Redcare Pharmacy Shares Surge in 2023

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Redcare Pharmacy saw a significant increase in its shares on Tuesday following the release of better-than-expected results for the year 2023. The Netherlands-based online pharmacy, formerly known as Shop Apotheke Europe, exceeded all guidance metrics, driving shares up by 4.5% to EUR134.80 as of 0944 GMT.

Promising Financial Performance

The company reported a remarkable surge in fourth-quarter adjusted earnings before interest, taxes, depreciation, and amortization, reaching 16.2 million euros compared to EUR1.1 million in the previous year. This also led to a substantial rise in sales, climbing to EUR531 million from EUR328 million.

Positive Outlook for 2024

Redcare Pharmacy is optimistic about its future, projecting revenue growth between EUR2.3 billion and EUR2.5 billion for the year ahead. Additionally, they aim for an adjusted Ebitda margin ranging from 2% to 4%, setting the bar higher than anticipated.

Analysts’ Perspective

Analysts had predicted an adjusted Ebitda of EUR11.3 million with a margin of 2.2%, making the actual results even more impressive. According to Baader Helvea analyst Volker Bosse, the company’s guidance surpasses expectations, with consensus estimates putting sales at EUR2.31 billion and an adjusted Ebitda margin of 3.2%.

Financial Milestones

Redcare Pharmacy also reported a notable decrease in its full-year net loss, showing promising progress by narrowing it down to EUR12.0 million compared to EUR77.6 million in the previous year.

Redcare Pharmacy’s remarkable performance in 2023 signals a positive trajectory for the company, showcasing its potential for continued growth and success in the online pharmacy market.

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