Cegedim: 2022 off to a promising start
Quarterly financial information as of March 31, 2022
IFRS - Regulated information - Not audited
Cegedim: 2022 off to a
promising start
- Q1 2022 revenues
grew 5.5%
- All operating
divisions contributed to growth
- A final agreement
with investors to acquire a stake in Cegedim Santé is expected
in May
Boulogne-Billancourt, France, April 28, 2022, after the
market close
Cegedim generated
consolidated Q1 2022 revenues of €129.2 million, an increase of
5.5% as reported and 5.0% like
for
like(1)
compared with the same period in 2021.
“Our first-quarter performance, including growth
of 5.5%, was in line with our expectations. The fact that all
operating divisions contributed to growth testifies to our solid
foundations—a resilient, relevant business model and talented,
motivated teams. Three major social protection groups are acquiring
a €65 million stake in Cegedim Santé, which will enable it to
achieve its goals. The deal values Cegedim Santé at over €360
million. Given the current geopolitical and public health backdrop,
we remain vigilant but confident, and we continue to strengthen our
sales and R&D teams,” says Laurent Labrune, Cegedim
Group Deputy Managing Director.
Revenue
|
|
First quarter |
Change T1 2022 / 2021 |
in millions of euros |
|
2022 |
2021 |
Reported |
Like for like (1) |
Software & services |
|
71.2 |
68.8 |
+3.5% |
+2.7% |
Flow |
|
22.6 |
21.0 |
+7.5% |
+7.3% |
Data &
Marketing |
|
22.5 |
19.9 |
+12.7% |
+12.7% |
BPO |
|
12.3 |
11.7 |
+5.0% |
+5.0% |
Corporate and
others |
|
0.7 |
1.0 |
-33.3% |
-33.3% |
Cegedim |
|
129.2 |
122.5 |
+5.5% |
+5.0% |
Analysis of business trends by division
Q1 2022 division revenues came to €71.2 million,
up 2.7% like for like compared with the same period in 2021.
All of the division’s activities turned in solid
performances with the exception of the healthcare professional
computerization business in the UK which, as expected, is still
gearing up for recovery.
__________(1) At constant scope
and exchange rates. The positive currency impact of 0.4% was mainly
due to the pound sterling. The positive scope effect of 0.1% was
attributable to the first-time consolidation (at June 30, 2021) of
Kobus Tech.
Q1 2022 division revenues came to €22.6 million,
up 7.3% like for like(1) compared with the same period in 2021.
The process digitalization and digital data flow
business experienced strong growth in France and posted clear
recoveries in the UK and Germany. The healthcare flow business
related to healthcare reimbursements in France also grew.
Q1 2022 division revenues came to €22.5 million,
up 12.7% like for like(1) compared with the same period in
2021.
Data activity in France and digital
communication solutions in France still have good momentum, posting
double-digit growth. Futuramedia, a digital communication solutions
expert, continues to roll out its offering in UK pharmacies.
Q1 2022 division revenues came to €12.3 million,
up 5.0% 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. On the other
hand, the division got a boost from strong demand for BPO services
from HR departments.
Q1 2022 division revenues came to €0.7 million,
down 33.3% 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 Q1
2022 that would materially alter the Group’s financial
situation.
The Group does not do business in Russia or
Ukraine and has no assets exposed to those countries.
-
Cegedim in exclusive talks with
Malakoff Humanis, Groupe VYV, and
PRO BTP regarding acquisition of an equity stake in
Cegedim Santé
On March 1, 2022, Cegedim and social protection
groups Malakoff Humanis, Groupe VYV, and PRO BTP announced that
they were in exclusive talks regarding acquisition of an equity
stake in Cegedim Santé, the Group subsidiary specialized in digital
solutions for healthcare professionals and patients. As part of the
deal, Cegedim Santé will acquire Groupe VYV subsidiary MesDocteurs,
which specializes in telehealth.
It is expected that an investment agreement will
be signed in May 2022. The €65 million reserved capital increase
will likely take place before June 2022. The deal values Cegedim
Santé post-deal at €360.9 million. Cegedim will continue to fully
consolidate Cegedim Santé.
