CSAM Health Group announces 16% growth for the second quarter of 2023

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Oslo, Norway, 25 August 2023: Today, CSAM Health Group AS (CSAM), a leading provider of specialised software for healthcare, published its results for the second quarter of 2023.

CSAM Health Group continues to grow and reported revenues of NOK 104 million for Q2-23, a 16% increase over Q2-22. Recurring revenue saw a similar growth rate and reached NOK 82 million in Q2-23, up from 70 million for the same period last year.

CSAM CEO Sverre Flatby highlights the healthy and steady growth: “The revenue year-to-date reached NOK 206.3 million, and we are on track to reach our target of passing the NOK 400 million mark for the year. We are proud to be on the trajectory to reach that revenue milestone, while also seeing our EBITDA margin continuing its positive development. After the implementation of the cost reduction programme earlier this year, we saw EBITDA margins turn positive to 5% in Q1-23, and last quarter it reached 10%.”

CSAM’s growth in recurring revenue originates from a solid fundament of long-term contracts in several countries. It also covers all of CSAM’s business areas, making it a diversified revenue stream with minor customer churn.

“We are optimistic that our cost reduction programme will continue to yield results, and we expect EBITDA margins for our existing businesses to steadily increase towards the 30% target. In addition, our ambition to grow through M&A remains central to our strategy, and we are continuously in dialogue with interesting parties,” concludes Flatby.

Highlights from the report:

  • Q2-23 total income 104 MNOK vs 90 MNOK in Q2-22
  • Recurring revenue grew 16% to 82 MNOK (Q2-23 vs Q2-22), and accounted for 79% of total sales
  • Reported EBITDA was 11 MNOK resulting in a 10% EBITDA margin
  • Q2-23 organic growth of 10.6% vs Q2-22 in local currency (15.1% in NOK)
  • Gross margin increased to 91% (90%)

For more information, please contact:
Einar Bonnevie
Chief Financial Officer
+47 91 55 45 32

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 almost 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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Helen Døcker
Chief Marketing & Communications Officer
She is based in the company’s headquarters in Oslo, Norway.

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