Cegedim: Full year 2022 results

Boulogne-Billancourt, FRANCE



Quarterly financial information as of December 31, 2022
IFRS - Regulated information - Audited

Full year 2022 results: Revenue and investments both up

  • 2022 revenues rose 5.8% to €555.2 million
  • Recurring operating income(1) came to €25.7 million
  • Consolidated net profit attributable to the Group came to €13.6 million

Boulogne-Billancourt, France, March 23, 2022, after the market close

Cegedim generated consolidated revenues of €555.2 million(3) in 2022, an increase of 5.8% as reported and 5.0% like for like(2) compared with the previous year, and recurring operating income(1) came to €25.7 million, down by 35.7%.

Consolidated income statement

 (in €m)(in %)(in €m)(in %)(in %)
Depreciation & amortization-70.5-12.7%-64.8-12.3%8.8%
Recurring operating income(1)25.74.6%39.97.6%-35.7%
Other non-recurring operating income and expenses(1)0.8+0.1%3.80.7%-78.4%
Operating income26.54.8%43.78.3%-39.4%
Financial result-8.8-1.6%-10.4-2.0%-15.5%
Total tax-4.6-0.8%-5.8-1.1%-20.5%
Net profit attributable to owners of the parent13.62.5%26.25.0%-48.0%
Recurring earnings per share(1) (in euros)0.9-1.8--50%
Earnings per share (in euros)1.0-1.9--47%

Consolidated revenues rose €30.5 million, or 5.8%, to €555.2(3) million in 2022 compared with €524.7 million in 2021. The positive scope effect of €4.1 million, or 0.8%, was attributable to the first-time consolidation in Cegedim’s accounts of new acquisitions Kobus Tech, MesDocteurs, Laponi, Sedia, and Clinityx. The positive currency impact was €0.4 million, or 0.1%.
Like-for-like(1) revenue increased 5.0% over the period.

Recurring operating income(1) fell €14.2 million to €25.7 million in 2022, compared with €39.9 million in 2021. It represented 4.6% of 2022 revenue compared with 7.6% in 2021. The decline was mainly the result of a major recruitment campaign in response to growth at Cegedim Santé, some turbulence affecting the healthcare professionals business in the UK, and sustained R&D investment.

(1)   Alternative performance indicator. See pages 134-136 of the 2021 Universal Registration Document.
(2)   At constant scope and exchange rates.
(3)   As a result of a restatement of provisions following the January 26, 2022, revenue announcement, we have adjusted 2022 revenues from €555.6 million to €555.2 million.

Other non-recurring operating income and expenses(1) registered a profit of €0.8 million in 2022. The main components include a gain from the sale of shares of Healthcare Gateway Ltd in the UK, which was nearly offset by €4.2 million of restructuring costs and a €10.3 million impairment of non-current assets.

Depreciation and amortization expenses increased €5.7 million, chiefly due to an increase in R&D amortization, which rose €4.4 million compared with 2021.

EBITDA(1) was down €8.5 million between 2022 and 2021 as a result of higher employee costs (+€24.7 million) and external charges (+€12.5 million).

Financial result was -€8.8 million, of which €2.0 million related to IFRS16, €1.6 million better than in 2021, owing to a €0.7 million gain from currencies.

Analysis of business trends by division

in millions of eurosTotalSoftware & servicesFlowData & MarketingBPOCorporate and others
Recurring operating income       
Recurring operating margin      
  • Software & Services: 2022 revenues rose 3.4%, driven by good performances at Cegedim Santé (+16% in H2) and HR solutions (+10.0% over the full year). Recurring operating income (REBIT)(1) amounted to a loss of €4.9 million in 2022, a €17.8 million decrease compared with the €12.8 million profit of 2021. There were two main reasons for the decline. First, Cegedim Santé recruited large numbers of new hires to keep pace with its growth (notably in sales, support staff, and R&D), which caused its REBIT(1) to fall by €9.9 million year on year. Second, international business REBIT(1) fell by €8.1 million year on year. Sales were unable to compensate for the loss of Boots as a client in the pharmacy segment in the UK and, as expected, the lack of a window for marketing solutions for doctors in the UK (governed by the NHS). The other companies in the division posted 1.9% REBIT(1) growth compared with 2021.

