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Cegedim: Full year 2022 results


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

Full year 2022 results: Revenue and investments both up

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

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

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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

 20222021Change (in €m)(in %)(in €m)(in %)(in %)Revenue(3)555.2100.0%524.7100.0%5.8%EBITDA(1)96.217.3%104.720.0%-8.1%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 othersRevenue      2021524.7292.084.298.447.32.72022555.2302.090.6106.953.02.8Change5.8%3.4%7.5%8.6%11.9%2.0%       Recurring operating income       202139.912.811.114.62.5-1.1202225.7-4.913.117.93.0-3.4Change-35.7%-138.0%17.6%22.9%20.7%-210.0%       Recurring operating margin      20217.6%4.4%13.2%14.8%5.2%-40.3%20224.6%-1.6%14.4%16.8%5.6%-122.5%        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 euros20222021Revenue302.0292.010.03.4%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.

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.

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.

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.

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.

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.

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.

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:

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:
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 euros12/31/202212/31/2021Goodwill 198,761 187,107Development 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 use88,98884,002Tangible 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 Cash55,55324,160 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 euros12/31/202212/31/2021Share capital 13,33713,337Consolidated retained earnings271,344200,717Group exchange gains/losses-13,141-8,214Group earnings13,62426,224Shareholders’ equity, Group share285,164232,064Minority interest 18,971323Shareholders’ equity304,135232,387Financial liabilities188,913186,574Current lease liabilities75,90770,297Deferred tax liabilities6,1378,272Retirement benefit commitments25,39734,069Provisions2,3552,255Non-current liabilities298,709301,467Financial liabilities3,8542,560Current lease liabilities15,91616,072Trade payables and related accounts55,70948,245Current tax liabilities2471,483Tax and social security liabilities 112,341101,004Provisions2,1722,065Other liabilities96,83292,304Current liabilities287,071263,732TOTAL Liabilities889,915797,586 Income statement as of December 31, 2022 In thousands of euros12/31/202212/31/2021Revenue 555,209524,709Purchases used-26,559-26,703External expenses-119,913-107,414Taxes-6,259-6,782Employee costs-303,577-278,841Impairment on accounts receivable and other receivables and on contract assets-298-158Allowances to and reversals of provisions -4,609-4,102Other operating income and expenses-81,161Share of income of equity method companies 22162828EBITDA(1)96,202104,698Depreciation expenses other than right-of-use assets -53,302-48,348Depreciation expenses of right-of-use assets-17,228-16,453Recurring operating income(1)25,67339,897Non-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 76Average number of shares excluding treasury stock 13,658,34813,782,436Recurring earnings per share (in euros)0.91.8Earnings per share (in euros)1.01.9

(1) Alternative performance indicator

Cash flow statement as of December 31, 2022 In thousands of euros12/31/202212/31/2021Consolidated 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: Release4500Cash 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 increase00Dividends paid to minority shareholders of consolidated cos.-95-2 Dividends paid to shareholders of the parent company -6,8310Debt 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 In thousands of euros12/31/2022CriterionNet debt(1)84,356 EBITDA77,445 Leverage ratio1,09< 2.5 In thousands of euros12/31/2022CriterionInterest expense 5,275 EBITDA77,445 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.


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