DocMorris Shares Fall as Revenue Drops in Third Quarter

Shares in DocMorris experienced a decline on Thursday as the Swiss online pharmacy reported lower revenue for the third quarter. The decrease was attributed to a drop in demand for paper-prescription business. Consequently, the company has revised its guidance for the year.

At 1149 GMT, the stock witnessed a 14% decline, reaching CHF40.56. Earlier in the day, it had fallen by as much as 16%.

DocMorris stated that its external revenue for the third quarter decreased by 4.5% in local currency, amounting to 256 million Swiss francs ($284.8 million).

Although the company anticipates revenue growth in the final quarter, it has adjusted its projection for a 2023 adjusted loss before interest, taxes, depreciation, and amortization. The new range is between CHF30 million and CHF40 million, compared to the previous forecasted loss of CHF20 million to CHF40 million.

Moreover, the group now expects a high single-digit percentage decline in external revenue in local currency for this year. This is worse than the previously anticipated mid-single-digit percentage contraction.