Equasens: 2023 Annual Results
Villers-lès-Nancy, 29 March 2024 - 6:00 p.m.
(CET)
PRESS RELEASE
2023 Annual Results
- Annual
results impacted by the overperformance at the end of 2022 and
early 2023 driven by solutions introduced under the Ségur programme
as well as an unfavourable economic climate
- Revenue:
€219.7m, +2.6%
- Net Profit:
€48.9m, +0.4%
- Net Profit
attributable to Group shareholders: €47.0m, +1.4%
-
The Current Operating Margin remains at a high level
(25.4%)
- Dividend
proposal for FY 2023: €1.25 per share (+9.2%)
|
In €m |
2021 |
2022 |
2023 |
Change2023/2022 |
|
Revenue |
193.1 |
214.1 |
219.7 |
+2.6% |
|
Current Operating Income |
50.5 |
56.8 |
55.8 |
-1.7% |
|
Net Profit* |
41.2 |
48.7 |
48.9 |
+0.4% |
|
Net Profit attributable to the Group |
39.1 |
46.4 |
47.0 |
+1.4% |
|
Basic earnings per share (in €) |
2.6 |
3.09 |
3.13 |
+1.4% |
|
Current operating income (€m) |
2022 reported basis |
2023 reported basis |
Change / Reported basis |
Change/excl. business transfers |
2023 current operating margin |
2023 contribution to Group current operating
income |
|
| |
| |
|
PHARMAGEST |
36.2 |
36.7 |
0.5 |
1.4% |
0.9 |
2.6% |
22.5% |
65.7% |
|
|
AXIGATE LINK |
11.7 |
10.4 |
-1.3 |
-10.7% |
-1.0 |
-9.0% |
33.6% |
18.7% |
|
|
E-CONNECT |
6.2 |
6.7 |
0.5 |
7.5% |
0.6 |
10.7% |
44.5% |
12.0% |
|
|
MEDICAL SOLUTIONS |
3.1 |
2.2 |
-0.9 |
-28.6% |
-1.7 |
-43.7% |
24.8% |
3.9% |
|
|
FINTECH |
-0.3 |
-0.2 |
0.2 |
51.2% |
0.2 |
51.2% |
-8.1% |
-0.3% |
|
|
12 month YTD |
56.8 |
55.8 |
-1.0 |
-1.7% |
-1.0 |
-1.7% |
25.4% |
100.0% |
|
On 29 March 2024, the
Board of Directors of EQUASENS, chaired by Thierry CHAPUSOT,
examined and approved the financial statements for the year ended
31 December 2023 in the presence of the Statutory Auditors. The
audit procedures for the consolidated accounts have been completed.
The auditors' report will be issued after the management report has
been reviewed and the procedures for filing the finalised annual
report have been completed.
_____
As a reminder,
acquisitions completed by Equasens Group in 2023:
- In April:
-
100% of PRATILOG, an independent software publisher of solutions
for the medical and paramedical professions,
-
100% of SPEECH2SENSE, a start-up specialising in speech recognition
technology and mobile solutions for the healthcare sector,
-
100% of ATOOPHARM, a specialist in e-learning solutions for retail
pharmacies.
-
In November:
-
95% of ADV (now PHARMAGEST Germany), a software publisher of
pharmacy management applications in Germany and its subsidiary
OPTIPHARM.
The following changes
in the scope of consolidation took place on 1 January 2023:
-
The activities of ICT (International Cross Talk), ISV of the
MEDILINK solution for multidisciplinary group practices, initially
part of the AXIGATE LINK Division, were transferred to the MEDICAL
SOLUTIONS Division.
-
The CAREMEDS business (UK), a provider of a Cloud application for
pharmacies and nursing homes to manage and monitor the
administration of patient treatment, was transferred from the
E-CONNECT Division to the AXIGATE LINK Division.
-
The activities of Ireland based MULTIMEDS and Germany based I-MEDS,
providers of pill dispenser management solutions for patients in
nursing homes and outpatient facilities, initially part of the
E-CONNECT Division, were transferred to the PHARMAGEST
Division.
- 2023 consolidated income statement
highlights
Equasens Group reported
annual revenue of €219.7m, up 2.6% on 2022, despite an unfavourable
comparison base linked to the boost provided by the Ségur digital
healthcare investment programme and a difficult economic climate,
particularly in the pharmacy market.
