{"id":51105,"date":"2022-11-21T23:02:21","date_gmt":"2022-11-21T22:02:21","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/afya-limited-announces-third-quarter-and-nine-months-2022-financial-results\/"},"modified":"2022-11-21T23:02:21","modified_gmt":"2022-11-21T22:02:21","slug":"afya-limited-announces-third-quarter-and-nine-months-2022-financial-results","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/afya-limited-announces-third-quarter-and-nine-months-2022-financial-results\/","title":{"rendered":"Afya Limited Announces Third-Quarter and Nine Months 2022 Financial Results"},"content":{"rendered":"<div>\n<p class=\"bwalignc\">\n<b>Guidance On Track<\/b>\n<\/p>\n<p class=\"bwalignc\">\n<b>Robust EPS Expansion<\/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 nine-month period ended September 30, 2022 (third 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\/20221121005859\/en\/1644427\/5\/AFY-logo-07.jpg\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20221121005859\/en\/1644427\/21\/AFY-logo-07.jpg\"><\/a><\/p>\n<p>\n<b>Third Quarter 2022 Highlights<\/b>\n<\/p>\n<ul class=\"bwlistsquare\">\n<li>\n3Q22 Adjusted Net Revenue increased 25.2% YoY to R$580.2 million. Adjusted Net Revenue excluding acquisitions grew 17.1%, reaching R$542.4 million.\n<\/li>\n<li>\n3Q22 Adjusted EBITDA increased 19.5% YoY, reaching R$228.7 million, with an Adjusted EBITDA Margin of 39.4%. Adjusted EBITDA excluding acquisitions grew 10.2%, reaching R$211.0 million, with an Adjusted EBITDA Margin of 38.9%.\n<\/li>\n<li>\n3Q22 Adjusted Net Income increased 2.7% YoY, reaching R$120.1 million, with an EPS growth of 47.4% in the same period.\n<\/li>\n<\/ul>\n<p>\n<b>Nine Months 2022 Highlights<\/b>\n<\/p>\n<ul class=\"bwlistsquare\">\n<li>\n9M22 Adjusted Net Revenue increased 38.2% YoY to R$1,724.0 million. Adjusted Net Revenue excluding acquisitions grew 15.6%, reaching R$1,441.5 million.\n<\/li>\n<li>\n9M22 Adjusted EBITDA increased 28.6% YoY reaching R$719.7 million, with an Adjusted EBITDA Margin of 41.7%. Adjusted EBITDA excluding acquisitions grew 5.3%, reaching R$589.2 million, with an Adjusted EBITDA Margin of 40.9%.\n<\/li>\n<li>\n9M22 Adjusted Net Income increased 18.8% YoY, reaching R$406.4 million, with an EPS growth of 77.5% in the same period.\n<\/li>\n<li>\nCash conversion of 104.6%, with a solid cash position of R$715.6 million.\n<\/li>\n<li>\n~286 thousand monthly active physicians and medical students using Afya\u2019s Digital Services, an increase of 15.7% over the same period of last year.\n<\/li>\n<\/ul>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"8\" rowspan=\"1\"><b>Table 1: Financial Highlights<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwsinglebottom\" colspan=\"7\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwpadl0 bwsinglebottom\" colspan=\"8\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"7\" rowspan=\"1\"><b>For the three months period ended September 30,<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"8\" rowspan=\"1\"><b>For the nine months period ended September 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><i>(in thousand of R$)<\/i><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<i><b>2022 Ex<br \/>\n<br \/>Acquisitions*<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<i><b>% Chg Ex<br \/>\n<br \/>Acquisitions<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<i><b>2022 Ex<br \/>\n<br \/>Acquisitions*<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<i><b>% Chg Ex<br \/>\n<br \/>Acquisitions<\/b><\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">(a) Net Revenue<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n580,575\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n542,810\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n454,387\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n27.8%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19.5%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,745,055\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,462,585\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,221,112\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n42.9%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19.8%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">(b) Adjusted Net Revenue (1)<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n580,198\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n542,433\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n463,278\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25.2%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17.1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,723,993\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,441,523\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,247,321\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38.2%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15.6%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">(c) Adjusted EBITDA (2)<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n228,730\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n210,968\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n191,400\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19.5%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n10.2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n719,717\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n589,167\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n559,709\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n28.6%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5.3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">(e) = (c)\/(b) Adjusted EBITDA Margin<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n39.4%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38.9%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n41.3%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">-190 bps<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">-240 bps<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n41.7%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n40.9%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n44.9%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">-320 bps<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">-400 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 September 30, 2022, &#8220;2022 Ex Acquisitions&#8221; excludes: UNIGRANRIO (only July, 2022; Closing of UNIGRANRIO was in August, 2021), RX PRO, Garanhuns, Al\u00e9m da Medicina, Cardiopapers, and Glic (all from July to September, 2022; Closing of RX PRO, Garanhuns, Al\u00e9m da Medicina, Cardiopapers, and Glic were after October, 2021).