Quarterly financial information as of September
30, 2024 IFRS - Regulated information - Not audited
Cegedim: Revenue growth continued in the
third quarter of 2024
- Revenue of €156.8 million in Q3 2024, up 5.7%
- Marketing, BPO, HR, and cloud businesses led the way
- Revenue for the first nine months of 2024 grew 5.9% to €475.8
million
Boulogne-Billancourt, France, October 24,
2024, after the market close.Revenue
|
Third quarter |
Change Q3 2024 / 2023 |
in millions of euros |
2024 |
2023reclassified(1) |
Reclassification(1) |
2023Reported |
Reportedvs.
reclassified(1) |
Like for
like(2)(3)vs.
reclassified(1) |
Software & Services |
75.6 |
76.0 |
-4.8 |
80.8 |
-0.5% |
-4.2% |
Flow |
23.7 |
22.4 |
-0.4 |
22.8 |
5.5% |
5.4% |
Data & Marketing |
28.2 |
24.1 |
0.0 |
24.1 |
17.0% |
17.1% |
BPO |
21.6 |
19.0 |
0.0 |
19.0 |
13.9% |
13.9% |
Cloud & Support |
7.7 |
6.8 |
+5.2 |
1.6 |
12.5% |
12.5% |
Cegedim |
156.8 |
148.3 |
0.0 |
148.3 |
5.7% |
3.8% |
|
First 9 months |
Change 9M 2023 / 2022 |
in millions of euros |
2024 |
2023reclassified(1) |
Reclassification(1) |
2023Reported |
Reportedvs.
reclassified(1) |
Like for
like(2)(4)vs.
reclassified(1) |
Software & Services |
227.7 |
226.6 |
-15.7 |
242.3 |
0.5% |
-2.6% |
Flow |
73.2 |
69.2 |
-1.8 |
71.0 |
5.7% |
5.6% |
Data & Marketing |
87.5 |
79.0 |
0.0 |
79.0 |
10.8% |
10.8% |
BPO |
61.5 |
51.8 |
0.0 |
51.8 |
18.8% |
18.8% |
Cloud & Support |
25.8 |
22.6 |
+17.5 |
5.1 |
13.9% |
13.9% |
Cegedim |
475.8 |
449.3 |
0.0 |
449.3 |
5.9% |
4.3% |
Cegedim posted consolidated third quarter revenues
up 5.7% as reported and 3.8% like for like(2) compared with the
same period in 2023. Revenues to end-September rose 5.9% as
reported and 4.3% like for like compared with 9M 2023. Marketing,
BPO, HR, and cloud businesses all delivered solid growth in the
third quarter. As expected, the Software & Services division
felt the impact of comparisons with Ségur public health investment
spending in 2023 and a slowdown in international sales owing to the
decision to refocus the Group’s UK doctor software activities on
Scotland.Analysis of business trends by
division
Software & Services
Software & Services |
Third quarter |
Change Q3 2024 / 2023 |
First 9 months |
Change 9M 2024 / 2023 |
in millions of euros |
2024 |
2023
reclassified(3) |
Reported vs. reclassified(1) |
Like for
like(2)vs.
reclassified(1) |
2024 |
2023reclassified(1) |
Reported vs. reclassified(1) |
Like for
like(2)vs.
reclassified(1) |
Cegedim Santé |
20.1 |
18.6 |
8.0% |
-6.2% |
58.9 |
58.4 |
0.9% |
-9.8% |
Insurance, HR, Pharmacies, and other services |
42.7 |
43.9 |
-2.7% |
-2.7% |
129.5 |
128.4 |
0.9% |
0.8% |
International businesses |
12.8 |
13.5 |
-5.0% |
-6.1% |
39.3 |
39.8 |
-1.3% |
-2.8% |
Software & Services |
75.6 |
76.0 |
-0.5% |
-4.2% |
227.7 |
226.6 |
0.5% |
-2.6% |
Revenues at Cegedim Santé grew 8.0% as reported in
the third quarter but fell 6.2% like for like. We did not fully
meet our 2024 goal of offsetting last year’s Ségur impact and
keeping like-for-like sales stable, but we are closing the gap with
each quarter. Reported growth figures include Visiodent as of March
1, 2024. Visiodent’s gradual transition to Cegedim Group products
for scheduling, databases, and so on is generating internal sales,
which do not appear in the consolidated scope.
Other French subsidiaries had a challenging
quarter, with revenues down 2.7%. We saw positive growth at our
insurance businesses, thanks to robust project-based sales, and in
HR, which is still getting a boost from its client diversification
strategy. Conversely, the €2 million in Ségur public health
investment subsidies we recorded in Q3 2023 made for a demanding
comparison in the pharmacy business, where equipment sales also
flagged after accelerating last year.
Internationally, revenues from software sales to
UK doctors declined, as expected, following the decision to refocus
the activity on Scotland.
