Fleury has net income of R$96.7 million in the 3rd quarter; high of 0.3%

Fleury’s net income reached R$ 96.7 million in the third quarter of this year, practically stable in relation to the same period last year, with a slight increase of 0.3%, and a margin of 8.4%.

The company had a record Ebitda in the period, of R$ 332.4 million, a growth of 15.2% over the same period in 2021, and an Ebitda margin of 29% (+95 bps year on year). There were no non-recurring effects in the quarter, resulting in a recurring Ebitda of the same amount, but with a growth of 10.5% in relation to the third quarter of last year, when the recurring Ebitda was R$ 300.7 million, and a decrease of 24 bps over the 2021 margin.

According to CFO José Filippo, stability in earnings is a consequence of better Ebitda on the one hand, but a financial result of greater impact on the other. He attributes the financial result more pressured than in 2021 to the company’s growth program, the net debt and the interest level of the Brazilian economy.

“We don’t have profit guidance for the future, but we continue to work with the perspective of maintaining growth and we remain disciplined in terms of costs, to maintain margins”, says Filippo.

For the company’s CEO Jeane Tsutsui, the sequence of records in Ebitda reflects “a very strong discipline of the company in relation to the costs of expenses”.

Quarterly net revenue was R$ 1.146 billion, 11.5% more than the third quarter of 2021. Gross revenue was also a record, for the third consecutive quarter, of R$ 1.234 billion, an increase of 11.4% in the same basis of comparison, and 6.3% referring only to organic growth. In the quarter, Fleury opened 5 new PSCs.

Regarding inorganic growth, there were 3 acquisitions in the period: Retina Clinic (ophthalmology in São Paulo), Méthodos Laboratory (clinical analysis in the south of Minas Gerais) and the conclusion of the acquisition of Saha (drug infusions in São Paulo), announced in May.

In addition, Covid-19 exams accounted for 1.5% of gross revenue for the quarter, against 6% year-on-year, the lowest level since the beginning of the pandemic. Total ex-COVID growth was 16.7%.

The company also highlights the 36.6% year-on-year expansion in Mobile Service, which represents 9% of the company’s total gross revenue.

B2B

In the midst of expansion results, Fleury’s B2C component presented contractionary results in the quarter, with B2B gross revenue falling 19.9% ​​compared to the same period last year, reflecting the 11.1% drop in the volume of exams.

Tsutsui says the company’s biggest focus is on B2C, “with customer service units seeing a significant 17% growth.” The administration explains that the reduction in B2B is due to two factors: the non-renewal of contracts and the drop in the number of covid-19 tests in hospitals. “Apart from these aspects, we had growth in line with B2B”, says the CEO.

But

Regarding the merger with Hermes Pardini, Fleury does not have a forecast for the conclusion of the deal, and is awaiting a position from the Administrative Council for Economic Defense (Cade), maintaining the preliminary forecast that the transaction will generate from R$ 160 million to R$ 190 million incremental Ebitda, after implementing all synergy actions. This number must be “refined” upon completion of the merger.

Management also comments on the possibility of new acquisitions in the future, but without detailing in which regions or whether they would be in the diagnostics area, the company’s core, or in complementary sectors.

Policy

Regarding the political scenario, Tsutsui argues that “normally, the health sector is more resilient and suffers less oscillations, because it is an area of ​​need”. She sees that there are still many opportunities in the sector, which she considers still very fragmented.

“It is too early to talk about policy changes because there have been no proposals in this regard, but long-term population aging trends generate an increase in the demand for healthcare”, he says.

Regarding the stoppages on the roads organized by truck drivers who support President Jair Bolsonaro, who question the result of the elections, the CEO says that Fleury works with inventories so it did not suffer a very big impact, and believes that the company will not be affected given the weakening of the economy. movement. But, according to him, the supply could be impacted if the blockades were prolonged.