Apotea (APOTEA) Q4 2024 earnings summary

Executive summary

• Achieved 20.0% year-over-year revenue growth to SEK 6,541.1 million, with improved profitability and a successful IPO on Nasdaq Stockholm in December 2024, welcoming over 90,000 new shareholders.

• Prescription (Rx) sales grew 27.1% for the year, now representing 37.4% of total sales, with a record of 20,000 Rx orders in a single day and increased pharmacist hiring.

• Expanded product assortment to 53,000 items, including over 270 private label products, and launched an AI department to drive efficiency and innovation.

• Black Week campaign executed successfully, reaching up to 90,000 orders in a single day, supported by automation and fulfillment efficiency.

• Norwegian subsidiary Apotera increased sales to 134 MSEK and improved results, targeting profitability in 2025.

Financial highlights

• Q4 revenues reached SEK 1,732.9 million, up 15.8% year-over-year; full-year revenue was SEK 6,541.1 million, up 20.0%.

• Q4 adjusted EBIT margin was 3.9% (excluding SEK -15m IPO costs); full-year adjusted EBIT margin improved to 4.4% (excluding SEK -24m IPO costs).

• Gross margin increased to 27.3% for 2024 (from 26.6% in 2023), despite a higher share of lower-margin Rx sales.

• Return on capital employed (ROCE) improved to 34.5% in 2024 (from 16.7% in 2023).

• Net income for 2024 was 212.0 MSEK; EPS at 2.09 SEK; net debt/EBITDA (excl. IFRS 16) at 0.2x, supporting a strong balance sheet.

Outlook and guidance

• Plans to further expand Rx capacity with a new hub in southern Stockholm, targeting increased pharmacist recruitment and operational capacity in 2025.

• New logistics center in Varberg to start production in summer 2025, increasing daily order capacity to 150,000.

• Continued focus on private label expansion and leveraging AI for operational improvements.

• Ambition to achieve profitability in Norway in 2025 while maintaining growth.

• Aims to double revenue within 4–5 years, with a short- to mid-term EBIT margin target of 3–5% and a long-term target of 7–8%.