Afya Limited Announces First-Quarter 2023 Financial Results

About this update from Afya Limited

[{"type":"text","content":"\nHigh and Predictable Growth\n\n\nFull Year 2023 Guidance Reaffirmed\n\n\n NOVA LIMA, Brazil--(BUSINESS WIRE)--\nAfya Limited (Nasdaq: AFYA) (“Afya” or the “Company”), the leading medical education group and digital health services provider in Brazil, reported today financial and operating results for the three-month period ended March 31, 2023 (first quarter 2023). Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).\n\n\nFirst Quarter 2023 Highlights\n\n\n\n1Q23 Adjusted Net Revenue increased 25.0% YoY to R$709.4 million. Adjusted Net Revenue excluding acquisitions grew 13.5%, reaching R$644.3 million.\n\n\n\n1Q23 Adjusted EBITDA increased 21.9% YoY reaching R$330.2 million, with an Adjusted EBITDA Margin of 46.5%. Adjusted EBITDA excluding acquisitions grew 12.3%, reaching R$304.2 million, with an Adjusted EBITDA Margin of 47.2%.\n\n\n\nCash conversion of 111.9%, with a solid cash position of R$ 722.7 million.\n\n\n\n~295 thousand monthly active physicians and medical students using Afya’s Digital Services.\n\n\n\n\n\nTable 1: Financial Highlights\n\n\n\n\n\n\n\n\n\nFor the three months period ended March 31,\n\n\n\n(in thousand of R$)\n\n2023\n\n\n\n\n\n\n2023 Ex Acquisitions*\n\n\n\n\n\n\n2022\n\n\n\n\n\n\n% Chg\n\n\n\n\n\n\n% Chg Ex Acquisitions\n\n\n\n\n\n\n\n\n(a) Net Revenue\n\n709,961\n\n\n\n\n\n\n644,849\n\n\n\n\n\n\n566,324\n\n\n\n\n\n\n25.4%\n\n\n\n\n\n\n13.9%\n\n\n\n\n\n\n\n\n(b) Adjusted Net Revenue (1)\n\n709,383\n\n\n\n\n\n\n644,271\n\n\n\n\n\n\n567,716\n\n\n\n\n\n\n25.0%\n\n\n\n\n\n\n13.5%\n\n\n\n\n\n\n\n\n(c) Adjusted EBITDA (2)\n\n330,211\n\n\n\n\n\n\n304,231\n\n\n\n\n\n\n270,801\n\n\n\n\n\n\n21.9%\n\n\n\n\n\n\n12.3%\n\n\n\n\n\n\n\n\n(d) = (c)/(b) Adjusted EBITDA Margin\n\n46.5%\n\n\n\n\n\n\n47.2%\n\n\n\n\n\n\n47.7%\n\n\n\n\n\n-120 bps\n-50 bps\n\n\n\n\n\n\n\n\n \n\n\n\n*For the three months period ended March 31, 2023, \"2023 Ex Acquisitions\" excludes: Alem da Medicina (January & February 2023; Closing of Alem da Medicina was in March, 2022), Glic, Cardiopapers and UNIT Alagoas and FITS Jaboatão dos Guararapes (all from January to March, 2023).\n\n\n\n\n\n\n(1) Includes mandatory discounts in tuition fees granted by state decrees and individual/collective legal proceedings and public civil proceedings due to COVID 19 on ...

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