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CompuGroup Medical SE & Co. KGaA (CGM), one of the world's leading providers of eHealth solutions, has presented preliminary figures today for the fourth quarter and the 2020 fiscal year. The Koblenz-based company ended the full year with revenues of EUR 837 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 215 million, both fully in line with the increased guidance range communicated in August for 2020.
"The achievement of the guidance and by far the strongest year in the history of CGM are confirming our course. They underline the company's strong resilience in an extraordinary year. This is also reflected in the strong free cash flow," emphasizes Chief Financial Officer (CFO) Michael Rauch and adds: "The visibility will continue to be limited due to the corona virus situation. However, what we already can say is that we rather expect a stronger second half-year – similarly to the past fiscal year."
For the year 2021, CGM is planning another significant increase. For the fiscal year 2021, revenues within the range of EUR 1 billion to EUR 1.04 billion are expected. The adjusted EBITDA for 2021 is expected to be between EUR 210 million and EUR 230 million. Both major acquisitions contribute to this, which were completed in 2020 in the "hospitals" customer segment in Europe, on the one hand, and in the US market for Ambulatory Information Systems, on the other hand. For the current year, additional investments are planned in new technologies and in sales, to realize the many new growth opportunities resulting from the quickly advancing digitization of the healthcare system. Management intends to use these opportunities to create strong organic growth and attractive EBITDA margins in the following years.
In light of the recent financial figures and the planned investments, Dr. Dirk Wössner, CEO of CompuGroup Medical since the beginning of January, is optimistic: "We intend to and will push forward with important future issues, such as interoperability, consumerization and datafication in healthcare, also through massive investments. Major growth opportunities will also result from this in the coming years. CGM intends to position itself optimally to take advantage of the increased efforts to digitize the healthcare system. We are convinced that these investments will already pay off in the near future."
In its core business, CGM showed encouraging growth in all four segments. In the Hospital Information Systems (HIS) segment, revenues in the full year 2020 grew by 37 % to EUR 187 million, based on preliminary figures. The adjusted EBITDA in this segment grew by 65 % to EUR 32 million in comparison to the previous year. The strong increase is mainly attributable to the acquisition of parts of Cerner’s portfolio in Germany and Spain. The laboratory area, which benefited significantly from the increased demand for laboratory services in connection with COVID-19, showed particularly positive performance.
In the largest segment, Ambulatory Information Systems (AIS), revenues grew in the full year by 5 % to EUR 467 million. Recurring revenues in this segment grew by 8 % to EUR 330 million in the full year. The further rollout of the Telematics Infrastructure (TI) with electronic emergency data and electronic medication plans in German medical practices and the acquisition of Epsilog at the end of 2019 contributed to this.
The Pharmacy Information Systems (PCS) segment increased revenues by 13 % in 2020 in comparison to the previous year, to a new level of EUR 135 million including TI. EBITDA increased by 18 % to EUR 38 million. In the PCS segment, through the approval of the eHealth Connector, the rollout of the Telematics Infrastructure (TI) in pharmacies was set into motion and contributed to an excellent revenue growth in the second half. Recurring revenues grew by 6 % in 2020 to EUR 76 million in comparison to the previous year.
In the newest segment, Consumer and Health Management Information Systems (CHS), revenue growth was achieved of 5 % to EUR 48 million. This growth results from a positive development in the intermedix business area. For digital healthcare applications, new products have been developed in the past months, with which both doctors and patients can prescribe/use so-called "Apps on prescription" quickly and easily.
The full quarterly report is available on the company's website at www.cgm.com/ir-publications.