Flow
Flow |
Third quarter |
Change Q3 2024 / 2023 |
First 9 months |
Change 9M 2024 / 2023 |
in millions of euros |
2024 |
2023
reclassified(1) |
Reported vs. reclassified(1) |
Like for like(2)vs.
reclassified(1) |
2024 |
2023 reclassified(1) |
Reported vs. reclassified(1) |
Like for like(2)vs.
reclassified(1) |
e-business |
13.5 |
13.5 |
-0.2% |
-0.4% |
43.5 |
41.3 |
5.1% |
4.8% |
Third-party payer |
10.2 |
8.9 |
14.3% |
14.3% |
29.7 |
27.9 |
6.7% |
6.7% |
Flow |
23.7 |
22.4 |
5.5% |
5.4% |
73.2 |
69.2 |
5.7% |
5.6% |
Third-quarter growth in e-business, e-invoicing,
and digitized data exchanges was nearly flat, at -0.2%. Healthcare
flows offset a relative slowdown in the Invoicing & Procurement
segment, which last year enjoyed sustained growth in France ahead
of the e-invoicing reform scheduled to take effect July 1, 2024,
but which has since been postponed to September 2026.
The digital data flow business dealing with
reimbursement of healthcare payments in France (Third-party payer)
experienced 14.3% yoy growth in Q3. It was boosted by strong growth
in demand for its fraud and long-term illness detection
offerings.
Data & Marketing
Data & Marketing |
Third quarter |
Change Q3 2024 / 2023 |
First 9 months |
Change 9M 2024 / 2023 |
in millions of euros |
2024 |
2023 reclassified(1) |
Reported vs. reclassified(1) |
Like for like(2)vs.
reclassified(1) |
2024 |
2023 reclassified(1) |
Reported vs. reclassified(1) |
Like for like(2)vs.
reclassified(1) |
Data |
15.1 |
14.6 |
3.4% |
3.4% |
43.1 |
43.4 |
-0.7% |
-0.7% |
Marketing |
13.1 |
9.5 |
38.0% |
38.0% |
44.4 |
35.6 |
24.8% |
24.8% |
Data & Marketing |
28.2 |
24.1 |
17.0% |
17.1% |
87.5 |
79.0 |
10.8% |
10.8% |
Data business posted 3.4% yoy growth in the third
quarter, resulting in nearly stable growth over nine months. Growth
was led by French sales, which were more dynamic than international
sales.
The Marketing segment had a record third quarter,
up 38% owing to special ad campaigns during the Olympics. The
rising popularity of our phygital media offerings in pharmacies
helped the segment post 24.8% growth over the first nine
months.
BPO
BPO |
Third quarter |
Change Q3 2024 / 2023 |
First 9 months |
Change 9M 2024 / 2023 |
in millions of euros |
2024 |
2023 reclassified(1) |
Reported vs. reclassified(1) |
Like for like(2)vs.
reclassified(1) |
2024 |
2023 reclassified(1) |
Reported vs. reclassified(1) |
Like for like(2)vs.
reclassified |
Insurance BPO |
15.9 |
13.8 |
15.7% |
15.7% |
44.6 |
35.9 |
24.2% |
24.2% |
Business Services BPO |
5.7 |
5.2 |
+9.2% |
+9.2% |
16.9 |
15.9 |
6.5% |
6.5% |
BPO |
21.6 |
19.0 |
13.9% |
13.9% |
61.5 |
51.8 |
18.8% |
18.8% |
The Insurance BPO business grew by more than 15.7%
over the third quarter, chiefly owing to its overflow business,
which has been flourishing since the start of the year. Growth over
nine months amounted to 24.2%, partly thanks to a favorable
comparison stemming from the April 1, 2023, launch of the Allianz
contract.
Business Services BPO (HR and digitalization)
continues to report strong growth, up 9.2% yoy over the quarter on
the back of a popular compliance offering and new clients.
Cloud & Support
Cloud & Support |
Third quarter |
Change Q3 2024 / 2023 |
First 9 months |
Change 9M 2024 / 2023 |
in millions of euros |
2024 |
2023reclassified(4) |
Reported vs. reclassified(1) |
Like for
like(2)vs.
reclassified(1) |
2024 |
2023
reclassified(1) |
Reported vs. reclassified(1) |
Like for like(2)
vs.
reclassified(1) |
Cloud & Support |
7.7 |
6.8 |
12.5% |
12.5% |
25.8 |
22.6 |
13.9% |
13.9% |
The Cloud & Support division’s trajectory
continued over the third quarter, with growth of 12.5% reflecting
our expanded range of sovereign cloud-backed products and
services.
Highlights
Apart from the items cited below, to the best of
the company’s knowledge, there were no events or changes during Q3
2024 that would materially alter the Group’s financial
situation.
• New financing
arrangement
On July 31, 2024, Cegedim
announced that it had secured a new financing arrangement
consisting of a €230 million syndicated loan. The arrangement is
split into €180 million of lines drawn upon closing to refinance
the Group’s existing debt (RCF and Euro PP, which were to mature in
October 2024 and October 2025 respectively) and an additional,
undrawn revolving credit facility (RCF) of €50 million. This new
financing arrangement will bolster the Group’s liquidity and extend
the maturity of its debt to, respectively, 5 years (€30 million,
payments every six months); 6 years (€60 million, repayable upon
maturity); and 7 years (€90 million, repayable upon maturity).
