EQS-News 113 0 Kommentare CompuGroup Medical with solid first quarter against strong prior year - Seite 2

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.

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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.