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(納斯達克股票代碼:PROC)公佈的23財年第三季度收入爲1.1841億美元,超過了市場預期的1.104億美元,同比增長7%(按固定貨幣計算同比增長2%),這得益於RX和場外交易投資組合的表現。
由於成本上漲和不利的產品組合,毛利同比增長1%,至6800萬美元,毛利率同比收縮343個點子,毛利率同比下降343個點子。
調整後的息稅折舊攤銷前利潤同比下降4%,至2,200萬美元,利潤率爲19%(同比下降212個點子)。
每股收益爲0.08美元,超過了市場預期的0.05美元。
在第三季度,該公司與BDR Pharmaceuticals簽訂了一項協議,爲拉丁美洲提供27種腫瘤分子,包括20種TKI(替羅西因激酶抑制劑)。
上個月,該公司披露任命何塞·安東尼奧·維埃拉爲新任首席執行官,自2024年1月15日起生效。
指導方針:由於部分市場放緩,該公司下調了全年預期。
因此,PROC現在預計,按固定貨幣計算,淨收入將增長約6%,調整後的息稅折舊攤銷前利潤爲7700萬至8200萬美元。在公佈其2022年第四季度業績時,該公司曾預計2023年按固定貨幣計算的淨收入增長約爲10%,調整後的息稅折舊攤銷前利潤爲9,000萬至1億美元。
首席執行官魯本·明斯基表示:“爲了支持美國對我們先進的軟糖技術不斷增長的需求,以滿足全球營養品行業對美國產能的增長,美國將繼續按計劃在佛羅里達州建造新的軟糖製造工廠。”
“我們預計將在24年第一季度開始運營,收入將在本季度晚些時候公佈。同樣在美國,我們正在探索新產品,尤其是高效化合物,以充分利用西棕櫚灘工廠,該工廠的ICDMO業務部門每年生產約18億粒軟膠囊。”
價格走勢:PROC股價週二收盤上漲13.7%,至3.98美元。