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Doc Morris, a prominent online pharmacy, has reported substantial financial setbacks, incurring losses totaling nearly 100 million Swiss francs in the past year. Despite a notable increase in customer acquisition driven by the introduction of electronic prescriptions and a new Card-Link system, the company's overall growth remains sluggish. The number of new prescription customers tripled in 2024, yet the total customer base only rose from 9.1 million at the end of 2023 to 10.3 million by the end of 2024.
In its latest business report, Doc Morris attributed its growth to an expansive marketing campaign, launching with the slogan "Make it easy with Doc!" However, the financial outlook indicates deeper troubles for the company. The EBITDA, which reflects earnings before interest, taxes, depreciation, and amortization, stood at a troubling minus 47.2 million Swiss francs in Germany alone, compared to a loss of 31.8 million in 2023. The company has cited the high costs associated with its Rx marketing initiatives as a contributing factor to these increasing losses.
Doc Morris does not only face challenges in the German market, as it is also reporting losses in France and Spain. Although the overall net revenue showed a modest growth of 4.9 percent, the company remains far from profitability, ending 2024 with a total net loss of 97.3 million francs. These ongoing deficits have adversely affected the company's equity, which decreased from 430.5 million francs in 2023 to 340.1 million francs in 2024.
In response to these financial challenges, Doc Morris is exploring various strategies to raise additional equity. The company aims to secure another 200 million francs through a rights issue aimed at existing shareholders. This move is intended to strengthen its balance sheet and support strategic goals, such as attracting new prescription customers in the coming years. Additionally, the company must prepare for the repayment of a convertible bond worth 95 million francs due in 2026.
Despite several initiatives aimed at revitalizing its business model, Doc Morris has struggled to achieve profitability over several years. In 2023, the company recorded a staggering loss of 117.6 million francs, primarily banking on the potential of electronic prescriptions to improve its financial standing. While the introduction of e-prescriptions has indeed led to some positive changes in customer metrics, the company remains significantly distanced from achieving profitability, even with its recent marketing campaigns and new operational strategies.
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