Cegedim: Revenue Up 1.5% in Third Quarter, Driven by Electronic Invoicing
Cegedim published on October 22, 2026, after market close, third-quarter revenue of €155.9 million, up 1.5% on a reported basis and 1.2% on an organic basis. The group maintained its annual target, which forecasts organic growth exceeding 2% for 2026, while the nine-month cumulative growth stands at +0.9% on an organic basis.
The Business Services division recorded the strongest growth for the quarter (+9.5%). Its e-business activity benefited from the implementation, as of September 1, of the first wave of the electronic invoicing reform. This publication comes one month after the half-year results of September 24, 2026, which showed net income of €4.2 million.
Business Services Up 9.5%, Driven by E-Business
In the third quarter, Business Services achieved €47.6 million in revenue, compared with €43.5 million a year earlier. E-business activity grew 13.4% on an organic basis, to €16.5 million, an acceleration which the company attributes to the implementation of electronic invoicing in companies affected by the first wave of the reform. HR software increased 6.5%, to €25.0 million, thanks to the deployment of contracts signed in 2025, and BPO by 11.8%, to €6.1 million.
Over nine months, the division reaches €143.3 million, with organic growth of 6.0%. It remains the group's leading division by revenue.
Health Insurance-Contingency benefited from organic growth of 2.9% in the third quarter, to €41.6 million. Third-Party Payer gained 6.0%, to €11.5 million (+7.4% over nine months), driven by fraud detection assistance offerings and the arrival of new clients. The division's BPO increased 2.3% for the quarter, against a decline of 2.0% over nine months, linked to a decrease in the number of covered individuals at certain clients. Data & Marketing grew 2.0% on an organic basis, to €28.2 million.
Pharmacists and Legacy Solutions Weigh on Healthcare Professionals
The Healthcare Professionals division achieved €32.6 million in the third quarter, or +0.9% on a reported basis but −0.4% on an organic basis, with the gap reflecting the integration of Médoucine since May 1, 2026. Over nine months, the organic decline reaches 1.0%, at €97.3 million.
Cegedim Santé is stable on a reported basis, at €19.6 million, but declined 2.2% on an organic basis. Growth in the Maiia suite and Claude Bernard database is offset, according to the company, by the decline of legacy solutions (attrition, retirements). Pharmacist activity fell 3.9% on an organic basis, to €8.9 million, which the group presents as the expected consequence of the 2025 commercial reorganization.
Doctor software outside France, by contrast, grew 19.6% on an organic basis, to €4.1 million, driven by Spain (Balearic Islands project), Belgium and Romania. The Cloud & Support division declined 40.0%, to €5.9 million, or €3.9 million less than a year earlier. This decline, presented as anticipated, is explained by the end of a second significant outsourcing contract and by a base effect related to third-quarter 2025 trading.
Organic Growth Above 2% Targeted for 2026
On the basis of available data, Cegedim anticipates organic growth in its 2026 revenue exceeding 2% compared with 2025, and indicates that adjusted operating income "should continue to progress significantly". Achieving this target from a nine-month cumulative growth of +0.9% assumes an acceleration in the fourth quarter, which was the strongest quarter of 2025 with €173.0 million in revenue.
After the close of the period, the group received an initial liquidation distribution of €3.7 million from its British subsidiary INPS. This amount is a partial reimbursement of trade receivables and a current account that were fully provisioned.
2026 annual revenue will be published on January 28, 2027 after market close. Over the first nine months, Cegedim totaled €480.7 million in revenue, compared with €476.1 million a year earlier, with a positive scope effect of 0.2% and a negative currency effect of 0.1%.
