CareRx Reports 2025 Year-End and Fourth Quarter Results

Executive Summary

• CareRx reported full‑year 2025 revenue of C$370.2 M (up from C$366.7 M) and Q4 revenue of C$96.1 M, marking modest top‑line growth.
• Adjusted EBITDA rose to C$32.9 M for the year and C$8.8 M in Q4, with margins improving to 8.9% YoY (year) and 9.2% QoQ (quarter).
• Net income turned positive at C$23.8 M for 2025 (vs. a loss of C$2.2 M in 2024); Q4 net income was C$26.1 M, delivering the company’s first full year of positive earnings.

Key Details

• Average Beds Serviced: 92,250 in Q4 2025 (up from 87,658 in Q4 2024); +4,592 beds YoY at year‑end.
• Revenue: C$370.2 M FY 2025 vs. C$366.7 M FY 2024; C$96.1 M Q4 2025 vs. C$92.2 M Q4 2024.
• Adjusted EBITDA: C$32.9 M FY 2025 (↑ 8.6% YoY); C$8.8 M Q4 2025 (↑ 15.8% QoQ).
• Adjusted EBITDA Margin: 8.9% FY 2025 vs. 8.3% FY 2024; 9.2% Q4 2025 vs. 8.2% Q4 2024.
• Net Income: C$23.8 M FY 2025 (first positive year) vs. a loss of C$2.2 M in 2024; C$26.1 M Q4 2025 vs. a loss of C$4.5 M Q4 2024.
• Cash from Operations: C$9.6 M in Q4 2025 (down slightly from C$10.1 M prior quarter, up from C$8.4 M Q4 2024).
• Net Debt: Reduced to C$27.1 M at year‑end (down from C$35.8 M end‑2024); Net Debt/Adjusted EBITDA = 0.84× (improved from 1.18×).
• Dividends: Initiated dividend in Q3 2025; CAD 0.02 per share paid on Sep 15 2025 and Dec 15 2025; Board declared another CAD 0.02 dividend payable Apr 9 2026.
• Share Repurchases: NCIB renewal approved; 760,358 shares cancelled in 2025 under the bid.

Notable Quotes

“Our results in the fourth quarter and this year demonstrate the momentum we are driving through disciplined execution and best‑in‑class operational processes,” – Puneet Khanna, President & CEO.

The release also includes a conference call scheduled for March 5 2026 at 8:30 a.m. ET to discuss these results.