Good morning, ladies and gentlemen. At this time, we would like to welcome everyone to RD – People, Health and Well-being conference call to discuss its 2Q 2021 results. The presentation can be found on RD's investor relations website at ir.rd.com.br, where the audio for this conference will later be made available. We inform that all participants will only be able to listen to the conference during the company's presentation. After the company's remarks are over, there will be a Q&A period. Before proceeding, let me mention that forward-looking statements are being made under the Safe Harbor of Securities Litigation Reform Act of 1996. Forward-looking statements are based on the beliefs and assumptions of RD management and on information currently available to the company. Forward-looking statements are not guarantees of performance.
They involve risks, uncertainties, and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions, and other operating factors could also affect the future results of RD and could cause results to differ materially from those expressed in such forward-looking statements. Today with us are Mr. Eugênio De Zagottis, Investor Relations, Corporate Planning, and M&A Vice President, and Mr. Fernando Spinelli, Investor Relations and Business Development Director. Now, I'll turn the conference over to Mr. Eugênio De Zagottis. Sir, you may begin your conference.
Everybody welcome to the Raia Drogasil 2Q 2021 conference call. I'd like to start by saying that this was a great quarter for the company. We're very proud of that. Not only financially, this has been also a great quarter in terms of how our strategic plan has advanced. There's a lot of things that we'll be talking along the call that point to very successful steps in terms of delivering our three element strategy, which is pharmacy, marketplace, and health platform. To talk about the highlights of the quarter, let me start here. We ended the period with 2,374 units in operation. We opened 62 pharmacies and closed seven. We had market share gains in every market with a national increase of 1.1 percentage point. Revenues reached BRL 6.2 billion.
32% growth over a very weak comp base of last year, a very robust 40.6% growth over the 2Q 2019. For a company our size, we're talking about a figure of 20% top-line growth. This is a really strong number. Our contribution margin reached 10.8, 81% of growth, and also significant margin expansion because of the weak comp base of last year. BRL 497 million of adjusted EBITDA, 8% margin. This is non-IFRS numbers. This is the traditional accounting standard, the one we believe represents better the economics of the business. For comparison's sake, if we talk about IFRS, we'll be talking about 11.1%. We really believe the 8% best represents the business because we pay rental on our stores, and that has to be accounted into the numbers. We had a net income of BRL 232 million, 3.7% of net margin.
Cash flow, negative BRL 300 million in free cash flow, negative BRL 387 million in total cash flow. It's important to mention that we had a peak in cash cycle every year in the second quarter. We're comparing here versus the valley of the fourth quarter. This is kind of an abnormal number. This is a number that will come down as the cash cycle normalizes. By year-end, I think everything will be normal. Probably next quarter it will be already normal. I think other highlights of the quarter is the announcement of the launch of Vitat, which is our new health platform focused on the promotion of integral health. We also announced yesterday the acquisition of another startup, Cuco Health. I'll be talking more about that during the presentation.
Finally, we disclosed in the quarter, not only the objectives that we have until 2030 in terms of sustainability, but also very specific targets for each of those objectives. We will also be talking about that in the end. Going forward here, as I mentioned before, we ended the quarter with 2,374 pharmacies, 62 openings, seven closures. We had 69% of mature stores, 31% of maturing stores. Still a lot of maturation potential in our numbers. It is also important to highlight that the guidance of 240 new pharmacies, both for 2021 and for 2022, it is still unchanged and we are progressing well towards the numbers guidance. Give you some more color on the expansion. I think we have seen over the last two years a big difference in terms of strategy.
I think until 2018- 2019, we're opening still a lot of stores in markets where we had already a pretty good presence. It was more about share gain in existing markets than about entering new markets. We can see that from the 2Q 2018 to the 2Q 2019, we increased only the number of cities where we compete from 311 to 337. Over the last two years, it's a significant increase in the number of cities. Opening stores in 40 new cities in the 2Q 2020, last 12 months there, so for one year, and now reaching 436. This expansion means that's much more focus in new markets as well as increasing density in existing markets. Of course, both happen, but I think the focus is clearly more now on new markets than before. This results in an expansion that has way less cannibalization than before.
