DocMorris (DOCM) Q1 2025 TU earnings summary

Executive summary

• Achieved 13.4% overall revenue growth in Q1 2025, with Rx revenue up 52.3% and non-Rx up 7.3% year-over-year.

• TeleClinic revenue more than doubled year-over-year, entering a new scaling phase with improved margins and expanded integration into German healthcare.

• Announced fully underwritten CHF 200 million capital raise to support Rx growth, financial stability, and potential bond repayment.

• Positioned as a leading European digital health company, emphasizing independence from economic cycles and U.S. supply chains.

• Digital health ecosystem continues to scale, offering seamless patient journeys and new therapy programs.

Financial highlights

• Germany segment revenue rose 13.8% year-over-year in local currency to CHF 280.1 million.

• eRx revenues grew 2.5x year-over-year in Q1 2025.

• Services revenue grew over 100% year-over-year in Q1 2025.

• 2024 external revenue was CHF 1,085m, with adjusted EBITDA at CHF -49m and capital expenditure at CHF 29m.

• Active customer base increased from 10.3 million to 10.5 million.

Outlook and guidance

• 2025 external revenue expected to grow over 10%, with Rx growth above 40%.

• Adjusted EBITDA guidance for 2025: CHF -35 million to CHF -55 million, including CHF 15 million incremental Rx marketing; excluding this, range improves to CHF -20 million to CHF -40 million.

• CapEx for 2025 expected at CHF 35–40 million.

• Midterm targets: 20% revenue CAGR (back-end loaded), EBITDA break-even during 2026, positive free cash flow in 2027, and 8% EBITDA margin by 2029–2030.

• Rx revenue targeted to grow at least 40% year-over-year in 2025, with sequential quarterly growth.