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"12\" rowspan=\"1\"><i>*For the nine months period ended September 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 (from January to July, 2022; Closing of UNIGRANRIO was in August, 2021), RX PRO, Garanhuns, Al\u00e9m da Medicina, Cardiopapers, and Glic (all from January to September, 2022; Closing of RX PRO, Garanhuns, Al\u00e9m da Medicina, Cardiopapers, and Glic were after October, 2021).<\/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=\"6\" rowspan=\"1\"><i>(2) See more information on &#8220;Non-GAAP Financial Measures&#8221; (Item 08).<\/i><\/td>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<\/table>\n<p>\n<b>1. Message from Management<\/b>\n<\/p>\n<p>\n<i>As we approach the end of the year, we can gladly see Afya delivering strong results again. This quarter was marked by significant increases in net revenue in our three segments, positive EBITDA, cash generation and EPS growth, and a consistent business expansion. All these factors combined enable us to reassure our 2022 guidance, reinforcing our business strategy execution.<\/i>\n<\/p>\n<p>\n<i>Back in the third quarter of 2021, we were hoping to see the pandemic lose its strength. Now, in 2022, we can finally see our students, employees, and partners extracting the best from our ecosystem again. After the opening of six new Continuing Education campuses \u2013 a segment that was impacted during COVID-19 times -, we can see, for the third time this year, an incredible recovery compared to last year, with strong intake processes, new campuses and courses maturation, and our practical classes boosting again.<\/i>\n<\/p>\n<p>\n<i>On the Undergrad side of the education segment, we can also see important movements. First, the successful opening of four Mais M\u00e9dicos campuses \u2013 Abaetetuba, Bragan\u00e7a, Itacoatiara, and Manacapuru -, along with UniSL Ji-Parana campus, all of them combined totaling 228 new medical seats to our portfolio this quarter, allowing us to reach an impressive number of 2,709 medical operating seats, strengthening our consolidation as the medical undergrad leader in Brazil. Second, to further boost this leadership, on October 13rd, we announced the entering into a share purchase agreement for our largest acquisition so far, UNIT Alagoas and FITS Jaboat\u00e3o dos Guararapes, adding 340 more medical seats to our base. With the conclusion of this acquisition, will increase our 2,759 approved seats to 3,099. And third, the completeness of Unigranrio\u2019s integration process also in October, one year after its acquisition, proving our commitment to extracting synergies within the operation. 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 highly predicted growth combined with strong profitability and cash generation.<\/i>\n<\/p>\n<p>\n<i>On our Digital Services segment, we are proud to see another quarter of strong inorganic and organic growth. Afya\u2019s Digital Health Services is being able to help physicians\u2019 during their medical journey and now, with our 6 pillars complete after the acquisition of Glic, we will further explore the development of our ecosystem, which 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. 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>As a reflection of our great results and actions that are being shown to the market, we are also glad to announce that, for the third time in a row, we\u2019ve won the \u201cAnu\u00e1rio \u00c9poca Neg\u00f3cios 360\u00ba\u201d award as the best Company in the Education segment. We are very proud of this achievement, as it is the recognition of the work and passion of our more than nine thousand employees around a unique vision: to transform health together with those who have medicine as a vocation.<\/i>\n<\/p>\n<p>\n<i>With another round of high and sustainable growth, our mission remains solid as ever: to provide an ecosystem that integrates education and digital solutions for the entire medical journey, enhancing the development, updating, assertiveness, and productivity of health professionals. We are very proud of our business and of what we have achieved so far, as well as excited about what we are planning for the future.<\/i>\n<\/p>\n<p>\n<b>2. Subsequent Events in the Quarter:<\/b>\n<\/p>\n<ul class=\"bwlistsquare\">\n<li>\nAfya announced on October 13th, 2022, that it has entered into a share purchase agreement for the acquisition of 100% of the total share capital of Sociedade Educacional e Cultural Sergipe DelRey Ltda., that encompasses the operations of Centro Universit\u00e1rio Tiradentes Alagoas (&#8220;UNIT Alagoas\u201d) and Faculdade Tiradentes Jaboat\u00e3o dos Guararapes (&#8220;FITS Jaboat\u00e3o dos Guararapes\u201d). The acquisition will contribute 340 medical school seats to Afya, increasing Afya\u2019s total medical school seats from 2,759 to 3,099. The aggregate purchase price (enterprise value) is R$825.0 million before the deduction of Net Debt that will be calculated at the closing date, and it will be paid as follows: R$575 million in cash on the transaction closing date and R$250 million in three annual installments, respectively, of R$150 million, R$50 million, and R$50 million, adjusted by the Brazilian interest rate (SELIC). We expected an EV\/EBITDA of 5.8x at maturity and post synergies (2024). With the acquisition, Afya further consolidates its presence in the Brazilian Northeast, entering a new state in the region.\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 bwvertalignt\" 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 bwvertalignt\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>Important considerations<\/b>\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwwidth1 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth33 bwvertalignt\" 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 bwvertalignm\" colspan=\"1\" rowspan=\"7\">Includes four Mais M\u00e9dicos units start operating in 2H22;<br \/>Includes Ji-Parana acquisition start operating in the 2H22;<br \/>Includes Al\u00e9m da Medicina acquisition;<br \/>Excludes any acquisition that may be concluded after the issuance of the guidance, such as Cardiopapers and Glic.