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PRESS RELEASE |
Quarterly financial information as of March 31, 2021
IFRS – Regulated information – Not audited
Cegedim: 2021 gets off to an interesting start
- Like-for-like Q1 revenues are up 1.0% on 2020.
- Like-for-like Q1 revenues are up 4.2% on 2019.
- We confidently expect to meet our 2021 business objectives.
Boulogne-Billancourt, France, April 27, 2021, after the market close
Cegedim posted consolidated Q1 2021 revenues of €122.5 million, up 0.8% on a reported basis, and up 1.0% and 4.2% like for like compared with the same periods in 2020 and 2019 respectively.
“The situation remains volatile, uncertainties continue, and we are still feeling the impacts of the health crisis. However, after relatively flat months in January and February, business picked up in March. Compared with the first quarter of 2019, revenues have grown 4.2% like for like, and we are therefore confident in our ability to put in a sound performance this year”.
Laurent Labrune,
Cegedim Deputy Managing Director
Revenue
| First quarter | Change Q1 2021 / 2020 | Change Q1 2021/2019 | ||||
| in € millions | 2021 | 2020 | Reported | LFL(1) | LFL(2) | |
| Software & Services | 68.8 | 69.1 | (0.4)% | (0.1)% | +3.0% | |
| Flow | 21.0 | 20.4 | +3.3% | +3.4% | +4.3% | |
| Data & Marketing | 19.9 | 18.9 | +5.6% | +5.7% | +5.4% | |
| BPO | 11.7 | 12.3 | (5.2)% | (5.2)% | +8.0% | |
| Corporate and others | 1.0 | 0.9 | +21.3% | +21.3% | +17.2% | |
| Cegedim | 122.5 | 121.5 | +0.8% | +1.0% | +4.2% | |
(1) At constant scope and exchange rates. Scope effects were virtually nil and currency translation had a negative impact of 0.2pp due to the pound sterling.
(2) At constant scope and exchange rates. In 2020, the €1.8 million hit from scope effects, or 1.5pp, was chiefly due to the sale of nearly all the business activities of Pulse Systems Inc in the US in August 2019, which was partly offset by the acquisitions of Cosytec in France in July 2019, and NetEDI in the UK in August 2019.
Analysis of business trends by division
- Software & Services
Q1 2021 division revenues came to €68.8 million, virtually stable compared with 2020, and up 3% on 2019 like for like.
Revenues were stable as growth in software businesses was offset by a negative base effect in computerization services for UK doctors— in 2020, the NHS requested specific developments which generated one-off revenues.
In the so-called project business—which mostly concerns the health insurance sector and had been at a standstill for several months—activity picked up again as the Group’s technological advances were rewarded with several large new contracts.
Q1 2021 division revenues totaled €21.0 million, up 3.4% on 2020 and 4.3% on 2019 like for like.
Process digitization in all sectors grew sharply, boosted by contracts signed in Q4 2020. This growth was partially curbed by:
- International activities, with strict lockdowns in both Germany and the UK. However, the business recovery in both these countries bodes well for a return to growth in H2.
- Health flows, since French people avoid medical care during periods of Covid-19 restrictions.
- Data & Marketing
Q1 2021 division revenues came to €19.9 million, up 5.7% on 2020 and 5.4% on 2019 like for like.
Data activities experienced strong growth as a result of the pandemic. The pharmacy advertising business in France continues to recover.
Q1 2021 division revenues came to €11.7 million, down 5.2% on 2020, and up 8.0% on 2019 like for like.
This business, which includes a large share of outsourced management services for health insurance companies and mutuals, was hard hit as French people delayed or avoided medical care because of the Covid-19 pandemic.
- Corporate and others
Q1 2021 division revenues came to €1.0 million, up 21.3% on 2020 and 17.2% on 2019 like for like.
Highlights
To the best of the company’s knowledge, there were no events or changes during the first quarter of 2020 that would materially alter the Group’s revenues.
Significant transactions and events post March 31, 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
With Q1 2021 like-for-like(1) revenues up 1.0%, the Group maintains its FY 2021 growth forecasts of about 2% in like-for-like(1) revenue and about 4% in recurring operating income(1).
The Group does not expect to make any significant acquisitions in 2021. And lastly, the group does not provide earnings estimates or forecasts.
| WEBCAST ON APRIL 27, 2021 AT 6:15 PM (PARIS TIME) |
| The webcast is available at: www.cegedim.com/webcast |
The Q1 2021 revenues presentation is available at:
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Financial calendar
| 2021 | June 17
July 27 after the close September 16 after the close September 17 October 28 after the close |
Shareholders’ meeting
Q2 2021 revenues H1 2021 results SFAF meeting Q3 2021 revenues |
| 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 April 27, 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. |
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About Cegedim: Founded in 1969, Cegedim is an innovative technology and services company 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. |
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| 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 +33 (0)6 80 80 83 97 cegedim@becoming-group.com |
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Annexes
Breakdown of revenue by quarter and division
| in € thousands | Q1 | Q2 | Q3 | Q4 | Total | |||
| Software & services | 68.8 | 68.8 | ||||||
| Flow | 21.0 | 21.0 | ||||||
| Data & Marketing | 19.9 | 19.9 | ||||||
| BPO | 11.7 | 11.7 | ||||||
| Corporate and others | 1.0 | 1.0 | ||||||
| Consolidated Group revenue | 122.5 | 122.5 | ||||||
| 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 March 31, 2021
| as a % of consolidated revenues | France | EMEA ex. France | Americas | |
| Software & services | 81.3% | 18.6% | 0.1% | |
| Flow | 93.6% | 6.4% | 0.0% | |
| Data & Marketing | 97.1% | 2.9% | 0.0% | |
| BPO | 100.0% | 0.0% | 0.0% | |
| Corporate and others | 99.5% | 0.5% | 0.0% | |
| Cegedim | 87.9% | 12.0% | 0.1% |
Breakdown of revenue by currency and division as of March 31, 2021
| as a % of consolidated revenues | Euro | GBP | Others | |
| Software & services | 84.0% | 13.9% | 2.1% | |
| Flow | 96.5% | 3.5% | 0.0% | |
| Data & Marketing | 97.1% | 0.0% | 2.9% | |
| BPO | 100.0% | 0.0% | 0.0% | |
| Corporate and others | 100.0% | 0.0% | 0.0% | |
| Cegedim | 90.0% | 8.4% | 1.6% |
Q1 2021 Revenue by sector
| First quarter | |||||
| in € millions | 2021 | 2020 | LFL change | Reported chg. | |
| Health insurance, HR and e-services | 85.2 | 82.7 | +3.1% | +3.1% | |
| Healthcare professionals | 36.2 | 38.0 | (4.0)% | (4.6)% | |
| Corporate and others | 1.0 | 0.9 | +21.3% | +21.3% | |
| Cegedim | 122.5 | 121.5 | +1.0% | +0.8% | |
Sector / division comparison
| Q1 2021 | ||||
| in € millions | Health insurance, HR and e-services | Healthcare professionals | Total | |
| Software & services | 32.6 | 36.2 | 68.8 | |
| Flow | 21.0 | 0.0 | 21.0 | |
| Data & Marketing | 19.9 | 0.0 | 19.9 | |
| BPO | 11.7 | 0.0 | 11.7 | |
| Corporate and others | 0.0 | 0.0 | 1.0 | |
| Cegedim | 85.2 | 36.2 | 122.5 | |
Attachment
