Cegedim Q4 Revenue Misses Forecasts on Broad Weakness

Cegedim Reports Significant Q4 Revenue Shortfall

French healthcare IT provider Cegedim announced a significant revenue miss for the fourth quarter of 2025, posting €173 million. This figure is down 1.5% on a like-for-like basis and approximately 9% below market expectations, signaling softer demand. Full-year revenue of €649.2 million represented only 1.1% organic growth, falling short of the company's 2-4% guidance.

Widespread Divisional Underperformance

The revenue shortfall was evident across most of Cegedim's divisions. The Software & Services, Data & Marketing, BPO, and Cloud & Support segments all faced headwinds, including contract non-renewals and weaker international markets. The Flow division, focused on e-business and e-invoicing, was the sole segment to report strong growth, supported by regulatory tailwinds.

Market Impact and Analyst Outlook

Despite the top-line weakness, Cegedim's management reiterated its guidance for at least 15% growth in adjusted operating income, implying an EBIT of approximately €45 million. This projection is broadly in line with expectations, driven by cost discipline. Kepler Cheuvreux maintained its Hold rating but warned the revenue miss could damage credibility and lead to near-term share price volatility.

Summary and Forward Look

Cegedim's ability to protect its margins despite lower-than-expected revenue remains a key focus for investors. However, the company faces the challenge of rebuilding confidence in its growth projections following the Q4 disappointment. The market will closely watch for signs of a top-line recovery in the upcoming quarters.

FAQ

Q: What was Cegedim's Q4 2025 revenue?
A: Cegedim reported Q4 2025 revenue of €173 million, which was a 1.5% like-for-like decline and about 9% below consensus estimates.

Q: How did the revenue miss affect its profit guidance?
A: Despite the revenue shortfall, management maintained its guidance for at least 15% growth in adjusted operating income for the year.

Source: Investing.com