As a result, we're seeing the internal rate of return going north of what we're used to do. Generally, we talk about the internal rate of return on expansion. On real terms, net of cannibalization of 20, we're now more into doing 25 rather than 20. The profile of the stores we have been opening has been changing a lot, not only geographically, but also in terms of income segments. It's easy to see here that 2Q 2018, 40% of the stores we were opening were still upscale stores, 40% hybrid, 20% only popular. Now the mix is completely different. We have only 10% premium pharmacies opened, nearly 60% hybrid and 31% popular stores. Both hybrid and popular serve the expanded middle class. The popular stores serve almost only those clients, while the hybrid serves a combination of customer profiles, including those customers.
When you look today at the total portfolio of stores, 1/3 of the stores is premium pharmacies, 45 is hybrid, 22 is popular. Hybrid plus popular is 2/3 of our total store base. We are present today in every market but three states, and this is something that we're changing this year, as we already have contracts signed both in the states of Acre, Roraima, and Amapá. These three missing states won't be missing by the end of the year. We'll have stores in all of them. Of the stores we have today, 1,019 are Raia, 1,355 are Drogasil stores. I think we have advanced in a lot of markets. I think one of the main highlights has been the South. We have now 260 stores in the southern region.
In Rio Grande do Sul alone, where we still have half the store base of Paraná, those are similar markets. Rio Grande do Sul is actually slightly larger than Paraná as a market, but we have about half the size. We are advancing very fast here. Our operation is really good. We have added 19 stores over the last 12 months. We have more stores coming here. I think another highlight has been the Northeast. We reached 317 stores in the Northeast. This is an amazing operation. We are evolving as well in the North with 68 stores. We already have 10 stores in Amazonas, which is a pretty recent market. Five stores in Rondônia, which is another recent market, and now entering these three missing markets. The growth is happening everywhere, but especially North, Northeast, and South have been very important areas.
Obviously, São Paulo, we already have a very sizable operation, 1,100 stores, which grew there as well, but less than in previous years. I think there's more focus on these other markets. I think this has been a great quarter in terms of market share gain, both on a national basis, but also we have gain share in every single market. Talking about revenues, obviously when you compare second quarter versus 2Q 2020, there's a pretty easy comparison as the 2Q 2020 was penalized by the pandemic. It was the toughest quarter in recent history. 32% top-line growth. I think the really meaningful number here is the 40.6% two-year stack growth when we compare this quarter to the same quarter in 2019.
For a company our size, a company which expansion on a percentage basis has been decelerating, obviously to 40 stores every year over a growing store base. Percentage-wise, this is coming down. Still, we have a CAGR north of 20%. This is a very expressive number, and this is obviously a consequence of the digital transformation of the company. As customers have gone digital, the total spending of these customers has also increased, and this is driving a very sustainable growth in mature store sales, total demand as well. When we look at the mix, if you split the mix in prescription versus front store, the mix has been constant. The only difference here is that within the front store, OTC has gained 150 basis points. HPC has lost 150 basis points. I think this also has to do with the pandemic.
Obviously, there are a lot of categories in OTC driven by the pandemic. Also, to some extent, HPC is penalized by less traffic than normal. In prescription, it's flat numbers versus last year. Here, looking at our comps, not only I think the 20% two-year stack growth is amazing, as I mentioned before. When you look at mature store sales growing 15% two-year stack, this is really, really strong number. We're talking here a real growth over this two-year period of 5%. We're talking 2.5% per year of real growth from mature stores. This is exactly a reflection of digitalization of our customers, generating more loyalty, more spending, more frequency, et cetera. Exactly here, as we have some numbers about digital that I was just talking about now. The 2Q20 was a strong number, 7.6.