Software & Services Change
2022 / 2021

in millions of euros20222021
Cegedim Santé69.663.16.510.3%
Insurance, HR, Pharmacies, and other services183.5175.08.54.8%
International businesses48.953.9-5.0-9.3%
Recurring operating income(1)-4.912.8-17.7-138%
Cegedim Santé-7.82.2-9.9-457.2%
Insurance, HR, Pharmacies, and other services14.314.00.31.9%
International businesses-11.4-3.3-8.0-241.1%


(1) Alternative performance indicator. See pages 134-136 of the 2021 Universal Registration Document.

  • Flow: Revenues rose 7.5%, led by Cegedim e-business (process digitalization and electronic data flows), whose French and international businesses grew by 8.8% and 25.1% respectively. Over the same period, Third-party payer systems posted 3.3% growth. Both businesses made positive contributions to the division’s 17.6% REBIT(1) growth.
  • Data & Marketing: marketing and data activities made positive contributions to the division’s revenue growth compared with 2021 of respectively 9.5% and 7.9%. Division REBIT(1) rose 22.9% compared with 2021, buoyed by the data business in France and abroad and by advertising in pharmacies.
  • BPO: operations continued to post double-digit growth over the full year (+11.9% vs 2021), driven equally by services aimed at insurance companies and mutual groups, and by those designed for clients’ HR departments. Both businesses made positive contributions to REBIT(1), which rose 20.7% compared with 2021 on the back of productivity gains achieved during the year, notably thanks to process automation and the use of Software & Services division software.
  • Corporate and others: 2022 REBIT(1) was a €3.4 million loss, €2.3 million higher than the loss in 2021. The deterioration was caused by an effort to standardize methods for reinvoicing corporate office activities, notably in the areas of R&D and IT systems, as well as lower margins at the offshore corporate centers.


(1) Alternative performance indicator. See pages 134-136 of the 2021 Universal Registration Document.


To the best of the company’s knowledge, there were no events or changes during 2022 that would materially alter the Group’s financial situation.

  • Investment and strategic partnership between Cegedim and 3 social protection companies

On May 16, 2022, Cegedim Group and social protection companies Malakoff Humanis, Groupe VYV, and PRO BTP Groupe announced that they had finalized the strategic partnership they began negotiating on March 1, 2022.

This strategic partnership will advance the goals laid out by the French government in its Ma Santé 2022 plan. The partnership will draw on the recognized expertise of Cegedim, Malakoff Humanis, Groupe VYV, and PRO BTP, who all share the goal of improving patients’ access to care and making the course of care as smooth as possible.

To this end, Malakoff Humanis, Groupe VYV, and PRO BTP Groupe—who together represent 25 million beneficiaries in France—subscribed a reserved capital increase of €65 million on May 24, 2022, and now own 18% of the shares of Cegedim Santé. Cegedim Santé houses all of Cegedim Group’s software products and services for doctors and allied health professionals in France, covering the care pathway from online appointment scheduling to management of patient records, invoicing, and teleconsultation. In addition, its Resip subsidiary supplies information on medications and medical devices.
The deal values Cegedim Santé at €360.9 million. As part of the deal, Cegedim Santé acquired Groupe VYV subsidiary MesDocteurs, a telehealth solution pioneer and one of the originators of 24/7 telemedicine.

