Cegedim Full year 2023 results: Revenue and recurring

Quarterly financial information as of December 31, 2023
IFRS – Regulated information – Audited

Full year 2023 results: Revenue and recurring operating income both up

  • 2023 revenues rose 10.9% to €616.0 million
  • Recurring operating income(1) rose 23.4% to €31.7 million

Boulogne-Billancourt, France, March 27, 2024, after the market close

Cegedim generated consolidated revenues of €616.0 million in 2023, an increase of 10.9% as reported and 10.8% like for like(2) compared with the previous year, and recurring operating income(1) came to €31.7 million, a 23.4% increase.

Consolidated income statement

  2023 2022 Change
  (in €m) (in %) (in €m) (in %) (in %)
Revenues 616.0 100.0% 555.2 100.0% 10.9%
EBITDA(1) 108.8 17.7% 96.2 17.3% 13.1%
Depreciation & amortization -77.2 -12.5% -70.5 -12.7% 9.4%
Recurring operating income(1) 31.7 5.1% 25.7 4.6% 23.4%
Other non-recurring operating income and expenses(1) -11.7 -1.9% 0.8 0.1%
Operating income 20.0 3.2% 26.5 4.8% -24.6%
Financial result -11.9 -1.9% -8.8 -1.6% -35.2%
Total tax -14.8 -2.4% -4.6 -0.8% -222.0%
Net profit attributable to owners of the parent -7.4 -1.2% 13.6 2.5% -154.4%
Earnings per share (in euros) -0.5 1.0 -150%

Consolidated revenues: rose €61 million, or +10.9%, to €616.0 million in 2023 compared with €555.2 million in 2022. The positive scope effect of €1.7 million, or 0.3%, was attributable to the full-year consolidation in Cegedim’s accounts of acquisitions MesDocteurs, Laponi, Sedia, and Clinityx. The positive currency impact was €0.8 million, or 0.1%.
Like-for-like(2) revenue increased 10.8% over the period.

Recurring operating income(1): rose €6.0 million in 2023 to €31.7 million compared with €25.7 million in 2022. It amounted to 5.1% of 2023 revenue compared with 4.6% in 2022. The increase was chiefly the result of improved earnings at Cegedim Santé and international businesses, as well as BPO offerings in insurance and the excellent performance of Human Resources activities. The foundation of our historical activities remains very solid, both in digital marketing and in flows digitalization for businesses and healthcare, featuring investments in innovation.

(1)    Alternative performance indicator See pages 110-111 of the 2022 Universal Registration Document.
(2)   At constant scope and exchange rates.

Other non-recurring operating income and expenses(1): amounted to an expense of €11.7 million in 2023 compared with an income of €0.8 million in 2022. The group wrote down nearly €9 million in assets in the UK in 2023, notably owing to its recent decision to refocus its doctor software business exclusively on Scotland. In 2022, Cegedim Group received proceeds from selling a minority stake.

Depreciation and amortization expenses: rose €6.7 million in 2023. Amortization of R&D investments rose €2.3 million year on year, and capex amortization rose €2.8 million as a result of investments in the operations of and C-Media.

EBITDA: the €12.6 million increase between 2022 and 2023 was the result of a stabilization in personnel costs and supplies relative to the pace of revenue growth, in spite of higher external expenses related to launching the Allianz contract.

Financial result: came to -€11.9 million, down €3.1 million compared with 2022 owing to higher interest expense on borrowings with floating interest rates.

Total tax: came to a charge of €14.8 million in 2023, up €10.2 million compared with 2022, notably due to a €12.3 million accounting adjustment to previously recognized deferred tax assets. The adjustment had no cash impact and was intended to reflect recent developments in judicial precedent that led the Group to measure its potential unrealized gain more conservatively.

Analysis of business trends by division

in millions of euros Total Software & Services Flow Data & Marketing BPO Cloud & Support
2022 555.2 302.0 90.6 106.9 53.0 2.8
2023 616.0 326.6 95.9 114.9 71.5 7.1
Change 10.9% 8.2% 5.9% 7.5% 34.9% 154.0%
Recurring operating income(1)            
2022 25.7 -4.9 13.1 17.9 3.0 -3.4
2023 31.7 4.2 12.1 15.9 4.0 -4.5
Change 23.4% 185.5% -7.3% -11.3% 33.0% -30.5%
Recurring operating margin            
2022 4.6% -1.6% 14.4% 16.8% 5.6% -122.5%
2023 5.1% 1.3% 12.6% 13.9% 5.5% -62.9%
  • Software & Services: 2023 revenues rose 8.2%, driven by good performances at Cegedim Santé (+10% over the FY), HR solutions (+19%), pharmacy solutions in France (+8%), and international businesses in the UK and Spain (+7%).

