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EMIS Group

Preparing for the next stage of growth

Update | Technology | 04 Sep 2018

EMIS saw revenue growth from all divisions in H1, which helped to offset the additional costs incurred to strengthen service delivery. The company has worked hard to resolve customer support issues in primary care and is now focused on the IT Futures procurement bid in England. Investment in Patient is ongoing and the company expects to unveil its longer-term growth strategy at its capital markets day on 29 November. We have upgraded our revenue forecasts for FY18-20, but our adjusted operating profit and EPS forecasts are substantially unchanged.

EMIS Group

Executive interview – EMIS Group

Edison TV: | Technology | 31 Aug 2018

EMIS is a clinical software supplier to the UK healthcare market. The company was originally established to serve the GP market, where it has a dominant position with a market share of 56% of UK GP practices. It has expanded from this position to create a broad range of products serving the community, child and mental healthcare (CCMH) market, the acute sector, and community pharmacies (where it has c 37% share), as well specialist software and screening services for diabetic retinopathy. The company strategy is to provide connected healthcare solutions to facilitate patient-centric care.

EMIS Group

Solid H1; on track to meet FY18 expectations

Update | Technology | 17 Jul 2018

In H118, EMIS traded in line with management’s expectations and generated year-on-year revenue growth. All divisions saw solid performance and management expects to meet FY18 expectations. The company continues to work on developing longer-term growth plans; these will be key to reinvigorating revenue and earnings growth, which in our view will be the trigger to closing the valuation discount versus peers.

EMIS Group

GPSoC extension confirmed

Flash note | Technology | 28 Mar 2018

EMIS has confirmed that the current GPSoC contract has been extended until 31 December 2019. Its GP business in England can therefore continue to supply software on the same basis until the new IT Futures framework is announced. This supports our forecasts for FY18 and FY19.

EMIS Group

Strengthening the core

Update | Technology | 19 Mar 2018

EMIS Group’s recent restructuring enabled it to report FY17 adjusted profits in line with forecasts, despite revenues below our expectations. The company’s immediate focus is on strengthening its core business, both in the wake of the recent customer support issue, but also to ensure it can maintain its market-leading position in the UK primary care market. Lower revenue growth and increased costs to support near-term projects reduce our earnings forecasts for FY18 and FY19. Management is working on detailed plans for growth, which it expects to share later this year.

EMIS Group

Loss of Welsh GP business

Update | Technology | 30 Jan 2018

EMIS has been informed that it has not been selected as a preferred vendor for the NHS Wales Primary Care framework agreement. The 195 GP practices currently using EMIS Web, which generate annual revenues of c GBP 2m at below group average operating margins, will need to transition to a new supplier over the course of FY19 and FY20. We estimate that this could have a less than 0.5% impact on FY19 EPS and less than 1% on an ongoing basis once all practices have transitioned. So soon after the news regarding issues in the customer support process, this is clearly disappointing. However, the financial impact is marginal and confirms that EMIS is focused on profitability when winning or retaining business.

EMIS Group

Internal review uncovers support issue

Update | Technology | 18 Jan 2018

In an otherwise in-line trading statement, EMIS announced an issue within its customer and product support processes for EMIS Web where it has not been fully meeting the service level and reporting requirements set by NHS Digital in England. This will result in an exceptional charge (our estimate GBP 9m) and potentially higher ongoing costs in the Primary Care business. A 5% reduction in EPS in FY18e and FY19e is more than discounted in the current share price. Further clarity that the scale and cost of this issue are contained should provide support to the share price.

EMIS Group

Maintaining profitability

Update | Technology | 05 Sep 2017

EMIS reported a solid H117 despite pressure on revenues and profitability in several business areas. With management expectations maintained, our adjusted operating profit forecasts are substantially unchanged. Over the medium term, we expect the new CEO to make investment/divestment decisions to ensure the group is able to maintain growth and profitability despite the challenging NHS funding backdrop.

EMIS Group

Steady progress

Update | Technology | 19 Jul 2017

In H117 EMIS traded in line with expectations. Primary Care, Community Care and Community Pharmacy are progressing well whereas Acute is still seeing budgetary pressure. The development of the Patient business is underway and likely to cost less than originally expected. Cash generation is on track and management expectations for the full year are unchanged. We make no change to our underlying forecasts; interim results are due on 1 September.

EMIS Group

Strengthening its position despite NHS funding pressures

Update | Technology | 20 Mar 2017

EMIS reported adjusted profit in line with expectations, despite NHS funding pressures causing difficult trading conditions in certain parts of the business. Cost-cutting programmes in 2016 and a planned reorganisation in 2017 are helping to counteract some of the funding pressure. There is cause for optimism in several areas of the business, where EMIS is growing market share, and a planned expansion of the Patient business could generate material incremental revenues on a five-year view.

EMIS Group

FY16 in line despite NHS challenges

Update | Technology | 27 Jan 2017

EMIS has confirmed that trading was in line with expectations for FY16, despite a challenging environment in the NHS. Primary Care, Community Pharmacy and Patient all performed well in H216, offset by weaker trading for Secondary Care, Specialist Care and CCMH. We make no changes to our forecasts pending FY16 results in March. Despite the short-term impact on demand from NHS funding issues, we expect the need for an integrated approach to healthcare to drive demand for EMIS solutions in the longer term.

EMIS Group

Good profitability despite market uncertainty

Institutional Update | Technology | 11 Oct 2016

EMIS's H116 results showed improved profitability despite limited revenue growth. Recent restructuring has reduced the cost base across the group and should provide a boost to profitability from H2. In our view, the NHS's digital agenda continues to support long-term growth of the business. Evidence of a turnaround of the Secondary & Specialist Care business is the key to share price upside in the shorter term.