Redcare Pharmacy Achieves Record Year with 49% Growth, Improved Profit Margins

Redcare Pharmacy N.V. announced the successful completion of a record year, with a notable 49% growth and an adjusted EBITDA margin increase of 3.7 percentage points to 3%. The company successfully met all its guidance parameters for the year.

Total group sales soared to EUR 1.8 billion, representing a 49% increase compared to the previous year. Non-prescription (Non-Rx) sales contributed EUR 1.3 billion, marking a 25% increase from the prior year. The company also reported an adjusted EBITDA margin of 3% for the full year of 2023, showing major improvements across its DACH and International segments. Furthermore, Redcare Pharmacy experienced a significant 91 million EUR increase in free cash flow, reaching EUR 8 million, and expanded its active customer base by 1.5 million to 10.8 million by year-end.

Additionally, the company anticipates the continuation of its rapid sales growth, estimating a 30-40% increase, alongside solidly positive margins (adjusted EBITDA 2-4%) for 2024. These forecasts reflect the company's positive trajectory and confidence in maintaining its growth momentum.

Major strategic developments included a rebranding to Redcare Pharmacy N.V. to better reflect its healthcare focus and international outreach. In alignment with its expansion strategy, the company extended its market presence, particularly in the DACH region, through strategic partnerships and enhanced platform capabilities.

The introduction of electronic prescriptions in Germany and favorable ESG ratings from Morningstar Europe’s Sustainalytics and MSCI further underscore Redcare Pharmacy's advancements in healthcare services and sustainable business practices. The company's strategic moves and operational achievements set a solid foundation for continued growth and industry leadership.