  • Acquisition of Laponi

On June 21, 2022, Cegedim SRH acquired Laponi, an innovative solution for managing absenteeism in real time. Laponi, a French startup founded in 2016, has successfully developed a digital SaaS platform that lets companies ask internal and external employees to cover shifts when someone is absent. The Laponi solution is easy to use and alerts employees in real time about tasks that need to be done. Employees are then free to choose tasks while boosting their income. The acquisition enhances Cegedim SRH’s TeamsRH HRIS platform.

As a standalone component in Cegedim SRH’s portfolio, Laponi will be able to help solve absenteeism issues at the company’s 400 clients, and its solution will benefit from Cegedim SRH’s technical and financial resources as well as its sales force.

The company is profitable and began contributing to the Group’s consolidation scope in the third quarter of 2022.

  • Acquisition of Sedia

On July 19, 2022, Cegedim e-business rounded out its Hospitalis offering by acquiring Sedia, which has specialized in software that tracks medical instrumentation usage since 1985. Thanks to this acquisition, Hospitalis now offers a medical device and implantable medical device (MD/IMD) tracking service. The service is responsible for 900,000 scans annually and has tracked more than 8 million IMDs. The newest component in the Hospitalis range, Sedia offers health, financial, and logistical tracking of MD/IMDs that are on consignment or have been lent or purchased outright.

Sedia is profitable and began contributing to the Group’s consolidation scope in the third quarter of 2022.

  • Acquisition of Clinityx

On July 28, 2022, Cegedim strengthened its position in the real-world data sector by acquiring 70% of Clinityx.

Clinityx a health start-up founded in 2018, aims to make real-word data research easier by providing a robust scientific, technical, and regulatory environment. The company partners with academic establishments to build data warehouses paired with the SNDS, the French administrative healthcare database, enriching the health data and ensuring their good governance and security. It also provides consulting services and manages all aspects of real-world studies from protocol design to final report, using data from its own warehouses, the SNDS, and other databases.

Clinityx is profitable and began contributing to the Group’s consolidation scope in the third quarter of 2022.

  • Healthcare Gateway Limited divestment

In October 2022, In Practice Systems Ltd, which is 100% owned by Cegedim SA, sold all of its shares in the UK company Healthcare Gateway Limited (HGL). Prior to the sale, the 50% non-controlling stake in HGL had been consolidated using the equity method.

  • Euris litigation

Cegedim, jointly with IQVIA (formerly IMS Health), is being sued by Euris for unfair competition. Cegedim has asked the court to dismiss the case against the Group. On December 17, 2018, the Paris Commercial Court granted Cegedim’s request, which IQVIA then appealed. On December 8, 2021, the Court of Appeals upheld the judgement in favor of Cegedim. That ruling is currently under appeal.

After consulting its external legal counsel, the Group decided not to set aside any provisions.

  • Tax

On February 21, 2018, Cegedim SA received official notice that the French tax authorities planned to perform an audit of its financial statements for the period from January 1, 2015, to December 31, 2016. After consultation with its lawyers and based on ample precedent, the Group believes that the adjustment related to the use of tax-loss carryforwards is unwarranted and continues to explore its options to appeal the decision. On October 21, 2021, Cegedim SA received official notice that the French tax authorities planned to perform an audit of its financial statements for the period from January 1, 2019, to December 31, 2020. That audit has not resulted in any adjustments other than those the Group is already appealing.

As part of this process, in the first half of 2022 Cegedim SA received a notice of collection and paid a total of €12.1 million in respect of tax losses used through 2020 and a €0.4 million late payment penalty. The corresponding entry for these payments is not in the taxes line of the income statement, but rather the deferred tax assets line of the balance sheet, as we expect these sums to be repaid once the dispute has been resolved in our favor. Furthermore, as the Group’s accounting method and legal arguments are sound, it continues to record the disputed tax losses as an asset equal to €20 million in deferred tax assets on the balance sheet.

In the event of an unfavorable ruling, based on the deferred tax assets used as of December 31, 2022, Cegedim faces a maximum risk of €23 million, of which it has already paid €12.1 million, and the cancellation of €20 million in deferred tax assets, which would not entail any cash disbursement.