This trend can be explained by several
factors:
- The completed rollout of solutions
under the Ségur programme resulting in declines of €4.6 million in
Q4 and €4.2 million in FY 2023.
- A 2.3% decline in the revenue for
the year, reflecting a wait-and-see attitude by healthcare
professionals in an economic climate impacted by inflation and
rising interest rates.
Conversely:
- The positive contribution of
acquisitions, and in particular ATOOPHARM (e-learning platform),
representing €2.9m for the year.
- 9.2% growth in recurring revenues
(maintenance and subscriptions) for the year, driven by indexation
and subscription sales for new SaaS solutions.
Despite a modest
decline in Current Operating Profit by 1.7% to €55.8m at 31
December 2023, the Group's profitability
remains at a high level, with a current operating margin of 25.4%.
Significant efforts in terms of recruitment were made during the
period to strengthen the sales and development teams of all the
Divisions. The resulting impact on payroll, including
inflation-linked increases, was €5m.
- PHARMAGEST
Division: Current Operating Income: €36.7m, + 2.6%. The
division bore the full impact of the end of deployment of the Ségur
solutions, particularly in Q4 as well as the effects of an
unfavourable economic climate on investment by pharmacists. The
increase in salaries to keep up with inflation by this division
whose business involves working closely with customers and
therefore requiring a large number of employees in addition to
increased R&D investments, contributed to a decline in current
operating profit. These factors were partially offset by the impact
of acquisitions, and in particular the ATOOPHARM e-learning
platform, which has started to contribute to growth in
earnings.
- AXIGATE
LINK: Current Operating Income: €10.4m, - 9.0%. Despite
this downturn, caused in part by a significant increase in payroll
costs, the Division's profitability remained excellent, driven by
an innovative SaaS offering, the introduction of new technologies
in TITANLINK providing a competitive advantage which has met with
considerable success in nursing homes in France and Belgium, and
the study of new use cases for existing solutions.
-
E-CONNECT: with Current Operating Income
up 10.7% to €6.7m, the division confirmed the success of
its "mobility" offering, which now covers the complete range of
mobility needs of healthcare professionals, from reading patient
health insurance smart cards to issuing invoices.
- MEDICAL
SOLUTIONS: Current Operating Income fell 43.7% to
€2.2m, though mainly in relation to the comparison base
linked to the end of the Ségur roll-out and efforts to integrate
the new subsidiaries PRATILOG and SPEECH2SENSE. The acquisition of
PRATILOG in April 2024 has expanded the Group's ecosystem of
business software applications to new healthcare practitioner
segments (nurses, physiotherapists, private practitioners working
in hospitals). In addition, the massive adoption of the new
Medistory version has enabled PROKOV to establish a solid recurring
revenue model, representing over 40% of its total sales.
- FINTECH:
Current Operating Income: -€0.2m, though up 51.2%. The
indexation of refinancing rates, which entered into force in
September 2023, helped rebuild margins and restore the division's
profitability, which was weakened by the sharp rise of interest
rates in H1. A major effort to develop a new customer/patient
payment solution (DISPAY) also weighed on the Division's
profitability, though is expected to start contributing to revenue
starting in H2 2024.
Net Profit
rose to €48.9m (+0.4%) and Net Profit Attributable
to Equity Holders of the Parent to €47.0m (+1.4%). At 31
December 2023, Basic Earnings per Share amounted to
€3.13, up from €3.09 one year earlier (+1.4%).
Equasens Group,
maintaining its dividend policy, will submit a proposal to the
Annual General Meeting on 27 June 2024 for payment of a
gross dividend of €1.25 per share
(+9.2%).
- 2023 consolidated balance sheet
highlights
Shareholders' equity stood at €227.6m at
31 December 2023 compared to €196.8m at the end of
2022.Cash flow after interest and tax remained
stable at €61.6m.Significant capital expenditures were made in 2023
linked to a new network infrastructure which is expected to provide
the Group with significant capacity for hosting healthcare
data.With a gross cash position of €137.0m and a
net financial surplus of €67.7m, up 24.4%, the
Group has a high degree of autonomy and capacity for
investment.
- Outlook
- The Group is expecting a return to
double-digit growth in revenue starting in 2025 while 2024 will be
a period of investment in:
- R&D, continuing the efforts
made in 2023 to develop new, innovative and disruptive products and
services,
- Infrastructure to provide
structural support to its healthcare data hosting services,
- Human resources to develop its
sales forces throughout Europe.
