Redcare Pharmacy Reports Strong Third-Quarter Sales
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By Helena Smolak
Redcare Pharmacy has experienced a significant boost in sales in the third quarter, thanks to its successful foray into the e-prescription business. The German online pharmacy, including its joint venture MediService in Switzerland, reported a year-on-year sales growth of 67%, reaching 476 million euros ($505.3 million).
One of the key factors contributing to Redcare's rapid sales growth across all markets in the third quarter was a surge in prescription sales. The company witnessed a remarkable increase from 33 million euros to 156 million euros in prescription sales, marking a substantial growth of 373%. Additionally, nonprescription sales experienced a healthy rise of 27% to reach 319 million euros.
Redcare also reported an impressive financial performance, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reaching 15.2 million euros, a significant improvement from the previous year's 1.3 million euros. This demonstrates strong growth and is indicative of the company's increased profitability. The EBITDA margin expanded from 0.4% to an impressive 3.2% compared to the prior year.
The increased customer loyalty is evident from the share of repeat orders, which soared to 86% during this period, up from 83% in the previous year. This indicates that customers are highly satisfied with Redcare's products and services and are more likely to make repeat purchases.
Redcare remains optimistic about its performance for the rest of the year and reaffirms its full-year guidance. The company expects sales to range between 1.7 billion euros and 1.8 billion euros, while maintaining an adjusted EBITDA margin between 1.5% and 3%.
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