Annual Report 2022: CSAM delivers 12% growth, posting record full-year revenue of NOK 370 million

On 27 September 2023, CSAM Health Group AS changed its name to Omda AS. For articles on historical events such as transactions, financial results etc. we will not retroactively change the name.
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Oslo, Norway, 18 April 2023: Today, CSAM Health Group AS (CSAM), a leading provider of specialised software for healthcare, published its Annual Report for the year 2022.

CSAM can look back at yet another year of top-line growth, while the integration of several simultaneous M&A projects had a temporary negative impact on 2022 profitability. The combination of a weak EBITDA and the macro-economic uncertainty made 2022 a challenging year. Nevertheless, CSAM Health Group AS grew its income by 12% to reach 370 MNOK for 2022, and continues to grow its recurring revenue. For 2022, 76% of the total revenue was recurring, underscoring the importance of CSAM’s business model, with its long-term relations with healthcare providers and emergency services across several geographies.

CSAM CEO Sverre Flatby says: “In a period where most markets face macroeconomic uncertainty, we again deliver a double-digit revenue growth and impressive customer retention.”

2022 saw another successful M&A project come to fruition, as CSAM Health Group acquired the health analytics company Carmona, and thus strengthening CSAM’s health analytics domain. Carmona offers data analytics solutions for the life sciences sector, healthcare providers and researchers.

Flatby is optimistic about 2023: “We have now positioned ourselves for further growth by strengthening our financial situation considerably. Towards the end of 2022, we initiated a cost-efficiency programme which recently concluded, and this will reduce our cost base by around 60 MNOK million annually. CSAM comes out of 2022 a leaner, stronger and more customer-centric team.”

Annual Report highlights include:

  • 2022 income of 370 MNOK, growing 12% from 2021
  • Recurring revenue grew by 13% in 2022 reaching 281 MNOK, representing 76% of total revenue
  • Full-year organic growth of 8% in local currency (4% in NOK)
  • EBITDA for 2022 was 2 MNOK resulting in a 1% EBITDA margin
  • Reported sales outside the Nordics increased from 9% to 13% exiting 2022
  • Acquired health analytics company Carmona
  • Established decentralised business areas responsible for growth and profitability
  • Initiated a group-wide cost-saving programme delivering increased profitability and cash from operations going forward, including the transition to a leaner organisational structure.

Download the report and presentation here: www.csamhealth.com/investor-relations/reports-and-webcasts/

For more information, please contact:
Einar Bonnevie
Chief Financial Officer
+47 91 55 45 32
einar.bonnevie@csamhealth.com

About CSAM
CSAM Health Group is the leading provider of specialised software for healthcare in the Nordics. From this solid foundation the company has grown to serve more than 500 customers in 27 countries. Our highly specialised software solutions are instrumental in the clinical care processes of healthcare providers and in enabling emergency responders to enhance public safety. CSAM’s headquarters are in Oslo, Norway. CSAM has more than 300 dedicated specialists in ten countries across Europe, Asia, Oceania and North America, including a wholly-owned software engineering subsidiary in the Philippines.

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Einar Bonnevie
Chief Financial Officer
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