High and Predictable Growth
Strong Net Income Results
NOVA LIMA, Brazil–(BUSINESS WIRE)–Afya 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 and six-month period ended June 30, 2022 (second quarter 2022). Financial results are expressed in Brazilian Reais and are presented in accordance with International Financial Reporting Standards (IFRS).
Second Quarter 2022 Highlights
- 2Q22 Adjusted Net Revenue increased 51.0% YoY to R$576.1 million. Adjusted Net Revenue excluding acquisitions grew 19.0%, reaching R$454.0 million.
- 2Q22 Adjusted EBITDA increased 37.1% YoY, reaching R$220.2 million, with an Adjusted EBITDA Margin of 38.2%. Adjusted EBITDA excluding acquisitions grew 3.0%, reaching R$165.5 million, with an Adjusted EBITDA Margin of 36.4%.
- 2Q22 Adjusted Net Income increased 83.0% YoY, reaching R$119.2 million, with an EPS growth of 522.2% in the same period.
First Half 2022 Highlights
- 1H22 Adjusted Net Revenue increased 45.9% YoY to R$1,143.8 million. Adjusted Net Revenue excluding acquisitions grew 14.7%, reaching R$899.3 million.
- 1H22 Adjusted EBITDA increased 33.3% YoY reaching R$491.0 million, with an Adjusted EBITDA Margin of 42.9%. Adjusted EBITDA excluding acquisitions grew 2.7%, reaching R$378.4 million, with an Adjusted EBITDA Margin of 42.1%.
- 1H22 Adjusted Net Income increased 27.2% YoY, reaching R$286.3 million, with an EPS growth of 90.3% in the same period.
- Cash conversion of 91.0%, with a solid cash position of R$616.3 million.
- ~265 thousand monthly active physicians and medical students using Afya’s Digital Services.
| Table 1: Financial Highlights | |||||||||||
| For the three months period ended June 30, | For the six months period ended June 30, | ||||||||||
| (in thousand of R$) |
2022 |
2022 Ex Acquisitions* |
2021 |
% Chg |
% Chg Ex Acquisitions |
|
2022 |
2022 Ex Acquisitions* |
2021 |
% Chg |
% Chg Ex Acquisitions |
| (a) Net Revenue |
598,156 |
476,067 |
372,374 |
60.6% |
27.8% |
1,164,480 |
919,974 |
766,725 |
51.9% |
20.0% |
|
| (b) Adjusted Net Revenue (1) |
576,079 |
453,990 |
381,488 |
51.0% |
19.0% |
1,143,795 |
899,289 |
784,043 |
45.9% |
14.7% |
|
| (c) Adjusted EBITDA (2) |
220,186 |
165,457 |
160,658 |
37.1% |
3.0% |
490,987 |
378,397 |
368,309 |
33.3% |
2.7% |
|
| (e) = (c)/(b) Adjusted EBITDA Margin |
38.2% |
36.4% |
42.1% |
-390 bps | -570 bps |
42.9% |
42.1% |
47.0% |
-410 bps | -490 bps | |
| *For the three months period ended June 30, 2022, “2022 Ex Acquisitions” excludes: Cliquefarma (only April, 2022; Closing of Cliquefarma was in April, 2021), Medical Harbour (only April, 2022; Closing of Medical Harbour was in April, 2021), Shosp (from April to May, 2022; Closing of Shosp was in May, 2021), UNIFIPMoc and FIP Guanambi (from April to May, 2022; Closing of UNIFIPMoc and FIP Guanambi was in June, 2021), UNIGRANRIO, RX PRO, Garanhuns, Além da Medicina, Cardiopapers and Glic (all from April to June, 2022). | |||||||||||
| *For the six months period ended June 30, 2022, “2022 Ex Acquisitions” excludes: iClinic (only January, 2022; Closing of iClinic was in January, 2021), Medicinae (from January to March, 2022; Closing of Medicinae was in March, 2021), Cliquefarma (from January to April, 2022; Closing of Cliquefarma was in April, 2021), Medical Harbour (from January to April, 2022; Closing of Medical Harbour was in April, 2021), Shosp (from January to May, 2022; Closing of Shosp was in May, 2021), UNIFIPMoc and FIP Guanambi (from January to May, 2022; Closing of UNIFIPMoc and FIP Guanambi was in June, 2021), UNIGRANRIO, RX PRO, Garanhuns, Além da Medicina, Cardiopapers and Glic (all from January to June, 2022). | |||||||||||
| (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 site classes restriction, and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision. | |||||||||||
| (2) See more information on “Non-GAAP Financial Measures” (Item 08). |
1. Message from Management
These quarter’s results reinforce that our strategy has been successful, marked by the consistent growth of our operational and financial results, with significant increases in net revenue and adjusted EBITDA year over year. Once again, we have successfully concluded our intake process with a 100% of occupancy in all medical schools which enables us to reassure our 2022 guidance. It is also important to highlight that our operational leverage and capital allocation discipline are resulting in a robust net income and EPS expansion even considering the business combinations and the higher interest rates in the period.