Cegedim, jointly with IQVIA (formerly IMS
Health), is being sued by Euris for unfair competition. Cegedim has
asked the court to dismiss the case against the Group. 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. IQVIA filed
another appeal on February 19, 2022.
After consulting its external legal counsel, the
Group had decided not to set aside any provisions.
Significant transactions and events post March 31,
2022
To the best of the company’s knowledge, there
were no post-closing events or changes after March 31, 2022, that
would materially alter the Group’s financial situation.
__________(1) At constant scope
and exchange rates.Outlook
Based on Q1 2022 revenues up 5.0% 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.
Thus, in 2022 Cegedim expects like-for-like
revenue growth(1) of around 5%. Considering the
inflationary risk stemming from the current geopolitical situation,
particularly pertaining to wages, the Group is temporarily
suspending its communication regarding its 2022 recurring operating
income(2) target.
The Group does not expect to make any
significant acquisitions in 2022.
WEBCAST ON APRIL 28, 2022, AT 6:15 PM (PARIS
TIME) |
The webcast is available at:
www.cegedim.fr/webcast |
|
The Q1 2022 revenues presentation 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
|
|
The Audit Committee met on April 27, 2022. The
Board of Directors, chaired by Jean-Claude Labrune, met on April
28, 2022.
2022 financial calendar
2022 |
June 17 at 9:30 amJuly 28 after
the closeSeptember 20 after the
closeOctober 27 after the close |
Shareholders’ meetingSecond-quarter 2022 revenuesFirst-half 2022
resultsThird-quarter 2022 revenues |
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 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.frAnd follow Cegedim on Twitter @CegedimGroup, LinkedIn
and Facebook. __________(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. |
Aude
BalleydierCegedimMedia Relations
and Communications ManagerTel.: +33 (0)1 49 09 68
81aude.balleydier@cegedim.fr |
Jan
Eryk
UmiastowskiCegedimChief
Investment and Investor Relations OfficerTel.: +33 (0)1 49 09 33
36janeryk.umiastowski@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 € thousands |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Software & services |
|
71.2 |
|
|
|
71.2 |
|
Flow |
|
22.6 |
|
|
|
22.6 |
|
Data &
marketing |
|
22.5 |
|
|
|
22.5 |
|
BPO |
|
12.3 |
|
|
|
12.3 |
|
Corporate and
others |
|
0.7 |
|
|
|
0.7 |
|
Group revenue |
|
129.2 |
|
|
|
129.2 |
|
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 March 31, 2022
as a % of consolidated revenues |
|
Geographic zone |
|
Currency |
|
France |
EMEAex. France |
Americas |
|
Euro |
GBP |
Others |
Software & services |
|
83.2% |
16.7% |
0.1% |
|
86.1% |
12.0% |
1.9% |
Flow |
|
92.5% |
7.5% |
0.0% |
|
95.7% |
4.3% |
0.0% |
Data &
marketing |
|
97.5% |
2.5% |
0.0% |
|
97.5% |
0.0% |
2.5% |
BPO |
|
100.0% |
0.0% |
0.0% |
|
100.0% |
0.0% |
0.0% |
Corporate and
others |
|
99.4% |
0.6% |
0.0% |
|
100.0% |
0.0% |
0.0% |
Cegedim |
|
89.0% |
11.0% |
0.1% |
|
91.1% |
7.4% |
1.5% |
Revenue comparison, sector vs. division
|
|
Q1 2022 |
in millions of euros |
|
Health insurance, HR and e-services |
Healthcareprofessionals |
Corporateand others |
Total |
Software & services |
|
35.7 |
35.5 |
0.0 |
71.2 |
Flow |
|
22.6 |
0.0 |
0.0 |
22.6 |
Data &
Marketing |
|
22.5 |
0.0 |
0.0 |
22.5 |
BPO |
|
12.3 |
0.0 |
0.0 |
12.3 |
Corporate and
others |
|
0.0 |
0.0 |
0.7 |
0.7 |
Cegedim |
|
93.1 |
35.5 |
0.7 |
129.2 |
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