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Cegedim : Growth picked up speed in Q2 2022

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Cegedim SA
Cegedim SA



PRESS RELEASE

Quarterly financial information as of June 30, 2022
IFRS - 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

  • Software & Services

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.

  • Flow

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.

  • Data & Marketing

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.

  • BPO

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.

  • Corporate and others

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.

  • War in Ukraine

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.


  • Acquisition of Laponi

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.

  • Acquisition of Sedia

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:

 

 

2022 financial calendar

2022

September 20 after the close

October 27 after the close

First-half 2022 results

Third-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.

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 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.fr
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


Jan Eryk Umiastowski
Cegedim
Chief Investment and
Investor Relations Officer
Tel.: +33 (0)1 49 09 33 36
janeryk.umiastowski@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 2022

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

 

  • Year 2021

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

EMEA
ex. 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.

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