- Earnings call transcript Q3 2022

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Ana Raquel Torres

Thank you for joining us for Afya’s Third Quarter 2022 Conference Call. Today, I'm here with Afya’s CEO, Virgilio Gibbon and Luis Andre Blanco, our CFO.

During this presentation, our executives will make forward-looking statements.

Forward-looking statements can be related to future events, future financial or operating performance, known and unknown risks, uncertainties, and other factors that may cause Afya's actual results to differ materially from those contemplated by these forward-looking statements.

Forward-looking statements in this presentation include, but are not limited to, statements related to the business and financial performance, expectations and guidance for future periods or expectations regarding the company's strategic product initiatives, its related benefits, and our expectations regarding the market as well as the potential impact from COVID-19. more Exchange in Commission. those the filings include and Securities risks fully our described with These the The based available of on statements the hereof. forward-looking in information to this us presentation are date as

on You any required disclaim update by them should to not as of and obligation except future statements forward-looking predictions any law. we events, as rely

substitute prepared addition, may reference in call. accordance not are measures be This management reconciled non-IFRS considered this presentation results most measures. In these measures intended or comparable isolation of with IFRS. a non-IFRS as These financial IFRS in to financial measures the directly to has on the financial

the Slide Let turn call me with to CEO, number Virgilio now Gibbon, starting Afya’s X. over

Virgilio Gibbon

Thank thanks you, us Ana, and everyone for today. joining

the as results year, delivered strong we well of see throughout end Afya can the this again, we show approach will you presentation. we As

to now number Page moving So, X.

followed interest great and capital and Net allocation debt last of EPS higher BRLXXX.X than topline discipline on last an of result our reflects are with same reached efficient reaching of reflects XX.X% year, followed Afya's lower more start a pace XX% income million, higher revenue net year. BRLXXX.X margin, XX% capital net growth trend XX.X%. and than and more the Let’s XX% reaching about of It below adjusted Digital BRLX.XX, This highlights. reached worth Services. year-over-year, level with last a our of margin the quarter both Continuing Education year, avenues in of growth bps our and year-over-year, Health an develop over effort growth is that market growth quarter mentioning EBITDA million and new with accelerating period the positive level. considering QX than a an increased rate XXX structure. million, buybacks the and by growth This segments to M&A, last Adjusted in XX% EBITDA BRLXXX.X XX% year-over-year, same even quarter-by-quarter

the nine reported year, We also XXX.X%. another million, BRLXXX.X with with great higher last conversion period XX% months cash of a generation, ending flow cash than

the the medical operational the Medicos JiParana row of now the four of (ph) with operations of seats reached have to campus, second Moving X,XXX beginning along almost to Mais updates increase quarter, an XX% year-over-year. our with we

ramp-up and it more with opportunity period. the the three-month with by This pharmaceutical million strong result explained and than Services, is engagements, great excluding XX% acquisitions, the the in in Digital reaching ahead ecosystem market. on on This physicians contracts BRLXX industry ramp-up new XX% reinforces BXB of almost to Last growth represents continuous our XX% active Physician the Brazilian almost XXX,XXX medical companies, classes, year. strong Services a of number Our increase compared pandemic over the great representing to of students the the which and great the unit Once more year-over-year, has medical on Digital again, XX% than than year. almost same can another growth revenue, see practical a after the (ph) organic XX% more revenue XX% quarter we period with ended reported presented the of business reached Continuing last Education Business a last contracts. not of and Health XX,XXX and recovery almost the over year. least, results undergrad as students’ has Afya In segment, last gladly reached on impacts but growth users, an

segments. entire will year the updates presenting on the remains positive Continuing of of Afya’s how growth successful medical guidance within half, solid, next our new in trend relevant now Digital second for Slide issued added reaffirm we In slide, all recovery, and to medical of X, the occupancy a XXX% number concluded the Moving the its schools, execution acceptances our Services, students to enable Education previously us about three the the talk to business XXXX. for ensuring in

