Annual Report 2023
Annual report 2023 Omda AS
Photos
Adobe Stock
© Omda AS 2024
Table of contents
01 | About Omda | 04 |
02 | Highlights | 06 |
03 | Letter from the CEO | 08 |
04 | Bringing Omda's Smarter Ways vision to life | 11 |
05 | Business Areas | 16 |
06 | Report from the Board of Directors | 19 |
07 | Financials | 30 |
08 | Financial notes | 36 |
09 | Alternative Performance Measures (APMs) | 84 |
10 | Auditors Report | 89 |
About Omda
About Omda | 5 |
Omda is the leading provider of specialised software for healthcare and emergency response in the Nordics, with a growing presence in Europe, North America, and the Pacific region. We have more than 500 customers in 27 countries and employ almost 300 dedicated specialists. Our highly specialised healthcare solutions empower medical professionals and emergency responders, enabling them to know more and work smarter. With a focus on user-centric design, value-driven development, and close working relationships with customers, Omda delivers solutions that enhance patient safety and improve healthcare outcomes.
Through our focused mergers and acquisitions strategy, we have built a unique blend of best-in- class innovative technology and outstanding expertise. We build long-term relationships with our customers, helping them achieve their goals, and knowing that our growth is earned by consistently delivering secure, quality software services.
Our portfolio of leading solutions includes the following domains:
Connected Imaging | Laboratory Information | |
Emergency | Leading imaging solutions and secure | |
Management Systems | ||
information sharing to enhance | ||
Robust systems for managing every | ||
End-to-end blood, cell, and tissue | ||
collaboration across healthcare | ||
aspect of emergency response. | ||
management. | ||
domains. | ||
Medication Management | Health Analytics | Woman & Child |
Decision support and medication | Improving the quality, utility, and | |
Trusted solutions to safeguard | ||
management for safe and effective | management of medical data from | |
pregnancy, childbirth,and infancy. | ||
oncology treatments. | collection to analysis. | |
Omda aims to continue its growth, both organically and through targeted mergers and acquisitions. We position for the future by investing profits in our portfolio of products and services and creating an inspiring work environment, while always operating as a responsible business within the global community.
Omda's headquarters are in Oslo, Norway and our employees are located in ten countries across Europe, North America, Oceania and Asia.
Omda is listed on the Oslo Stock Exchange, Euronext Growth (OMDA) and the bond is listed on Nordic ABM and Frankfurt Open Market. For more information on Omda, please visit omda.com.
Our Vision | Our Mission | Our People |
Providing proven, focused software for | ||
Smarter ways to a safe and healthy | We are user centric, ambitious, curious, | |
health and emergency professionals to | ||
world. | and collaborative. | |
know more and work smarter. | ||
Highlights
Highlights | 7 |
2023 income of 415 MNOK, a 12% increase over 2022 (370 MNOK)
Recurring revenue grew by 14% in 2023 reaching 321 MNOK (281 MNOK), representing 78% of total sales
Full-year organic growth of 9.5% in local currency (13% in NOK)
EBITDA for 2023 was 63 MNOK resulting in a 15% EBITDA margin
Net profit for the year was 104 MNOK
Completed a group-widemargin-improvement programme delivering increased profitability and cash from operations
CSAM Health Group rebranded to Omda
Completed a new bond issue of 500 MNOK, with an additional tap issue of 500 MNOK
Letter from the CEO
Letter from the CEO | 09 |
As we summarise 2023, the Omda team can look back at a solid margin improvement. At the beginning of the year, we saw growth, but needed to focus on profitability. Effective and swift measures were needed, and the organisation executed on a margin-improvement programme that reduced and improved our cost structure significantly while ensuring that we maintained the elements driving growth.
That effort yielded results and in 2023 we reported 12% growth over 2022, and we increased our EBITDA margin to 15% compared to 1% for the previous year. In absolute numbers, that equals income of NOK 415 million and EBITDA of NOK 63 million. Net profit for the year was NOK 104 million.
With the significant revenue growth, Omda exceeded the target of breaking the NOK 400 million mark in 2023, which gives us a solid platform to continue towards our long-term growth ambition. The fact that our recurring revenue reached NOK 321 million for the year, 78% of total sales, is a testament to the value of our long-lasting customer realtionships and multi-year contracts.
We expect further margin growth through 2024, and expect to deliver at our average target of 30% EBITDA on a run-rate basis during 2024.
While the macro environment still is challenging, with sustained high interest rates and continued global uncertainty, Omda has made vital adjustments to operate in the 'new normal'. We are continuing our geographic diversification, and the share of revenue from the non-Nordic markets reached 17% when we exited 2023 compared to 1% in 2020 when the company was listed. We see this combination of geographic and domain diversification as a strategy to reduce risks, but also as an opportunity to capitalise on segmented growth opportunities.
Towards the end of 2023, Omda successfully refinanced our existing bond loan of NOK 500 million, with an additional tap-issue of up to NOK 500 million. As we also have a cash reserve of NOK 120 million, as well as expected cash flow from operations, the Group is in a position to make both small and large acquisitions when the opportunity is right.
We will take action when terms and the subsequent business case display sufficient return.
Letter from the CEO | 10 |
Another successful milestone has been our rebranding to Omda, which also gave us a new, Group-wide vision 'Smarter ways to a safe and healthy world'. The rebranding went far beyond the introduction of new name and a new brand profile, and the changes will create value in several dimensions.
In summary, Omda delivered record revenues in 2023 and increased margins throughout the year, positioning the company for further profitable growth. We will continue to deliver high-quality,user-focused solutions to the critical fields of heathcare and emergency services. Our long-lasting partnerships with the dedicated professionals in our customer organisations remain the foundation of our shared progress and success.
"The organisational improvement in 2023, combined with growth and profitability, has made us stronger than ever before."
-Sverre Flatby, CEO
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Omda AS published this content on 11 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 April 2024 07:21:03 UTC.