Cegedim: revenue growth continued in 2022

Boulogne-Billancourt, FRANCE



Quarterly financial information as of December 31, 2022
IFRS - Regulated information - Not audited

Cegedim: Revenue growth continued in 2022

  • Fourth-quarter revenues grew 2.9% like for like
  • 2022 revenue amounted to €555.6 million, a 5.1% like for like increase
  • Cegedim Santé: Double-digit growth in the second half

Boulogne-Billancourt, France, January 26, 2023, after the market close


 Fourth quarterChange Q4 2022 / 2021Full YearChange 2022 / 2021
in millions of euros20222021ReportedLike for like(1)(2)20222021ReportedLike for like(1)(2)
Software & services81.180.40.9%-0.5%302.0292.03.4%2.2%
Data & Marketing34.431.98.1%6.7%
Corporate and others0.70.70.4%0.4%

(1)   At constant scope and exchange rates.
(2)   The positive currency impact of 0.1% was mainly due to the pound sterling. The positive scope effect of 0.8% was attributable to the first-time consolidation of Kobus Tech. Mesdocteurs. Laponi, SEDIA, and Clinityx.

Consolidated fourth quarter revenues rose to €154.7 million, up 4.1% as reported and 2.9% like for like(1) compared with the same period in 2021. The moderate growth in the fourth quarter was mainly due to December 2022 revenues, which grew 0.4% compared to December 2021. That was the slowest monthly growth rate in 2022 and will be a headwind for full year recurring operating income.

Over the full year, revenues rose 5.9% as reported and 5.1% like for like compared with 2021.

Analysis of business trends by division

  • Software & Services
Software & ServicesFourth quarterChange Q4 2022 / 2021Full YearChange 2022 / 2021
in millions of euros20222021ReportedLike for like20222021ReportedLike for like
Cegedim Santé19.217.112.4%5.5%69.663.110.3%5.8%
Insurance, HR, Pharmacies and other services49.048.70.6%0.3%183.5175.04.8%4.7%
International businesses12.914.6-11.7%-10.1%48.953.9-9.3%-9.9%
Software & Services81.180.40.9%-0.5%302.0292.03.4%2.2%

Cegedim Santé posted fourth-quarter revenue growth of 12.4%. Growth in the second half was 16% year on year. Cegedim Santé’s overall subscriber churn rate came to 12% over the full year.

Q4 revenues at the division’s other activities in France were flat, hampered by a trading operation in Q4 2021 and tepid pharmacy solution revenues.

International business dipped in the fourth quarter and finished the year down 9.3% compared with 2021. UK operations, which account for 70% of the division’s international revenues, were responsible for most of the decline. Pharmacy solutions suffered the full year impact of losing their largest client, who decided to build its own solutions in-house.

  • Flow
FLOWFourth quarterChange Q4 2022 / 2021Full YearChange 2022 / 2021
in millions of euros20222021ReportedLike for like20222021ReportedLike for like
Third-party payer10.19.38.0%8.0%36.735.53.3%3.3%

Process digitalization and electronic data flows continued to do well, but the pace of growth slowed relative to prior quarters. International operations (Germany and the UK) continued to build on the recovery seen in the first three quarters, gaining 18% in the fourth. E-business generated double-digit growth over the full year.

Third-party payer systems had an excellent fourth quarter, benefiting from high volumes of pharmacy invoices and rising volumes in the hospital segment, which took on new clients.

  • Data & marketing
Data & MarketingFourth quarterChange Q4 2022 / 2021Full YearChange 2022 / 2021
in millions of euros20222021ReportedLike for like20222021ReportedLike for like
Data & Marketing34.431.98.1%6.7%

The data business recorded 3.9% organic growth in the fourth quarter. The scope effect came from Clinityx, which specializes in innovative models for employing and matching real world data in France, consolidated in the group figures since July 2022.

Marketing activities—whose business model is largely non-recurring—saw 11.5% growth in the fourth quarter, driven by advertising in pharmacies.

  • BPO
BPOFourth quarterChange Q4 2022 / 2021Full YearChange 2022 / 2021
 in millions of euros20222021ReportedLike for like20222021ReportedLike for like
Insurance BPO 8.47.413.3%13.3%
HR BPO 6.15.511.3%11.3%20.818.114.9%14.9%

BPO operations continued to post double-digit growth over both the fourth quarter and the full year, driven by services for health and personal protection insurance companies, and by those designed for clients’ HR departments.


Apart from the items cited below, to the best of the company’s knowledge, there were no events or changes during Q4 2022 that would materially alter the Group’s financial situation.

  • War in Ukraine

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

Significant transactions and events post December 31, 2022

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.


The impact of launching the Cegedim Santé development plan and lower sales in the UK will negatively affect the Group’s 2022 recurring operating income.

Based on currently available information, the Group expects 2023 revenue growth in the range of 6% to 9% compared to 2022.

The Group does not expect to make any significant acquisitions in 2023. And lastly, the group does not provide earnings estimates or forecasts.

The webcast is available at: www.cegedim.fr/webcast
The 2022 revenues presentation is available at:

2023 financial calendar

2023March 23 after the close

March 24 at 10:00 am

April 27 after the close

June 16 at 9:30 am

July 27 after the close

September 20 after the close
2022 results

SFAF Meeting

Q1 2023 revenues

Shareholders’ meeting

H1 2023 revenues

H1 2023 results

Financial calendar: https://www.cegedim.fr/finance/agenda/Pages/default.aspx

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 January 26, 2022, 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 2021 Universal Registration Document filled with the AMF on April 16, 2022, under number D.21-0320.



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 6,000 people in more than 10 countries and generated revenue of €555.6 million in 2022.
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
Media Relations
and Communications Manager
Tel.: +33 (0)1 49 09 68 81

Jérôme Moreau
Director of Management Control
Head of Financial Communication
Tel.: +33 (0)1 46 10 72 62

Céline Pardo
Becoming Group
Media Relations


Tel.:        +33 (0)6 52 08 13 66



Breakdown of revenue by quarter and division

  • Year 2022
in millions of euros Q1Q2Q3Q4Total
Software & services 71.274.475.281.1302.0 
Flow 22.622.621.523.990.6 
Data & marketing 22.527.622.834.4107.2 
BPO 12.313.113.014.653.0 
Corporate and others 
Group revenue 129.2138.3133.3154.7555.6 
  • Year 2021
in millions of euros Q1Q2Q3Q4Total
Software & services 68.871.471.380.4292.0 
Flow 21.020.719.822.784.2 
Data & marketing 19.924.821.831.998.4 
BPO 11.711.211.413.047.3 
Corporate and others 
Group revenue 122.5128.7124.8148.7524.7 

Breakdown of revenue by geographic zone, currency and division at December 31, 2022

as a % of consolidated revenues

 Geographic zone Currency
 FranceEx. France EuroGBPOthers
Software & services 83.8%16.2% 86.8%11.6%1.6%
Flow 92.5%7.5% 95.4%4.6%0.0%
Data & marketing 97.5%2.5% 97.7%0.0%2.3%
BPO 100.0%0.0% 100.0%0.0%0.0%
Corporate and others 99.5%0.5% 100.0%0.0%0.0%
Group revenue 89.5%10.5% 91.6%7.1%1.3%