If you look before this, the numbers were much, much lower than this. We reached this peak during the peak of the pandemic, which was a peak back then, when people were fully locked up at home. Over the coming quarters where circulation started normalizing, this number came down but still maintained a very strong residue. Now, as we keep pushing digitalization, we see the numbers growing again. We reach 7.7% digitalization in the first quarter, and now 8.9% in the second quarter. This is a very important KPI for us, and this is what's driving the comp and top-line performance we have seen. We see that the customers who become digital, they start spending an average 20%-25% more than before. They do this across all the channels that we offer. App, stores, websites, et cetera.
This increased loyalty is driving the comps we're talking about. I think another highlight here is the number of cities where we do motorized deliveries, we have 400 cities with operation like this. Not to mention that we have click and collect, and neighborhood delivering 100% of all stores. This is on top of that. Finally, we reached 11.8 million in cumulative app downloads. I'll talk later about digital in more detail, but the performance of our app is very important, not only in terms of how much it represents of the total digital sales, but also in terms of the kind of conversion rates that we have seen here, and experience improvement as well. Gross margin, we reached 28.8% in the quarter. This is a consequence of the price increase. We have an inflationary gain of inventory every year concentrated in the second quarter.
When you compare to the previous year, it is important to mention that last year, because of the beginning of the pandemic, the timing of the price increase shifted two months. The 2Q 2020, we saw only one-third of the gain. The 2/3 of the gain were in the third quarter. Obviously, this affects our gross margin on base as we move to the next quarter. 28.8% is a really good number. We have accumulated lots of inventories, as you can see here in the cash cycle, 68.8 days, obviously lower than the 80 days we had last year. These 80 days, it was not only related to price increase, but was mostly related to the supply chain uncertainties brought by the pandemic. We stockpiled a lot of inventories in order to prevent any disruptions.
In the end, it didn't happen. When we compare same quarter, it's lower now. When we compare current cash cycle versus end of year, which affects our year-to-date cash flows, it's a significant increase. This number will start coming down and it will normalize by the end of the year, and so will the cash flows. Selling expense is 17.9%. I think this is a good level. I'm not comparing to the 2Q 2020 because it's a completely different scenario of much lower sales and loss of operating leverage. These selling expenses, combined with a strong gross margin, generated a very strong contribution margin of 10.8%. When you look at G&A, we had 2.9% of G&A versus 3% last year. Similar numbers, despite a much lower top-line growth last year.
What's happening here is exactly that we invested 40 bps in the digital transformation, simple as that. We're talking here IT investments, not only in IT as an accounting line, but looking more IT like a cost center. That the Agile teams are here, we have cloud here, we have developers here. We have people, we have services, we have every IT line here. 40 bps, this is a structural expansion. This is the cost of doing the kind of digital transformation we're doing, of launching a marketplace, of launching a digital health platform as well. Finally, the adjusted EBITDA 8%, BRL 497 million. Just for comparison's sake, because some of the players in our industry, for some reason, they prefer to report IFRS 16, which in my view are artificial numbers. If you look at this, it's 11.1%.
The right number to look is 8%. Here we have the reconciliation of the EBITDA. The main point here is the non-recurring gains we have adjusted from our reported EBITDA. We have, in the quarter, BRL 52 million tax gains related to other fiscal exercises. The accounting EBITDA was even higher than BRL 497 million we reported. The accounting EBITDA was BRL 549 million. Very strong, but obviously we are very stringent in terms of the criteria we use to adjust the number. This is true for non-recurring revenues as well as non-recurring expenses. This quarter clearly shows that. Finally, BRL 230 million in adjusted net income, 3.7% of margin. As I mentioned before, we had negative total and free cash flows driven by the peak in cash cycle we see in the quarter versus the very low level of the 4Q 2020.
