Adjusted EBITDA increases 31% YoY,
consolidating strong results
OncoMexico launched in Monterrey
Auna (NYSE: AUNA) (“Auna” or the “Company”), a leading
healthcare platform in Latin America with operations in Mexico,
Colombia and Peru, today announced unaudited financial results for
the second quarter ended June 30, 2024 (“second quarter 2024” or
“2Q24”). Financial results are expressed in Peruvian Soles (“S/” or
PEN”) and are presented in accordance with International Financial
Reporting Standards (“IFRS”), unless otherwise noted.
2Q24 Consolidated Highlights
- Consolidated Revenue increased 18% YoY to S/1,120 million
- Operating profit increased 34% YoY to S/183 million
- Adjusted EBITDA increased 31% YoY to S/248 million, equivalent
to 25% FXN (Foreign Exchange Neutral)
- Adjusted EBITDA Margin of 22.1%, up 2.0 p.p. YoY and 0.5 p.p.
YTD
- Leverage ratio improved to 4.13x from 4.46x in 1Q24 and 4.89x
in 2Q23
Recent Event
On July 1, 2024, Auna announced the launch of OncoMexico, the
country’s first integrated oncology insurance, in Monterrey. The
pilot phase during 2024 will develop and confirm the capabilities
needed for full deployment in 2025. OncoMexico offers access to
prevention, early detection, and treatment of cancer, the third
leading cause of death in Mexico. OncoMexico is the first step
toward replicating in Mexico the vertically integrated healthcare
model that Auna successfully operates in Peru.
Message from Auna’s Executive Chairman and President
Second quarter results affirm again the effectiveness of our
business model and how increased scale and maturity drive
incremental value throughout our platforms of care. During the
quarter we gained momentum, with Adjusted EBITDA increasing 31%
YoY, or 25% FXN YoY, and keeping us on track to deliver at least
20% FXN Adjusted EBITDA growth this year. Our strong quarterly
performance was achieved despite additional investments made to
implement the AunaWay in Monterrey, where we continue to make
headway recruiting the right physicians and expanding our delivery
of high-complexity care. As more physicians recognize the many
distinct advantages of the AunaWay and join our team, we are
beginning to see increases in doctor productivity. New physician
recruitment and compensation models are producing growth in a
number of high-complexity services. During the remainder of the
year and into 2025 we expect to harvest our efforts to raise
occupancy levels in Mexico, particularly occupancy related to
high-complexity care. All of this is a deliberate and gradual
process that results from fostering our unique culture of patient
care in Monterrey.
Both our Peruvian and Colombian operations continued to perform
well during the quarter, further validating our scalable business
model and growth strategy. Given the increasing predictability of
our diversified regional platform’s performance, we remain
confident in our plan to achieve similar performance levels in
Mexico.
Our payors are also integral to succeeding in Mexico, many of
which are already familiar with Auna’s high standards of care. We
are offering them tailored products and bundled services similar to
those in Peru and Colombia, where we have forged many win-win
partnerships.
We are very proud to have launched OncoMexico. Leveraging our 35
years of experience in integrated oncological services and
AunaSeguros’ (previously Dentegra) strong and extensive
distribution platform in Mexico, we will gradually roll out
OncoMexico, the country’s first integrated cancer insurance plan.
We intend to replicate our past success, including the goal of
operating with the same long-term Medical Loss Ratio (“MLR”) and
high standards of OncoSalud. During the rest of this year, we will
establish the necessary capabilities to roll-out OncoMexico at
scale in 2025, including commercial, clinical and risk-underwriting
operations, among others.
Looking ahead, we remain excited about Auna’s near and long-term
growth opportunities, particularly given that we are in the
relatively early stages of penetrating Spanish-speaking Latin
America’s fragmented and underserved healthcare market. Through our
unique operating model and scalable regional platform, we will
continue to disrupt, modernize, and increase access to integrated
healthcare in the region, always with the aim of providing high
value to our patients, their families, Auna staff, and
shareholders.
Overview of 2Q24 Consolidated Results
Consolidated revenues increased 18% YoY to S/1,120
million, or 12.5% FXN, as a result of Auna’s business mix, with
revenues increasing 15% and 18% FXN in Peru and Colombia,
respectively. In Mexico, revenues increased 3% FXN, reflecting an
improved service mix through the implementation of the AunaWay.
Auna’s Peruvian operation continues to outperform, demonstrating
again the success of the Company’s vertically integrated business
model when operating at scale.
Adjusted EBITDA increased 31% YoY, or S/58 million, to
S/248 million, or 25% on an FXN basis, with the corresponding
margin expanding to 22.1% on solid revenue growth and increasing
efficiencies across local and regional levels as the Company
continues to capture synergies and streamline processes. Operating
profit increased 34% YoY, mainly due to a 19% increase in gross
profit.
