Redcare Pharmacy hits 1-1/2 year high on raised margin guidance
01/08/2023 08:53
(Updates share move, adds Baader comment)
** Shares in Redcare Pharmacy RDC.DE rise 12%, on track
for best day since early January, after the online pharmacy beat
Q2 EBITDA estimates and raised 2023 sales and margin guidance
** The stock touches its highest price since December 2021
at 119 euros per share
** The company sees non-prescription drug sales growth of
20-30%, up from 10-20%, and adj. EBITDA margin of 1.5%-3%, up
from 0.5%-2.5% previously
** "We are confident that Redcare will be able to improve
margins going forward - towards its 8% adj. EBITDA long-term
margin target," says Baader Helvea Equity Research in a note
** A local trader says: "It was expected that Redcare would
raise guidance with final Q2 numbers but the margin lift seems a
bit higher than hoped for"
** Redcare's Q2 adjusted EBITDA turns to profit of 11.9
million euros ($13.1 million), excluding MediService AG; this
was above consensus, according to the trader
($1 = 0.9099 euros)
(Reporting by Paolo Laudani)
((Paolo.laudani@thomsonreuters.com))