With the pandemic finally losing its strength, our students, employees, and partners are again extracting the best from our ecosystem. For the second quarter in a row, we can see our Continuing Education recovery compared to last year. After challenging periods, our practical classes are boosting again, as we’ve invested in an expansion plan that allowed us to double our campuses, launch new courses, and to strength our intake process.
As presented on Afya´s Q2 earnings release, our digital services results is progressively ramping up. We’re proud that our tools are being able to help physicians’ during their medical journey and, throughout development and new acquisitions, our digital ecosystem is being built with multiple offerings, unlocking new interactions and revenue streams that go beyond the physicians, achieving pharma players, hospitals, labs and drugstores chains, scratching the surface of a total addressable market of R$28.4 billion. The acquisitions we completed this quarter – Cardiopapers and Glic – along with our previous acquisitions completed our 6 pillars, is strengthening the digital services strategy and ecosystem. Since the beginning of the year, we have been disclosing our B2P and B2B figures, breaking down our Digital Service’s net revenue within these two for a better perspective.
Along with that scenario, the expansion of our offering in the Undergrad segment continues to grow strong, as we’ve successfully consolidated our leadership in medical school seats in Brazil. So far this year, we have increased 200 operating seats with four new Mais Médicos authorized units by MEC, with operations to start in the second semester and 28 new seats from the UniSL Ji-Paraná campus, reaching 2,759 approved seats. Considering potential additional organic and inorganic seats, we have an expected upside to achieve more than 32 thousand undergrad medical students at maturity. We have become highly efficient in operating medical schools and we continue to see opportunities in this area. All this effort means one thing: our medical education business remains, and will continue to be, the cornerstone of our business in the short and middle terms, delivering a highly predicted growth combined with high profitability and cash generation.
Also, since 2020 we’ve been presenting our ESG evolution and achievements each quarter, and we are proud to say that we’ve been making significant improvements in the environmental, social, and governance agenda, sequentially. One important accomplishment this quarter was the increase in the number of women as board members, which went from 18% to now 27%. Subjects related to climate change, clean energy powering, environmental governance, social impact on vulnerable areas, transparency, compliance, and many others are widely disclosed in our 2021 Sustainability Report.
With another round of high and sustainable growth, our mission remains solid as ever: to become the reference partner of physicians in their journey, through rewarding lifelong experience and an enhanced daily practice through Afya’s digital services. We are very proud of our business and of what we have achieved so far, as well as of what we are planning for the future.
2. Key Events in the Quarter:
- CardioPapers acquisition in April, 2022 – CardioPapers is the main medical content and education platform in the Cardiology field, offering courses and books developed by physicians and for physicians, covering all phases of the medical career, aligned with Afya’s overall business strategy.
- Afya announced, on April 2022, that Mr. Paulo Passoni, a board member since May 2021, has submitted his resignation letter as a member of the Board of Directors. Mrs. Maria Tereza Azevedo was appointed as his replacement effective as of April 19th.
- Afya announced, on April 2022, that the resolutions set out in its Notice of Annual General Meeting dated April 12, 2022 were duly passed at its Annual General Meeting held today: (1) the approval and ratification of Afya’s financial statements as of and for the fiscal year ended December 31, 2021; and (2) the approval of the Amended and Restated Memorandum and Articles of Association available at Afya’s website at https://ir.afya.com.br, subject to and with effect from Closing of the transaction disclosed in the Form 13D/A on March 4, 2022, between Esteves Family and Bertelsmann SE & Co. KGaA, accessible at the Company’s website at https://ir.afya.com.br.
