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Robust growth continued in 3Q 2021


Quarterly financial information as of September 30, 2021
IFRS – Regulated information – Not audited

Cegedim: Robust growth continued in 3Q 2021

  • Over the first nine months of 2021, revenues totaled €376 million
  • +4.0% like-for-like(1) growth in the third quarter of 2021
  • +5.5% like-for-like(1) growth over the first nine months of 2021

Boulogne-Billancourt, France, October 28, 2021, after the market close

“Building on an excellent first six months, Cegedim had a good third quarter, with revenues up 5.0%. As the world gradually emerges from the public health crisis, the Group is confident that the current growth will continue.

More than ever, we are investing to ensure profitable long-term growth. For example, our investment in Cegedim Santé is allowing us to respond to new public health challenges. And the Group is also adapting its Governance to the challenges of long-term value creation by forming an ESG Committee to focus on environmental, social, and governance issues.”

Laurent LabruneCegedim Deputy Managing Director

Cegedim generated consolidated 3Q revenues of €124.8 million, an increase of 5.0% as reported and 4.0% like for like(1) compared with the same period in 2020. Over the first nine months of 2021, consolidated revenues of €376 million represented year-on-year growth of 5.9% as reported and 5.5% like for like(1).

Revenue

    9 months Change 9M 2021 / 2020
in € millions   2021 2020 Reported LFL(3)
Software & Services   211.5 201.7 +4.9% +4.2%
Flow   61.5 57.4 +7.2% +7.1%
Data & Marketing   66.5 57.5 +15.8% +15.8%
BPO   34.4 35.9 (4.3)% (4.3)%
Corporate and others   2.0 2.7 (23.9)% (23.9)%
Cegedim   376.0 355.1 +5.9% +5.5%

Analysis of business trends by division

Over the first nine months of 2021, the division’s reported revenues rose 4.2% like for like(1) compared with a year earlier to €211.5 million, almost matching the pace of growth in the first half.

Revenues got a boost from stronger growth in computerization activities for health insurers, bolstered by the resumption of project-based business, among other factors. While projects are resuming, they are having to take into consideration clients’ work-from-home arrangements, which are less conducive to change management.

Cegedim Santé is experiencing solid momentum, and Maiia, the appointment scheduling and teleconsultation business, doubled its revenues over the first nine months of 2021 compared with 2020. Lastly, the HR management outsourcing activity is also on the right track.

__________
(1)   At constant scope and exchange rates.
(2)   At constant scope and exchange rates. 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 of new acquisitions Médimust and Kobus Tech.

Over the first nine months of 2021, the division’s reported revenues rose 7.1% year on year and like for like(1), to €61.5 million.

Process digitalization and data exchange experienced growth across all sectors and began delivering several projects awarded in the first half of 2021.

People in France reduced their use of the healthcare system early in the year because of public health restrictions, which put a crimp on healthcare flow business related to reimbursements.

Over the first nine months of 2021, revenues rose 15.8% like for like(1) compared with 9M 2020 to €66.5 million.

Data activities experienced strong growth against the backdrop of the pandemic. In July, Cegedim rolled out its real-world database in the Italian market.

On the back of very strong growth in the third quarter, digital communications for pharmacies in France posted a 9M 2021 performance on a par with its showing over the same period in 2019. Futuramedia, a digital communication solutions expert, is rolling out its offering in UK pharmacies.

Over the first nine months of 2021, the division’s revenues came to €34.4 million, down 4.3% like for like(1) compared with the same period in 2020. The trend over nine months was in line with the H1 2021 trend.

A significant portion of this division’s business is providing services for insurance companies and mutual insurance providers, so it took a hit from public health restrictions due to the Covid-19 pandemic that caused people in France to reduce their use of the healthcare system.

Over the first nine months of 2021, the division’s revenues came to €2.0 million, down 23.9% like for like(1) compared with the same period in 2020.

Highlights

Other than the items cited above, to the best of the Company’s knowledge, there were no events or changes during the period liable to materially affect the Group’s financial situation.

Significant transactions and events post September 30, 2021

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

Outlook

As noted on September 16, Cegedim expects like-for-like(1) revenue growth of 3% to 5% and recurring operating income(1) of around 4%.

These targets may need to be revised if the Covid-19 crisis causes a severe tightening of public health restrictions in Europe after this press release is issued.

The Group does not expect to make any significant acquisitions in 2021. And lastly, the group does not provide earnings estimates or forecasts.

The Audit Committee met on October 27, 2021. The Board of Directors, chaired by Jean-Claude Labrune, met on October 28, 2021.