Net finance costs were S/182 million. When excluding FX
effects, net interest expenses would have been S/133 million, an
increase of 5% versus 2Q23. These FX effects include a negative
non-cash accounting FX expense of S/49 million, corresponding
mainly to the movement of the Peruvian Sol below the floor of
USD/PEN hedges.
Net Income was S/8 million in 2Q24, compared to a Net
loss of S/8 million in 1Q24 and Net income of S/23 million in 2Q23.
The increases in Operating profit and deferred tax benefits versus
2Q23 were offset by the abovementioned negative FX effect.
Adjusted Net Income was S/13 million in 2Q24, lower than
S/36 million in 2Q23 and S/22 million in 1Q24, mainly due to the
negative non-cash FX effect explained above. On a quarterly per
share basis, Auna reported Net Income of S/0.05 and Adjusted Net
Income of S/0.12, both based on a weighted average number of
outstanding shares of 73,970,299, which includes a stock-based
payment for 52,722 shares granted but not yet issued.
For a full version of AUNA’s Second Quarter 2024 Earnings
Release, please visit:
https://aunainvestors.com/English/financial-information/quarterly-results/
Conference Call Details
When: 5:00 p.m. Eastern time, August 21st, 2024
Who: Mr. Suso Zamora, Executive Chairman of the Board and
President; Mrs. Gisele Remy, Chief Financial Officer and Executive
Vice President; Ms. Ana Maria Mora, Head of Investor Relations
Dial-in: +1 888 596 4144 (U.S. domestic), +1 646 968 2525
(International)
Passcode: 3884034
To access Auna′s financial results call via telephone, callers
need to press # to be connected to an operator.
Webcast: click here
Safe Harbor Statement
This press release contains forward-looking statements.
Forward-looking statements convey our current expectations or
forecasts of future events. These statements involve known and
unknown risks, uncertainties and other factors which may cause our
actual results, performance or achievements to differ materially
from the forward-looking statements that we make. Forward-looking
statements typically are identified by words or phrases such as
“may,” “will,” “expect,” “anticipate,” “aim,” ”estimate,” “intend,”
“project,” “plan,” “believe,” “potential,” “continue,” “is/are
likely to, ”or other similar expressions. Forward-looking
statements that appear in a number of places in this press release
include, but are not limited to, statements regarding the intent,
belief or current expectations, regarding various matters,
including, our expected 2024 Adjusted EBITDA growth, the expected
impact on revenues and profitability of certain initiatives we are
pursuing in Mexico and our target leverage level. Any or all of our
forward-looking statements in this press release may turn out to be
inaccurate. Our actual results could differ materially from those
contained in forward-looking statements due to a number of
factors.
The forward-looking statements in this press release represent
our expectations and forecasts as of the date of this press
release. Except as required by law, we undertake no obligation to
update or revise publicly any forward-looking statements, whether
as a result of new information, future events or otherwise, after
the date of this press release. For a discussion of the risks
facing the Company which could affect whether these forward-looking
statements are realized, see our Form F-1 filing with the U.S.
Securities and Exchange Commission.
2024 Financial Guidance Disclaimer
Auna′s guidance is based on management’s current performance
outlook and expected macroeconomic and regulatory conditions in the
three countries where the Company operates. Any changes in these
conditions could have an impact on the guidance provided.
The 2024 financial guidance reflects management’s current
assumptions regarding numerous evolving factors that are difficult
to accurately predict, including those discussed in the Risk
Factors set forth in the Company’s Form F-1 filed with the United
States Securities and Exchange Commission (the “SEC”).
Reconciliations of forward-looking non-IFRS measures, specifically
the 2024 EBITDA guidance, to the relevant forward-looking IFRS
measures are not being provided, as the Company does not currently
have sufficient data to accurately estimate the variables and
individual adjustments for such guidance and reconciliations. Due
to this uncertainty, the Company cannot reconcile projected EBITDA
to projected net income without unreasonable effort. The 2024
financial guidance constitutes forward-looking statements. For more
information, see the “Forward-Looking Statements” section in this
release.
About AUNA
Auna is a leading healthcare platform in Latin American
healthcare company with operations in Mexico, Peru and Colombia,
prioritizing prevention and concentrating on high-complexity
diseases that contribute the most to healthcare expenditures. Our
mission is to transform healthcare by providing access to a highly
integrated healthcare offering in the underpenetrated markets of
Spanish-Speaking Americas. Founded in 1989, Auna has built one of
Latin America′s largest modern healthcare platforms that consists
of a horizontally integrated network of healthcare facilities and a
vertically integrated portfolio of oncological plans and selected
general healthcare plans. As of June 30, 2024, Auna’s network
included 31 healthcare network facilities, consisting of hospitals,
outpatient, prevention and wellness facilities with a total of
2,308 beds, and 1.3 million healthcare plans.
For more information visit www.aunainvestors.com
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IR Contact Email: contact@aunainvestors.com
Auna (NYSE:AUNA)
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