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CompuGroup Medical AG First Quarter Results 2014
With this result, it has been a mixed financial start to the year for CompuGroup Medical. There is good organic growth in the European doctor and pharmacy business, but weakness in the hospital business and a significant year-on-year currency exchange effect in the first quarter.
Consolidated EBITDA amounted to EUR 22.0 million in the first quarter 2014 compared to EUR 25.5 million in 2013. The corresponding operating margin was 18 percent compared to 22 percent in 2013. The lower operating margin is related to newly acquired companies and planned special cost reduction and growth initiatives being executed in 2014.
Several positive operational developments took place during the quarter. In terms of sales and order bookings in the United States, the outcome in the first quarter 2014 showed a significant improvement and was over 30 percent higher than the same period last year. The German Health Card project (Telematic Infrastructure) is also well under way to meet its objectives. CGM has already recruited 180 doctors (out of approximately 500 required) to participate in the pilot and the interest in the project from the provider side has been stronger than expected. The Telematic Infractructure is a long-term growth opportunity for CGM and the pilot project is only the first stage in a transformation to a significantly higher revenue opportunity for CGM.
Frank Gotthardt, CEO and Chairman of the Board of CompuGroup Medical AG, stated: "Clearly, there are areas of our business that have to improve and we are working hard to make this change happen without any undue delay. The progress we are making in the US market gives us confidence in our abilities and I am of course excited about the prominent role we play in transforming German healthcare through the Telematic Infrastructure".
CompuGroup Medical reaffirms the full year 2014 guidance presented in the 2013 Annual Report. Group revenue is expected to be in the range of EUR 510 million to EUR 520 million and operating income (EBITDA) is expected to be in the range of EUR 100 million to EUR 110 million.
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