- Growth will accelerate in 2025 and
2026, driven by:
- releases of new offers currently
under development,
- the development and structuring of
new activities in France and Europe.
- A large number of innovations
brought to market since the end of 2023 and a more favourable
economic environment for pharmacies should contribute to a recovery
by the PHARMAGEST Division beginning in the second half of
2024.
- The acquisition of a majority stake
in DIGIPHARMACIE, the supplier invoice digitisation platform, will
strengthen the Group's offering to healthcare professionals and
allow it to prepare in advance to meet new obligations for issuing
digital invoices.
- The evolution of the Group’s
offering towards high value-added SaaS solutions will also improve
the profitability of all the Divisions.
- With solid financial resources at
its disposal, the Group confirms its continuing interest in
exploring opportunities for external growth.
- Executive Management appointment
On the proposal of Denis SUPPLISSON,
Chief Executive Officer, on 29 March 2024 the Board of Directors
approved the appointment of Mr Damien VALICON, currently Head of
the PHARMAGEST Division, as non-administrator Deputy Chief
Executive Officer.
Damien VALICON, 53, LinkedIn -
Multi-entrepreneur, has also held various sales management
positions as a distributor of medical equipment and solutions,
notably for Trophy Radiologie. Since 2001, he has held senior
management positions with healthcare solution providers and
software companies. In 2011, he became Chief Business Development
Officer of AxiSanté, a subsidiary of the German group, CompuGroup
Medical. In 2014, he was appointed Chief Executive Officer of Julie
Solutions, a subsidiary of the US-based Henry Schein Group before
returning to Compugroup Medical Solutions as Chief Executive
Officer. Damien VALICON joined Equasens Group on
10 January 2022 as Manager of the French Pharmacy Business Unit. On
2 January 2023, he was appointed Head of the Medical Solutions
Division. Since January 2024, he has headed the PHARMAGEST
Division, which covers all solutions for pharmacies in France and
Europe.
Damien VALICON will join Denis SUPPLISSION,
Chief Executive Officer, and Grégoire de ROTALIER, Deputy Chief
Executive Officer, as a member of the Executive Board.
Financial
calendar:
- 7 May 2024:
Publication of Q1 2024 revenue
- 27 June 2024 at 5:00
pm: Annual General Meeting
- 2 August 2024:
Publication of Q2/H1 2024 revenue
- 27 September 2024:
Publication of H1 2024 results
- 30 September 2024:
Presentation of H1 2024 results
- 7 November 2024:
Publication of Q3 2024 revenue
- 6 February 2025:
Publication of f Q4/FY 2024 revenue
About Equasens
Group
With more than 1,400 employees, Equasens Group
is today a key player in the European healthcare sector, providing
software solutions to all healthcare professionals (pharmacists,
primary care practitioners, hospitals, Hospital-at-Home structures,
retirement homes, health centres) in both primary and secondary
care sectors.
With operations in France, Germany, Great
Britain, Belgium, Ireland, Italy, and Luxembourg, Equasens Group
today brings together healthcare professionals within a unique
ecosystem in France and Europe benefiting people by making
available the very best of technology.
Listed on Euronext Paris™ - Compartment B
Indexes: MSCI GLOBAL SMALL CAP - GAÏA Index 2020
- CAC® SMALL and CAC® All-TradableIncluded in the Euronext Tech
Leaders segment and the European Rising Tech label
Eligible for the Deferred Settlement Service (“Service à
Réglement Différé” - SRD) and equity savings accounts invested in
small and mid caps (PEA-PME).ISIN: FR 0012882389 – Ticker
Code: EQS
Get all the news about the Equasens
Group www.equasens.com and
on LinkedIn
CONTACTS
Analyst and Investor
Relations: Chief Administrative and Financial Officer :
Frédérique SchmidtTel. +33 (0) 83 15 90 67 -
frederique.schmidt@equasens.com
Media Relations:
FIN’EXTENSO - Isabelle Aprile
Tel. +33 (0)3 17
38 61 78 - i.aprile@finextenso.fr
- EQUASENS_PRESS-RELEASE_20240329_2023-FY-Results_EN
Grafico Azioni Equasens (LSE:0R9T)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Equasens (LSE:0R9T)
Storico
Da Feb 2024 a Feb 2025