As number previously our with seats all Itacoatiara along in an Ji-Parana strengthening pandemic Medicos Mais and our said, undergrad XXXX, of leader Abaetetuba, campus, impressive seats, to Bragança, new portfolio. this We’ve the of see were quarter we Manacapuru, medical four XXX UniSL to medical as X,XXX third new in operations, have Brazil. the consolidation them strength. medical hoping quarter, beginning combined we operating reached its lose of the totaling Back

XX After my this strong pharmaceutical in will I show the our presentation, Continuing incredible awards have recovery slide campuses, see, now, industry extracting students, and how our labs Services go hospitals, we the for Digital six employees, the assist intake players, last partners continue new drugstores being compared physicians, of our ecosystem proud our well we revenue from classes finally and can reflected contracts beyond best time, once boosting throughout to Education with tools and we with able to is public we opening physicians’ during at engagement being to year, time And that Now, XX are the further Proof launched, unlocking again. pharma explore is to to year, journey, see development on medical courses processes, our reached, different and far, on do our achieving new can commitment companies. XXXX, growth, strategy that same we segment, the streams so the we an of third the our practical ecosystem, chains. as, their and this again. recognition. being moving everything new the last On to BXB interactions see of

in won we third XX we open to XXX shown with segment, were in to best a As country. market, a for and time row, Negocios also Top as results and the great with as of reflection the the the are award we’ve Epoca ranked in Anuario our proud share a that, that innovation along engaged that, actions are Education company being the company the

health passion with of the who those more our X,XXX vision a as medicine and have proud We employees are work a to are achievements, recognition they these the around of very as than vocation. together transform of unique

now, can find will more I operational the and more financial on regarding QR over awards you. the Luis slide. color give the You call metrics. the Afya's the turn on to information at Blanco, Thank And bottom Codes CFO, these to of

Luis Andre Blanco

Thank million, Afya. and Medicos Adjusted Education operations, the to and segment satisfaction mainly COVID-XX the to you, the of presented I of BRLXXX beginning in recovery, due seats and number the net the Digital quarter XX% growth to medical quarter, BXP. the has Mais country, for six financial the with of opening revenue also Parana X contributed It discuss again, of the active Virgilio, this the that in campuses of effects courses up much maturations was payers’ to Slide everyone. strong the the result with quarter the increasing for interruption of capitals Starting of with of four the highlights evening the good third expansion the revenue and quarter. and Ji is launching. year-over-year another Medicine tickets higher Once engagements in Continuing important courses, and new the the Services pandemic, the BXB reflecting new

increased the basis EBITDA year. BRLX,XXX revenue Adjusted adjusted of EBITDA this almost BRLXXX to the XXX adjusted quarter million, XX.X%. XX%, over margins the XX% For increase period, while period last to million, same decreased an points was of net for nine-month

in of For the the XX% of same with market, year, of the margin of Continuing highlight the preparatory basis decrease and period campuses, the over the Digital and in the an performance of segment, in residency the quarter, holding maturing to expansion the the observed the still Medcel million, Continuing prior EBITDA in same profit segment, nine-month the Education segments which in mainly points The growth digital the gross services reduction and adjusted Important shared period, increase adjusted increase is margin in EBITDA expenses year. adjusted the EBITDA is period. in was XXX in an BRLXXX level. last mostly the reverting trends new Education for to due

for same next quarter to a was Moving was cash third cash of XX% the an generations totaling million, XXXX for prior year. the period Adjusted X% of BRLXXX net income higher almost of year-over-year, the flow resulting adjusted ratio million, nine-month the of the conversion increase over in XXX%. strong slide, BRLXXX period

year-over-year and the in expenses the results, increased was increase almost operational the of EPS quarter XX% the non-recurring execution by and XX%, the buybacks of third The positively by affected decrease programs. by previous

discussions for Moving key metrics business Starting a unit. number with the of XX Slide operational to by Programs. Undergrad