Cegedim believes that the risk of an unfavorable ruling is small and plans to continue using the remaining disputed deferred tax assets. Thus, if the ruling is ultimately unfavorable, the maximum risk in terms of a reversing entry in the tax line of the accounts will increase, but the impact on the cash position would still be more modest, as the Group continues to make periodic payments in respect of the collection notice.

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.

  • War in Ukraine

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


Despite the economic, geopolitical, and monetary uncertainties facing the world, we are confident we will be able to grow our revenues. Based on the currently available information, the Group expects 2023 like-for-like revenue(2) growth to be around 10% relative to 2022.

REBIT(1) is expected to grow, notably thanks to the initial returns on investments made in Cegedim Santé and international activities.

These targets may need to be revised if there is a resurgence in the Covid-19 pandemic and/or a significant worsening of geopolitical and macroeconomic risks.

The Group does not expect to make any significant acquisitions in 2023.


The Audit Committee met on March 22, 2023. The Board of Directors, chaired by Jean-Claude Labrune, met on March 23, 2023, and approved the consolidated financial statements at December 31, 2022. It will ask the Shareholders’ Meeting to approve the accounts for fiscal 2022. The consolidated accounts have been audited. The certification report will be issued once the requisite filing procedures for the Universal Registration Document have been completed.

The Universal Registration Document will be available in a few days’ time, in French and in English, on our website and the Cegedim IR app.


(1) Alternative performance indicator See pages 134-136 of the 2021 Universal Registration Document.

(2) At constant scope and exchange rates.

The webcast is available at: www.cegedim.fr/webcast

The fiscal 2022 results presentation is available:

2023 financial calendar

2023March 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
SFAF meeting - Cegedim auditorium in Boulogne Billancourt

Q1 2023 revenues

Shareholders’ meeting

H1 2023 revenues

First-half 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 March 23, 2023, 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 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
Group Director of Management Control
Head of Financial Communication
Tel.: +33 (0)1 46 10 72 62

Céline Pardo
Media Relations


Tel.:        +33 (0)6 52 08 13 66



Consolidated financial statements at December 31, 2022

  • Assets at December 31, 2022
In thousands of euros12/31/202212/31/2021
Goodwill 198,761 187,107
Development costs3,0818,436
Other intangible fixed assets185004 171489
Intangible non-current assets188,085 179,925
Property544 544
Buildings1,872 2,088
Other property, plant, and equipment39,467 35,032
Advances and non-current assets in progress133 
Rights of use88,98884,002
Tangible fixed assets131,004 121,667
Equity investments1 315
Loans15,642 15,223
Other long-term investments5,053 5,771
Long-term investments – excluding equity shares in equity method companies20,696 21,308
Equity shares in equity method companies20,578 2,1266
Deferred tax assets30,385 33,506
Prepaid expenses: long-term portion0 108
Non-current assets589,509 564,886
Goods6,495 4,503
Advances and deposits received on orders177 140
Accounts receivables: short-term portion 151,757 136,343
Other receivables: short-term portion50,497 48,743
Current tax credits16,557 2,123
Cash equivalents0 0
Prepaid expenses: short-term portion19,370 16,688
Current assets300,406 232,700
TOTAL Assets889,915 797,586