Significant transactions and events post
September 30, 2024
To the best of the company’s knowledge, there
were no post-closing events or changes after September 30, 2024,
that would materially alter the Group’s financial situation.
Outlook
Based on the currently available information,
the Group expects 2024 like-for-like revenue(1) growth to be
towards the lower end of the 5-8% range relative to 2023. That
said, we still expect recurring operating income to continue to
improve. These targets are not forecasts and may need to be revised
if there is a significant worsening of geopolitical, macroeconomic,
or currency risks.
---------------
Webcast on October 24, 2024, at 6:15 pm (Paris
time) |
The webcast is available at:
www.cegedim.fr/webcast |
The Q3 2024 revenue presentation is available here:
https://www.cegedim.fr/documentation/Pages/presentation.aspx |
Financial calendar:
2025 |
January 29 after the closeMarch
27 after the closeMarch 28 at 10:00
amApril 24 after the closeJune 13
at 9:30July 24 after the closeSeptember
25 after the closeSeptember 26 at 10:00
amOctober 23 after the close |
2024 revenue2024 resultsSFAF meetingQ1 2025 revenueShareholders’
general meetingH1 2025 revenueH1 2025 resultsSFAF meetingQ3 2025
revenue |
Financial calendar:
https://www.cegedim.fr/finance/agenda/Pages/default.aspx
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
October 24, 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.frAnd follow Cegedim on X: @CegedimGroup, LinkedIn, and
Facebook.
Aude BalleydierCegedim Media
Relationsand Communications ManagerTel.: +33 (0)1 49 09 68
81aude.balleydier@cegedim.fr |
Damien BuffetCegedim Head of
Financial CommunicationTel.: +33 (0)7 64 63 55
73damien.buffet@cegedim.com |
Céline Pardo Becoming RP
AgencyMedia Relations Consultant
Tel.: +33 (0)6 52 08
13 66cegedim@becoming-group.com |
|
Annexes
Breakdown of revenue by quarter and
division
Year 2024
In € million |
|
Q1 |
Q2 |
Q3 |
Q4 |
Total |
Software & Services |
|
74.3 |
77.8 |
75.6 |
|
227.7 |
Flow |
|
25.3 |
24.2 |
23.7 |
|
73.2 |
Data
& Marketing |
|
27.0 |
32.3 |
28.2 |
|
87.5 |
BPO |
|
20.2 |
19.7 |
21.6 |
|
61.5 |
Cloud
& Support |
|
9.0 |
9.1 |
7.7 |
|
25.8 |
Group revenue |
|
155.9 |
163.1 |
156.8 |
|
475.8 |
Year 2023
In € million |
|
Q1reclassified |
Q2reclassified |
Q3reclassified |
Q4reclassified |
Totalreclassified |
Software & Services |
|
74.4 |
76.2 |
76.0 |
|
226.6 |
Flow |
|
24.0 |
22.8 |
22.4 |
|
69.2 |
Data
& Marketing |
|
24.6 |
30.3 |
24.1 |
|
79.0 |
BPO |
|
14.4 |
18.4 |
19.0 |
|
51.8 |
Cloud
& Support |
|
8.4 |
7.4 |
6.8 |
|
22.6 |
Group revenue |
|
145.9 |
155.1 |
148.3 |
|
449.4 |
Breakdown of revenue by geographic zone,
currency and division at September 30, 2024
as a % of consolidated revenues |
|
Geographic zone |
|
Currency |
|
France |
EMEA ex. France |
Americas |
|
Euro |
GBP |
Other |
Software & Services |
|
82.8% |
17.1% |
0.1% |
|
86.2% |
12.0% |
1.7% |
Flow |
|
91.9% |
8.1% |
0.0% |
|
94.5% |
5.5% |
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 |
|
99.9% |
0.1% |
0.0% |
|
100.0% |
0.0% |
0.0% |
Cegedim |
|
90.1% |
9.8% |
0.1% |
|
92.2% |
6.6% |
1.2% |
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. The
positive currency impact of 0.2% was mainly due to the pound
sterling. The positive scope effect of 1.8% was attributable to the
first-time consolidation in Cegedim’s accounts of Visiodent
starting March 1, 2024.The positive currency impact of 0.1% was
mainly due to the pound sterling. The positive scope effect of 1.4%
was attributable to the first-time consolidation in Cegedim’s
accounts of Visiodent starting March 1, 2024. 3 To take advantage
of synergies, Cegedim Outsourcing, Audiprint, and BSV have been
reassigned to the Cloud & Support division.At constant
scope and exchange rates. 4 To take advantage of synergies, Cegedim
Outsourcing, Audiprint, and BSV have been reassigned to the Cloud
& Support division.At constant scope and exchange
rates.
- Cegedim_Revenue_3Q2024_ENG
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