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

18 Apr 2023 08:00 CEST

Oslo, Norway, 18 April 2023: Today, CSAM Health Group AS (CSAM), a leading
provider of specialised software for healthcare, published its Annual Report for
the year 2022.

CSAM can look back at yet another year of top-line growth, while the integration
of several simultaneous M&A projects had a temporary negative impact on 2022
profitability. The combination of a weak EBITDA and the macro-economic
uncertainty made 2022 a challenging year. Nevertheless, CSAM Health Group AS
grew its income by 12% to reach 370 MNOK for 2022, and continues to grow its
recurring revenue. For 2022, 76% of the total revenue was recurring,
underscoring the importance of CSAM’s business model, with its long-term
relations with healthcare providers and emergency services across several
geographies.

CSAM CEO Sverre Flatby says: “In a period where most markets face macroeconomic
uncertainty, we again deliver a double-digit revenue growth and impressive
customer retention.”

2022 saw another successful M&A project come to fruition, as CSAM Health Group
acquired the health analytics company Carmona, and thus strengthening CSAM’s
health analytics domain. Carmona offers data analytics solutions for the life
sciences sector, healthcare providers and researchers.

Flatby is optimistic about 2023: “We have now positioned ourselves for further
growth by strengthening our financial situation considerably. Towards the end of
2022, we initiated a cost-efficiency programme which recently concluded, and
this will reduce our cost base by around 60 MNOK million annually. CSAM comes
out of 2022 a leaner, stronger and more customer-centric team.”

Annual Report highlights include:
• 2022 income of 370 MNOK, growing 12% from 2021
• Recurring revenue grew by 13% in 2022 reaching 281 MNOK, representing 76% of
total revenue
• Full-year organic growth of 8% in local currency (4% in NOK)
• EBITDA for 2022 was 2 MNOK resulting in a 1% EBITDA margin
• Reported sales outside the Nordics increased from 9% to 13% exiting 2022
• Acquired health analytics company Carmona
• Established decentralised business areas responsible for growth and
profitability
• Initiated a group-wide cost-saving programme delivering increased
profitability and cash from operations going forward, including the transition
to a leaner organisational structure.

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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587806_AR_2022_Presentation.pdf
587806_CSAM Health Group Annual Report 2022.pdf