Combined medical Our Virgilio said. XX% encompass reaching Ji-Parana seats Considering number increase increasing year-over-year, year-over-year, Tuition our XX,XXX more from to Medicos than XX,XXX to of undergrad medical we’ve the of of expect BRLX,XXX related seats inorganic at students up million reached year, the of the our seats to XX% students, medical four average an medical organic grew as XXX more BRLX,XXX year-over-year, we net from maturity. and XX%. X% prior than ticket campuses, million operational and with expectations, achieve Fees, due With increasing Mais students

mix, courses. revenue students these derived from from of Regarding health-related and school XX% medical XX%

On the Continuing will page, next our I Education present metrics.

capitals of of of our we to is period than reaching the the in segment, with year. quarterly when the six same in interruption launching, great getting figures grew the year, effects to In recovery due another as of XX%, prior the students, before, revenues segment compared country, the campuses pandemic, X,XXX again. the Continuing to students, XXXX and mainly XX% in recovery courses explained for of increase quarter, the Education new said number closer This the more opening As an saw the important before. to compared the of of new net last COVID-XX

number Slide metrics. to Services the discuss operational Moving I XX, will Digital

can users, XXX,XXX which have our to year. With revenues XX% growth a growth that last On trend BXP. (ph) see the reached you those this total payers, we generate quarter, in compared first in ones graph, paying continuous a active are

all and As in Virgilio XXX,XXX as in our the ecosystem students see graph, Brazil, users, you reached XX% of said before. monthly medical representing second can almost active physicians

BXB can quarter, growth This reaching graph, and a the net last year-over-year, Digital Services the and XX payers our expansion on acquisitions. industry the which excluding start active in combination XX% see of the of for the pharmaceutical and than our more of mainly we contracts iClinic. with engagements, in BXP, increased XX XX% more organic companies, is the than Whitebook revenue different Finally,

the started BXP In down we segments. Digital year, the BXB beginning of break Service’s revenue net addition, within our and to since

to million discuss my up. end moving our cash Digital from since more equivalents ramping net and the giving BXB, on BRLX,XXX color in and quarter, XXXX. revenue BXP, and of million license BRLX the net payments the million last same quarter the Service’s BRLXX of flow BRLXX debt of combinations in more at So, BRLX,XXX totaling and due months, shares XX acquisitions excluding investment were is period, cost six to mainly BXB than period BRLXXX from than also generation. slides, million. more third now, compared from Cash the I will of our of executed program, the still months strategy financial results related was and the debts. XX two last debt, million net come during And of year-over-year the to almost come IFRS-XX, cash last partially the cash by net position, our Net increase to million The all offset business debt repurchase activities, the

main On financial other plus and and see with Softbank to our considering a shareholders payable other accounts transaction, of our of financings, debt and you loans obligations. total the debts, next slide, cost our breakdown can the table selling debt, gross the

debt. position conservative of and Our ends solid a our This low prepared capital structure leveraging cost remains remarks. a with

economic approach by Thank political significantly positive open will increases we consistent delivering the segments, Q&A of we Afya the session. for can three the a growth, results, see business the in EBITDA, I our expansion. and challenging with cash now year, and the net As even quarter conference considering generations EPS gladly and scenario, end in marked revenue you. strong a

Ana Raquel Torres

question first Luca you please. from Luca, comes from Marcussini may Itau. now our So talk,

Luca Marcussini

questions Hey. got our everyone Good from taking side. We evening, thanks our questions. and for two

number in So active first payers. on Medcel. the of decrease quarter an of another We've seen

to drivers start that mentioned BXB please more then the on Thank of the competitive an of on you. And you the revenue? revenue in contracts and the provide market? Can contribution growth color these was for you secondly, So the can landscape one engagements. company please its net update provide the

