Doctolib’s Profitability Issues

A positive net profit is expected this year. Is that a good sign?

I recently read several articles announcing that Doctolib has reached €348 million in annual recurring revenue by 2024, which would represent a 22.5% growth compared to its 2023 ARR.

Over the past five years, Doctolib’s growth has also averaged 22.5% per year, which indicates steady expansion.

France remains Doctolib’s primary market, representing 80% of its 2024 ARR (or approximately €278 million). Germany, meanwhile, is in second place, with 7% of its ARR (approximately €59 million), 25 million registered patients, and 100,000 healthcare professionals. Italy represents approximately 2.6% of its ARR (approximately €9 million). Doctolib’s European expansion plans are clear, even if profitability questions remain.

Doctolib has reduced its operating loss by 38%, from €87.1 million in 2023 to €53.8 million in 2024. Profitability is expected this year. But will it be a typical SaaS break-even event ?

Founders often report 6–8 years on average to reach profitability; many only IPO around year 12. Doctolib was founded in 2013. It therefore took 13 years to reach profitability, which is significantly longer than a typical SaaS, even though it aligns with many high-growth health-tech peers. Doctolib’s revenue still trails those of…