<\/td>\n<td class=\"bwpadl0 bwwidth1 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth1 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth1 bwvertalignt\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth33 bwvertalignt\" 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 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth1 bwvertalignt\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth1 bwvertalignt\" colspan=\"1\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n<b>4. 9M22 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 their 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 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, and 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 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Table 2: Key Revenue Drivers<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwpadl0\" colspan=\"4\" rowspan=\"1\"><b>Nine months period ended September 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" 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 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"2\" 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 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Undergrad Programs<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>MEDICAL SCHOOL<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Approved Seats<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,759\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,611\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>5.7<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Operating Seats<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,709\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,361\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>14.7<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17,997\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15,977\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>12.6<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17,692\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13,983\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>26.5<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15,237\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n13,983\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>9.0<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (Total &#8211; R$MM)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,522,393<\/b>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,081,135<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i><b>40.8<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i><b>%<\/b><\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (ex- Acquisitions* &#8211; R$MM)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,282,263<\/b>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,081,135<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i><b>18.6<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i><b>%<\/b><\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Medical School Gross Avg. Ticket (ex- Acquisitions* &#8211; R$\/month)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>9,351<\/b>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>8,591<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i><b>8.8<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i><b>%<\/b><\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Medical School Net Avg. Ticket (ex- Acquisitions* &#8211; R$\/month)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>7,765<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>7,109<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i><b>9.2<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i><b>%<\/b><\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>UNDERGRADUATE HEALTH SCIENCE<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n18,114\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19,297\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>-6.1<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19,932\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14,587\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>36.6<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14,401\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14,587\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>-1.3<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (Total &#8211; R$MM)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>254,613<\/b>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>163,270<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>55.9<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (ex- Acquisitions* &#8211; R$MM)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>167,925<\/b>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>163,270<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i><b>2.9<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i><b>%<\/b><\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>OTHER UNDERGRADUATE<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23,085\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n26,953\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>-14.4<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23,746\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n18,533\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>28.1<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)*<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14,190\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n18,533\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>-23.4<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (Total &#8211; R$MM)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>201,116<\/b>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>161,063<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i><b>24.9<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i><b>%<\/b><\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (ex- Acquisitions* &#8211; R$MM)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>135,500<\/b>\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>161,063<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i><b>-15.9<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i><b>%<\/b><\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>TOTAL TUITION FEES<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (Total &#8211; R$MM)<\/b><\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,978,122<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,405,468<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i><b>40.7<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i><b>%<\/b><\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Tuition Fees (ex- Acquisitions* &#8211; R$MM)<\/b><\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,585,688<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,405,468<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i><b>12.8<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i><b>%<\/b><\/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>*For the nine months period ended September 30, 2022, &#8220;2022 Ex Acquisitions&#8221; excludes: UNIFIPMoc and FIP Guanambi (from January to May, 2022; Closing of UNIFIPMoc and FIP Guanambi was in June, 2021), UNIGRANRIO (from January to July, 2022; Closing of UNIGRANRIO was in August, 2021), and Garanhuns (from January to September, 2022; Closing of Garanhuns was in November, 2021).<\/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 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Table 3: Key Revenue Drivers<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwpadl0\" colspan=\"4\" rowspan=\"1\"><b>Nine months period ended September 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" 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 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"2\" 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 bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Continuing Education<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Medical Specialization &amp; Others<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Total Students (end of period)<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,036\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,835\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>42.4<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,686\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,273\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>12.6<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3 bwwidth64\" colspan=\"1\" rowspan=\"1\">Average Total Students (ex-Acquisitions)<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,686\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n3,273\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>12.6<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Net Revenue from courses (Total &#8211; R$MM)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n75,568\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n51,481\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>46.8<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl6 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Net Revenue from courses (ex- Acquisitions\u00b9)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n75,568\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n51,481\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>46.8<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Digital Services<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Content &amp; Technology for Medical Education<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" colspan=\"1\" rowspan=\"1\">Medcel Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl6 bwwidth64\" colspan=\"1\" rowspan=\"1\">Prep Courses &amp; CME &#8211; B2P<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n12,886\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16,878\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>-23.7<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl6 bwwidth64\" colspan=\"1\" rowspan=\"1\">Prep Courses &amp; CME &#8211; B2B<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,704\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n4,097\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>39.2<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" colspan=\"1\" rowspan=\"1\">Al\u00e9m da Medicina Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,696\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<i>n.a.<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" colspan=\"1\" rowspan=\"1\">Cardio Papers Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,090\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n<i>n.a.<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" colspan=\"1\" rowspan=\"1\">Medical Harbour Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5,080\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n306\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>1560.1<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Clinical Decision Software<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" colspan=\"1\" rowspan=\"1\">Whitebook Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n133,926\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n117,826\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>13.7<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Clinical Management Tools\u00b2<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" colspan=\"1\" rowspan=\"1\">iClinic Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n22,596\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15,984\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>41.4<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" colspan=\"1\" rowspan=\"1\">Shosp Active Payers<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,348\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n2,093\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>12.2<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth64\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Digital Services Total Active Payers (end of period)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n193,326\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n157,184\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>23.0<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Net Revenue from Services (Total &#8211; R$MM)<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n134,243\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n109,613\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>22.5<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" colspan=\"1\" rowspan=\"1\">Net Revenue &#8211; B2P<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n117,256\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n103,596\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>13.2<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl3 