Virgilio Gibbon

Luca. Virgilio. Hi, is This

better nearing the November, than So of we about new the rhythm season, beginning launched in in much it Medcel, this new our enrollments that product new intake for seeing so the we of of bottom of saw are year. rest the -- you it's

of launched end September, wasn't we pre-sale So new the November. product the on of beginning of October. beginning release But

seeing we're now generating new all intake November than after the year. the So and of (ph) more version free leads rest is the that better much the

that, that, are lower pillar would previous reduction on we the Medcel combining Besides one. is in be the quarters. So the with saw than forward expectation moving mid-sale we

is the of offering ramp we prep we and physicians type fast needs. under to help have will one the Medcel not for moving but for other problems product its so support just residents' So problem product another continue (ph) pillar are that and their other that and one, also also only (ph), out title for content

we a So pillar one of turnaround are on seeing trend fourth Medcel year-over-year better quarter. in starting

Luis Andre Blanco

well deploy Luca. This It's I'll contracts Digital the on you to XX on This the regarding through users. the We've segments. quarter the year third regarding driver physician Hi, pharmaceutical main see received industry, a now here and strategy is contracts second the we physicians pharmaceutical that on second the access for access to from providing base. Mais is see. are take we industry. that the than contracts revenue the (ph) of we these being quarter BXB been that Luis coming industries able are are the pharmaceutical trend your the is the growth by regarding to contracts speaking, question Medicos from The on XXXX this BXB based our that the very more from sign and

growth happy this very room very with and of this see kind service. to have achieve are that we -- We great a we a regarding

Virgilio Gibbon

it what add, on the We This BXB to you Virgilio. the Luca. contracts. just Just X Phase is call passed,

the launched of contract. kind we expanding a first lending, was quarter, of software type The

to more of time. it that was for a deliver like So have a short we service period

period, serving, type of effort from also time revenues longer only right So longer our for increasing -- the but of now the services. of is we we're accounts clients, type can not recurring a number a that our that pharma these serve

sale lot. growing pipeline. we only our for are So we a of number that opportunity contracts, that direction, have Not the each value moving but on the book on

this the is quarters. coming BXB from -- you numbers biggest year will batch remains and So good our following the the for see the following from

Luca Marcussini

That's you Virgilio Thank very Luis. clear, and

Ana Raquel Torres

comes Fred go question from please BofA, from Fred next Our ahead.

Frederico Mendes

I everyone. as here evening, questions have Good well. two Hello.

growth understand want and I one, first the the to The between EPS. just difference income net

repurchase considering that's XX to million minus have don't difference here the as doubters here, have shares in you the XX maybe why maybe We million shares we XXXX, information, a you're right program, have EPS.

least sure one. make could And get to first will of second one, want you level the you Afya the which that. just I This So just then startup, if we [indiscernible] be higher guys provide us At at that do it's understand, eventually like scale right? build to scale almost are, dilution eventually costs this start margins. is you to you you and of so a portfolio the

level you are Thank if of look we three, So very at year [indiscernible] a which Afya five right on window now. much. you

Luis Andre Blanco

that the amount million shares have shares we Yes, speaking. that Luis that X.X the Its have treasury the treasuries, three now. our buybacks in we've considered totals till Fred. we Hi, that done you're of right, have we regarding

use metrics in for mean XX months. that these three parties, we As the the the last

-- we of increase as then more than XX digital of shares we dilutions, treasury, amounts the as the the up. the months, are effects comes that numbers, So the shares have regarding regarding these our on increase EPS these the

in we million right shares approximately have now, So our treasury. X.X

goal the can regarding add we as providing plan, that of industry in the providers of payers. the segment now, pharmaceutical on see is see our for the achieve efficient industries, provide is where see this begin pharmaceutical to are Virgilio for the net it segments This We get for demand in Regarding part first Digital for for digital mainly digital XXXX with as most these our have of phase (ph). this for of billion now what segments. We service the revenues BRLX.X right Service the XXXX. ambitions access BXB we the opportunity capturing of and but access growth, then we BRLX.X the is XXXX. This launching the and right providing the can billion that revenues I'll question, can that second that is the we

