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

28 Feb 2023 07:30 CET

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

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.

For more information, visit www.csamhealth.com
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583761_2023-02-28_ CSAM Health Group AS_Presentation_Q4-22.pdf
583761_CSAM QR Q4 2022.pdf