DocMorris (DOCM) Q1 2025 TU earnings summary

Executive summary

• Achieved 13.4% overall revenue growth in Q1 2025, with Rx revenue up 52.3% and non-Rx up 7.3% year-over-year.

• TeleClinic revenue more than doubled year-over-year, entering a new scaling phase with improved margins and expanded integration into German healthcare.

• Secured a fully underwritten CHF 200 million capital raise to fund Rx growth, marketing, and repay CHF 95 million convertible bond due in 2026.

• Positioned as a leading digital health provider in Europe, especially in Germany, with a focus on sustainable, self-funded, profitable growth and a scaling digital health ecosystem.

Financial highlights

• eRx revenues grew 2.5x year-over-year in Q1 2025.

• Non-Rx business (OTC, BPC, private label, marketplace, services) grew 7.3% in Q1 2025.

• Services revenue, including TeleClinic, grew over 100% year-over-year in Q1 2025.

• Germany segment revenue rose 13.8% year-over-year in local currency to CHF 280.1 million.

• Active customers increased from 10.3 million at end-2024 to 10.5 million at end-March 2025.

Outlook and guidance

• 2025 external revenue expected to grow over 10%, with Rx revenue targeted to grow at least 40% year-over-year.

• Adjusted EBITDA guidance for 2025 is CHF -35 million to CHF -55 million, including CHF 15 million incremental Rx marketing; excluding this, EBITDA would be CHF -20 million to CHF -40 million.

• CapEx for 2025 expected at CHF 35–40 million.

• Midterm guidance targets 20% group revenue CAGR, EBITDA break-even in 2026, and positive free cash flow in 2027.

• EBITDA margin target of 8% in the midterm (2029–2030).