bwwidth64\" colspan=\"1\" rowspan=\"1\">Net Revenue &#8211; B2B<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16,987\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n6,017\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>182.3<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" colspan=\"1\" rowspan=\"1\"><b>Net Revenue From Services (ex-Acquisitions\u00b9)<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n111,050\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n109,613\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<i>1.3<\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n<i>%<\/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 nine months period ended September 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), RX PRO, Al\u00e9m da Medicina, Cardiopapers, and Glic (all from January to September, 2022; Closing of RX PRO, Al\u00e9m da Medicina, Cardiopapers, and Glic were after October, 2021).<\/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 286 thousand, 15.7% higher over the same period in the last year.\n<\/p>\n<p>\nMonthly Unique Active 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, the 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=\"8\" rowspan=\"1\"><b>Table 4: Key Operational Drivers for Digital Services &#8211; Monthly Active Users (MaU)<\/b><\/td>\n<td class=\"bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth50\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>3Q22<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>3Q21<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg YoY<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2Q22<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwalignc\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg QoQ<\/b>\n<\/p>\n<\/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 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21,811\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20,015\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n9.0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20,739\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n5.2\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\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 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n239,640\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n194,082\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23.5\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n221,862\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8.0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\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 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n23,036\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n32,909\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-30.0\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21,151\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n8.9\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\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=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,397\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211;\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\nn.a.\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,101\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n26.9\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\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 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>285,884<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>247,006<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15.7\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>264,853<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwwidth2\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth8\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n7.9\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" colspan=\"1\" 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\" colspan=\"1\" 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=\"1\" 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=\"1\" rowspan=\"1\"><i>4) Cardiopapers and Glic starting in 2Q22<\/i><\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" 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 bwwidth88\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>3Q22<\/b>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth88\" colspan=\"1\" rowspan=\"1\"><b>Total Monthly Unique Active Users (MuaU) &#8211; Digital Services<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwwidth12\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>263,587<\/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=\"1\" 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>\nAs disclosed in our 2Q22 earnings release, the Company has been recovering amounts related to mandatory discounts in tuition fees previously granted by individual and collective legal proceedings and public civil proceedings related to COVID-19. For the nine months period ended September 30, 2022, this amount represents R$21.1 million, and, as Afya has excluded these mandatory discounts from Adjusted Net Revenue in 2020 and 2021, this recovery is not counted for Adjusted Net Revenue in 2022.\n<\/p>\n<p>\nAdjusted Net Revenue for the third quarter of 2022 was R$580.2 million, an increase of 25.2% over the same period of the prior year. Excluding acquisitions, Adjusted Net Revenue in the third quarter increased 17.1% YoY to R$542.4 million, a strong increase, mainly due to the maturation of medical seats and the beginning of the 4 Mais M\u00e9dicos operations during the third quarter, higher tickets in Medicine courses, and the Continuing Education recovery, which ended the third quarter with a 72.2% year over year increase in net revenue, mainly due to the strong student base expansion during 2022.\n<\/p>\n<p>\nOnce again, the Digital Services segment has also contributed to the Adjusted Net Revenues growth this quarter, increasing 59.4% year over year, and 30.4%, excluding acquisitions. This organic growth is a combination of (a) a great start of the B2B engagements, reaching 61 contracts \u2013 including pharma solutions and RX PRO contracts -, with 40 different 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 nine-month period ended September 30, 2022, Adjusted Net Revenue was R$1,724.0 million, an increase of 38.2% over the same period of last year. Excluding acquisitions, Adjusted Net Revenue in the nine-month period increased 15.6% YoY to R$1,441.5 million.