- Afya announced, on May 2022, that it was notified of the closing of the transactions where Bertelsmann acquired 6,000,000 Class B common shares of Afya at the purchase price of US$26.90 per share, from Esteves Family. As a result of the closing of the transaction, Bertelsmann and the Esteves family will beneficially own ~57.5% and ~33.1% voting interest, and ~31.0% and ~17.8% of the total shares respectively, in Afya.
- Glic acquisition in May, 2022 – Glic is a free diabetes care and management app solution for physicians and patients that uses technology to improve diabetes education and daily routine practices, connecting users, devices and health providers. This business combination represents Afya´s entering into the physician-patient relationship pillar.
3. Full Year 2022 Guidance Reaffirmed
The Company is reaffirming its previously issued guidance for FY22 including the successfully concluded acceptances of new medical students for the second semester, ensuring 100% occupancy in all of its medical schools.
The guidance for FY2022 is defined in the following table:
|
Guidance for 2022 |
Important considerations |
|
|
2022 Adjusted Net Revenue is expected to be between R$2,280.0 million – R$2,360.0 million |
Includes four Mais Médicos units start operating in 2H22; |
|
|
2022 Adjusted EBITDA is expected to be between R$935.0 million – R$1,015 million |
||
4. 1H22 Overview
Operational Review
Afya is the only company offering educational and technological solutions to support physicians across every stage of the medical career, from undergraduate students in their medical school years through medical residency preparatory courses, medical specialization programs and continuing medical education. The Company also offers solutions to empower the physicians in their daily routine including supporting clinic decisions through mobile app subscription, delivering practice management tools through a Software as a Service (SaaS) model, and assisting physicians in their relationship with their patients.
The Company reports results for three distinct business units. The first, Undergrad – medical schools, other healthcare programs and ex-health degrees. Revenue is generated from the monthly tuition fees the Company charges students enrolled in the undergraduate programs. The second, Continuing Education – specialization programs and graduate courses for physicians. Revenue is also generated from the monthly tuition fees the Company charges students enrolled in the specialization and graduate courses. The third is Digital Services – digital services offered by the Company at every stage of the medical career. This business unit is divided into Business to Physician (which encompasses Content & Technology for Medical Education, Clinical Decision Software, Practice Management Tools & Electronic Medical Records, Physician-Patient Relationship, Telemedicine, and Digital Prescription) and Business to Business (which provides access and demand for the healthcare players). Revenue is generated from printed books and e-books, which is recognized at the point in time when control is transferred to the customer, and subscription fees, which are recognized as the services are transferred over time.
Key Revenue Drivers – Undergraduate Courses
| Table 2: Key Revenue Drivers |
Six months period ended June 30, |
||
|
2022 |
2021 |
% Chg |
|
| Undergrad Programs | |||
| MEDICAL SCHOOL | |||
| Approved Seats |
2,759 |
2,303 |
19.8% |
| Operating Seats |
2,481 |
2,053 |
20.8% |
| Total Students (end of period) |
17,555 |
13,390 |
31.1% |
| Average Total Students |
17,539 |
13,121 |
33.7% |
| Average Total Students (ex-Acquisitions)* |
14,616 |
13,121 |
11.4% |
| Tuition Fees (Total – R$MM) |
1,001,808 |
665,112 |
50.6% |
| Tuition Fees (ex- Acquisitions* – R$MM) |
796,822 |
665,112 |
19.8% |
| Medical School Gross Avg. Ticket (ex- Acquisitions* – R$/month) |
9,086 |
8,448 |
7.5% |
| Medical School Net Avg. Ticket (ex- Acquisitions* – R$/month) |
7,853 |
7,227 |
8.7% |
| UNDERGRADUATE HEALTH SCIENCE |
|
|
|
| Total Students (end of period) |
20,779 |
14,913 |
39.3% |
| Average Total Students |
20,841 |
14,513 |
43.6% |
| Average Total Students (ex-Acquisitions)* |
14,129 |
14,513 |
-2.6% |
| Tuition Fees (Total – R$MM) |
170,666 |
89,187 |
91.4% |
| Tuition Fees (ex- Acquisitions* – R$MM) |
93,337 |
89,187 |
4.7% |
| OTHER UNDERGRADUATE |
|
|
|
| Total Students (end of period) |
23,945 |
15,478 |
54.7% |
| Average Total Students |
24,077 |
14,323 |
68.1% |
| Average Total Students (ex-Acquisitions)* |
12,379 |
14,323 |
