Correction: Cegedim: revenues up in the first half of 2024
Quarterly financial information as of June 30, 2024
IFRS - Regulated information - Not audited
Cegedim revenues up in the first half of
2024
- H1 2024 revenues
grew 6.0%
- The digitalization,
marketing, and cloud businesses posted solid growth
Boulogne-Billancourt, France, July 25, 2024, after the
market close
Revenue
|
|
First half |
Change H1 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 |
152.1 |
150.6 |
-10.9 |
161.5 |
1.0% |
-1.7% |
|
Flow |
49.5 |
46.8 |
-1.4 |
48.2 |
5.8% |
5.7% |
|
Data & Marketing |
59.3 |
54.9 |
0.0 |
54.9 |
8.0% |
8.0% |
|
BPO |
39.9 |
32.8 |
0.0 |
32.8 |
21.6% |
21.6% |
|
Cloud & Support |
18.1 |
15.8 |
12.3 |
3.5 |
14.5% |
14.5% |
|
Cegedim |
319.0 |
301.0 |
0.0 |
301.0 |
6.0% |
4.6% |
(1) As of January 1, 2024,
our Cegedim Outsourcing and Audiprint subsidiaries—which were
previously housed in the Software & Services division—as well
as BSV—formerly of the Flow division—have been moved to the Cloud
& Support division in order to capitalize on operating
synergies between cloud activities and IT solutions
integration.
(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 1.2%
was attributable to the first-time consolidation in
Cegedim’s accounts of Visiodent
starting March 1, 2024 .
Cegedim generated consolidated first-half 2024 revenue of
€319 million, up 6.0% on a reported basis and 4.6% like for
like(2)
compared with 2023. The digitalization, marketing, and cloud
businesses supported growth which, as predicted, faced a
challenging comparison with 2023 revenues boosted by Ségur public
health investments for Healthcare professionals and a headwind from
an expected slowing of international business in the second
quarter.
Analysis of business trends by division
|
|
First half |
Change H1 2024 / 2023 |
|
in millions of euros |
2024 |
2023 reclassified(1) |
Reported vs. reclassified(1) |
Like for like(2) vs.
reclassified(1) |
|
Cegedim Santé |
38.9 |
39.8 |
-2.4% |
-11.5% |
|
Insurance, HR, Pharmacies, and other services |
86.7 |
84.5 |
2.7% |
2.7% |
|
International businesses |
26.5 |
26.3 |
0.6% |
-1.1% |
|
Software & Services |
152.1 |
150.6 |
1.0% |
-1.7% |
Cegedim Santé saw its revenues decline 2.4% in
the first half. The drop was expected and due mainly to a demanding
comparison with 2023, when the division benefited from the Ségur
public health investments. The favorable scope impact is
attributable to the consolidation of Visiodent starting on March 1,
2024. Cegedim Santé aims to offset the absence of the Ségur public
health investments with organic growth in 2024. It is off to a
great start and gradually starting to erase the shortfall: organic
growth improved from -17.1% in the first quarter to -5.5% in the
second quarter.
The other French subsidiaries posted growth of
2.7%, driven mainly by dynamic growth in HR activities, which are
proving resilient owing to the diversification of their client
base. Insurance activities benefited from project-based business in
the second quarter. Pharmacy activities, on the other hand, were
hit by a demanding comparison in revenue from installing and
updating equipment, which got a boost in 2023 in preparation for
the inclusion of new Ségur-related functionalities.
The international subsidiaries posted slightly
negative organic growth, chiefly due to the Group’s decision to
refocus its products for doctors in the UK on Scotland and exit
England, Northern Ireland, and Wales. Those refocusing efforts got
underway in the second quarter. Growth in Spain, on the other hand,
has been robust. Sales to hospitals in the Murcia region and to
health clinics are one of the big reasons. The positive currency
impact was mainly due to the pound sterling.
|
|
First half |
Change H1 2024 / 2023 |
|
in millions of euros |
2024 |
2023 reclassified(1) |
Reported vs. reclassified(1) |
Like for like(2) vs.
reclassified(1) |
|
E-business |
30.0 |
27.8 |
7.6% |
7.4% |
|
Third-party payer |
19.6 |
19.0 |
3.1% |
3.1% |
|
Flow |
49.5 |
46.8 |
5.8% |
5.7% |
The E-business activity grew 7.6%. Both of its
business lines made positive contributions: Invoicing &
purchasing continues to develop and saw a pick-up in business in
France and abroad—notably in Germany, where companies are getting
ready for the reform set to take effect on January 1, 2025. The
Healthcare Flow segment is also getting a boost from dynamic new
offerings for hospitals that are designed to make their drug
purchasing secure.
The 3.1% growth in Third-party payer business
was driven mainly by development of fraud detection products and
services. As a reminder, growth was hampered in the first quarter
by the transfer of business related to the Allianz contract to the
BPO division in April 2023.
|
|
First half |
Change H1 2024 / 2023 |
|
in millions of euros |
2024 |
2023 reclassified1 |
Reported vs. reclassified(1) |
Like for like(2) vs.
reclassified(1) |
|
Data |
28.1 |
28.9 |
-2.8% |
-2.8% |
|
Marketing |
31.3 |
26.1 |
20.0% |
20.0% |
|
Data & Marketing |
59.3 |
54.9 |
8.0% |
8.0% |
Data business was down marginally in the first
half, during which sales in France fared better than international
sales.