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"9\" rowspan=\"1\"><b>Table 6: Revenue &amp; Revenue Mix<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"7\" rowspan=\"1\"><b>For the three months period ended September 30,<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"7\" rowspan=\"1\"><b>For the nine months period ended September 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<i><b>2022 Ex<br \/>\n<br \/>Acquisitions*<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<i><b>% Chg Ex<br \/>\n<br \/>Acquisitions<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwvertalignm\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<i><b>2022 Ex<br \/>\n<br \/>Acquisitions*<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<i><b>% Chg Ex<br \/>\n<br \/>Acquisitions<\/b><\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">Net Revenue Mix<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3\" colspan=\"1\" rowspan=\"1\">Undergrad<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n509,097\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n479,424\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n410,059\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n24.2%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16.9%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,538,037\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,278,760\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,060,345\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n45.1%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n20.6%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3\" colspan=\"1\" rowspan=\"1\">Adjusted Undergrad\u00b9<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n508,720\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n479,047\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n418,950\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n21.4%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n14.3%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,516,975\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,257,698\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1,086,554\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n39.6%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15.8%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3\" colspan=\"1\" rowspan=\"1\">Continuing Education<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n27,906\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n27,906\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n16,209\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n72.2%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n72.2%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n75,568\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n75,568\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n51,481\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n46.8%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n46.8%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwpadl3\" colspan=\"1\" rowspan=\"1\">Digital Services<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n44,548\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n36,456\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n27,948\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n59.4%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n30.4%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n134,243\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n111,050\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n109,613\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n22.5%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n1.3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl3\" colspan=\"1\" rowspan=\"1\">Inter-segment transactions<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-976\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-976\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n171\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">n.a.<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-670.8%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-2,793\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n-2,793\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n&#8211; 327\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n754.1%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n754.1%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><b>Total Reported Net Revenue<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>580,575<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>542,810<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>454,387<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n27.8%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19.5%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,745,055<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,462,585<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,221,112<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n42.9%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n19.8%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><b>Total Adjusted Net Revenue \u00b9<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>580,198<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>542,433<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>463,278<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n25.2%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n17.1%\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,723,993<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,441,523<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n<b>1,247,321<\/b>\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38.2%\n<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n15.6%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\"><i>*For the three months period ended September 30, 2022, &#8220;2022 Ex Acquisitions&#8221; excludes: UNIGRANRIO (only July, 2022; Closing of UNIGRANRIO was in August, 2021), RX PRO, Garanhuns, Al\u00e9m da Medicina, Cardiopapers, and Glic (all from July to September, 2022; Closing of RX PRO, Garanhuns, Al\u00e9m da Medicina, Cardiopapers, and Glic were after October, 2021).