Finally, despite this peak in cash cycle, we still see 0.8 net debt to EBITDA, very low the gearing ratio and this gearing ratio will fall even more as we normalize the cash cycle in the coming months. Finally, our stock price fall 1.3% in the quarter versus 6.3% appreciation by the Ibovespa, and we reported an average trading volume of 149 million, which is, I think, a pretty expressive number. Obviously, our compounded returns since the IPOs of both Raia and Drogasil, they are really staggering numbers, and we keep reporting this kind of number as we move forward with the company. I would like now to focus on some of the strategic highlights of the quarter. We have this strategy that is based on three elements. New Pharmacy, which is the combination of digitalization with a health hub. Marketplace, that is in the early days.
We just launched that for one of our banners. Finally, health platforms. I'll talk one by one of the main highlights. Here we have the New Pharmacy highlights. The first number here, we already talked about this. We reached 8.9% digitization with 11.8 million cumulative downloads, and it's amazing to see that our app has more than 10% sales conversion, which is an amazing number. The app accounts for 60% of our digital sales. Obviously, the net promoter score of the app is still below that of our physical stores, but it's improving, and it's improving at a very good pace. I reinforce what we have been saying. We have a good app. We don't have a state-of-the-art app, not yet, but we'll get there, and we are exactly in the process, and we see the numbers showing the improvement here.
When you talk about the footprint, these 436 cities where we have deliveries, they represent 99.5% of our total demand. The cities where we don't have this service, they are irrelevant in terms of total sales, but even those cities, they will have click and collect, they will have neighborhood deliveries because we have that in 100% of our network. Another highlight I would like to mention is comparing here the online visits of our websites versus those of our competitors. Obviously, Drogasil is the leader. We have the obligation to be the number one. The point goes beyond that. We're the number one individually for the banners. Again, Drogasil is the number one drugstore brand in the country. Raia is the number two drugstore brand in the country. Yes, we should still be ahead even on individual basis.
When you look versus the competitors, we have more traffic than our fair share. That's the message here. We are, as a company and even individually as banners, way ahead of our other competitors in terms of traffic. Finally, when you think about the healthcare side of the New Pharmacy, it's unbelievable that we have applied up to date 3 million COVID tests. This started in May last year, and this year alone, we have applied nearly 2 million COVID tests. This is very important in terms of our expanded role, not only as a pharmacy retailer, but as a health site, as someone who can support the customers in taking better care of themselves. On top of this number, another highlight is that we have applied a big number of COVID vaccines. Obviously, this is a partnership with several municipalities in the country.
We allow the public system to use our stores as an expanded network for the public service. This is completely for free. We don't charge the municipality, we don't charge the citizen. Very often it's a professional from the public health system who does the vaccination within our stores. This is also part of making our structure available to improve public health, and this also helps showing to the customer this new face of the pharmacy. Moving to the marketplace. It's still too early to talk about GMV. Right now we have the marketplace only in one banner, which is Raia. We are probably now in August to start rolling at Drogasil because we were introducing a new system release before doing this. Now we're getting ready to do it. We already have 136 sellers. This number is moving up.
We have 28.6 thousand SKUs available as a 3P offering on top of the 13, 14, 15 thousand we have as a 1P operation. Finally, we have sold already 6.9 thousand different SKUs on the 3P operation here. Obviously, this is very early days. We still don't have our own logistics. The GMV numbers are still not material, but they're growing, and we're happy with the way it's progressing. We are absolutely convinced this is a very important growth lever for the company. Finally, we launched the quarter Vitat, which is our integral health platform. We have a specific app for Vitat. The health hub in the store is named Vitat Space, and we have, along with this health hub, a space in the store in which we also sell curated healthy products. Things like sustainable products, organic products, vegan products, et cetera.