Recurring operating income (REBIT) amounted to €4.2 million in 2023, a €9 million increase compared with a €4.9 million loss in 2022.         
Of the increase, nearly €5 million was attributable to robust sales at Cegedim Santé combined with good hiring management after the company beefed up its sales, operating support, and R&D teams in 2022.         
International businesses accounted for €3.8 million of the performance, boosted by a strong recovery in Pharmacy solutions in the UK, where restructuring efforts are starting to pay off, and very brisk business at the Activus subsidiary (insurance for expatriate employees).         
At the remaining software and services entities in France, results were very satisfactory in HR and pharmacy software, offsetting a drop in project-based business in the Insurance segment.

Software & Services   Change
2023 / 2022


in millions of euros 2023 2022
Revenues 326.6 302.0 24.6 8.2%
Cegedim Santé 76.6 69.6 7.0 10.1%
Insurance, HR, Pharmacies, and other services 197.6 183.5 14.1 7.7%
International businesses 52.5 48.9 3.5 7.2%
Recurring operating income 4.2 -4.9 9.0 185.5%
Cegedim Santé -2.9 -7.8 4.9 62.5%
Insurance, HR, Pharmacies, and other services 14.7 14.3 0.4 3.0%
International businesses -7.6 -11.4 3.8 33.1%
  • Flow: Revenues rose 5.9%, led by process digitalization in electronic data flows, whose French and international businesses grew 7.4%. Over the same period, Third-party payer systems posted 3.7% growth.         
    The €1 million drop in recurring operating income was due mainly to investments in earning digitalization platform partner (PDP) certification ahead of the electronic invoicing reform that will become mandatory in France starting in 2026. The Third-party payer business posted a slight increase in recurring operating income.
  • Data & Marketing: Marketing and Data activities made positive contributions of respectively 10.7% and 5.1% to the division’s revenue growth compared with 2022.         
    The division’s recurring operating income dropped 11.3% compared with 2022 due to international Data businesses, which lost ground in 2023, and the startup of Clinityx’s new Magellan business, which is expected to generate its first revenues in 2024. The Marketing division saw a 4.4% increase in recurring operating income.
  • BPO: the division’s revenues grew 34.9% year on year in 2023. It was particularly buoyed by services managed on behalf of health and personal protection insurers, which jumped more than 55.3% owing to the start of the new contract with Allianz on April 1, 2023. Revenues from services management on behalf of HR departments rose 3.4%.         
    The division’s recurring operating income climbed 33%, bolstered mainly by outsourcing for HR departments, which is riding a wave of management process automation. Sales to insurers posted positive recurring operating income, up slightly, despite the costs of launching the Allianz contract.
  • Cloud & Support: Revenues rose €4.3 million in 2023, chiefly because all of the Group’s cloud businesses have been moved to this division (some were previously housed in Software & Services).

2023 recurring operating income was a €4.5 million loss, €1.1 million higher than the loss in 2022. The increase was notably the result of increased depreciation and amortization expenses borne by, which stem from the investments made in the Group’s shared IT infrastructure.


To the best of the company’s knowledge, there were no events or changes during 2023 that would materially alter the Group’s financial situation.

  • Acquisition of a majority stake in Phealing

On November 30, 2023, Cegedim acquired a majority stake in Phealing, a start-up specializing in secure prescription drug delivery. Phealing’s offer, based around its advanced artificial intelligence engine, caters to a key concern for pharmacies: double checking prescription medication, which means verifying at the time the prescription is filled that the medicine matches the patient’s prescription, physical profile, and illness. Phealing was consolidated in the Group’s accounts starting on December 31, 2023, meaning only its balance sheet is reflected.

Cegedim S.A. has been audited twice since 2018, giving rise to reassessments of the company’s use of tax loss carryforwards disputed by the tax authorities. After consultation with its lawyers and based on the applicable tax law and ample precedent, Cegedim S.A. believes that the tax authorities’ proposed reassessment is unwarranted. As a result, the company has appealed the decision and continues to explore its options for contesting the reassessment.

