DocMorris Ltd

Latest Results (14.08.2024):

Revenue Performance

DocMorris Ltd's financial results for the year 2023 show an external revenue of CHF 1,037.5 million, which represents a 7.4% decline in local currency terms compared to the previous year. This decline was anticipated and falls within the upper end of the expectations set out in October 2023.

EBITDA Improvement

In 2023, DocMorris Ltd achieved a significant improvement in its adjusted EBITDA, which increased by CHF 50.6 million to minus CHF 34.9 million for continuing operations. This improvement was driven by increased gross margins, enhanced productivity, and structural cost savings.

Segment Performance

In Germany, DocMorris Ltd's focus on profitable customer groups led to a 7.2% decline in external revenue, totaling CHF 975.4 million for the year. However, the break-even program resulted in an adjusted EBITDA improvement of CHF 41.7 million to minus CHF 31.8 million. In the Europe segment, revenue was CHF 62.1 million, with an adjusted EBITDA improvement of CHF 8.9 million to minus CHF 3.0 million.

Capital Structure

The sale of the Swiss business to Migros subsidiary Medbase in May 2023 significantly strengthened DocMorris Ltd's capital structure. The transaction brought in around CHF 360 million, including an earn-out of CHF 47 million, increasing the equity ratio by 17.8 percentage points to 49.7% by the end of 2023.

Customer Base

By the end of 2023, DocMorris Ltd's active customer base had grown to 9.1 million. This growth was supported by intensified customer loyalty measures and an improved digital customer experience, including enhancements to the webshop and app, which boosted customer satisfaction and conversion rates.