DocMorris (DOCM) H1 2025 earnings summary

Executive summary

• Achieved 43.5% Rx revenue growth year-over-year in H1 2025, with TeleClinic revenue up over 150% and non-Rx business growing 4.4%.

• Launched the AI-powered DocMorris Health Companion and agentic assistant in beta, aiming to lead digital health innovation.

• Completed a CHF 200 million capital increase with 99% take-up, strengthening liquidity and balance sheet.

• Active customers increased by 200,000 in H1, with Rx customer growth outpacing OTC/DPC.

• Federal Court of Justice reconfirmed Rx bonus, providing legal clarity and competitive advantage.

Financial highlights

• Group revenue grew 10.2% in local currencies in H1 2025, reaching CHF 572.1 million; Q2 growth was 7.1% despite seasonality and fewer working days.

• Gross margin improved by 70 basis points year-over-year to 22.3%, and 130 basis points sequentially.

• Adjusted EBITDA was -CHF 28.8 million, impacted by CHF 13 million higher marketing spend.

• Net loss widened to CHF 61.6 million, with reported EBITDA at -CHF 27.1 million, aided by a CHF 3.4 million gain from real estate sales.

• Cash and cash equivalents increased to CHF 230 million post-capital increase, with net debt reduced to CHF 90 million.

Outlook and guidance

• Full-year guidance confirmed: revenue growth above 10% and adjusted EBITDA between -CHF 35 million and -CHF 55 million.

• Management expects sequential EBITDA improvement in Q3 and Q4, with marketing spend as the main variable.

• EBITDA breakeven targeted in 2026, with positive free cash flow expected in 2027.

• Capital expenditure for 2025 projected at CHF 35 million to 40 million.

• Sequential Rx revenue growth expected to accelerate, supported by higher basket values and order frequency.