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Quarterly financial information as of March 31, 2020
IFRS – Regulated information – Not audited

Cegedim: Like-for-like revenue grew 3.3% over Q1 2020

Boulogne-Billancourt, France, April 27, 2020, after the market close

Cegedim, an innovative technology and services company, generated consolidated Q1 2020 revenues of €121.5 million, an increase of 1.9% as reported and 3.3% like-for-like compared with the same period in 2019. All the operating divisions made positive year-on-year contributions to the Group’s like-for-like growth.

Group revenue trends, consolidated

    First quarter
in € million   2020 2019 Chg. LFL Chg. Reported
Health insurance, HR and e-services   82.7 79.2 +3.0% +4.3%
Healthcare professionals   38.0 39.1 +4.1% (2.9)%
Corporate and others   0.9 0.9 (3.4)% (3.4)%
Cegedim   121.5 119.2 +3.3% +1.9%

Excluding a favorable currency translation impact of 0.1% and an unfavorable scope effect of 1.5%, revenues rose 3.3%.

The €1.8 million drag from scope effects, or 1.5%, was chiefly due to the sale of virtually all the business activities of Pulse Systems Inc in the US in August 2019, partly offset by the acquisition of Cosytec in France in July 2019, and that of NetEDI in the UK in August 2019.

BPO activities for the insurance and human resources business generated revenues totaling €12.3 million over Q1 2020, a 6.4% improvement compared with Q1 2019.

Covid-19 pandemic

Faced with the covid-19 pandemic—and its impact on the economy—Cegedim has activated its business continuity plans, is working to keep its employees and customers safe, and is closely following the situation’s impact on its business activities.

The Group has a solid business model focusing to a large extent on the healthcare sector, a robust financial situation with a reasonable amount of leverage(1), no debt maturing before October 2024, an undrawn €45 million revolving credit facility, and an unused €24 million overdraft facility.

Since the lockdown began, Cegedim has been developing a host of tools to help fight the covid-19 pandemic. Notably:

  • Cegedim Logiciels Médicaux has equipped four covid-19 emergency centers in the Centre-Val de Loire region for teleconsultation using its MLM web-based solution—Loches, Amboise, Châteauroux, and a regional telehealth facility (set up to lessen contact with the other covid-19 centers)—and did so in record time.
  • Maiia has developed a prescription-writing module, essential for effective teleconsultation, and is making it available to clients free of charge.
  • Cegedim e-business offers a simplified version of its digitization solution, SY by Cegedim. This offering manages companies’ invoices and can be installed within 24 hours.
  • The GERS and THIN teams are supplying health authorities with healthcare consumption data covering private practices and hospitals in France.
  • The Cegedim SRH teams are assisting companies using partial unemployment for their teams, notably helping to adapt the pay slips of affected employees and making all the adjustments required by the recent measures.

Analysis of business trends by division

·Health insurance, HR and e-services

The division’s reported revenues rose 4.3% in Q1 2020 to €82.7 million. Currencies had virtually no impact. Acquisitions had a favorable impact of 1.3%. Like-for-like revenues rose 3.0% over the period. Over Q1 2020, acquisitions had a positive contribution of 1.3%, or €1.0 million, mainly from NetEDI and Cosytec. This division represented 68.0% of consolidated Q1 2020 revenues compared with 66.5% a year earlier.

The businesses that made the biggest contributions to this growth over the quarter were the BPO activity in the health insurance sector, Cegedim e-business (document and process digitization), and Cegedim SRH (HR management solutions). It is worth noting that Cegedim-Media (digital and conventional communications solutions in pharmacies) remained flat during the period.

·Healthcare professionals

The division’s reported revenues decreased 2.9% in Q1 2020 to €38.0 million. Currency translation had a positive impact of 0.2%. Acquisitions and disposals had a negative impact of 7.2%. Like-for-like revenues rose 4.1% over the period. Over Q1 2020, the 7.2% negative impact from acquisitions and disposals, or €2.8 million, was mainly due to the sale of virtually all the business activities of Pulse Systems Inc in the US in August 2019. The division represented 31.3% of consolidated FY 2019 revenues compared with 32.8% a year earlier.

The businesses that made the biggest positive contributions over the quarter were computerization solutions for doctors and allied health professionals in France, the appointment scheduling and remote consultation activities of Maiia (formerly Docavenue), and RESIP (the BCB medication database). It is worth noting that computerization solutions for UK doctors and pharmacies remained flat during the period.

·Corporate and others

The division’s revenues fell 3.4% as reported and like for like in Q1 2020, to €0.9 million.


With the exception of the covid-19 pandemic mentioned at the top of the press release and 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 financial situation.

Significant transactions and events post March 31, 2020

With the exception of the covid-19 pandemic mentioned at the top of the press release, 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.


At this stage of the covid-19 pandemic, it is too early to gauge the full impact (positive and negative) on the Group’s 2020 revenues and recurring operating income(2).

Additional information

First quarter 2020 revenue figures have not been audited by the Statutory Auditors.

The first quarter 2020 revenue presentation is available at:

−      The website:

−      The Group’s financial communications app, Cegedim IR. To download the app, visit:

2020 Financial calendar

Please note that the release of H1 2020 earnings has been postponed from Thursday September 17 to Thursday September 24, 2020.

