PRESS RELEASE

Quarterly financial information as of December 31, 2024

IFRS - Regulated information - Not audited

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Cegedim's revenue grew 6.3% in 2024

  • Full year revenue rose 4.7% like for like to €654.5 million
  • Fourth quarter revenue grew 5.9% like for like to €178.7 million
  • All operating divisions contributed to growth in the fourth quarter
Boulogne-Billancourt, France, January 30, 2025, after the market close

Revenue

 Fourth quarterChange Q4 2024 / 2023
in millions of euros20242023

reclassified(1)

Reclassification(1)2023

Reported

Reported

vs. reclassified(1)

Like for like(2)(3)

vs. reclassified(1)

Software & Services80.175.7(8.7)84.4+5.8%+2.8%
Flow27.024.2(0.6)24.8+12.0%+11.7%
Data & Marketing38.435.80.035.8+7.1%+7.1%
BPO21.219.60.019.6+7.8%+7.8%
Cloud & Support12.011.3+9.32.0+6.2%+6.2%
Cegedim178.7166.60.0166.6+7.2%+5.9%

 Full yearChange FY 2024 / 2023
in millions of euros20242023

reclassified(1)

Reclassification(1)2023

Reported

Reported

vs. reclassified(1)

Like for like(2)(4)

vs. reclassified(1)

Software & Services307.8302.3(24.3)326.6+1.8%(1.2)%
Flow100.393.4(2.5)95.9+7.3%+7.2%
Data & Marketing125.9114.90.0114.9+9.6%+9.6%
BPO82.771.50.071.5+15.8%+15.8%
Cloud & Support37.833.9+26.87.1+11.3%+11.3%
Cegedim654.5616.00.0616.0+6.3%+4.7%
Cegedim's consolidated fourth quarter 2024 revenues rose to €178.7 million, up 7.2% as reported and 5.9% like for like(2) compared with the same period in 2023. All operating divisions contributed to like for like growth in the fourth quarter.

Over the full year, revenues rose 6.3% as reported and 4.7% like for like compared with 2023. Marketing, health insurance, HR, and cloud businesses delivered the most solid growth over the full year. 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 because the Group decided to refocus its UK doctor software activities on Scotland, and then later decided to voluntarily place that business under administration.

Analysis of business trends by division 

  • Software & Services
Software & ServicesFourth quarterChange Q4 2024 / 2023 Full yearChange FY 2024 / 2023
in millions of euros20242023

Reclassified(3)

Reported

vs. reclassified(1)

Like for like(2)

vs. reclassified(1)

20242023

reclassified(1)

Reported

vs. reclassified(1)

Like for like(2)

vs. reclassified(1)

Cegedim Santé21.318.1+17.2%+1.8%80.276.5+4.8%(7.1)%
Insurance, HR, Pharmacies, and other services47.244.9+5.1%+5.1%176.7173.3+2.0%+1.9%
International businesses11.612.7(8.2)%(3.5)%50.952.5(3.0)%(3.0)%
Software & Services80.175.7+5.8%+2.8%307.8302.3+1.8%(1.2)%
Revenues at Cegedim Santé grew 17.2% as reported in the fourth quarter and 1.8% like for like. Reported growth over the full year came to 4.8%, but like-for-like revenues fell 7.1% due to the absence of Ségur public health investments, which generated revenue of €4.7 million in 2023. Reported growth includes Visiodent from March 1, 2024. The new subsidiary has already started marketing Group products like the Maiia appointment scheduling app and the Claude Bernard database to its clients, but those sales are not reflected in like-for-like growth.

Others French subsidiaries saw reported revenue growth of 5.1% in the fourth quarter and 2% over the full year (1.9% LFL; Phealing acquired in Q4 2023). Over both the fourth quarter and the full year, the division was propelled by growth at the insurance businesses, thanks to robust project-based sales, and by HR, which is still getting a boost from its client diversification strategy. On the other hand, sales to pharmacies were down substantially-as they were at some of the competitors. This was partly because equipment sales slowed after many pharmacies updated their equipment in 2023. In addition, the pharmacy software business took in more than €2 million in Ségur public health investment revenues in 2023, creating a tough comparison.

Internationally, revenues from software sales to UK doctors declined, as expected, following the Group's decision early in the year to refocus the activity on Scotland. Unfortunately, the market proved too sluggish for this plan to succeed. On December 10, the Group decided to deconsolidate this subsidiary after announcing it would be voluntarily placed under administration. That move aggravated the drop in reported revenues in the fourth quarter, which came to 8.2%.

  • Flow
FlowFourth quarterChange Q4 2024 / 2023 Full yearChange FY 2024 / 2023
in millions of euros20242023

reclassified(1)

Reported

vs. reclassified(1)

Like for like(2)

vs. reclassified(1)

20242023

reclassified(1)

Reported

vs. reclassified(1)

Like for like(2)

vs. reclassified(1)

e-business15.014.0+7.1%+6.7%58.555.4+5.6%+5.3%
Third-party payer12.010.2+18.7%+18.7%41.838.0+9.9%+9.9%
Flow27.024.2+12.0%+11.7%100.393.4+7.3%+7.2%
Fourth-quarter growth in e-business, e-invoicing, and digitized data exchanges was 7.1%. The boost came from a rebound in Invoicing & Purchasing in France and a continued surge at the Healthcare Flow segment, which started early in the year, owing to dynamic new offerings for hospitals that are designed to make their drug purchasing secure. Growth over the full year was a solid 5.6%.

The digital data flow business dealing with reimbursement of healthcare payments in France (Third-party payer) experienced 18.7% growth in Q4. It was boosted by strong growth in demand for its fraud and long-term illness detection offerings. Over the full year, this trend more than offset the transfer of revenue attributable to the Allianz contract-now attributed to the BPO business-and allowed the unit to post growth of 9.9%.

  • Data & Marketing
Data & MarketingFourth quarterChange Q4 2024 / 2023 Full yearChange FY 2024 / 2023
in millions of euros20242023

reclassified(1)

Reported

vs. reclassified(1)

Like for like(2)

vs. reclassified(1)

20242023

reclassified(1)

Reported

vs. reclassified(1)

Like for like(2)

vs. reclassified(1)

Data22.421.0+6.3%+6.3%65.564.5+1.6%+1.6%
Marketing16.014.8+8.2%+8.2%60.450.4+19.9%+19.9%
Data & Marketing38.435.8+7.1%+7.1%125.9114.9+9.6%+9.6%
Data businesses posted 6.3% yoy growth in the fourth quarter, cementing an improvement over the second half, particularly in France. Thanks to its strong presence on the ground and its agility in adapting to customer demands, the Data business has been able to post positive growth of 1.6% in 2024, following a remarkable year in 2023.

The Marketing segment had a solid fourth quarter, up 8.2%, and a record year, with growth of 19.9%. The performance showed the soundness of its phygital media strategy for pharmacies and was bolstered by special ad campaigns during the Olympics.

  • BPO
BPOFourth quarterChange Q4 2024 / 2023 Full yearChange FY 2024 / 2023
                in millions of euros20242023

Reclassified(4)

Reported

vs. reclassified(1)

Like for like(2)

vs. reclassified(1)

20242023

reclassified(1)

Reported

vs. reclassified(1)

Like for like(2)

vs. reclassified

Insurance BPO15.414.0+9.9%+9.9%60.049.9+20.2%+20.2%
Business Services BPO5.85.6+2.8%+2.8%22.721.6+5.5%+5.5%
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