The online pharmacy Redcare Pharmacy is expecting somewhat slower growth after record sales last year.
Revenue is expected to increase to between 2.3 billion euros and 2.5 billion euros in 2024, the MDAX-listed company announced on Tuesday in Sevenum, the Netherlands. That would correspond to an increase of 30 to 40 percent and therefore slightly less than in 2023. Revenue from over-the-counter medications is only likely to grow as strongly in the current year as it did recently. Analysts had previously expected the lower end of the group sales range.
CEO Olaf Heinrich is targeting an adjusted operating profit margin (Ebitda margin) of two to four percent. In 2023, three percent of sales remained at Redcare Pharmacy. Last year, the company, which operated under the name Shop Apotheke until June, made an operating profit. Adjusted for special effects and before interest, taxes, depreciation and amortization (Ebitda), Redcare recorded 53.5 million euros after a loss of eight million in the previous year. The bottom line is that the group reduced its loss by 85 percent to just under 12 million euros.
Redcare Pharmacy says goodbye to two board members – internal succession
Two founding members of Redcare Pharmacy are leaving the ship. As the company announced, the Supervisory Board granted the request of Board members Stephan Weber (CCO) and Marc Fischer (CIO) to leave the company early. The successors for these positions come from within the company. The long-standing Redcare managers Dirk Brüse and Lode Fastré are due to take up their positions on April 17th after being appointed by the general meeting. They were built up over several years as successors to Weber and Fischer. The handover will take place around a year before the end of the regular term of office. Weber and Fischer will be available as consultants until October 1, 2026.
Baader Bank gives Redcare Pharmacy a ‘Buy’ rating – ‘strong outlook’
According to the final annual figures, Baader Bank has left Redcare Pharmacy at “Buy” with a price target of 175 euros. As previously announced, the online pharmacy has shown a strong recovery and exceeded expectations, wrote analyst Volker Bosse in a study available on Tuesday. The outlook is strong and should make investors happy. His estimates, for example, are at the lower end of the company’s target ranges.
Redcare shares temporarily gained 6.86 percent to 137.85 euros in XETRA trading.
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