__________
(1)   At constant scope and exchange rates.

2021 Financial calendar

WEBCAST ON OCTOBER 28, 2021 AT 6:15 PM (PARIS TIME)
The webcast is available at: www.cegedim.com/webcast
 
The 9M 2021 revenues presentation is available at:

  • On the website: https://www.cegedim.com/finance/documentation/Pages/presentations.aspx
  • And on the Cegedim IR smartphone app, available at

 

2022 Financial calendar

2022 January 27 after the close

March 24, after the close

April 28, after the close

June 17 at 9:30 pm CET

FY 2021 revenues

FY 2021 results

1Q 2022 revenues

Shareholders’ meeting

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. It was sent to Cegedim’s authorized distributor on October 28, 2021, 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 2020 Universal Registration Document filled with the AMF on April 16, 2021 under number D.21-0320.

 

 

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 5,300 people in more than 10 countries and generated revenue of close to €500 million in 2020.
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
Tél. : +33 (0)1 49 09 68 81
aude.balleydier@cegedim.fr
Jan Eryk UMIASTOWSKI
Cegedim
Chief Investment and
Investor Relations Officer
Tél. : +33 (0)1 49 09 33 36
janeryk.umiastowski@cegedim.com
Céline PARDO
suPR
Media Relations
Tél. :        +33 (0)6 52 08 13 66
cegedim@becoming-group.com
 

 

Annexes

Breakdown of revenue by quarter and division

in € thousands   Q1 Q2 Q3 Q4 Total
Software & services   68.8 71.4 71.3   211.5  
Flow   21.0 20.7 19.8   61.5  
Data & Marketing   19.9 24.8 21.8   66.5  
BPO   11.7 11.2 11.4   34.4  
Corporate and others   1.0 0.5 0.5   2.0  
Consolidated Group revenue   122.5 128.7 124.8   376.0  
in € thousands   Q1 Q2 Q3 Q4 Total
Software & services   69.1 64.4 68.0 75.5 277.2  
Flow   20.4 18.0 19.0 22.0 79.4  
Data & Marketing   18.9 19.6 19.0 30.3 87.8  
BPO   12.3 11.6 12.0 13.0 48.9  
Corporate and others   0.9 0.9 1.0 1.0 3.6  
Consolidated Group revenue   121.5 114.7 118.9 141.8 496.9  

Breakdown of revenue by geographic zone and division as of September 30, 2021

as a % of consolidated revenues   France EMEA ex. France Americas
Software & services   81.4% 18.5% 0.1%
Flow   93.6% 6.4% 0.0%
Data & Marketing   97.2% 2.8% 0.0%
BPO   100.0% 0.0% 0.0%
Corporate and others   99.5% 0.5% 0.0%
Cegedim   88.0% 11.9% 0.1%

Breakdown of revenue by currency and division as of September 30, 2021

as a % of consolidated revenues   Euro GBP Others
Software & services   84.4% 13.7% 1.9%
Flow   96.6% 3.4% 0.0%
Data & Marketing   97.2% 0.0% 2.8%
BPO   100.0% 0.0% 0.0%
Corporate and others   100.0% 0.0% 0.0%
Cegedim   90.1% 8.3% 1.6%

9M 2021 Revenue by sector

    9 months
in € millions   2021 2020 LFL change(1) Reported chg.
Health insurance, HR and e-services   264.3 241.2 +9.5% +9.6%
Healthcare professionals   109.6 111.3 (2.5)% (1.5)%
Corporate and others   2.0 2.7 (23.9)% (23.9)%
Cegedim   376.0 355.1 +5.5% +5.9%

(1)   At constant scope and exchange rates.

Sector / division comparison

    9M 2021
in € millions   Health insurance, HR and e-services Healthcare professionals Corporate and others Total
Software & services   101.9 109.6 211.5
Flow   61.5 61.5
Data & Marketing   66.5 66.5
BPO   34.4 34.4
Corporate and others   2.0 2.0
Total   264.3 109.6 2.0 376.0

3Q 2021 Revenue by division

    3Q Change 3Q 2021 / 2020
in € millions   2021 2020 Reported LFL(21)
Software & Services   71.3 68.0 +4.9% +3.3%
Flow   19.8 19.0 +4.1% +3.9%
Data & Marketing   21.8 19.0 +14.4% +14.5%
BPO   11.4 12.0 (4.5)% (4.5)%
Corporate and others   0.5 1.0 (44.2)% (44.2)%
Cegedim   124.8 118.9 +5.0% +4.0%

(2)   At constant scope and exchange rates. The positive currency impact of 0.6% was mainly due to the pound sterling. The positive scope effect of 0.4% was attributable to the first-time consolidation of new acquisitions Médimust and Kobus Tech.

Cegedim SA



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