French unicorn Doctolib, one of the most high-profile healthcare companies in the country, hit €348m in annual recurring revenues (ARR) in 2024 and says it will reach profitability in a few months.
The numbers, first published by French newspaper Les Echos, mark the first time the 12 year-old scaleup has publicly shared financial results, although it previously told Sifted it had reached nearly €300m in revenues in 2023.
The results for 2024 represent 22.5% growth compared to 2023. At the same time, Doctolib reduced its losses by 38% to €53.8m, compared to €87.1m the previous year.
Doctolib is France’s most highly-valued VC-backed company at €5.8bn, alongside Mistral AI, which has the same valuation. The company offers an online booking platform that lets patients schedule doctor appointments for free, which has seen huge adoption and become a critical pillar of France’s healthcare system.
It also provides a suite of tools for practitioners, including a patient booking management system, teleconsultation services and an all-in-one platform to manage patient medical information and take notes during consultations. Doctolib says that 99% of its ARR comes from subscriptions paid by healthcare professionals for some of these services.
“Our 2024 results tell an exciting story about the trust healthcare professionals place in our solutions,” Doctolib CFO Pierre Vergnes wrote in a LinkedIn post.
Across all its markets — France, Germany, Italy and the Netherlands — the scaleup counts 80m patient accounts and 400k subscribers who are healthcare professionals.
Doctolib’s expansion
France remains Doctolib’s largest market by far, representing 80% of ARR.
The company first opened outside its homeland in 2016 in Germany, and previously told Sifted that uptake had been slow. But results are now starting to show, with the German market representing 17% of the company’s ARR in 2024, with 25m patients and 100k healthcare professionals.
In 2021 Doctolib expanded to Italy, which last year represented less than 3% of ARR. “Italy is serving as a testing ground for our future European expansion,” Vergnes told Sifted. “It is currently at a similar stage to where Germany was at the time of its initial development.”
He added that Doctolib is looking at new markets in northern Europe “with interest,” particularly the UK.
Investing in AI
Vergnes said that Doctolib hasn’t reached profitability yet because it has chosen to invest “massively” in innovation. In 2024, the company spent €115m in research and development — about a third of its revenue.
Much of the money was spent to build AI-powered services, including personal assistants for doctors that can take notes during appointments.
Despite the growth of the company, Vergnes recognised that Doctolib remains “small” compared to its competitors. French healthtech company Cegedim reported €655m in revenues in 2024, and Germany’s CompuGroup secured €1.15bn — while in the US, Epic Systems is reported to have revenues of around $5bn (€4.3bn).
Read the orginal article: https://sifted.eu/articles/doctolib-results-2024/