To be in full compliance, Cegedim S.A. has already paid a total of €23 million (incl. €10.9 million in February 2024) to cover reassessments of tax losses used up to 2022. The corresponding entry for these payments is not the taxes line of the income statement, but rather the tax receivables line of the balance sheet, as we expect these sums to be repaid once the dispute has been favorably resolved. Furthermore the Company continues to recognize a deferred tax asset for the remaining disputed tax losses that it believes it will still be able to use, i.e. €7.7 million on the consolidated balance sheet at December 31, 2023 (a decrease of €12.3 million year on year after taking into account recent judicial precedent, which led to a more conservative measurement of unrealized potential gains).

Cegedim S.A. continues to use the remaining disputed tax loss carryforwards. In the event of an unfavorable ruling, based on the tax losses used until December 31, 2023, Cegedim S.A. would have to book a tax loss of €27 million in its P&L, of which it has already paid €23 million, and to cancel €7.7 million in deferred tax assets, a P&L loss which would not entail any cash outflow.

In the fourth quarter of 2023, Cegedim S.A. appealed the dispute to the administrative court, an effort which could take several years.

Significant transactions and events post December 31, 2023

Apart from the items cited below, to the best of the Company’s knowledge, there were no events or changes during the period 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 will begin 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.
After consulting its external legal counsel, the Group decided not to set aside any provisions.

The Group does not do business in Russia or Ukraine and has no assets exposed to those countries.


Based on the currently available information, the Group expects 2024 like-for-like revenue(2) 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 monetary risks.


The Audit Committee met on March 25, 2024. The Board of Directors, chaired by Jean-Claude Labrune, met on April 27, 2024. It approved the consolidated financial statements at December 31, 2023, and will ask the Shareholders’ Meeting to approve the accounts for the year 2023. The consolidated accounts have been audited. The statutory auditors’ report will be issued once the formalities required for submission of the Universal Registration Document have been completed.

The Universal Registration Document will be available in a few days’ time, in French and in English, on our website.


(2) At constant scope and exchange rates.

2024 financial calendar

2024 March 28 at 10:00 am


April 25 after the close

June 14 at 9:30 am

July 25 after the close

September 26 after the close

SFAF meeting – Cegedim auditorium in Boulogne Billancourt

Q1 2024 revenues

Shareholders’ meeting

H1 2024 revenues

First-half 2024 results

Financial calendar:

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 March 27, 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 2022 Universal Registration Document filled with the AMF on April 12, 2023.

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:
And follow Cegedim on Twitter @CegedimGroup, LinkedIn, and Facebook.




Aude Balleydier
Media Relations
and Communications Manager
Tel.: +33 (0)1 49 09 68 81
Damien Buffet
Head of Financial Communication