The beauty here of this health platform is exactly the fact that this is an omnichannel offering. This is way more than a simple app that help people take care of their health, which we do. Here you can, through the app, schedule a COVID exam or whatever test in the store. Once you do the procedure in the store, we store the data in the app. The consumer can have a health wallet in the app. We have 25 free programs that we offered at launch. We have already four health hubs working in tandem with the app. We'll have 20 health hubs by the end of the year. The chassis of our app is exactly one of the startups that we bought, TechFit, and TechFit has brought us 40,000 paying customers who are using some of our digital solutions.
This is an amazing starting base for us to start building upon these solutions, bringing new programs, further integrating with the stores. In the end of the day, all these three strategies, they are fully integrated. They are all enhancing the engagement of the customer, increasing the frequency of the customer, increasing the spending of the customer, and as a result, increasing the customer lifetime value. In the end, it doesn't matter where the customer is coming from or where the customer is spending their money. What matters is that we have a full solution for taking care of people's health and well-being, and this full solution will have a platform effect within it. This is very, very, very, very important for us. Finally, we have announced yesterday also the acquisition of another startup, Cuco Health.
With Cuco Health, we have an amazing ecosystem in terms of retail and healthcare solutions. The basis of everything are the high-end Drogasil banners which are omnichannel retailing operations, and they start to become also marketplaces. We have a group of private label brands that we have in our stores and our digital platforms. We also have solutions here for enhancing, for increasing customer engagement. We have Stix, our joint venture with GPA, which supports our loyalty program. It's a common points platform with GPA. We also have RG Ads. This is an organic development. This is not a company we bought. Today, it's a business unit, but will become a company to support digital marketing activities, both for the pharmacy and for 3P within the marketplace. When we think about healthcare, we have a lot of assets related to health promotion.
TechFit has brought with itself, the TechFit brand, the Workout brand, or the Tecnonutri brand. We have Vitat, which is like the 360-degree health solution that brings along several of these specialized solutions like Workout, which is a workout kind of thing. We have Nutritionals. Vitat combines everything with a focus on the customer journey. We also have Healthbit, which does health promotions for company and health operators to reduce medical claims to improve populational health. These are health promote B2B and B2C solutions in terms of health promotion. When you think about access and adherence to the treatment, we have two business here. We have Univers, which is part of Raia Drogasil. This is not a separate company. What Univers does is increase the access to the treatment.
We do partnership with health insurers, companies to bring people to our stores, to provide more discounts, payment facilities, and things like that. Now we have Cuco, which is a startup specializing adherence to the treatment. Adherence to the treatment is one of the main gaps in healthcare all around the world. There are statistics that show that people, adherence to the treatment is less than 50%. This is really a win-win opportunity for us and for the customer, because a customer who is fully compliant will live a better and longer life, will have less cost for the healthcare system, and also will increase their spending with us. We have tried to do several initiatives, some successful internally, but now we have a team, a company fully dedicated to put all our assets together to build adherence, 360 degrees adherence solution to our customers.
Finally, when you talk about specialty, we have 4Bio, which is specialty pharmacy, and we have Manipulaê, which is compounding pharmacy. This is an ecosystem in the making. There will be more startups joining this ecosystem. We have a nice pipeline of negotiations through RD Ventures, which is our corporate venture capital platform. It's easy to see how this is combining to transform our execution in the coming years. Finally, we have recently announced our objectives and targets for sustainability. This is a program that we call Walking Together for a Healthier Society. We have three fronts here, healthier people, healthier business, healthier planet, and we have several major objectives here. When you think about healthier people, taking care of the health of our employees. Any health transformation starts inside the company with our employees having better health.
Also promote healthy habits to our customers and promote health in the community. These three macro-objectives are related to healthier people. In terms of healthier business, we have another three macro-objectives , which are, include and empower our employees through diversity promotion, expand personal development opportunities for them, and also promote empowerment and diversity within our supply for our suppliers. Finally, when you think about the healthier planet, potentialize the circular economy within our value chain and contribute to a zero-carbon world. To do this, we have set 35 goals which are aligned to these macro-objectives and to these objectives. We have the link here for the detailed 35 goals that we have set for 2030.
