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Cegedim Confident after Solid Year
French-based global healthcare group Cegedim has reported results for the full year ending December 31, 2010, with revenue up 6% like-for-like to EUR 926.7m and operating income of EUR 107.2m, down 3.9%.
Operating income and consolidated profit tumbled into negative figures, but this was largely due to the write-down of goodwill associated with the Dendrite trademark, which was dropped to align the company's brands: EBITDA fell just a fraction, 2.1%, and remained healthy at 174.0m.
Cegedim employs more than 8,500 people in 80 countries and is listed on the Paris EURONEXT exchange. Its clients are healthcare and life sciences companies, healthcare professionals and insurance companies, and its offerings centre around life sciences CRM and strategic healthcare industry data.
Margins in the group's CRM and Strategic Data business were dented by an 8.1% rise in personnel costs due to the significant enlargement of its teams, coupled with delays in implementing some of the CRM projects they were brought in to work on. However, the firm says that following a three-year reorganization, the CRM and Startegic Data business generated positive growth over the full year, particularly in Asia and the US, and a small decrease in like-for-like revenues (currency effects and acquisitions meant reported revenues rose to EUR 526.4m) masks a good second half improvement with strong sales momentum, successful geographic expansion, new services and the success of new versions of its Mobile Intelligence product, notably the SaaS version.
Cegedim acquired US healthcare data and research firm SK&A in January 2010 and says the company has now been completely integrated, allowing it to enrich and strengthen its OneKey offering in the US. Last month, the CRM division partnered with mobile analytics app provider MeLLmo to develop a worldwide mobile CRM analytics service.
With this largest division building for the future, the group was pleased to report an improved contribution from the Insurance and services sector (revenues of EUR 129.2m up 9.2% like-for-like) and stable profits from the Healthcare professionals sector (revenues EUR 271.0m, flat like-for-like), helping it through to what it believes will be a good year. The Group expects 4.0% revenue growth in 2011.
Web site: www.cegedim.com .
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