Tel.: +33 (0)7 64 63 55 73

Céline Pardo
Media Relations

Tel.: +33 (0)6 52 08 13 66




Consolidated financial statements at December 31, 2023

  • Assets at December 31, 2023
In thousands of euros 12/31/2023 12/31/2022
Goodwill 199,787 198,761
Development costs 1,562 3,081
Other intangible fixed assets 192,616 185,004
Intangible non-current assets 194,178 188,085
Land 544 544
Buildings 1,660 1,872
Other property, plant, and equipment 45,829 39,467
Advances and non-current assets in progress 831 133
Rights of use                   89,718 88,988
Tangible fixed assets                 138,582 131,004
Equity investments 0 1
Loans 15,332 15,642
Other long-term investments 5,230 5,053
Long-term investments – excluding equity shares in equity method companies 20,563 20,696
Equity shares in equity method companies                   9,725    9,655
Deferred tax assets 19,747 30,385
Prepaid expenses: long-term portion 0
Non-current assets                 594,922    589,509
Goods 5,498 6,495
Advances and deposits received on orders 3,703 177
Accounts receivables: short-term portion 175,199  151,757
Other receivables: short-term portion 59,563 50,497
Current tax credits 16,495 16,557
Cash equivalents 0 0
Cash 46,606 55,553
Prepaid expenses: short-term portion 22,082 19,370
Current assets 329,146 300,406
Total assets 924,068 889,915
  • Liabilities and equity at December 31, 2023
In thousands of euros 12/31/2023 12/31/2022
Share capital 13,337 13,337
Consolidated retained earnings 282,521 271,344
Group exchange gains/losses -12,275 -13,141
Group earnings -7,407 13,624
Shareholders’ equity, Group share 276,175 285,164
Minority interest 18,381 18,971
Shareholders’ equity             294,556    304,135
Short-term financial liabilities 188,546 188,913
Current lease liabilities 78,761 75,907
Deferred tax liabilities 5,600 6,137
Post-employment benefit obligations 31,007 25,397
Non-current provisions 2,521 2,355
Non-current liabilities             306,435    298,709
Short-term financial liabilities 3,006 3,854
Current lease liabilities 14,789 15,916
Trade payables and related accounts 61,734 55,709
Current tax liabilities 235 247
Tax and social security liabilities 121,371 112,341
Non-current provisions 1,730 2,172
Other current liabilities 120,212 96,832
Current liabilities             323,077    287,071
Total liabilities             924,068   889,915
  • Income statement as of December 31, 2023
In thousands of euros 12/31/2023 12/31/2022
Revenues 615,995 555,209
Purchases used -28,547 -26,559
External expenses -138,544 -119,913
Taxes -5,352 -6,259
Payroll costs -331,748 -303,577
Impairment of trade receivables and other receivables and on contract assets -2,444 -298
Allowances to and reversals of provisions -2,714 -4,609
Other operating expenses 431 -8
Share of profit (loss) from affiliates on the income statement 1,757 2,216
EBITDA(1) 108,834 96,202
Depreciation expenses other than right-of-use assets -59,471 -53,302
Depreciation expenses of right-of-use assets -17,693 -17,228
Recurring operating income(1) 31,670 25,673
Non-recurring operating income and expenses -11,687 820
Other non-recurring operating income and expenses(1) -11,687 820
Operating income 19,983 26,492
Income from cash and cash equivalents 475 114
Cost of gross financial debt -11,742 -8,949
Other financial income and expenses -614 45
Net financial income (expense) -11,881  -8,790
Income taxes -4,509 -5,882
Deferred tax -10,336 1,272
Tax -14,845  -4,610
Share of profit (loss) from affiliates -1,195 -1,013
Consolidated net profit -7,937 12,079
Group share -7,407 13,624
Income from equity-accounted affiliates 531 -1,545
Average number of shares excluding treasury stock 13,610,429 13,658,348
Earnings per share (in euros) -0.5 1.0

(1) Alternative performance indicator

  • Cash flow statement as of December 31, 2023
In thousands of euros 12/31/2023 12/31/2022
Consolidated net profit -7,937 12,079
Share of profit (loss) from affiliates -561 -1,203
Depreciation and amortization expenses and provisions 84,010 83,090
Capital gains or losses on disposals of operating assets -1,817 -31
Cash flow after cost of net financial debt and taxes 73,695 93,935
Cost of net financial debt 11,881 8,791
Tax expenses 14,844 4,609
Operating cash flow before cost of net financial debt and taxes 100,420 107,335
Tax paid -4,233 -21,309
Change in working capital requirement: Requirement 0 0
Change in working capital requirement: Release 1,736 450
Cash flow generated from operating activities after tax paid and change in working capital requirements 97,923 86,476
Acquisitions of intangible fixed assets -53,538 -58,554
Acquisitions of tangible fixed assets -21,952 -17,582
Acquisitions of long-term investments -1,036 -2,619
Disposals of property, plant, and equipment and of intangible assets 2,598 2,099
Disposals of long-term investments 805 1,636
Change in deposits received or paid 84 -717
Impact of changes in consolidation scope -3,371 52,483
Dividends received from outside the Group 1,114 3,084
Net cash flow used in investing activities -75,296  -20,170
Capital increase 0 0
Dividends paid to minority shareholders of consolidated cos. -2 -95
Dividends paid to shareholders of the parent company -0 -6,831
Debt issuance 0 0
Debt repayments -263 -85
Employee profit sharing -65 81
Repayment of lease liabilities -19,796 -19,036
Interest paid on loans -5,050 -4,949
Other financial income received 966 1,784
Other financial expenses paid -6,861 -4,758
Net cash flow used in financing activities -31,071 -33,889
Change in net cash excluding currency impact -8,444 32,417
Impact of changes in foreign currency exchange rates -503 -1,024
Change in net cash -8,947 31,393
Opening cash 55,553 24,159
Closing cash 46,606 55,553
In thousands of euros 12/31/2023 Criterion
Net debt(*) 92,156  
EBITDA 88,479  
Leverage ratio 1.04 < 2.5
In thousands of euros 12/31/2023 Criterion
Interest expense 5,328  
EBITDA 88,479  
Interest cover ratio 16.61 > 4.5

(*) excluding employee profit sharing liabilities, the FCB loan, and IFRS 16 liabilities

The Group complied with all these covenants as of December 31, 2023, and there is no foreseeable risk of default.

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