  • Liabilities and shareholders’ equity at December 31, 2022
In thousands of euros12/31/202212/31/2021
Share capital 13,33713,337
Consolidated retained earnings271,344200,717
Group exchange gains/losses-13,141-8,214
Group earnings13,62426,224
Shareholders’ equity, Group share285,164232,064
Minority interest 18,971323
Shareholders’ equity304,135232,387
Financial liabilities188,913186,574
Current lease liabilities75,90770,297
Deferred tax liabilities6,1378,272
Retirement benefit commitments25,39734,069
Non-current liabilities298,709301,467
Financial liabilities3,8542,560
Current lease liabilities15,91616,072
Trade payables and related accounts55,70948,245
Current tax liabilities2471,483
Tax and social security liabilities 112,341101,004
Other liabilities96,83292,304
Current liabilities287,071263,732
TOTAL Liabilities889,915797,586
  • Income statement as of December 31, 2022
In thousands of euros12/31/202212/31/2021
Revenue 555,209524,709
Purchases used-26,559-26,703
External expenses-119,913-107,414
Employee costs-303,577-278,841
Impairment on accounts receivable and other receivables and on contract assets-298-158
Allowances to and reversals of provisions -4,609-4,102
Other operating income and expenses-81,161
Share of income of equity method companies 22162828
Depreciation expenses other than right-of-use assets -53,302-48,348
Depreciation expenses of right-of-use assets-17,228-16,453
Recurring operating income(1)25,67339,897
Non-recurring operating income and expenses8203,789
Other non-recurring operating income and expenses(1)820 3,789
Operating income26,492 43,686
Income from cash and cash equivalents 114 90
Cost of gross financial debt-8949 -8357
Other financial income and expenses 45 -2,104
Financial result -8,790 -10,371
Income taxes-5882 -7128
Deferred tax1,272 1,292
Tax -4,610 -5,836
Share of profit (loss) for the period of equity method companies -1,013 -1,179
Consolidated net profit12,07926,300
Group share 13,62426,224
Income from equity-accounted affiliates -1,545 76
Average number of shares excluding treasury stock 13,658,34813,782,436
Recurring earnings per share (in euros)0.91.8
Earnings per share (in euros)1.01.9

(1) Alternative performance indicator

  • Cash flow statement as of December 31, 2022
In thousands of euros12/31/202212/31/2021
Consolidated net profit12,07926,300
Share of earnings from equity method companies -1,203-1,649
Depreciation and amortization expenses and provisions 83,09064,438
Capital gains or losses on disposals of operating assets -31-141
Cash flow after cost of net financial debt and taxes93,93588,948
Cost of net financial debt8,79110,370
Tax expenses4,6095,836
Operating cash flow before cost of net financial debt and taxes 107,335105,155
Tax paid-21,309-4,119
Change in working capital requirement: Requirement0-5,057
Change in working capital requirement: Release4500
Cash flow generated from operating activities after tax paid and change in working capital requirements 86,47695,979
Acquisitions of intangible assets-58,554-50,748
Acquisitions of tangible assets-17,582-14,015
Acquisitions of long-term investments-2,619-3,199
Disposals of tangible and intangible assets2,099668
Disposals of long-term investments1,6362,040
Change in deposits received or paid-717-674
Impact of changes in consolidation scope52,483-5,128
Dividends received from outside the Group3,084950
Net cash flow used in investing activities  -20,170-70,106
Capital increase00
Dividends paid to minority shareholders of consolidated cos.-95-2
Dividends paid to shareholders of the parent company -6,8310
Debt issuance00
Debt repayments-85-1,156
Employee profit sharing 81431
Repayment of lease liabilities -19,036-16,808
Interest paid on loans-4,949-4,995
Other financial income received1,784369
Other financial expenses paid -4,758-4,576
Net cash flow used in financing activities -33,889-26,736
Change in net cash excluding currency impact 32,417-863
Impact of changes in foreign currency exchange rates -1,024289
Change in net cash 31,393-574
Opening cash24,15924,734
Closing cash55,55324,159
  • Financial covenants
In thousands of euros12/31/2022Criterion
Net debt(1)84,356 
Leverage ratio1,09< 2.5

In thousands of euros12/31/2022Criterion
Interest expense 5,275 
Interest cover ratio14.68> 4.5

(1)   Excluding profit sharing debt, FCB loan, and IFRS16 debt
The Group complied with all these covenants as of December 31, 2022, and there is no foreseeable risk of default.