We have here several of the main goals, like reducing by 50% health risk factors of our employee, become a net zero company, zero landfill, boost professional development and certification, gender equality, minority representation. All these goals are very clearly set. Now year after year, we'll start monitoring them and reporting on them. These were our prepared remarks. We would now like to open for the Q&A. Thank you very much.
We will now start our Q&A period. The first question is from Maria Clara Infantozzi from Itaú.
Hi, guys. Thank you for choosing my questions and congrats for the results. I have two main questions. Could you please give us more color on what are the main drivers for the constant improvements that we are seeing in the digital penetration? In other words, does it come from new clients, from better conversion rates, or from a higher average ticket? We are also impressed with the app conversion of 10% that you've shown in the release. Could you please give us more details on what do you see as the main drivers that boosted this conversion rate at this level in the app? Thank you.
Okay, Maria Clara, thank you for your questions. Let me talk about the digital penetration. As I mentioned in the beginning, we have a strategy that has three very complementary elements: new pharmacy, marketplace, and platform. Marketplace and digital platform are almost fully digital businesses. In the end of the day, the capacity of this business to create value depends on our capacity to digitalize the customers and onboard them at our pharmacies. The digital penetration within the new pharmacy is the main KPI for the company, because the highest the number of people who'll be using our apps and digital platforms, the highest the potential that spending in the marketplace and the potential usage of the health platform as well. We're trying to boost the digital penetration. We have been very aggressive about that.
Obviously, a lot of that has to do with improving our delivery services. Having delivery in more places, having better operation, faster operation. This all increases usage, and the usage brings people back to the app. This has to do also with boosting the usage within the store. Two examples. Stix. Every customer who gain points and wants to redeem those points for products, those Stix points, they have to use the app. The app is the only platform where they can track the points, exchange the points, et cetera. This is another driver of digital penetration. Finally, our exclusive offers, which are one of our main elements of our front store execution, they are moving to the digital environment. Not only we have the physical coupon we have always had, but we have a high and increasing penetration of the smart coupons.
Obviously, we are giving a lot of discount incentives as well. The prices online are more aggressive. The digital smart coupon is more aggressive than physical smart coupon. This is on purpose because we want people to use more and more our digital platforms. They want the people to buy digitally more and more for us because these people, they increase their loyalty, they increase the frequency and become customers of the new businesses, of the marketplace and of the digital platform. This is what we're doing. We're very healthy with this number, but we want to keep increasing that. We are glad, but we're not happy. We believe that this digital penetration can be much bigger, and we'll keep pushing them. Obviously, it's a gradual build-up.
It's not a turnkey process, but I think we're being very successful here, and this opens all these optionalities for the company in the future. In terms of the conversion, I think it has to do first with the relation that we have with the customer. There's strong loyalty, a very strong relationship with these kind of customers. The customer gets used to the app and obviously when the customer gets the app, generally because he wants something specifically. This results in a high conversion. The second thing is that when we send a push for the customer about an offer, that offer is relevant, is in categories the customer is interested about. The conversion of the pushes is also high.
The experience of the app has been increasing as our squads have been working month after month after month, bringing new functionalities, eliminating bugs, improving navigation, user experience, et cetera. All that is really driving this amazing success with the app. That represents something like 60% of digital sales and has a 10% conversion rate.
Very clear. Thank you, Eugênio.
Thank you.
The next question is from Gustavo Senday from XP.
Hello, Eugênio. Thank you for taking my question. I have two questions for you. The first is on the RD Ventures. I was just wondering if you could give us more color on the acquisitions pipeline. Are you guys focusing on specific segments or specific type of company? The second question is about market share. I was just wondering also if you gained share over smaller and regional players, or you also gained share over from larger and well-established players. Thank you.
