DocMorris (DOCM) Q3 2025 TU earnings summary

Executive summary

• Total revenue increased by 9.5% in the first nine months of 2025, reaching CHF 854.3 million, with sequential Rx quarterly growth accelerating to 9.2% in Q3.

• Non-Rx business in Germany grew across all areas, and TeleClinic revenue surged over 140% to more than CHF 17 million.

• The AI-based DocMorris health companion was fully rolled out to all app users, enhancing digital health services.

• Management structure was streamlined, with new appointments including a Chief AI Health Officer and Chief Commercial Officer.

Financial highlights

• External Rx revenue rose 37.9% year-over-year in the first nine months, with a 9.2% sequential increase from Q2 to Q3.

• Non-Rx external revenue increased by 4.3% in the first nine months and grew sequentially in Q3.

• Germany segment revenue grew 10.0% in local currency, while Europe segment revenue increased 2.7%.

• Active customers increased from 10.3 million to 10.6 million in the first nine months.

Outlook and guidance

• Management confirmed 2025 revenue and earnings guidance, targeting EBITDA breakeven in 2026 and free cash flow breakeven in 2027.

• Medium-term targets remain unchanged.