DocMorris reported a 12.5% increase in external revenue to 627.8 million Swiss francs in the first half of 2024, driven by a 38.3% surge in prescription medicine sales. Adjusted EBITDA improved by 17.9 million francs year-on-year to a loss of 10.9 million francs, with the second-quarter loss narrowing to 4.6 million francs from 6.3 million francs in the first quarter.
Prescription medicine revenue growth accelerated to 45.8% in the second quarter, while digital services revenue jumped 71.4%, with EBITDA more than doubling year-on-year. TeleClinic, the company’s healthcare services unit, reported revenue of 17.6 million euros, up 48%, and retail media revenue surpassed 10 million euros. One-off AI-related costs of around 4 million francs were recorded in the second quarter.
The company raised its full-year guidance for 2026, forecasting prescription medicine growth of around 40%, up from the prior estimate of about 20%. External revenue growth is now projected at 9% to 13%, compared with an earlier mid-single-digit to low-teens range. Adjusted EBITDA losses are expected to narrow to between 10 million and 17.5 million francs, from a previous range of 10 million to 25 million francs.
Digital services growth is now forecast to exceed 50%, while capital expenditure is expected to remain below 30 million francs. DocMorris targets adjusted EBITDA breakeven in the second half of 2026, with free cash flow breakeven projected for 2027. The company noted that prescription customer growth is being driven by new electronic prescription users rather than conversions from over-the-counter sales.
Barclays analysts described the results as supportive, highlighting the shift in growth drivers and the increasing contribution of digital services to the investment case. Rival Redcare Pharmacy flagged slightly softer electronic prescription growth in Germany in July, suggesting the growth gap may be narrowing as DocMorris expands from a smaller base.