Okay, Gustavo, thank you very much. When we look at that ecosystem chart, obviously we have company like 4Bio, we can hardly call it a startup. It's a BRL 1 billion company, BRL 1.2 billion in revenues. We have the joint venture with GPA, Stix, which is also a very specific thing. I wouldn't call it a startup, even though it's a startup. It's not a traditional startup in the sense of it was something that we buy from entrepreneurs, something that we built together with GPA. We have today four startups. Three we already own. Cuco, we just announced yesterday. We'll go through the antitrust clearance, and then we will actually start owning Cuco. These startups, they're becoming very important for us. For example, tech.fit is the whole chassis of the digital platform. We have 40,000 paying people per month at that business.
All the solutions that we're bringing, they started with the startup, and now we are enhancing them. We have Manipulaê, which is a compounding pharmacist marketplace, so it's also growing. We have Healthbit, which is a company that serves corporations and health insurers in terms of reducing loss, medical claims, improving populational health. This is a gateway for us, not only to offer Univers to more accounts, but also tomorrow, when we have a deeper suit of solutions in our health platform, that we can maybe have a B2B platform as well, and Healthbit will be very instrumental in doing that. Finally, Cuco is a company fully focused on adherence to the treatment. We have done some initiatives, sometimes more successful, sometimes less, but we have that.
We have had some success even internally in increasing adherence to the treatment, but doing that on a full-time basis, as a full-time business, I think it will be very different. This is a huge opportunity for us economically and for the customer in terms of improving the health. We are negotiating with other startups. I don't want to be specific, but there are health techs in this process. There are also companies that are enablers to digitization. As we sign and as we are able to announce, you'll see more clearly what we do. Thanks.
The next question is from Renan Prata from Citi.
Hi, Eugênio. Thanks for taking my question. I think I have only one from my side. It's a follow-up on Maria's question. When you look to the digital competition, we understand that Raia has important competitive advantage given the company's capillarity across all regions. When you look to the big retailers or the big e-commerce players, do you already see these names as a directive competitors, or do you expect that this name will focus on the health segment in the near future? If so, what will be the main strategies to handle this competition? Thanks again.
Okay. Well, thanks, Renan. It's a very important question. Obviously, we are looking a lot to the leading platforms, B2W, Magalu, Mercado Livre. I think these guys have been through this path before us. There's a lot of learning for us. I think they have an amazing execution. The numbers are really impressive. In the end of the day, they are generalistic platforms. What we want to do is different. We want to be a vertical platform, a specialized platform. I think we have assets also that allow us to differentiate our offerings. In terms of pharmacy, today there are regulatory barriers that prevent other general platforms from becoming online pharmacies. Obviously, they want to discuss these barriers. I think these barriers, they are there for a reason, to protect the customer.
In the end of the day, you cannot have a medicine being delivered by a company who's not a pharmacy without a fully audited and a fully licensed value chain, without the supervision of pharmacies. If anyone can become a pharmacy, if they become a pharmacy, they can do it. Without becoming a pharmacy today, they wouldn't be able to do it. Even if they want to do it, when you think about pharmacy, we're very happy that 9% of digital penetration today, guess what? 91% of the penetration is in the stores. We have 80,000 pharmacies in Brazil. It's different for a customer to buy a pharmaceutical product because you have a pharmacy with parking, with amazing experience in every corner. It's very easy and convenient.
The main enemy of any digital pharmacy, us or anyone else's, is the physical presence and is the high level of convenience that the pharmacy offer. This is something very important. The other aspect is that we have a capillarity of 2,400 pharmacies all over Brazil. We reach 2,400. We can deliver very fast with a very low cost. We have a wide array of partnerships with manufacturers, with adherence programs that they support. We have a lot of partnerships with health insurers, with payers that give specific discounts. Pharmacy execution that is a very specialized execution. The best example I can give is that supermarkets, even physical ones who own a pharmacy, have never tackled the challenge of being a great pharmacy.
