DocMorris (DOCM) Q2 2026 earnings summary

Executive summary

• Achieved accelerated growth in H1 2026, with Rx revenue up 38.3% and digital services up 71.4% year-over-year, and active customer base expanding by 1.1 million to 12.9 million, including 1.5 million TeleClinic users.

• Successfully rolled out an AI health and shopping assistant, driving higher engagement, conversion rates, and cost savings, with the AI-First strategy expected to yield over CHF 15 million recurring savings by end of 2027.

• Adjusted EBITDA improved by CHF 17.9 million year-over-year to minus CHF 10.9 million, with ongoing sequential improvement and EBITDA breakeven targeted for H2 2026.

• Full-year 2026 financial guidance raised on the back of strong commercial momentum and operational efficiency.

• Net loss narrowed to CHF 53.1 million from CHF 61.6 million year-over-year.

Financial highlights

• Revenue grew 13.4% in local currency and 10.7% in Swiss francs year-over-year, with external revenue up 12.5% to CHF 627.8 million.

• Rx revenue reached EUR 86.9 million in Q2 2026, up 45.8% year-over-year and 17.2% sequentially; Digital Services revenue up 71.4% in H1.

• Adjusted EBITDA improved to minus CHF 10.9 million from minus CHF 28.8 million year-over-year; EBITDA margin improved by 350 basis points to -1.8%.

• Operating cash flow improved by CHF 35 million to minus CHF 21.1 million.

• Net loss margin improved to -8.9% from -11.4% year-over-year.

Outlook and guidance

• Full-year 2026 revenue growth guidance raised to 9%-13% in local currency.

• Adjusted EBITDA guidance improved to minus CHF 10 million to minus CHF 17.5 million, with EBITDA breakeven targeted for H2 2026 and free cash flow breakeven in 2027.

• CapEx guidance lowered to below CHF 30 million for 2026.

• Rx growth guidance increased to around 40%; digital services expected to grow above 50%.

• Mid-term targets unchanged with ~15% revenue CAGR and ~8% EBITDA margin.