Virgilio Gibbon

to Hi, add But point Fred. just here. a

So of beginning the during Having to last main our we the our did said I XXXX, pillar ecosystem, also acquisition that, during saw Glic our reinforcing on we six of the focus as was monetization XXXX, pillar. sixth complete and think that the contracts. BXB the

growing are very up up and can We faster top our check also margin gross line fast. figures than on We that. and ramping also expected on ramping on

a good terms in leverage of is moving So this forward. opportunity

to addressable trend So as are we a have that. and Blanco are by said, XXXX X% we good reach this to of aiming in market

XXXX, XXXX. a on contribution sure, of coming we in from to Continuing the for line when be be figures for in you year-over-year we margin and release results stronger entire figures moving compare Service business both will didn't terms So Education and better Digital and much profit. the segments when any will But for deep-dive top also

Frederico Mendes

Very But I just I they've when I do think still that -- a right? same on some Virgilio for Perfect. allocation, may, I do the and business. apologize. the consolidated and reduced capital follow-up take Luis. clear, If topic, understand margin about

use. mean, of about, So you think do kind how metrics I you what

And [indiscernible] margins eventually you and [indiscernible] careful below want then here. pressuring Now growth or you. more to is between to to in and a I How trade we need consolidated go on the little this about to don't should more pressure accelerate bit business? margin a a think time do the -- on certain margin and be point. Thank higher

Virgilio Gibbon

completeness, saying I'll that serve now. see a what right we kind we service Regarding to want you of capital allocation itself, start

that amount within raw the we're right So service new that capital in the solutions, to product. now new major going put in the regarding invest we is points allocation

it's the inside allocations product of more it new deployments new in terms service, existing we So of business see products. itself, capital

So organic would spend we're I going say on to CapEx, that. with

positive results, an the got But Regarding we've going the that. that 'XX repurchase ahead, that digital impact it's on negative we've faced have margins our regarding the right the we segments. digital the -- we office, XXXX, that year regarding about Start the guys. we're sorry from we see regarding to And growth operational to that more lower during made XXXX, to now itself, start results besides not do of next was sorry, definitely, side the negative comes scale bit do inside we products. -- the margin, we little XXXX we negative gain as more then a for the business the talk lower combinations, And we year. margins. as point the the to with But and with come. grow business development And coming existing start

Luis Andre Blanco

Fred, if here. I may add

thumb, improve operating of we brands. XXXX stronger also new launching are our the and needs largest to have and terms campuses working during we the rule XXXX, -- under that Mais Medicos of the a Just and and acquisition campuses lot of between a in graduate campuses seven IPEMED

So our revenues. moving we to have to CapEx XXXX, XX% the close of end of net our

So this years. XXXX, requirements in have moving to we the previous real all that estate

product on in roadmap great it's cash that the them have Health. of fulfill expect CapEx think the a be would much with to majority X X allocated pillars current lower, XXXX Blanco said, I in percentage CapEx to maintenance [indiscernible] percentage on points be the development lower so terms XXXX as six below our to of points Digital and we something to flow to

Frederico Mendes

Thank Thank clear. Perfect. you, Virgilio. you, Super Luis.

Ana Raquel Torres

comes question Marcelo, Santos next may you from Marcelo our now So talk. from JPMorgan.

Marcelo Santos

also questions. my have two. taking for I Thanks evening. Good Hi.

you first on are the said the the margins? bit you we Could think I in discussion blocks previous margins the BXB point a that lowest bit in the are detractors broaden that discuss see in supports to XXXX. in a XXXX? Could the margin margin building question of That's one, ties should the please have the the should question. of year? What first you and the of you what bit, a

comment The you we expect intake already first tuition you cycle, could Thank XXXX of for that tuitions? second set your the a what of probably -- in question prices, could so given on is, half if terms the you. bit

Luis Andre Blanco

It's speaking. Marcelo. Hi, Luis

in guidance XXXX, within the the XXXX, for the going beginning the now. for XXXX didn't release We're right of we margins to Regarding year release results.

