Redcare Pharmacy lifts 2023 outlook after it posts quarterly profit

Redcare Pharmacy NV

01/08/2023 07:15

Aug 1 (Reuters) - Redcare Pharmacy  RDC.DE  on Tuesday
raised its 2023 outlook based on a strong half-year performance,
after the online pharmacy's second-quarter earnings swung to a
profit.
    The company, which makes around 80% of its revenue in
Germany, Austria and Switzerland, targets non-prescription drug
sales growth of 20-30% this year, compared to its previous range
of 10-20%. 
    Redcare sees annual net sales of 1.7-1.8 billion euros
($1.9-2.0 billion). It had not previously given a guidance for
total sales.
    The group, whose markets also include the Netherlands,
Belgium, France and Italy, expects the margin on its adjusted
earnings before interest, taxes, depreciation and amortisation
(EBITDA) to come between 1.5% and 3% in 2023, versus a prior
forecast of 0.5%-2.5%.
    Its second-quarter adjusted EBITDA turned to a profit of
13.3 million euros from a loss of 6.1 million a year earlier.
    The company, which competes with Swiss online drug retailer
DocMorris  DOCM.S , confirmed its preliminary quarterly sales of
420 million euros.
($1 = 0.9099 euros)

 (Reporting by Tristan Veyet and Anastasiia Kozlova in Gdansk;
Editing by Milla Nissi)
 ((Tristan.Chabba@thomsonreuters.com;
Anastasiia.kozlova@thomsonreuters.com))