Afya Limited Announces First-Quarter 2024 Financial Results

About this update from Afya Limited

[{"type":"text","content":"\nSolid Organic Growth\n\n\nImpressive Adjusted EBITDA Margin Expansion\n\n\nRobust EPS Expansion\n\n\n NOVA LIMA, Brazil--(BUSINESS WIRE)--\nAfya Limited (Nasdaq: AFYA; B3: A2FY34) (“Afya” or the “Company”), the leading medical education group and medical practice solutions provider in Brazil, reported today financial and operating results for the three-month period ended March 31, 2024 (first quarter 2024). Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).\n\n\nFirst Quarter 2024 Highlights\n\n\n\n1Q24 Net Revenue increased 13.3% YoY to R$804.2 million.\n\n\n\n1Q24 Adjusted EBITDA increased 20.5% YoY reaching R$397.9 million, with an Adjusted EBITDA Margin of 49.5%. Adjusted EBITDA Margin increased 300 bps YoY.\n\n\n\n1Q24 Net Income increased 76.9% YoY, reaching R$208.3 million, and Adjusted Net Income increased 50.8% YoY, reaching R$251.0 million. With an adjusted EPS growth of 54.4% in the same period.\n\n\n\nOperating Cash Conversion ratio of 110.1%, with a solid cash position of R$ 611.1 million.\n\n\n\n~334 thousand physicians and medical students in Afya’s ecosystem.\n\n\n\n\nTable 1: Financial Highlights 1\n\n\n\n\n\n\n\nFor the three months period ended March 31,\n\n\n\n\n\n\n\n(in thousand of R$)\n\n2024\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n% Chg \n\n\n\n\n\n\n\n(a) Net Revenue\n\n804,239\n\n\n\n\n\n\n709,961\n\n\n\n\n\n\n13.3%\n\n\n\n\n\n\n\n(b) Adjusted EBITDA 2\n\n397,853\n\n\n\n\n\n\n330,211\n\n\n\n\n\n\n20.5%\n\n\n\n\n\n\n\n(c) = (b)/(a) Adjusted EBITDA Margin\n\n49.5%\n\n\n\n\n\n\n46.5%\n\n\n\n\n\n300 bps\n\n\nNet income\n\n208,299\n\n\n\n\n\n\n117,772\n\n\n\n\n\n\n76.9%\n\n\n\n\n\n\n\nAdjusted Net income\n\n250,966\n\n\n\n\n\n\n166,377\n\n\n\n\n\n\n50.8%\n\n\n\n\n\n\n\n(1) No acquisitions were made during the period under review, therefore not affecting the comparable period.\n\n\n(2) See more information on \"Non-GAAP Financial Measures\" (Item 08).\n\n\n \n\n\nMessage from Management\n\n\nIt is with much satisfaction that I can proudly present another quarter of great operational and financial performance for Afya. Once again, we have proven the resilience of our business, the successful execution of our strategy, the commitment of our team members, and the consistency of our business model. This quarter was marked by Gross m...

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