Efficient management of working capital explains a large part of the cash flow performance. Net income grew 51% (31% organically) while the Ebitda Ex-LTIP (excluding only the non-cash impact of the long-term incentive plan) reached R$268 million, 109% greater than the same period last year
SÃO PAULO, August 16, 2023 /PRNewswire/ -- Oncoclínicas (B3: ONCO3) recorded a net income high of 51.1% in the second quarter of 2023, reaching the mark of R$1.4 billion, another record for the company. The high performance is the result of significant growth in organic turnover - 31.4% compared to the previous year - together with the integration of purchases concluded in 2022 and the operations of the cancer centers, which continued to grow at accelerated rates. In the twelve-month period ending in the second quarter (LTM Q2'23), net income reached R$5 billion. The data was shared with the market on Monday (14/08) and published by the company (https://ri.grupooncoclinicas.com/)
The number of treatments given to patients increased by 40.8% in Q2'23 compared to Q2'22, reaching a total of 157.4 thousand through both organic volume and the integration of acquisitions. The volume of treatments for the last 12 months totals over 595 thousand.
"The numbers are a reflection of our efficient management. We are continuing to grow, mainly through organic growth and also because of the synergies captured with acquisitions and strategic partners. We expanded our integrated care model, guaranteeing quality and, consequently, generating results for the company and its investors," explains Bruno Ferrari, founder and CEO of the Oncoclínicas Group.
The Ebitda Ex-LTIP (excluding only the non-cash impact of the long-term incentive plan) totaled R$268.4 million in Q2'23 compared to R$128.4 million in Q2'22, 109% greater, with a margin of 19.7% and 5.4 percentage points greater than that seen in Q2'22. The growth of the Ebitda continues to reflect an advance in the process of integrating the acquired units, leading to increased efficiency and synergies. For the first quarter of 2023, the Ebitda Ex-LTIP reached R$545.3 million, with a margin of 20.6%.
Net profit in Q2'23 reached R$35 million, reverting a R$24.6 million loss in Q2'22, marking the fourth consecutive quarter of net profit. The Ex-LTIP net profit totaled R$48.3 million in Q2'23, reverting a R$19.3 million loss in the same period of the previous year.
The real highlight of the quarter was in cash generation. Operating cash flow totaled R$308.9 million this quarter, reflecting active management in receipt initiatives, stock management, and a medium-term lengthening strategy with suppliers beginning in Q4'22, which is now starting to deliver results. Finally, even after debt service and the entire Capex of Q2'23, the cash generated was R$98 million.
According to Cristiano Camargo, CFO and the company's Director of Investor Relations, the positive numbers are a reflection of the successful management of working capital, a drive for efficiency in operating expenses, and the extraction of synergy from acquisitions. "Once again, the numbers are a reflection of our constant pursuit of operational efficiency, a significant task that began in 2022."
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