Marketing in pharmacies continues to expand at a
brisk pace, propelled by the unit’s phygital media offering.
|
|
First half |
Change H1 2024 / 2023 |
|
in millions of euros |
2024 |
2023 reclassified(1) |
Reported vs. reclassified(1) |
Like for like(2) vs.
reclassified(1) |
|
Insurance BPO |
28.7 |
22.2 |
29.5% |
29.5% |
|
Business Services BPO* |
11.2 |
10.7 |
5.1% |
5.1% |
|
BPO |
39.9 |
32.8 |
21.6% |
21.6% |
*BPO for HR and digitalization
activities
Managed services for health and personal
protection insurance companies continues to enjoy a positive
comparison effect related to the Allianz contract, which started in
the second quarter of 2023, and a flourishing overflow
business.
Business services BPO (HR and digitalization
services) posted revenue growth of 5.1% in the first half, chiefly
due to the good momentum for its compliance offering.
|
|
First half |
Change H1 2024 / 2023 |
|
in millions of euros |
2024 |
2023 reclassified(1) |
Reported vs. reclassified(1) |
Like for like(2) vs.
reclassified(1) |
|
Cloud & Support |
18.1 |
15.8 |
14.5% |
14.5% |
The Cloud & Support division, buoyed by its
Cloud products and services, had yet another great performance in
the second quarter, with growth of 14.5%.
Highlights
Apart from the items cited below, to the best of
the company’s knowledge, there were no events or changes during H1
2024 that would materially alter the Group’s financial
situation.
On February 15, 2024, Cegedim Santé
acquired Visiodent, a leading French publisher of management
software for dental practices and health clinics. Visiodent
launched the market’s first 100% SaaS solution, Veasy, at a time
when it was significantly expanding its organization. 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 has 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.
The Group does not do business in Russia or
Ukraine and has no assets exposed to those countries.
Significant transactions and events post June 30,
2024
To the best of the company’s knowledge, there
were no post-closing events or changes after June 30, 2024, that
would materially alter the Group’s financial situation. The Group
expects to finalize the refinancing of its financial debt prior to
the release of first-half results.
Outlook
Based on 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) To take advantage of
synergies, Cegedim Outsourcing, Audiprint, and BSV have been
reassigned to the Cloud & Support division.
(2) At constant scope and exchange
rates.
|
WEBCAST ON JULY 25, 2024, AT 6:15 PM (PARIS
TIME) |
|
The webcast is available at:
www.cegedim.fr/webcast |
| |
The H1 2024 revenues presentation is available here:
https://www.cegedim.fr/finance/documentation/Pages/presentations.aspx |
|
|
2024 financial calendar
|
2024 |
September 26 after the close
October 24 after the close |
First-half 2024 results
Q3 2024 revenues |
Financial calendar:
https://www.cegedim.fr/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 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
filled 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.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 |
Damien Buffet
Cegedim
Head of Financial Communication
Tel.: +33 (0)7 64 63 55 73
damien.buffet@cegedim.com |
Céline Pardo
Becoming
Media Relations
Tel.: +33 (0)6 52 08
13 66
cegedim@becoming-group.com |
|
Annexes
Revenue trends by division
|
in millions of euros |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
|
Software & Services |
|
74.3 |
77.8 |
|
|
152.1 |
|
| Flow |
|
25.3 |
24.2 |
|
|
49.5 |
|
| Data &
Marketing |
|
27.0 |
32.3 |
|
|
59.3 |
|
| BPO |
|
20.2 |
19.7 |
|
|
39.9 |
|
| Cloud &
Support |
|
9.0 |
9.1 |
|
|
18.1 |
|
|
Group revenue |
|
155.9 |
163.1 |
|
|
319.0 |
|
|
in millions of euros |
|
Q1 reclassified |
Q2 reclassified |
|
|
Total
reclassified |
|
Software & Services |
|
74.4 |
76.2 |
|
|
150.6 |
| Flow |
|
24.0 |
22.8 |
|
|
46.8 |
| Data &
marketing |
|
24.6 |
30.3 |
|
|
54.9 |
| BPO |
|
14.4 |
18.4 |
|
|
32.8 |
| Cloud &
Support |
|
8.4 |
7.4 |
|
|
15.8 |
|
Group revenue |
|
145.9 |
155.1 |
|
|
301.0 |
Revenue breakdown by geographic zone, currency, and
division at June 30, 2024
as a % of consolidated revenues
|
|
Geographic zone |
|
Currency |
| |
France |
EMEA
ex. France |
Americas |
|
Euro |
GBP |
Others |
|
Software & Services |
|
82.6% |
17.3% |
0.1% |
|
85.9% |
12.3% |
1.8% |
| Flow |
|
91.9% |
8.1% |
0.0% |
|
94.6% |
5.4% |
0.0% |
| Data &
Marketing |
|
97.9% |
2.1% |
0.0% |
|
98.0% |
0.0% |
2.0% |
| BPO |
|
100.0% |
0.0% |
0.0% |
|
100.0% |
0.0% |
0.0% |
| Cloud &
Support |
|
100.0% |
0.0% |
0.0% |
|
100.0% |
0.0% |
0.0% |
|
Cegedim |
|
90.0% |
9.9% |
0.1% |
|
92.1% |
6.7% |
1.2% |
- Cegedim_Revenue_1H2024_ENG
Grafico Azioni Cegedim (EU:CGM)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Cegedim (EU:CGM)
Storico
Da Dic 2023 a Dic 2024