XXXX can't on we margins comment guidance So more over when there.

students tuition as new students pricings September exchange fees during for do, the Regarding put we and the new foreign usually October. we

the the regarding Regarding students. our X.X% business, students. readjustments the existing of units new demand Most had in of -- and core for apply for

expect So of X.X%. we an can increase

see, behind Some had more there bit bit a some price XXXX a we new little X.X, units units But we on than students. vertical the have little that, that, increase. more for its

Virgilio Gibbon

on [indiscernible] the margins. about different the segment. just on It's segments question undergrad Marcelo our adding first the three

still still the that beginning exclude UNIGRANRIO our is closing last -- still leveraging services have But in expected big will and gross the see activities all need will transaction rolling We (ph) implemented acquisition, we opportunities as just you margin. some some margin opportunity the out operation our to January. terms pushed considering operation, We it our that's UNIGRANRIO system. maturing of larger of there we pending scope,

operations some flow that But very in overall opportunity the lower. margin, undergrad it's terms we have can other efficient so of we have for maturation in mature, and So the UNIGRANRIO campuses. the

the to we segments, can graduate will the that year-over-year. see Med fast grow continuing very our Moving other Education

more programs, margins we composition than but undergrad. lower the revenues much the will So have coming still then we from with the see graduate XXXX,

better be will will brands but the faster, graduate grow that mix the lower So on mine. with

can terms better margin gross digital still same margin So much there. by have digital, average of core momentum in line look, dynamic terms we is on just coming the a from a the because segment when impact of compare to for as have The business. be will the are seeing the But in negative it lower margin. take bottom undergraduate and a you

still during where XXXX, have release guidance we operate. where it But didn't margin any we okay. we be range will So put having the when that, we said everything close our

Marcelo Santos

much. you very Thank Very Perfect. clear.

Ana Raquel Torres

question Goldman Vitor, go ahead, comes Tomita from from Vitor please. Instructions] Next [Operator Sachs.

Vitor Tomita

thanks our and all evening, Good taking from Hello. our side. questions for questions. Two

decline reduction care color give some to to question on second Could the you seems whether that. more a the headwinds. students non-healthcare there And decline in in have the that in And is non-medical us to one health on that first been is be experience students. BXB The or related in macroeconomic end now our competitive addition slight you're daily solutions that side, Do are BXB of interacting their in their how physicians on them? changes are features sense their launching. Thank access about any you. access digital usage have there you usage receiving features would from with initial their the on

Luis Andre Blanco

you, Thank Luis speaking Tomita. here.

Regarding us business that health, a small we on It's of a regarding in the for implemented the had drop course course a we non-medical learning have we it's and semester. have small that closing that the close one revenue second in this during margin one that very contribution. unit

So of on we the end first have to on distance course it roughly, and about health. it's decided students these -- here -- that to something finish semester, the learning we X,XXX on the in close

We received we regarding the we by can physicians. question, can the -- can very between industry. our that contracts our that of well is features, very This the of second being companies And that, with and the and we number the BXB move pharmaceutical the because expansions and Regarding portfolio. of we accepted. pharmaceutical see have under provide that's connection physician being well number the in the

kind this lineup providing. then physicians this that of are pharmaceutical the within connections our we have line with kind when for have As and been a been product expand, off are inside that of products land and And and company. companies. we service we the Virgilio same service we a different of these strategy expand mentioned, pharmaceutical good providing specific We've doing provide we of

Vitor Tomita

clear. Very you. Thank

Ana Raquel Torres

Credit Our next Mauricio question please. come Cepeda go Suisse. Mauricio, from from ahead,

Mauricio Cepeda

have side. Hello, our questions Virgilio, the Blanco. Thanks from I for two time.

