DocMorris (DOCM) H2 2025 earnings summary

Executive summary

• Achieved 11.1% revenue growth for 2025 in local currency, meeting financial targets and guidance, with adjusted EBITDA at CHF -48.2 million.

• Rx segment grew 33.2%, non-Rx by 7.1%, and digital services by 110%, with digital services now contributing over 50% of total company margin.

• AI Health Companion launched and rapidly adopted, with one-third of app users utilizing the AI assistant; strategic partnership with Google announced to enhance digital health offerings.

• Strong liquidity position of CHF 160 million and net debt reduced to CHF 138 million.

Financial highlights

• External revenue reached CHF 1,186 million, up 11.1% in local currency and 9.3% in CHF year-over-year.

• Gross margin increased by 90 basis points to 22.2% year-over-year.

• Adjusted EBITDA improved to CHF -48.2 million despite higher marketing spend.

• Personnel expense ratio lowered by 50 basis points; marketing expenses increased by CHF 11 million, with a shift to more efficient channels.

• Net income was CHF -134.4 million, down from CHF -97.3 million in FY24.

Outlook and guidance

• Targeting EBITDA breakeven in 2026 and free cash flow breakeven in 2027.

• 2026 guidance: mid-single digit to low teens revenue growth, Rx around 20%, OTC mid-single digit, digital services mid-double digit growth.

• EBITDA guidance for 2026: CHF -10 million to -CHF 25 million, with a 300 basis point margin improvement.

• Mid-term (to 2030): 15% CAGR revenue growth, 8% EBITDA margin, CapEx average CHF 30 million.