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, 12 May 2023: Today, CSAM Health Group AS (CSAM), a leading provider of specialised software for healthcare, published its results for the first quarter of 2023.
CSAM Health Group continues to grow and in Q1-23 the company broke the triple-digit revenue mark, delivering NOK 102 million – an increase of 7% over Q1 last year. Recurring revenue grew 18% to NOK 79 million, which indicates that annual recurring revenue will surpass NOK 300 million in 2023.
CSAM CEO Sverre Flatby highlights the development: “CSAM’s business model, with long-term relationships with healthcare providers and emergency response organisations, again shows its underlying strength. We see continuous growth in recurring revenue, which was 78% of total revenue this quarter.”
CSAM delivered an EBITDA margin of 5% for the quarter, and Q1-23 cost levels reflect the initial effects of the ongoing cost-reduction programme that aims to reduce costs by NOK 60 million annually.
“Breaking the 100 MNOK revenue mark this quarter, while showing a reduced cost run-rate, gives comfort that our organic business is on track. We are confident that we will continue to drive growth while improving profitability,” said Flatby.
Highlights from the report:
- Q1-23 total income 102 MNOK vs 96 MNOK in Q1-22
- Recurring revenue grew 18% to 79 MNOK (Q1-23 vs Q1-22), and reached 78% of total sales
- Reported EBITDA was 5 MNOK resulting in a 5% EBITDA margin
- Q1-23 organic growth of 6% vs Q1-22 in local currency (9% in NOK)
- The 60 MNOK cost-saving programme executed according to plan in Q1-23
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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.