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"1\" rowspan=\"1\" style=\"height:129px;\"><i>*For the nine months period ended September 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 (from January to July, 2022; Closing of UNIGRANRIO was in August, 2021), RX PRO, Garanhuns, Al\u00e9m da Medicina, Cardiopapers, and Glic (all from January to September, 2022; Closing of RX PRO, Garanhuns, Al\u00e9m da Medicina, Cardiopapers, and Glic were after October, 2021).<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwpadl0\" colspan=\"1\" 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=\"1\" 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>Adjusted EBITDA<\/b>\n<\/p>\n<p>\nAdjusted EBITDA for the three-month period ended September 30, 2022 increased 19.5% to R$228.7 million, up from R$191.4 million in the same period of the prior year, while the Adjusted EBITDA Margin decreased 190 basis points to 39.4%. For the nine-month period ended September 30, 2022, Adjusted EBITDA was R$719.7 million, an increase of 28.6% over the same period of the prior year, with an Adjusted EBITDA Margin decrease of 320 basis points in the same period. The Adjusted EBITDA Margin reduction is due to (a) the Digital segment, mostly in the performance of Medcel in the residency preparatory market, (b) the expansion of the Continuing Education segment, which is still maturing the new campuses, and (c) the increase in corporate expenses in the period.\n<\/p>\n<p>\nExcluding acquisitions, Adjusted EBITDA for the three-month period increased 10.2% YoY to R$211.0 million, while the Adjusted EBITDA Margin decreased 240 basis points to 38.9%. For the nine-month period, excluding acquisitions, Adjusted EBITDA increased 5.3% YoY to R$589.2 million, while the Adjusted EBITDA Margin decreased 400 basis points to 40.9%, mainly due to the same reasons previously explained.\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" colspan=\"4\" rowspan=\"1\"><i><b>Table 7: Adjusted EBITDA<\/b><\/i><\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"1\" rowspan=\"1\"><i>(in thousands of R$)<\/i><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"9\" rowspan=\"1\"><b>For the three months period ended September 30,<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"9\" rowspan=\"1\"><b>For the nine months period ended September 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<i><b>2022 Ex<br \/>\n<br \/>Acquisitions*<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<i><b>% Chg Ex<br \/>\n<br \/>Acquisitions<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2022<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<i><b>2022 Ex<br \/>\n<br \/>Acquisitions*<\/b><\/i>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignm bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n<b>2021<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<b>% Chg<\/b>\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n<i><b>% Chg Ex<br \/>\n<br \/>Acquisitions<\/b><\/i>\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">Adjusted EBITDA<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n228,730\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n210,968\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n191,400\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">19.5%<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n10.2%\n<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n719,717\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n589,167\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n559,709\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n28.6%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.3%\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">% Margin<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n39.4%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n38.9%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n41.3%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">-190 bps<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">-240 bps<\/td>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n41.7%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n40.9%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\n44.9%\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"1\" rowspan=\"1\">-320 bps<\/td>\n<td class=\"bwsinglebottom\" colspan=\"1\" rowspan=\"1\"><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0\" colspan=\"1\" rowspan=\"1\">-400 bps<\/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=\"mailto&#58;&#105;&#114;&#64;&#97;&#102;&#121;&#x61;&#x2e;&#x63;&#x6f;&#x6d;&#x2e;&#x62;&#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=\"&#109;&#x61;&#x69;&#108;&#x74;&#x6f;&#58;&#x63;&#x69;&#110;&#x74;&#x69;&#97;&#x2e;&#x6d;&#97;&#x72;&#x69;&#110;&#x40;&#x61;&#102;&#x79;&#x61;&#46;&#x63;&#x6f;m&#x2e;&#x62;r\" rel=\"nofollow noopener\" shape=\"rect\">cint&#105;&#97;&#46;&#109;&#97;&#114;&#105;&#x6e;&#x40;&#x61;&#x66;&#x79;&#x61;&#x2e;&#x63;&#x6f;m&#46;br<\/a>\n<\/p>\n<p> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20221121005859\/en\/Afya-Limited-Announces-Third-Quarter-and-Nine-Months-2022-Financial-Results\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP392103_ypKzv-7ah0oHKWbnuHnevRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxZM7XiMhduiSeKMTNDLRqI_doMC3CVAuyHo5cJ7XfDuvA==\"> Read full story here <\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Guidance On Track Robust EPS Expansion 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 nine-month period ended September 30, 2022 (third quarter 2022). Financial results are expressed in Brazilian Reais &#8230; <span class=\"more\"><a class=\"more-link\" href=\"https:\/\/pharma-trend.com\/en\/afya-limited-announces-third-quarter-and-nine-months-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-51105","6":"format-standard","7":"category-industry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Afya Limited Announces Third-Quarter and Nine Months 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-third-quarter-and-nine-months-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 Third-Quarter and Nine Months 2022 Financial Results - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"Guidance On Track Robust EPS Expansion 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 nine-month period ended September 30, 2022 (third quarter 2022). 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Financial results are expressed in Brazilian Reais ... 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