Updated April 25th, 2024 at 13:00 IST

Redcare Pharmacy reports Q1 earnings below expectations

Figure fell short of investor projections, which anticipated reaching €17 million, as per company-complied consensus data.

Reported by: Business Desk
Redcare Pharmacy | Image:Pexels
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Redcare Pharmacy earnings: Redcare Pharmacy disclosed first-quarter adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA), including MediService AG, totaling €11.7 million ($12.53 million). This figure fell short of investor projections, which anticipated reaching €17 million, as per company-complied consensus data.

Excluding MediService AG, the group reported adjusted EBITDA of €9.8 million ($10.50 million).

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Despite these figures, the company's adjusted EBITDA margin, including MediService AG, stood at 2.1 per cent, below investors' expectations of 3 per cent, based on company-compiled consensus data.

However, Redcare Pharmacy reiterated its full-year 2024 forecast, initially provided on March 5, instilling confidence in its future performance.

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Recently, on April 23, Redcare Pharmacy achieved provider approval from Gematik for its eHealth-CardLink solution. This innovative solution will be integrated into the company's mobile app for customers in Germany by early May. With this approval, insured users will be able to redeem e-prescriptions via their smartphones, using applications from the pharmacy or mail-order pharmacies, without the need for a PIN.

In a related development, Swiss competitor Docmorris narrowly missed first-quarter sales expectations on April 16. Revenue from prescription medicines declined, and the full digital redemption of e-prescriptions at online pharmacies remained elusive. DocMorris recorded external revenue of 262.4 million Swiss francs ($287.47 million), slightly below analysts' expectations, as per company-provided polling data.

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(with Reuters inputs)

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Published April 25th, 2024 at 12:58 IST