-13.6% |
| Tuition Fees (Total – R$MM) |
137,464 |
88,489 |
55.3% |
| Tuition Fees (ex- Acquisitions* – R$MM) |
78,727 |
88,489 |
-11.0% |
| TOTAL TUITION FEES |
|
|
|
| Tuition Fees (Total – R$MM) |
1,309,937 |
842,788 |
55.4% |
| Tuition Fees (ex- Acquisitions* – R$MM) |
968,886 |
842,788 |
15.0% |
| *For the three months period ended June 30, 2022, “2022 Ex Acquisitions” excludes: Cliquefarma (only April, 2022; Closing of Cliquefarma was in April, 2021), Medical Harbour (only April, 2022; Closing of Medical Harbour was in April, 2021), Shosp (from April to May, 2022; Closing of Shosp was in May, 2021), UNIFIPMoc and FIP Guanambi (from April to May, 2022; Closing of UNIFIPMoc and FIP Guanambi was in June, 2021), UNIGRANRIO, RX PRO, Garanhuns, Além da Medicina, Cardiopapers and Glic (all from April to June, 2022). | |||
| *For the six months period ended June 30, 2022, “2022 Ex Acquisitions” excludes: iClinic (only January, 2022; Closing of iClinic was in January, 2021), Medicinae (from January to March, 2022; Closing of Medicinae was in March, 2021), Cliquefarma (from January to April, 2022; Closing of Cliquefarma was in April, 2021), Medical Harbour (from January to April, 2022; Closing of Medical Harbour was in April, 2021), Shosp (from January to May, 2022; Closing of Shosp was in May, 2021), UNIFIPMoc and FIP Guanambi (from January to May, 2022; Closing of UNIFIPMoc and FIP Guanambi was in June, 2021), UNIGRANRIO, RX PRO, Garanhuns, Além da Medicina, Cardiopapers and Glic (all from January to June, 2022). |
Key Revenue Drivers – Continuing Education and Digital Services
| Table 3: Key Revenue Drivers |
Six months ended June 30, |
||
|
2022 |
2021 |
% Chg |
|
| Continuing Education | |||
| Medical Specialization & Others | |||
| Total Students (end of period) |
3,543 |
3,285 |
7.9% |
| Average Total Students |
3,511 |
3,492 |
0.6% |
| Average Total Students (ex-Acquisitions) |
3,511 |
3,492 |
0.6% |
| Net Revenue from courses (Total – R$MM) |
47,662 |
35,272 |
35.1% |
| Net Revenue from courses (ex- Acquisitions¹) |
47,662 |
35,272 |
35.1% |
| Digital Services |
|
||
| Content & Technology for Medical Education |
|
||
| Medcel Active Payers |
|
||
| Prep Courses & CME – B2P |
12,741 |
15,670 |
-18.7% |
| Prep Courses & CME – B2B |
4,909 |
3,173 |
54.7% |
| Além da Medicina Active Payers |
7,792 |
– |
n.a. |
| Cardio Papers Active Payers |
4,765 |
– |
n.a. |
| Medical Harbour Active Payers |
4,425 |
875 |
405.7% |
| Clinical Decision Software |
|
||
| Whitebook Active Payers |
133,238 |
115,149 |
15.7% |
| Clinical Management Tools² |
|
||
| iClinic Active Payers |
21,088 |
14,371 |
46.7% |
| Shosp Active Payers |
2,264 |
2,305 |
-1.8% |
|
|
|||
| Digital Services Total Active Payers (end of period) |
191,222 |
151,543 |
26.2% |
| Net Revenue from Services (Total – R$MM) |
89,695 |
81,665 |
9.8% |
| Net Revenue – B2P |
79,013 |
78,724 |
0.4% |
| Net Revenue – B2B |
10,682 |
2,941 |
263.2% |
| Net Revenue From Services (ex-Acquisitions¹) |
74,594 |
81,665 |
-8.7% |
| (1) For the three months period ended June 30, 2022, “2022 Ex Acquisitions” excludes: Cliquefarma (only April, 2022; Closing of Cliquefarma was in April, 2021), Medical Harbour (only April, 2022; Closing of Medical Harbour was in April, 2021), Shosp (from April to May, 2022; Closing of Shosp was in May, 2021), UNIFIPMoc and FIP Guanambi (from April to May, 2022; Closing of UNIFIPMoc and FIP Guanambi was in June, 2021), UNIGRANRIO, RX PRO, Garanhuns, Além da Medicina, Cardiopapers and Glic (all from April to June, 2022). For the six months period ended June 30, 2022, “2022 Ex Acquisitions” excludes: iClinic (only January, 2022; Closing of iClinic was in January, 2021), Medicinae (from January to March, 2022; Closing of Medicinae was in March, 2021), Cliquefarma (from January to April, 2022; Closing of Cliquefarma was in April, 2021), Medical Harbour (from January to April, 2022; Closing of Medical Harbour was in April, 2021), Shosp (from January to May, 2022; Closing of Shosp was in May, 2021), UNIFIPMoc and FIP Guanambi (from January to May, 2022; Closing of UNIFIPMoc and FIP Guanambi was in June, 2021), UNIGRANRIO, RX PRO, Garanhuns, Além da Medicina, Cardiopapers and Glic (all from January to June, 2022). | |||
| (2) Clinical management tools includes Telemedicine and Digital Prescription features. |
Key Operational Drivers – Digital Services
Monthly Active Users (MaU) represents the number of unique individuals that consumed Digital Services content in each one of our products in the last 30 days of a specific period.
