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In Q1 22, software revenue growth (+8%) was in line with guidance (+7-9%) and the non-IFRS operating margin (+1.2pt to 35% of revenue) exceeded the high-end of guidance (32.3-33% of revenue). Asia was the fastest geographic area and Life Sciences solutions and Mainstream Innovation software were the most dynamic with double-digit software revenue growth. Cloud software continued to develop rapidly (+21%) and represented 21% of software revenue. Given a better Q1 22 than expected, 2022 guidance i
Companies: Dassault Systemes (DSY:EPA)Dassault Systemes SA (DSY:PAR)
Like in previous quarters, Dassault Systèmes beat expectations in Q4 21 with total revenue growth of +10% at constant currency, 2.7% above the high-end of guidance and a non-IFRS operating margin of 36.8% of revenue (+0.8pt) above the high-end of guidance (36.4% of revenue). Revenue growth came from all geographic areas and product lines except for BIOVIA which was affected by delays in renewals from 2021 to 2022. 2022 guidance is positive despite a lower operating margin due to investments for
The Q3 21 set of figures was above Q3 guidance. At constant currency, software revenue growth was solid (+11%) and included higher licence revenue growth than expected. The non-IFRS operating margin surged to 33.8% of revenue (+5.6pts), largely above guidance. The development of the 3DEXPERIENCE platform and the cloud is continuing at a good pace. Lastly, non-IFRS 2021 guidance was raised. It includes revenue of €4,800-4,825m at constant currency and an operating margin of 34-34.1% of revenue.
Dassault Systèmes had a very strong Q2 21, above the high range of guidance. Organic software revenue increased by 15%, of which +10% for the recurring software revenue and +38% for the licences revenue. The 3DEXPERIENCE software revenue and cloud revenue increased significantly. By product line, Medidata, SOLIDWORKS, CENTRIC PLM were very dynamic. The major good surprise was on the non-IFRS operating margin which surged to 32.2% of revenue (+5.5pts yoy). All of these led Dassault Systèmes to ra
Q4 20 was in the high range/or above guidance. On an organic basis, recurring software revenue increased by 9%, while the decrease in licences and other software revenue slowed further (-9% vs -11% in Q3 20). The non-IFRS operating margin (36% of revenue, +2.3pts) was above expectation thanks to a significant underlying improvement. The group gave positive guidance for 2021, of which recurring software revenue growth of 8-9%, licences growth of 13-15% and a further improvement in the non-IFRS op
Companies: Dassault Systemes SA
Dassault Systèmes delivered a strong Q3 20. The decrease in organic total revenue slowed thanks to a lower negative trend for licenses and other software revenue and the non-IFRS operating margin was above the high range of guidance. Licenses revenue is now unlikely to return to normal by the year end and the expectation was downgraded. Inversely, the 2020 non-IFRS operating margin expectation was upgraded on the back of the good result in Q3 20 and cost containment.
In Q2 20, total revenue growth (+10% at constant currency and including Medidata, -8% organically) and the non-IFRS operating margin (26.7% of revenue, -3.9pts) were in line with expectations. The drop in licences revenue was significant (-32%) and slightly above guidance (-28/-31%). Services were also impacted by the COVID-19 pandemic with a double-digit revenue decrease. All of these had a strong negative impact on the operating margin (-230bp on the H1 20 operating margin).
In Q1 20, the COVID-19 pandemic had a negative impact on new software licences (-20% organically). Conversely, the recurring software revenue was resilient (+5% organically). The non-IFRS operating margin decreased by 3.6pt yoy to 29.2% of revenue corresponding to the high range of expectation. Q2 20 should be more impacted by the lockdown in Europe and North America (-28%/-31% estimated for software licences). New guidance for 2020 includes an improvement on new licences and subscriptions in Q3
In Q4 19, organic software revenue growth (+3% non-IFRS) included flat new licence revenue due to weak demand in some areas of the automotive sector and longer decision-making at customers. In FY2019, the non-IFRS operating margin was 32% of revenue (+0.1pt) including an organic improvement (+1pt vs. +0.7pt in 2018) and a dilutive impact of acquisition (-1.2pt), mainly Medidata. 2020 guidance is below expectation given the complicated start to the year with the unpredictable impact of the corona
Q3 19 was a strong quarter except for new licences and other software revenue. Organic revenue growth was good, +8% (IFRS) or +9% (non IFRS), including a slight decrease in new licences and other software revenue (-1% non IFRS) due to the slippage of some large deals. The non-IFRS operating margin increased significantly (+140bp) including a strong organic improvement (+160bp). The integration of Medidata for two months in Q4 19 will bring revenue of €103m.
In Q1 19, software revenue grew by +8% organically, o/w +9% for licences revenue. The 3DEXPERIENCE licences revenue represented 40% of licences revenue (vs 34% of licences revenue in Q1 18). The increase in the non-IFRS operating margin (+1.4pt to 32.8% of revenue) was attributable to a significant organic improvement, more than offsetting the dilutive effect of acquisitions. Revenue growth at constant currency and the non-IFRS operating margin are confirmed in 2019. The revenue number is raised
In Q4 18, Dassault Systèmes posted total revenue growth of +14% including strong organic software revenue growth (+8%, o/w +11% for licences revenue) thanks to the rapid development of 3DEXPERIENCE software revenue (+33%) and an operating result of €391m (+11%) which was above guidance. There is good visibility starting in 2019 considering the strong growth momentum of the 3DEXPERIENCE platform in all industries and the ramp-up of the contract signed with Boeing which will sustain recurring soft
Dassault Systèmes announced an expensive acquisition (P/Sales >7x) outside its domain. The acquired company, IQMS, provides ERP software for small- and medium-sized companies in the manufacturing sector. Dassault Systèmes sees the ERP software of IQMS as a complementary brick to the SOLIDWORKS 3D design software and Product Data Management solution also dedicated to the mid-market. Planned in Q1 19, the integration of IQMS should have a minor impact on our estimates.
