{"id":47552,"date":"2022-08-23T00:01:55","date_gmt":"2022-08-22T22:01:55","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/afya-limited-announces-second-quarter-and-first-half-2022-financial-results\/"},"modified":"2022-08-23T00:01:55","modified_gmt":"2022-08-22T22:01:55","slug":"afya-limited-announces-second-quarter-and-first-half-2022-financial-results","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/afya-limited-announces-second-quarter-and-first-half-2022-financial-results\/","title":{"rendered":"Afya Limited Announces Second-Quarter and First Half 2022 Financial Results"},"content":{"rendered":"<div>\n<p class=\"bwalignc\">\n<b>High and Predictable Growth<\/b>\n<\/p>\n<p class=\"bwalignc\">\n<b>Strong Net Income Results<\/b>\n<\/p>\n<p>NOVA LIMA, Brazil&#8211;(BUSINESS WIRE)&#8211;<b>Afya Limited (Nasdaq: AFYA)<\/b> (\u201cAfya\u201d or the \u201cCompany\u201d), 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).\n<\/p>\n<p><a href=\"https:\/\/mms.businesswire.com\/media\/20220822005639\/en\/1550293\/5\/AFY-logo-07.jpg\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20220822005639\/en\/1550293\/21\/AFY-logo-07.jpg\"><\/a><\/p>\n<p>\n<b>Second Quarter 2022 Highlights<\/b>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\n2Q22 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.\n<\/li>\n<li>\n2Q22 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%.\n<\/li>\n<li>\n2Q22 Adjusted Net Income increased 83.0% YoY, reaching R$119.2 million, with an EPS growth of 522.2% in the same period.\n<\/li>\n<\/ul>\n<p>\n<b>First Half 2022 Highlights<\/b>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\n1H22 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.\n<\/li>\n<li>\n1H22 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%.\n<\/li>\n<li>\n1H22 Adjusted Net Income increased 27.2% YoY, reaching R$286.3 million, with an EPS growth of 90.3% in the same period.\n<\/li>\n<li>\nCash conversion of 91.0%, with a solid cash position of R$616.3 million.\n<\/li>\n<li>\n~265 thousand monthly active physicians and medical students using Afya\u2019s Digital Services.\n<\/li>\n<\/ul>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth15\" colspan=\"12\" rowspan=\"1\"><b>Table 1: Financial Highlights<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"5\" rowspan=\"1\"><b>For the three months period ended June 30,<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"5\" rowspan=\"1\"><b>For the six months period ended June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth15\" colspan=\"1\" rowspan=\"1\"><i>(in thousand of R$)<\/i><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b><i>2022 Ex Acquisitions*<\/i><\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b><i>% Chg Ex Acquisitions<\/i><\/b>\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b><i>2022 Ex Acquisitions*<\/i><\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b><i>% Chg Ex Acquisitions<\/i><\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">(a) Net Revenue<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n598,156\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n476,067\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n372,374\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n60.6%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n27.8%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,164,480\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n919,974\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n766,725\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n51.9%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">(b) Adjusted Net Revenue (1)<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n576,079\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n453,990\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n381,488\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n51.0%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19.0%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,143,795\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n899,289\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n784,043\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n45.9%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">(c) Adjusted EBITDA (2)<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n220,186\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n165,457\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n160,658\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n37.1%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3.0%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n490,987\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n378,397\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n368,309\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n33.3%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">(e) = (c)\/(b) Adjusted EBITDA Margin<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38.2%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n36.4%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n42.1%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">-390 bps<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\">-570 bps<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n42.9%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n42.1%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n47.0%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">-410 bps<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\">-490 bps<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"12\" rowspan=\"1\"><i>*For the three months period ended June 30, 2022, &#8220;2022 Ex Acquisitions&#8221; 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, Al\u00e9m da Medicina, Cardiopapers and Glic (all from April to June, 2022).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"12\" rowspan=\"1\"><i>*For the six months period ended June 30, 2022, &#8220;2022 Ex Acquisitions&#8221; 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, Al\u00e9m da Medicina, Cardiopapers and Glic (all from January to June, 2022).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"12\" rowspan=\"1\"><i>(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.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"12\" rowspan=\"1\"><i>(2) See more information on &#8220;Non-GAAP Financial Measures&#8221; (Item 08).<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>1. Message from Management<\/b>\n<\/p>\n<p>\n<i>These quarter\u2019s 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.<\/i>\n<\/p>\n<p>\n<i>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\u2019ve invested in an expansion plan that allowed us to double our campuses, launch new courses, and to strength our intake process.<\/i>\n<\/p>\n<p>\n<i>As presented on Afya\u00b4s Q2 earnings release, our digital services results is progressively ramping up. We\u2019re proud that our tools are being able to help physicians\u2019 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 \u2013 Cardiopapers and Glic &#8211; 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\u2019s net revenue within these two for a better perspective.<\/i>\n<\/p>\n<p>\n<i>Along with that scenario, the expansion of our offering in the Undergrad segment continues to grow strong, as we\u2019ve successfully consolidated our leadership in medical school seats in Brazil. So far this year, we have increased 200 operating seats with four new Mais M\u00e9dicos authorized units by MEC, with operations to start in the second semester and 28 new seats from the UniSL Ji-Paran\u00e1 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.