Redcare Pharmacy reports adjusted EBITDA below expectations and reaffirms forecast (updated)
25/04/2024 08:17
(Adds Baader Helvea comments, paragraphs 2,7)
By Mateusz Dobrzyniewski and Eva Orsolya Papp
April 25 (Reuters) - Redcare Pharmacy RDC.DE on Thursday
reported first-quarter adjusted earnings before interest, taxes,
depreciation and amortization, including MediService AG, of 11.7
million euros ($12.5 million), below investors' expectations
that saw it reach 17 million euros according to a
company-compiled consensus.
"Group’s adj. EBITDA missed our as well as market’s
expectations as noticing the fast adoption of e-Rx in Germany in
1Q, additional marketing and communication campaigns were
started," Baader Helvea said in a note.
The Group reported adjusted EBITDA excluding MediService AG
of 9.8 million euros.
The company reported an adjusted EBITDA margin of 2.1%
(including MediService AG), also below investors' expectations
for 3% according to a company-compiled consensus.
But the Netherlands-based group reaffirmed its 2024
full-year forecast, already provided on March 5.
On April 23 Redcare Pharmacy successfully obtained approval
from Germany's national agency for digital medicine for its
eHealth-CardLink solution, which will be launched in its mobile
app for customers in Germany by early May.
This means that insured users can redeem e-prescriptions via
their smartphone using applications from the pharmacy or
mail-order pharmacies with their eGK without a PIN.
"In our view, this simple redemption channel via the
NFC-based CardLink has enormous market potential as it should
enable Redcare Pharmacy to participate in the e-script growth,"
Baader Helvea added.
Swiss peer Docmorris slightly missed first-quarter sales
expectations on April 16, as revenue from prescription medicines
declined and e-prescriptions could not yet be redeemed fully
digitally at online pharmacies. DocMorris posted external
revenue of 262.4 million Swiss francs ($287.47 million), 1.4%
below analysts' expectations according to a company-provided
poll.
(Reporting by Mateusz Dobrzyniewski and Éva Orsolya Papp
Editing by Peter Graff)
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