CSAM delivers 44% growth in 2021

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.

Oslo, Norway, February 25, 2022: CSAM Health Group AS (“CSAM”), a leading provider of niche eHealth solutions in the Nordics, pan-Europe and beyond, today published its financial report for the fourth quarter of 2021. The company reported 2021 turnover exceeding 330 MNOK and 44% growth compared to 2020.

76% of reported top line growth in Q4 represents long-term recurring revenue from public sector customers, including most Nordic health regions and an increasing representation of global customers.

– “Passing the 300 million mark in 2021 represents a significant milestone for CSAM”, says CSAM CEO, Sverre Flatby. “Size alone has led to accelerated activity both on the customer side and within acquisitions. CSAM’s 44% annual growth rate confirms we are on track to reach our long-term plan of 1BNOK in 2025,” continues Flatby.

Based on a leading Nordic position, CSAM increased sales outside the Nordics in the fourth quarter of 2021, from 1% in 2020 to 9% in 2021. CSAM reported consolidated EBITDA for Q4 of -3% and 13% for 2021, noting three acquisitions in 2021 with low margins, in addition to new recruitments to meet an increasing order backlog.

– “In the fourth quarter, we have recruited heavily to meet customer demand as we continue to strengthen CSAM’s role as a leading supplier of critical specialist eHealth solutions and life-saving software.”

– “New customers in the UK and US contributed to further diversified revenue streams during the quarter. We now have over 500 institutional customers in 25 countries and an order backlog that continues to increase with great momentum,” concludes Flatby.


Highlights – Q4 2021:

  • Reported revenue growth of 42% compared to the Q4 2020
  • Recurring revenue grew by 51% during Q4 and accounted for 77% of sales
  • Reported EBITDA of -2.8 MNOK (-3%) for the quarter and 41.8 NMOK (13%) for the year
  • Ongoing integration of three acquired companies with low or negative margins contributed to temporary dilution of EBITDA margin in Q4
  • Significantly increased order backlog and subsequent extensive recruitment resulted in non-recurring costs in the fourth quarter.
  • Sales outside of the Nordic region increased to 9% compared with 1% in Q4 2020

Click here to view the full report:

Einar Bonnevie
Chief Financial Officer
+47 91 55 45 32

About CSAM Health Group

CSAM has established itself as a leading niche player in the Nordics, pan-Europe and beyond in the specialised eHealth market with a unique blend of best-in-class innovative technology, and outstanding human skills. Already serving 500 customers in 25 countries, 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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Einar Bonnevie
Chief Financial Officer

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She is based in the company’s headquarters in Oslo, Norway.

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