Total monthly active users reached approximately 265 thousand, 13.6% higher over the same period in the last year.
Monthly Active Unique Users (MUAU) represents the number of unique individuals, without overlap of users among products, in the last 30 days of a specific period. Since this concept is being implemented this year, historical metrics of MUAU could not be disclosed.
| Table 4: Key Operational Drivers for Digital Services – Monthly Active Users (MaU) | |||||
|
2Q22 |
2Q21 |
% Chg YoY |
1Q22 |
% Chg QoQ | |
| Content & Technology for Medical Education |
20,739 |
18,968 |
9.3% |
21,464 |
-3.4% |
| Clinical Decision Software |
221,862 |
181,138 |
22.5% |
218,313 |
1.6% |
| Clinical Management Tools¹ |
21,151 |
32,968 |
-35.8% |
19,762 |
7.0% |
| Physician-Patient Relationship |
1,101 |
– |
n.a |
– |
0.0% |
| Total Monthly Active Users (MaU) – Digital Services |
264,853 |
233,074 |
13.6% |
259,539 |
2.0% |
| 1) Clinical management tools includes Telemedicine and Digital Prescription features | ||
| 2) Clinical management tools MAU excludes other users other than payors, starting in 1Q22 | ||
| 3) Shosp, Medicinae and Além da Medicina starting in 1Q22 | ||
| 4) Cardiopapers and Glic starting in 2Q22 |
| Table 5: Key Operational Drivers for Digital Services – Monthly Unique Active Users (MuaU) | |
|
2Q22 |
|
| Total Monthly Unique Active Users (MuaU) – Digital Services |
245,396 |
| 1) Total Monthly Unique Active Users excludes non-integrated companies: Medical Harbour, Medicinae, Shosp, Além da Medicina, Cardiopapers and Glic |
Seasonality
Undergrad’s and Continuing Education tuition revenues are related to the intake process and monthly tuition fees charged to students over the period thus the Company does not have significant fluctuations during the semester. Digital Services is comprised mostly by Medcel, Pebmed and iClinic revenues. While Pebmed and iClinic do not have significant fluctuation regarding seasonality, Medcel’s revenue is concentrated in the first and last quarter of the year, as a result of the enrollments of Medcel’s clients period. The majority of Medcel’s revenues are derived from printed books and e-books, which are recognized at the point in time when control is transferred to the customer. Consequently, the Digital Services segment generally has higher revenues and results of operations in the first and last quarters of the year compared to the second and third quarters of the year.
Revenue
This quarter the Company recovered R$22.1 million of the mandatory discounts in tuition fees previously granted by individual and collective legal proceedings and public civil proceedings related to COVID-19. As Afya in 2020 and 2021 excluded these mandatory discounts from Adjusted Net Revenue, the recovery of these amounts are not counted for Adjusted Net Revenue in 2022.
Adjusted Net Revenue for the second quarter of 2022 was R$576.1 million, an increase of 51.0% over the same period of the prior year. Excluding acquisitions, Adjusted Net Revenue in the second quarter increased 19.0% YoY to R$454.0 million, mainly due to the maturation of medical seats, higher tickets in Medicine courses, and the Continuing Education recovery, which ended the second quarter with a 49.0% increase in net revenue, mainly due to the interruption of the effects of the COVID-19 pandemic.
