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EQS-News: CompuGroup Medical SE & Co. KGaA / Key word(s): Quarter Results/Quarterly / Interim Statement
CompuGroup Medical with solid first quarter against strong prior year
2024-05-08 / 07:07 CET/CEST
The issuer is solely responsible for the content of this announcement.
CompuGroup Medical with solid first quarter against strong prior year
. Revenues down by 2%, organic growth of 3% adjusted for TI one-offs
. Recurring revenue share increases to 75%
. Advancing digitization in German and French healthcare
. Continuing revenue conversion of hospital order backlog
. Leverage reduced to 2.6x
Koblenz - At CompuGroup Medical SE & Co. KGaA (CGM), the first quarter of the year was marked by the accelerating
digitization of the European healthcare sector with increasing digital exchange of documents within two of CGM's major
markets. In Germany, the number of e-prescriptions has increased strongly post becoming mandatory in January 2024. 113
million e-prescriptions were redeemed in the first quarter. More than 30% of all German e-prescriptions were issued in
CGM's ambulatory information systems. In France, the number of digital health documents per month increased by more
than 160% within less than a year after the rollout of the first wave of Segur, the government initiative for the
digitization of ambulatory healthcare. 41% of the documents created in March 2024 were processed within the ambulatory
information systems of CGM France. In the US, the team is set for the second wave of the rollout of the reimbursement &
clearinghouse solution eMEDIX. In the hospital business, CGM continues to see high interest for its CGM Clinical
software, supported by the continuing rollout of the order backlog for projects relating to the Hospital Future Act.
CEO Michael Rauch says: "Finally we are seeing a meaningful increase in traffic of electronic healthcare documents in
our markets. We have made good progress in the first quarter, supporting our customers on their path of increasing
digitization, enabling a fully digital patient journey."
Group revenues were down by 2% compared to the prior year, which was influenced by one-off effects in the Telematics
Infrastructure. Excluding the prior year TI connector hardware exchange, organic revenue growth was positive with 3%.
Recurring revenues grew by 7% to EUR 213 million in the first quarter of 2024, accounting for 75% of total revenue.
Adjusted EBITDA increased by 1% to EUR 61 million and adjusted EPS increased to EUR 0.47, both supported by the
divestiture of CGM´s Turkish business activities. Free cash flow stood at EUR 59 million after the first three months
of the year. And leverage was reduced from 2.8x LTM adjusted EBITDA in March 2023 to 2.6x in March 2024.
In the AIS segment (now including the former CHS segment), revenues in the first quarter of 2024 decreased to EUR 172
million, down 6% compared to the prior year quarter, due to one-off effects related to the TI hardware connector
exchange in the first quarter of 2023. Adjusted for the TI hardware connector exchange, organic revenues grew by 3%.
Recurring revenues in the AIS segment increased by 5%, representing 76% of segment revenues.
Revenues in the HIS segment grew by 7% to EUR 78 million. Organically, revenues increased by 6% compared to the first
quarter of last year, mainly due to increasing revenue conversion of projects related to the Hospital Future Act.
Recurring revenues increased by 11% to EUR 57 million, representing 73% of total revenues.
In the PCS segment, revenues in the first quarter decreased to EUR 34 million, down 2% from the prior year, which had
been influenced by hardware one-off revenues in Italy. Recurring revenues increased by 6% to EUR 25 million,
representing 72% of total revenues.
After cancelling its mid-term ambitions for 2025 that had originally been published in September 2021, CGM is now
returning to a policy of giving annual guidance only. In February 2024, CompuGroup Medical had published its guidance
for the current financial year with an organic revenue growth between 4% and 6% and an adjusted EBITDA in a range of
EUR 270 million to EUR 310 million.


2024-05-08 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language:     English 
Company:      CompuGroup Medical SE & Co. KGaA 

Maria Trost 21
56070 Koblenz
Germany

Phone:        +49 (0)160 3630362 
Fax:          +49 (0)261 8000 3200 
E-mail:       investor@cgm.com 
Internet:     www.cgm.com 
ISIN:         DE000A288904 
WKN:          A28890 
Indices:      SDAX, TecDAX 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 

Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1898141

End of News EQS News Service
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1898141 2024-05-08 CET/CEST

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END) Dow Jones Newswires

May 08, 2024 01:07 ET (05:07 GMT)