<\/i>\n<\/p>\n<p>\n<i>Also, since 2020 we\u2019ve been presenting our ESG evolution and achievements each quarter, and we are proud to say that we\u2019ve 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.<\/i>\n<\/p>\n<p>\n<i>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\u2019s 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.<\/i>\n<\/p>\n<p>\n<b>2. Key Events in the Quarter:<\/b>\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nCardioPapers acquisition in April, 2022 \u2013 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\u2019s overall business strategy.\n<\/li>\n<li>\nAfya 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 19<sup>th<\/sup>.\n<\/li>\n<li>\nAfya 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\u2019s 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\u2019s website at <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fir.afya.com.br&amp;esheet=52822657&amp;newsitemid=20220822005639&amp;lan=en-US&amp;anchor=https%3A%2F%2Fir.afya.com.br&amp;index=1&amp;md5=4d2078a20cfea02cffa3e5da1c964527\" rel=\"nofollow noopener\" shape=\"rect\">https:\/\/ir.afya.com.br<\/a>, 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 &amp; Co. KGaA, accessible at the Company\u2019s website at <a target=\"_blank\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fir.afya.com.br&amp;esheet=52822657&amp;newsitemid=20220822005639&amp;lan=en-US&amp;anchor=https%3A%2F%2Fir.afya.com.br&amp;index=2&amp;md5=5be6a7cf3859103ebfdeb0b6d92c1692\" rel=\"nofollow noopener\" shape=\"rect\">https:\/\/ir.afya.com.br<\/a>.\n<\/li>\n<li>\nAfya 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.\n<\/li>\n<li>\nGlic acquisition in May, 2022 &#8211; 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\u00b4s entering into the physician-patient relationship pillar.\n<\/li>\n<\/ul>\n<p>\n<b>3. Full Year 2022 Guidance Reaffirmed<\/b>\n<\/p>\n<p>\nThe 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.\n<\/p>\n<p>\nThe guidance for FY2022 is defined in the following table:\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth33 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>Guidance for 2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwwidth66 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>Important considerations<\/b>\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth33\" colspan=\"1\" rowspan=\"3\">\n<p class=\"bwcellpmargin\">\n2022 Adjusted Net Revenue is expected to be between R$2,280.0 million \u2013 R$2,360.0 million\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth66\" colspan=\"1\" rowspan=\"7\">\n<p class=\"bwcellpmargin\">\nIncludes four Mais M\u00e9dicos units start operating in 2H22;<br \/>\n<br \/>Includes Ji-Parana acquisition start operating in the 2H22;<br \/>\n<br \/>Includes Al\u00e9m da Medicina acquisition;<br \/>\n<br \/>Excludes any acquisition that may be concluded after the issuance of the guidance, such as Cardiopapers and Glic.\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth33\" colspan=\"1\" rowspan=\"4\">\n<p class=\"bwcellpmargin\">\n2022 Adjusted EBITDA is expected to be between R$935.0 million &#8211; R$1,015 million\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>4. 1H22 Overview<\/b>\n<\/p>\n<p>\n<b>Operational Review<\/b>\n<\/p>\n<p>\nAfya 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.\n<\/p>\n<p>\nThe Company reports results for three distinct business units. The first, Undergrad \u2013 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 \u2013 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 \u2013 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 &amp; Technology for Medical Education, Clinical Decision Software, Practice Management Tools &amp; 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.\n<\/p>\n<p>\n<b>Key Revenue Drivers \u2013 Undergraduate Courses<\/b>\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Table 2: Key Revenue Drivers<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>Six months period ended June 30,<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth70\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Undergrad Programs<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>MEDICAL SCHOOL<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Approved Seats<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,759\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,303\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<i>19.8%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Operating Seats<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,481\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,053\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<i>20.8%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17,555\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13,390\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<i>31.1%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17,539\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13,121\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<i>33.7%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3 bwwidth70\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14,616\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13,121\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<i>11.4%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (Total &#8211; R$MM)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1,001,808<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>665,112<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b><i>50.6%<\/i><\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (ex- Acquisitions* &#8211; R$MM)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>796,822<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>665,112<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b><i>19.8%<\/i><\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Medical School Gross Avg. Ticket (ex- Acquisitions* &#8211; R$\/month)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>9,086<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>8,448<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>7.5%<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Medical School Net Avg. Ticket (ex- Acquisitions* &#8211; R$\/month)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>7,853<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>7,227<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>8.7%<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwrowaltcolor1 bwwidth70\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwrowaltcolor1 bwwidth10\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>UNDERGRADUATE HEALTH SCIENCE<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwrowaltcolor1 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwrowaltcolor1 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwrowaltcolor1 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth70\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n20,779\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14,913\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<i>39.3%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth70\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n20,841\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14,513\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<i>43.6%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14,129\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14,513\n<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<i>-2.6%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (Total &#8211; R$MM)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>170,666<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>89,187<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<i>91.4%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (ex- Acquisitions* &#8211; R$MM)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>93,337<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>89,187<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b><i>4.7%<\/i><\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>OTHER UNDERGRADUATE<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwrowaltcolor1 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwrowaltcolor1 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwrowaltcolor1 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n23,945\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15,478\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<i>54.7%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n24,077\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14,323\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<i>68.1%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwsinglebottom bwwidth70\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12,379\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14,323\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<i>-13.6%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (Total &#8211; R$MM)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>137,464<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>88,489<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b><i>55.3%<\/i><\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (ex- Acquisitions* &#8211; R$MM)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>78,727<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>88,489<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b><i>-11.0%<\/i><\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>TOTAL TUITION FEES<\/b><\/td>\n<td class=\"bwpadl0 bwsinglebottom bwrowaltcolor1 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwrowaltcolor1 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwrowaltcolor1 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (Total &#8211; R$MM)<\/b><\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>1,309,937<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>842,788<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b><i>55.4%<\/i><\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (ex- Acquisitions* &#8211; R$MM)<\/b><\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>968,886<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b>842,788<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<b><i>15.0%<\/i><\/b>\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>*For the three months period ended June 30, 2022, &#8220;2022 Ex Acquisitions&#8221; 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, Al\u00e9m da Medicina, Cardiopapers and Glic (all from April to June, 2022).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>*For the six months period ended June 30, 2022, &#8220;2022 Ex Acquisitions&#8221; 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, Al\u00e9m da Medicina, Cardiopapers and Glic (all from January to June, 2022).<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Key Revenue Drivers \u2013 Continuing Education and Digital Services<\/b>\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Table 3: Key Revenue Drivers<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwpadl0\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>Six months ended June 30,<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth70\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth70 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><b>Continuing Education<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Medical Specialization &amp; Others<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,543\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,285\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>7.9%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,511\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,492\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>0.6%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwsinglebottom bwwidth70\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,511\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,492\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>0.6%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Net Revenue from courses (Total &#8211; R$MM)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n47,662\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n35,272\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>35.1%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Net Revenue from courses (ex- Acquisitions\u00b9)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n47,662\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n35,272\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>35.1%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth70 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><b>Digital Services<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Content &amp; Technology for Medical Education<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Medcel Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Prep Courses &amp; CME &#8211; B2P<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n12,741\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15,670\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>-18.7%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Prep Courses &amp; CME &#8211; B2B<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,909\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,173\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>54.7%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Al\u00e9m da Medicina Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7,792\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<i>n.a.<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Cardio Papers Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,765\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<i>n.a.<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Medical Harbour Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,425\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n875\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>405.7%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Clinical Decision Software<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Whitebook Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n133,238\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n115,149\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>15.7%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Clinical Management Tools\u00b2<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">iClinic Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21,088\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14,371\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>46.7%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Shosp Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,264\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,305\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>-1.8%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth70 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth10 bwrowaltcolor1 bwalignc\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Digital Services Total Active Payers (end of period)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n191,222\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n151,543\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>26.2%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Net