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CompuGroup Medical expects continued strong organic growth in 2022 and first step towards higher margins

January 18, 2022
  • Cyber-attack successfully contained
  • No significant impact on the financials, no proof for leakage of internal data
  • All major customer systems unaffected, mandatory updates delivered in time
  • FY 2021 prelims delayed to early March due to protective measures for internal systems
  • 2021 guidance confirmed with better-than-expected free cashflow
  • CGM publishes guidance for 2022 in line with mid-term targets

CompuGroup Medical SE & Co. KGaA (CGM), one of the leading e-health providers in the world, today reconfirms the full year guidance 2021, issues an initial full year outlook 2022 and provides an update on the cyber-attack in late December.

Cyber-incident update

Following a cyber-attack on December 20, 2021, all major customer systems remain unaffected. Due to a fast reaction of all CGM teams, the Group acted quickly and decisively to protect its systems, people and customers, working with the public authorities and external experts to conduct a best-practice response. The company continued to conduct business in all material respects. The mandatory regulatory updates to our products have been delivered in time before the end of the year. As of today, there is no evidence for an illegal extraction or publication of data, or any proof of data having been downloaded by the attackers.  Due to protective measures CGM took immediately, the internal systems were quarantined temporarily. Therefore, the publication of the preliminary results for the financial year 2021, which was originally planned for February 3, 2022, will be delayed.

Confirmation of FY 2021 guidance

With the preliminary results now expected to be published in early March CompuGroup Medical reconfirms its guidance today for the financial year 2021. The group continues to expect a revenue increase to a range of EUR 1 billion to EUR 1.04 billion and an adjusted EBITDA between EUR 210 million and EUR 230 million, corresponding to a margin in a range of 20 percent to 23 percent.

For the free cashflow, CompuGroup Medical specifies its guidance, now expecting more than EUR 90 million versus an originally expected free cashflow of more than EUR 80 million.

Initial guidance 2022

Based on currently available data and the expectations of business performance for the year, CompuGroup Medical expects another year with strong organic growth, driven by the investment initiative started last year. The company anticipates group revenues of EUR 1.075 billion to EUR 1.125 billion in 2022, which corresponds to an organic growth of +3 percent to +8 percent. CGM expects an adjusted EBITDA in the range of EUR 235 million to EUR 260 million, resulting in an EBITDA margin between 21 percent and 24 percent. The full guidance will be published together with the release of the preliminary FY 2021 financials.

“I am proud of how our teams reacted to the cyber-attack. With that incident now largely behind us, we are looking back at a successful year 2021, where we took the organic growth rate to a new level and laid the foundation for further growth going forward,” said Dr. Dirk Wössner, CEO of CompuGroup Medical. “For 2022, we continue to see strong tailwind from numerous digitization initiatives in the healthcare sector, where we will benefit from our innovative product portfolio and our leadership position in the market.”

Michael Rauch, CFO of CompuGroup Medical, added: “We are pleased to confirm the FY 2021 guidance, with a free cashflow stronger than originally guided. While we continue our investment strategy for further growth in 2022, we expect to leave the margin trough behind this year, fully on track towards the mid-term targets we have communicated.”

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