You look at supermarkets today, they become irrelevant in the pharmacy because they have the customers, they have the space, they have the pharmacy, they have the pharmacist. They don't have a dedicated, specialized pharmacy execution. They don't have dedicated logistics. They don't have dedicated systems. The only thing we do in life is being a pharmacy. Now, we will do more in terms of health. We come from this very strong experience that we are moving online, what we already do on the physical. It's not easy for anybody to penetrate on the physical stores. If anyone can penetrate in the physical stores with the digital offering, is us by having the same level of specialization online that we have offline. Obviously, in terms of the repeat, we'll be developing categories that nobody has. An example is compounding pharmacy. Nobody has it.
We want to have optics, we want to have other kinds of categories they don't have. Some categories they have, and we have, like beauty, like personal care. These are open categories, and yes, there's competition already. I think we have our own space where we can lead, where we can develop this business and become a very relevant virtual platform.
Okay, thanks. That's very clear. Congrats about the result.
Thanks.
We wish to thank all the participants for the questions. Now, I'll turn the conference over to Mr. Eugênio De Zagottis for his final remarks.
First, thank you all for attending the conference call. Just to summarize on some of the things we have talked today. I think this has been a great quarter. Financially, very, very good margin expansion, very robust two-year stack growth, 20% CAGR, 40% two-year stack growth. This is a very impressive number. It is a number that is driven by the digitalization of the company. This 40% two-year growth implies in a 5% real mature store sales growth over a two-year period. It is like 2.5% real growth at mature stores per year. This is driven by digitalization, because the people who start using digital, according to the numbers we have within the company, they start spending 20%-25% more than before. They spend more online, they spend more offline. We are agnostic in terms of channel.
Our commitment is to provide the best possible service to our customers regardless of the channel that they choose. I think the new pharmacy is progressing really well. We have the initial health hubs being implemented. We have done, this year alone, nearly 2 million COVID tests and more services and vaccine shots, flu shots, a partnership with the public system to do COVID immunization. This will be significance of the store that's bringing a digital element and a healthcare element, it's happening at full steam. We're also launching our marketplace. I think it's very early days, but it's very encouraging what we're seeing. We are being able to attract a lot of great partners. We're starting to look at our sellers as another customer of the company, a customer that deserves a value proposition on our part, that we help them be effective.
We offer them logistic solutions, market advertising solutions, and other solutions. This will be all built in the coming years. Today it's 30 days, but very encouraging signals. I think over time, as the numbers become more material, we'll start sharing GMV numbers, but I think it's still too early for that. Today we are in a single banner, which is Raia. We're now starting to launch the Drogasil banner, so this is another important stage. Another highlight has been the launch of Vitat, our digital health platform. It's an omnichannel platform. You can think about a customer, for example, who has diabetes. This customer can subscribe to a program. Today, the programs are free. I think in the future, we'll have a premium format. This diabetic customer, they can buy pharmaceutical products from us with more discounts.
They will be able to gain more points when they buy from us. They'll be able to go to the health hub, I don't know, once a week, once every two weeks to do exams to measure the sugar level in their blood, weight, cholesterol, whatever they need to measure. It's an omnichannel offering. There's a platform that helps them in the everyday management of the disease adherence, eating healthy, sleeping well, exercises, but then it integrates with the services. It's, again, early days. The acquisition of tech.fit has been instrumental for us to launch this platform that fast. We're ramping up, and I think this is a longer-term process even than the marketplace, but I think this will be a very important piece of the whole puzzle that we're building. Finally, we see our ventures progressing. We just acquired our fourth startup.
We're starting to leverage the startup to transform the company to accelerate our digital and healthcare execution. This is, I think, the main points we discussed today. I'd like to thank you all for your support as shareholders, and we remain available for you whenever you need to talk to us. Thank you very much.