Revenue from Services (Total &#8211; R$MM)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n89,695\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n81,665\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>9.8%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Net Revenue &#8211; B2P<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n79,013\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n78,724\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>0.4%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\">Net Revenue &#8211; B2B<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10,682\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,941\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>263.2%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" colspan=\"1\" rowspan=\"1\"><b>Net Revenue From Services (ex-Acquisitions\u00b9)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n74,594\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n81,665\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<i>-8.7%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(1) For the three months period ended June 30, 2022, &#8220;2022 Ex Acquisitions&#8221; 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, Al\u00e9m da Medicina, Cardiopapers and Glic (all from April to June, 2022). For the six months period ended June 30, 2022, &#8220;2022 Ex Acquisitions&#8221; 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, Al\u00e9m da Medicina, Cardiopapers and Glic (all from January to June, 2022).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0\" colspan=\"4\" rowspan=\"1\"><i>(2) Clinical management tools includes Telemedicine and Digital Prescription features.<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Key Operational Drivers \u2013 Digital Services<\/b>\n<\/p>\n<p>\nMonthly 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.\n<\/p>\n<p>\nTotal monthly active users reached approximately 265 thousand, 13.6% higher over the same period in the last year.\n<\/p>\n<p>\nMonthly 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.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"6\" rowspan=\"1\"><b>Table 4: Key Operational Drivers for Digital Services &#8211; Monthly Active Users (MaU)<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth50\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>2Q22<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>2Q21<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><b>% Chg YoY<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1Q22<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><b>% Chg QoQ<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><b>Content &amp; Technology for Medical Education<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20,739\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n18,968\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n9.3%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21,464\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-3.4%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><b>Clinical Decision Software<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n221,862\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n181,138\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n22.5%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n218,313\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.6%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><b>Clinical Management Tools\u00b9<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21,151\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n32,968\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-35.8%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19,762\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><b>Physician-Patient Relationship<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,101\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\">n.a<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n0.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth50\" colspan=\"1\" rowspan=\"1\"><b>Total Monthly Active Users (MaU) &#8211; Digital Services<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>264,853<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>233,074<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13.6%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>259,539<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2.0%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><i>1) Clinical management tools includes Telemedicine and Digital Prescription features<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0 bwnowrap\" colspan=\"3\" rowspan=\"1\"><i>2) Clinical management tools MAU excludes other users other than payors, starting in 1Q22<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><i>3) Shosp, Medicinae and Al\u00e9m da Medicina starting in 1Q22<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"3\" rowspan=\"1\"><i>4) Cardiopapers and Glic starting in 2Q22<\/i><\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwnowrap\" colspan=\"2\" rowspan=\"1\"><b>Table 5: Key Operational Drivers for Digital Services &#8211; Monthly Unique Active Users (MuaU)<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>2Q22<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><b>Total Monthly Unique Active Users (MuaU) &#8211; Digital Services<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>245,396<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"2\" rowspan=\"1\"><i>1) Total Monthly Unique Active Users excludes non-integrated companies: Medical Harbour, Medicinae, Shosp, Al\u00e9m da Medicina, Cardiopapers and Glic<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>Seasonality<\/b>\n<\/p>\n<p>\nUndergrad\u2019s 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\u2019s revenue is concentrated in the first and last quarter of the year, as a result of the enrollments of Medcel\u2019s clients period. The majority of Medcel\u2019s 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.\n<\/p>\n<p>\n<b>Revenue<\/b>\n<\/p>\n<p>\nThis 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.\n<\/p>\n<p>\nAdjusted 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.\n<\/p>\n<p>\nDigital 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.\n<\/p>\n<p>\nFor 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$899.3 million.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"12\" rowspan=\"1\"><b>Table 6: Revenue &amp; Revenue Mix<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"5\" rowspan=\"1\"><b>For the three months period ended June 30,<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"5\" rowspan=\"1\"><b>For the six months period ended June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b><i>2022 Ex Acquisitions*<\/i><\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b><i>% Chg Ex Acquisitions<\/i><\/b>\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm bwwidth1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b><i>2022 Ex Acquisitions*<\/i><\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwvertalignm bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b><i>% Chg Ex Acquisitions<\/i><\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">Net Revenue Mix<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth9\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">Undergrad<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n533,545\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n419,865\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n328,434\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n62.5%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n27.8%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,028,940\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n799,535\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n650,286\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n58.2%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">Adjusted