Digital services also contributed to the Adjusted Net Revenues growth this quarter, increasing 50.1% year over year, and 20.2%, excluding acquisitions. The organic growth is a combination of (a) the start of the B2B engagements, reaching 37 contracts with 20 pharmaceutical industry companies, and (b) the expansion of the active payers in the B2P, mainly in Whitebook and iClinic.
For the six-month period ended June 30, 2022, Adjusted Net Revenue was R$1,143.8 million, an increase of 45.9% over the same period of last year. Excluding acquisitions, Adjusted Net Revenue in the six-month period increased 14.7% YoY to R$899.3 million.
| Table 6: Revenue & Revenue Mix | |||||||||||
| (in thousands of R$) | For the three months period ended June 30, | For the six months period ended June 30, | |||||||||
|
2022 |
2022 Ex Acquisitions* |
2021 |
% Chg |
% Chg Ex Acquisitions |
|
2022 |
2022 Ex Acquisitions* |
2021 |
% Chg |
% Chg Ex Acquisitions |
|
| Net Revenue Mix | |||||||||||
| Undergrad |
533,545 |
419,865 |
328,434 |
62.5% |
27.8% |
1,028,940 |
799,535 |
650,286 |
58.2% |
23.0% |
|
| Adjusted Undergrad¹ |
511,468 |
397,788 |
337,548 |
51.5% |
17.8% |
1,008,255 |
778,850 |
667,604 |
51.0% |
16.7% |
|
| Continuing Education |
23,811 |
23,811 |
15,984 |
49.0% |
49.0% |
47,662 |
47,662 |
35,272 |
35.1% |
35.1% |
|
| Digital Services |
42,218 |
33,809 |
28,127 |
50.1% |
20.2% |
89,695 |
74,594 |
81,665 |
9.8% |
-8.7% |
|
| Inter-segment transactions |
– 1,418 |
– 1,418 |
– 171 |
n.a. |
729.2% |
– 1,817 |
– 1,817 |
– 498 |
264.9% |
264.9% |
|
| Total Reported Net Revenue |
598,156 |
476,067 |
372,374 |
60.6% |
27.8% |
1,164,480 |
919,974 |
766,725 |
51.9% |
20.0% |
|
| Total Adjusted Net Revenue ¹ |
576,079 |
453,990 |
381,488 |
51.0% |
19.0% |
1,143,795 |
899,289 |
784,043 |
45.9% |
14.7% |
|
| *For the three months period ended June 30, 2022, “2022 Ex Acquisitions” excludes: Cliquefarma (only April, 2022; Closing of Cliquefarma was in April, 2021), Medical Harbour (only April, 2022; Closing of Medical Harbour was in April, 2021), Shosp (from April to May, 2022; Closing of Shosp was in May, 2021), UNIFIPMoc and FIP Guanambi (from April to May, 2022; Closing of UNIFIPMoc and FIP Guanambi was in June, 2021), UNIGRANRIO, RX PRO, Garanhuns, Além da Medicina, Cardiopapers and Glic (all from April to June, 2022). | ||||||
| *For the six months period ended June 30, 2022, “2022 Ex Acquisitions” excludes: iClinic (only January, 2022; Closing of iClinic was in January, 2021), Medicinae (from January to March, 2022; Closing of Medicinae was in March, 2021), Cliquefarma (from January to April, 2022; Closing of Cliquefarma was in April, 2021), Medical Harbour (from January to April, 2022; Closing of Medical Harbour was in April, 2021), Shosp (from January to May, 2022; Closing of Shosp was in May, 2021), UNIFIPMoc and FIP Guanambi (from January to May, 2022; Closing of UNIFIPMoc and FIP Guanambi was in June, 2021), UNIGRANRIO, RX PRO, Garanhuns, Além da Medicina, Cardiopapers and Glic (all from January to June, 2022). | ||||||
| (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 site classes restriction, and excludes any recovery of these discounts that were invoiced based on the Supreme Court decision. | ||||||
| (2) See more information on “Non-GAAP Financial Measures” (Item 08). |
Contacts
Investor Relations Contact:
Afya Limited
ir@afya.com.br
Media Contact:
Cíntia Moraes Marin
cintia.marin@afya.com.br
