13 66 | |
Annexes
Breakdown of revenue by quarter and division
- Year 2023
| 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 | |||||
- Year 2022
| 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 | EMEA ex. 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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