Dassault Systèmes had a good Q3 18 with total revenue at the top end of guidance (€805-825m) and the non-IFRS operating margin of 30.9% of revenue above guidance (29-30% of revenue). Acquisitions (EXA, Centric Software, No Magic marginally) had a strong impact on total revenue growth (+5pts) and explained partly the decrease in the non-IFRS operating margin. Management is confident for Q4 18.
The increase in new licences revenue continued at a good pace in Q2 18, leading to 10% organic growth in H1 18. The development of the 3DEXPERIENCE platform is growing fast (licences revenue up 27% in H1 18) and in various sectors. This plays in favour of an improvement in the operating margin. 2018 revenue guidance is revised upwards taking into account the good performance in Q2 18 and the integration of No Magic and Centric Software in H2 18.
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Weekly round-up of AIM-listed healthcare news.
Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics
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EnSilica (ENSI.L), has join AIM. EnSilica provides an end-to-end service for the design and supply of mixed signal ASICs, outsourcing certain elements such as the wafer fabrication of the manufacturing and packaging to third parties - otherwise known as a Fabless Semiconductor Model. ASICs are Integrated Circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help
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Kromek has announced that it has received an order from a US federal entity for the D3S-ID wearable nuclear radiation detector, which provides an early warning system for potential radiation threats. The order is worth $0.65m and is to be delivered in the coming months. This is the second order for the D3S-ID from this customer, following the award of a $1.6m two-year contract in September 2021, and provides further endorsement of Kromek’s capabilities within a market over which Kromek has visib
Companies: Kromek Group Plc
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Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business networking platform), that is developing the Blossom Database pursuant to a third party licensing arrangement. The Company also has an investment of 426,000 common shares in Awakn, a Canadian NEO Exchange listed psychedelics research and clinical group, with operations in th
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Having updated in April that FY22 revenues and operating profits were expected to be in line with consensus, Eckoh today updates that operating profits grew strongly in the period and will now be ahead of consensus. Revenues are expected to be in line. We suspect this means operating profits will be slightly above £5.0m compared to our forecasts of £4.9m. This de-risks our FY23 forecasts, where we are looking for AOP of £7.7m. We are forecasting FY23 AOP of £5.9m from the existing business, up f
Companies: Eckoh plc
TPXimpact has announced that it has spun out OpenDialog alongside a £4m raise by Dowgate Capital; TPXimpact will retain a 17% holding in OpenDialog at a post-new money valuation of £12.7m.
Companies: TPXimpact Holdings PLC
Despite lingering lockdown headwinds, FYJan22 saw continued strong growth for Smartspace’s two SaaS businesses, SwipedOn (visitor, employee and desk management) and Space Connect (meeting room and desk management), driving combined ARR up 64% organic to £4.9m. SwipedOn ARR grew 57% yoy (>85% of total ARR) with Space Connect ARR up almost threefold. Encouraging trading through to end April (ARR rose to £5.5m) underpins Smartspace’s continued expectations for “further strong growth in FY23”. Key d
Companies: Smartspace Software Plc
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Lekoil, the oil and gas exploration and production Company with a focus on Nigeria and West Africa has joined the Access Segment of the AQSE Growth Market. The Company was previously listed on AIM (LEK.L), however, Ordinary Shares have been suspended from trading on AIM since October 2021.
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Psych Capital PLC, intends to list on the AQSE Growth Market. Psych operates the Psych Platform (a business-to-business ne
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Companies: Cerillion Plc
1Spatial continues its US expansion with the announcement of a contract win to support replacing the Transportation System Network (TSN) for the California Department of Transportation (Caltrans). The contract is worth c $1.4m over four years, including US$0.7m in software licence revenue, and was won in partnership with Rizing, a global SAP partner. The US market is a key growth engine for 1Spatial and the Caltrans win shows its strategic plan continues to bear fruit. This contract follows othe
Companies: 1Spatial Plc
Companies: FDM Group (Holdings) plc
Immotion is a leading Virtual Reality (VR) experience provider. Following on from the 24 seat Pittsburgh Zoo contract in April, the group's announcement this morning that it has signed another and even larger major zoo contract provides further confirmation of the strength of demand for its new Gorilla Trek offering. Under the agreement with Milwaukee County Zoo, Immotion will install a 40 seat VR Theatre experience, which attracts around 1.3m visitors per annum. The attraction will be located a
Companies: Immotion Group Plc
H1 revenues declined modestly to £0.8m due to the already flagged expiration of a legacy contract. Investment in direct sales and marketing led to an increased operating loss of £2.8m (PY £2.2m) as Actual Experience transitions from start-up to scale-up. Admin expenses are expected to fall in H2 as product investment is now largely complete and marketing expenditure is reduced. Management sees market conditions (hybrid working) as favourable and its new Digital Workplace Management System (DWMS)
Companies: Actual Experience plc