is UNIT. said, acquisition for I do -- to you The how first absorb recent that about anyhow, year. is forecasted understand the acquisitions. next you But is structure such the the capital one make as to closing of plan

intake rethink more acquisition? What rest that So are product tickets. you're you. the or the now And approaching about to planning the the that it year? this way cope some are are we courses, thinking is Medcel, of you even to the debt? Any remodel to the if of is Thank the trying that question kind prep second trying capital are redesign for with about you on you planning

Luis Andre Blanco

Thanks, Cepeda. will additional I will Virgilio start make with points. and some that

we planning UNIT, to are increase that. Regarding

now of We (ph). down -- negotiation this the in to negotiating have needs deal final that the payment that increase are, we finance right in for we that,

the close right As date that close we in didn't it expect but year, we financial of to next mentioned, now. we

advance Difficulty] are we and to of it in the final in very December. [Technical haven't We but we close beginning until agreements reach now expect the

itself students [indiscernible], price. the itself. wants for the book kind We value with the institutions now, right We -- changed the product Starting completely way Medcel. of starts with the from We physical exclude very physical way as product rejiggering changed the to completely we -- made propositions. we a this complete transformations, add-on. it Medcel, Regarding each product changed regarding We pass. we and focus of to fit adverse We the all and we've that of students, offer the -- we of the one the book an product kind package instead we having product. this

is grade, then to with impacted to the of to the a that simulations, contents and e-book grades for these get subject. the time, all needed get needed most students of the this these his performing made so going an for and he beat the is content he for the short is if he first providing minimum the content institution he's the in content go If needed an assessment, that of students and package this he by students is it. well that be well, with the pass -- specific wants assessment very simulations, first will basic positioned is off the test to assessment So that improvement. Instead we him to the not to impact we that very

in of So changes these product. we kind make

In pricing, BRLX,XXX. and it this terms one The for -- we we of year was increased year, for pricing. the pricing pricing per per increased X,XXX have XXXX about collections, around

for So we product. increased pricing the the

that protagonist products Medcel before more mentoring one we we've some we that new more are our Cardio our [indiscernible], but on from that But come least, what and with say social we the inside contacts papers. are networks features way give we the sell of last of to pillar And of just not three addings. [indiscernible] combining we've the teachers. we itself, offer Regarding combo the networks. We're being offering now the instead social with combining offer. Medcel Instead offering product,

very of are So of and a But and it's being kind in that Virgilio? our these all to now. turnaround [indiscernible] put are this well we offering offers that we offers received right students, these students. place by

Virgilio Gibbon

Mauricio. Yeah,

and here, to papers Just went have and da to on experts, our the that entering to we review market. just Medicina. add one physicians many us we products that acquisitions, to offer In those helping Alem pillar our acquired remember our Cardio to

area. So influencers, each are there there experts are in

So Blanco we more, are are -- line. our each front putting that top for each the product type content of residents, our to the as of teachers student said, they in we professor, much going tailoring in of giving type for

product. our much have to content the price also and So us change tailoring that more have we experts to revamp our

very beginning. is So the this in

in new are April where strong figures very it's numbers, during our we beginning launched, have March, final this to the we going So still seeing from That's but process a good terms Black are November. we season. of results the have since in And year Friday. to we next very

Mauricio Cepeda

Great.

that? the my additional do do way revenues question, it and the product, re-engineering of by this recognize and now? think How an should so to the be you continues more change remodeling -- So you sell you by it, complement product, about expect to

Virgilio Gibbon

Cepeda. affect We product, see how didn't of didn't remodeling capture the we revenues change we the how that. -- The

seeing keep we're Medcel. to first quarter the the seasonality and the So fourth quarter from from going

Mauricio Cepeda

Virgilio. That's you, Thank Thank you, very clear. Blanco.

Virgilio Gibbon

Mauricio. you, Thank

Ana Raquel Torres

questions, no and to further us, So have like everyone call. again again our next with once conference Good I you for would night. in see hope thank joining to we

Afya Limited (AFYA) 22 Nov 222022 Q3 Earnings call transcript