Oslo, Norway: CSAM Health Group AS (“CSAM”), the leading provider of niche eHealth solutions in the Nordics and beyond, today published its financial results for the H1 of 2021. The eHealth provider reported robust 41% YoY recurring revenue development in the first half of 2021, reconfirming the company’s solid business model.
“The first half of 2021 exhibits yet another agile step in our communicated growth plan, says Sverre Flatby, CEO, CSAM. CSAM displayed 56% YoY proforma growth with the three recent acquisitions fully included. I’m pleased to note that current proforma business is ahead of the annual growth objective, confirming CSAM’s ambitious, yet realistic ambitions.”
CSAM’s recurring revenues are growing steadily based on a solid and predictable platform for viable expansion and profitability through its “Buy, Integrate and Build methodology”. Fresh targeted M&A activities resulted in two new acquisitions in Q2, establishing a new eHealth market segment in Health Analytics through the acquisition of MedSciNet AB, and capturing additional key markets in the Public Safety arena through the acquisition of Optima. The latter has fostered a new, well-established customer base, growing CSAM’s brand reach both within and outside of the Nordics and Europe.
Highlights – H1 2021:
- Recurring revenue growth 41%, compared to H1 2020
- Proforma income growth 56% compared to H1 2020 with Carmenta, MedSciNet and Optima included full six months
- Reported income growth 36% compared to H1 2020
- Reported EBITDA of 24.5 MNOK in the H1 (margin of 16%)
- Acquisition of Carmenta Public Safety AB – provider of software for acute medicine and pre-hospital services in the Nordics and Europe
- Acquisition of MedSciNet health analytics business – provider of benchmark eHealth solutions within clinical research
- Acquisition of Optima – delivers decision support and data visualisation software and services for emergency responders
- CSAM secured additional 200 MNOK in funding through tap issue related to CSAM PRO 01 in April secures financing for continued M&A activity
- CSAM announced new Board member, Gunnar Bjørkavåg, May 2021
– “Based on CSAM’s consistent growth and results, I am confident we are well on our way to reach our one billion NOK sales target for 2025,” continues Flatby.
Subsequent events to H1 2021:
- CSAM wins 100 MNOK national blood management software agreement with the Danish authorities to deliver software for blood banks for all regions
– “With CSAM’s BIB-strategy (Buy-Integrate-Build), inclusion of new sub-performing targets will result in temporarily diluted margins during periods of integration. Thus, our EBITDA margin in the H1 represents profitability as expected and a solid foundation for CSAM’s 24-month BIB margin expansion project.”
CSAM has acquired 4 new business over the last 9 months and added significantly more than 100 MNOK in annual revenue through this process. The CSAM acquisitions bring a unique bouquet of opportunities for long-term value creation – at the expense of short term reported profitability.
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CSAM has established itself as a leading Nordic niche player and beyond in the specialised eHealth market with a unique blend of best-in-class innovative technology, and outstanding human skills. The company’s diverse portfolio of software solutions enables healthcare providers to access relevant clinical information at the point of care. CSAM’s commercial headquarters are in Oslo, Norway. The eHealth solutions provider is represented in 10 countries in Europe, Asia, and North America, including a wholly owned software engineering subsidiary in the Philippines.
For more information, visit www.csamhealth.com.
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