Procaps Group SA (NASDAQ:PROC) reported Q3 FY23 revenue of $118.41 million, beating the consensus of $110.4 million and rose 7% Y/Y (+2% Y/Y in constant currency), led by the performance of RX and OTC portfolios.
Gross profit increased 1% Y/Y to $68 million, with a 58% gross margin contracting 343bps Y/Y due to higher costs and an unfavorable product mix.
Adjusted EBITDA fell 4% YY to $22 million in 3Q23, with a margin of 19% (-212 bps Y/Y).
EPS of $0.08 exceeded the consensus of $0.05.
In Q3, the company penned an agreement with BDR Pharmaceuticals for 27 oncology molecules for Latin America, including 20 TKIs (Tirosyne Kinase Inhibitors).
Last month, the company disclosed the appointment of Jose Antonio Vieira as the new CEO, effective January 15, 2024.
Guidance: The company lowered its full-year guidance due to the slowdown in some markets.
Consequently, PROC now expects net revenue growth of around 6% on a constant currency basis and an adjusted EBITDA of $77 million-$82 million. While announcing its 4Q22 results, the company had expected 2023 ~+10% net revenue growth on a constant currency basis and $90 million- $100 million of Adjusted EBITDA.
Ruben Minski, CEO said, "To support increased U.S. demand of our advanced gummy technologies for the global nutraceutical industry capacity expansion in the U.S. continue as planned with the ongoing construction of a new gummy manufacturing facility in Florida."
"We expect operations to commence in 1Q24 with revenues following later in the quarter. Also in the U.S. we are exploring new products, especially high potency compounds, to take advantage of the West Palm Beach facility which has production capacity of approximately 1.8 billion softgel capsules per year for our iCDMO business unit."
Price Action: PROC shares closed higher by 13.7% at $3.98 on Tuesday.
Procaps Group SA(纳斯达克股票代码:PROC)公布的23财年第三季度收入为1.1841亿美元,超过了市场预期的1.104亿美元,同比增长7%(按固定货币计算同比增长2%),这得益于RX和场外交易投资组合的表现。
由于成本上涨和不利的产品组合,毛利同比增长1%,至6800万美元,毛利率同比收缩343个基点,毛利率同比下降343个基点。
调整后的息税折旧摊销前利润同比下降4%,至2,200万美元,利润率为19%(同比下降212个基点)。
每股收益为0.08美元,超过了市场预期的0.05美元。
在第三季度,该公司与BDR Pharmaceuticals签订了一项协议,为拉丁美洲提供27种肿瘤分子,包括20种TKI(替罗西因激酶抑制剂)。
上个月,该公司披露任命何塞·安东尼奥·维埃拉为新任首席执行官,自2024年1月15日起生效。
指导方针:由于部分市场放缓,该公司下调了全年预期。
因此,PROC现在预计,按固定货币计算,净收入将增长约6%,调整后的息税折旧摊销前利润为7700万至8200万美元。在公布其2022年第四季度业绩时,该公司曾预计2023年按固定货币计算的净收入增长约为10%,调整后的息税折旧摊销前利润为9,000万至1亿美元。
首席执行官鲁本·明斯基表示:“为了支持美国对我们先进的软糖技术不断增长的需求,以满足全球营养品行业对美国产能的增长,美国将继续按计划在佛罗里达州建造新的软糖制造工厂。”
“我们预计将在24年第一季度开始运营,收入将在本季度晚些时候公布。同样在美国,我们正在探索新产品,尤其是高效化合物,以充分利用西棕榈滩工厂,该工厂的ICDMO业务部门每年生产约18亿粒软胶囊。”
价格走势:PROC股价周二收盘上涨13.7%,至3.98美元。