Redcare Pharmacy reports adjusted EBITDA below expectations and reaffirms forecast

Redcare Pharmacy RDC on Thursday reported first-quarter adjusted earnings before interest, taxes, depreciation and amortization (including MediService AG) of 11.7 million euros ($12.53 million), below investors' expectations that saw it reach 17 million euros according to a company-compiled consensus.

The Group reported adjusted EBITDA (excluding MediService AG) of 9.8 million euros ($10.50 million).

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 the provider approval by the gematik 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.

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.

($1 = 0.9336 euros)