FR : +33 1 72 72 74 03  USA : +1 646 722 4916  UK : +44 (0)207 1943 759 PIN CODE: 32447828#
The webcast is available at:

  June 17 at 9:30 am CET

July 28 after the market close

September 24 after the market close

September 25 at 10:00 am CET

October 28 after the market close

November time to be determined

Cegedim shareholders’ meeting

Second quarter 2020 revenue

First half 2020 results

Analyst meeting (SFAF) in SFAF’s offices

Third quarter 2020 revenues

Cegedim’s Investor day

(1)The leverage ratio is EBITDA(2) to the net financial debt(2).
(2) Alternative performance indicator

EBITDA is equivalent to recurring operating income plus net depreciation and amortization expenses.

Recurring operating income” is defined as the difference between operating income and other non-recurring operating income and expenses.

Other non-recurring operating income and expenses” may include impairment of tangible assets, goodwill, and other intangible assets, gains or losses on disposals of non-current assets, restructuring costs, and costs relating to workforce adaptation measures.

Net financial debt comprises gross borrowings, including accrued interest and debt restatement at amortized cost less cash and cash equivalents.


Breakdown of revenue by quarter and division

·Year 2020

in € thousands   Q1 Q2 Q3 Q4 Total
Health insurance, HR and e-services   82,667       82,667  
Healthcare professionals   37,977       37,977  
Corporate and others   852       852  
Consolidated Group revenue   121,496       121,496  

·Year 2019

in € thousands   Q1 Q2 Q3 Q4 Total
Health insurance, HR and e-services   79,239 83,260 79,585 98,444 340,527  
Healthcare professionals   39,100 42,472 38,014 40,201 159,788  
Corporate and others   882 842 836 869 3,430  
Consolidated Group revenue   119,222 126,574 118,435 139,514 503,745  

Breakdown of revenue by geographic zone and division

·As of March 31, 2020

as a % of consolidated revenues   France EMEA excl. France Americas
Health insurance, HR and e-services   95.1% 4.9% 0.0%
Healthcare professionals   67.5% 32.1% 0.4%
Corporate and others   100.0% 0.0% 0.0%
Cegedim   86.5% 13.4% 0.1%

Breakdown of revenue by currency and division

·As of March 31, 2020

as a % of consolidated revenues   Euro GBP USD Others
Health insurance, HR and e-services   95.8% 3.3% 0.0% 0.9%
Healthcare professionals   72.6% 24.3% 0.2% 2.9%
Corporate and others   100.0% 0.0% 0.0% 0.0%
Cegedim   88.6% 9.9% 0.1% 1.5%

BPO (Business Process Outsourcing):  BPO is the contracting of non-core business activities and functions to a third-party provider. Cegedim provides BPO services for human resources, Revenue Cycle Management in the US and management services for insurance companies, provident institutions and mutual insurers.

Business model transformation: Cegedim decided in fall 2015 to switch all of its offerings over to SaaS format, to develop a complete BPO offering, and to materially increase its R&D efforts. This is reflected in the Group’s revamped business model. The change has altered the Group’s revenue recognition and negatively affected short-term profitability.

Corporate and others: This division encompasses the activities the Group performs as the parent company of a listed entity, as well as the support it provides to the three operating divisions.

Operating margin: Operating margin is defined as the ratio of Operating Income on revenue.

Recurring Operating margin: Recurring Operating margin is defined as the ratio of Recurring Operating income on revenue.

EPS: Earnings Per Share is a specific financial indicator defined by the Group as the net profit (loss) for the period divided by the weighted average of the number of shares in circulation.

  External growth: External growth covers acquisitions during the current fiscal year, as well as those which have had a partial impact on the previous fiscal year, net of sales of entities and/or assets.

Free cash flow: Free cash flow is cash generated, net of the cash part of the following items: (i) changes in working capital requirements, (ii) transactions on equity (changes in capital, dividends paid and received), (iii) capital expenditure net of transfers, (iv) net financial interest paid and (v) taxes paid.

Internal growth: Internal growth covers growth resulting from the development of an existing contract, particularly due to an increase in rates and/or the volumes distributed or processed, new contracts, acquisitions of assets allocated to a contract or a specific project.

Life-for-like data (L-f-l): At constant scope and exchange rates.

Net cash: Net cash is defined as cash and cash equivalent minus overdraft.

Operating expenses: Operating expenses is defined as purchases used, external expenses and payroll costs.


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. This press release may contain inside information. It was sent to Cegedim’s authorized distributor on April 27, 2020, no earlier than 5:45 pm Paris time.
The terms “business model transformation” and “BPO” are defined in the glossary.
The Group applies the IFRS 15 accounting standard, “Revenue from contracts with customers”.
The figures cited above include guidance on Cegedim’s future financial performances. 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”, point 7.2, “Risk factors”, and Chapter 3 “Overview of the financial year” point 3.6 “Outlook”, of the 2019 Universal Registration Document filled with the AMF on March 31, 2020 under number D.20-0218.

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 almost 5,000 people in more than 10 countries and generated revenue in excess of €500 million in 2019. 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
[email protected]
Jan Eryk Umiastowski
Chief Investment Officer
and head of Investor Relations
Tel.: +33 (0)1 49 09 33 36
[email protected]
Céline Pardo & Irène Semeraro
Media Relations
Tel: +33 (0)6 52 08 13 66
  +33 (0)6 80 80 83 97
[email protected]



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