CSAM delivers 12% growth in 2022, 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, 28 February 2023: Today, CSAM Health Group AS (CSAM), a leading provider of specialised software for healthcare, published its results for the fourth quarter of 2022.

CSAM reports revenue of NOK 98 million for Q4-22, and full-year revenue totalling NOK 370 million, an increase of 12% over 2021. CSAM’s business model, with long-term relations with healthcare providers and emergency services across geographies, continues to show its underlying strength, even in times of macroeconomic uncertainty.

CSAM CEO Sverre Flatby highlights the development: “This quarter, we again deliver a strong performance and solid fundamentals, with double-digit growth and where 75% of the total revenue is recurring. To further strengthen our financial situation and position ourselves for further growth through M&A, we are in the final stages of a cost-efficiency programme that aims to reduce costs by NOK 60 million annually.”

The adjusted EBITDA was NOK 2.4 million. Reported EBITDA for the quarter ended at -21% as a result of the accruals and other one-offs related to the reorganisation and other cost-reduction efforts.

Organic growth in Q4-22 vs Q4-21 reached 12%, mainly due to a combination of higher license sales and increased recurring revenue.

“We are on track towards our long-term targets, fuelled by the healthy growth and predictability that comes from our long-term customer relationships,” says Flatby.

Highlights – Q4-22:

  • Q4-22 total income NOK 98 million vs 88 in Q4-21
  • Full-year income NOK 370 million, a 12% increase over 2021
  • Recurring revenue 75% of total sales, an increase of 9% (Q4-22 vs Q4-21)
  • Q4-22 organic growth of 12% vs Q4-21 in local currency (7% in NOK)
  • Full-year organic growth of 8% in local currency (4% in NOK)
  • Implementation of group-wide cost-saving programme delivering increased profitability and cash from operations going forward
  • As a consequence of accruals for restructuring costs, one-offs and other accruals related to restructuring and reorganisation, reported Q4-22 EBITDA of -21% compared to -3% in Q4-21
  • Adjusted EBITDA of NOK 2.4 million (2.5%) compared to -2.8 (-3%) reported Q4-21

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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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