Undergrad\u00b9<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n511,468\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n397,788\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n337,548\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n51.5%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17.8%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,008,255\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n778,850\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n667,604\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n51.0%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">Continuing Education<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23,811\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23,811\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15,984\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n49.0%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n49.0%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n47,662\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n47,662\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n35,272\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n35.1%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n35.1%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">Digital Services<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n42,218\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n33,809\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n28,127\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n50.1%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20.2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n89,695\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n74,594\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n81,665\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n9.8%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-8.7%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\">Inter-segment transactions<\/td>\n<td class=\"bwalignl bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211; 1,418\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211; 1,418\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211; 171\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">n.a.<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n729.2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211; 1,817\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211; 1,817\n<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211; 498\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n264.9%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n264.9%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><b>Total Reported Net Revenue<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>598,156<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>476,067<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>372,374<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n60.6%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n27.8%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,164,480<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>919,974<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>766,725<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n51.9%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20.0%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><b>Total Adjusted Net Revenue \u00b9<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>576,079<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>453,990<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>381,488<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n51.0%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19.0%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,143,795<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>899,289<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>784,043<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n45.9%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth9\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14.7%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"7\" rowspan=\"1\"><i>*For the three months period ended June 30, 2022, &#8220;2022 Ex Acquisitions&#8221; 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, Al\u00e9m da Medicina, Cardiopapers and Glic (all from April to June, 2022).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"7\" rowspan=\"1\" style=\"height:59px;\"><i>*For the six months period ended June 30, 2022, &#8220;2022 Ex Acquisitions&#8221; 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, Al\u00e9m da Medicina, Cardiopapers and Glic (all from January to June, 2022).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"7\" rowspan=\"1\"><i>(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.<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"7\" rowspan=\"1\"><i>(2) See more information on &#8220;Non-GAAP Financial Measures&#8221; (Item 08).<\/i><\/td>\n<\/tr>\n<\/table>\n<p> <b>Contacts<\/b> <\/p>\n<p>\nInvestor Relations Contact:<br \/>\n<br \/>Afya Limited<br \/>\n<br \/><a target=\"_blank\" href=\"&#109;a&#x69;l&#x74;o&#x3a;i&#x72;&#64;&#x61;f&#x79;&#97;&#x2e;&#99;&#x6f;&#109;&#x2e;&#98;&#x72;\" rel=\"nofollow noopener\" shape=\"rect\">&#x69;&#x72;&#x40;&#97;&#102;ya&#x2e;&#x63;&#x6f;&#109;&#46;br<\/a>\n<\/p>\n<p>\nMedia Contact:<br \/>\n<br \/>C\u00edntia Moraes Marin<br \/>\n<br \/><a target=\"_blank\" href=\"mail&#116;&#111;&#58;&#99;&#105;&#x6e;&#x74;&#x69;&#x61;&#x2e;&#x6d;&#x61;rin&#64;&#97;&#102;&#121;&#97;&#46;&#x63;&#x6f;&#x6d;&#x2e;&#x62;&#x72;\" rel=\"nofollow noopener\" shape=\"rect\">&#99;&#x69;&#110;&#x74;&#105;&#x61;&#46;&#x6d;a&#114;&#x69;&#110;&#x40;&#97;&#x66;y&#x61;&#46;&#99;&#x6f;&#109;&#x2e;&#98;&#x72;<\/a>\n<\/p>\n<p> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20220822005639\/en\/Afya-Limited-Announces-Second-Quarter-and-First-Half-2022-Financial-Results\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP392103_ypKzv-7ah0oHKWbnuHnevRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxZM7XiMhduiSeKMTNDLRqI_doMC3CVAuyHo5cJ7XfDuvA==\"> Read full story here <\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>High and Predictable Growth Strong Net Income Results NOVA LIMA, Brazil&#8211;(BUSINESS WIRE)&#8211;Afya Limited (Nasdaq: AFYA) (\u201cAfya\u201d or the \u201cCompany\u201d), 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 &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/pharma-trend.com\/en\/afya-limited-announces-second-quarter-and-first-half-2022-financial-results\/\">[Read more&#8230;]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-47552","6":"format-standard","7":"category-industry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Afya Limited Announces Second-Quarter and First Half 2022 Financial Results - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/afya-limited-announces-second-quarter-and-first-half-2022-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Afya Limited Announces Second-Quarter and First Half 2022 Financial Results - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"High and Predictable Growth Strong Net Income Results NOVA LIMA, Brazil&#8211;(BUSINESS WIRE)&#8211;Afya Limited (Nasdaq: AFYA) (\u201cAfya\u201d or the \u201cCompany\u201d), 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). 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