Good morning, and welcome to the audio conference of Oncoclínicas. At this moment, all of the participants are connected as listeners. Later, we will start the question and answer session when instructions will be given to the participants. If you need any help during the call, please ask for help from one of our operators, dialing asterisk 0. This audio conference is being recorded. We would like to now pass the word over to Dr. Bruno Ferrari, founder and CEO of the Oncoclínicas group. Dr. Bruno, please go ahead.
Good morning to everyone, and thank you for your presence in our teleconference results call. The year 2022 was transformational for Oncoclínicas. It was the first complete year under the leadership of our new team, and also the year in which we concluded our biggest acquisition, Unity.
We made a series of organizational changes in the higher-level management of the company over the last 18 months, bringing more agility in the decision-making process and prioritizing actions will maximize the creation of value, putting a great focus on financial discipline and efficiency in costs and expenses. All of this started to become evident with the results of 2022, as we can see as we go forward. We began 2022 with 91 units, and we ended with 133 units in 35 different cities. We have now six cancer centers in operation and two more under development, which already answer for last year 14% of our total revenue, demonstrating our advance also in efficiency in the higher complexity of oncological treatment in the highly complex procedures. For any metrics that you use, there was a change in the level of the company in 2022.
More than 690,000 patients were attended, more than 500,000 procedures were realized, and we passed the mark of BRL 4 billion in net revenue, a growth of 51% in relation to 2021. We are today absolutely, even more, the biggest group dedicated to oncological treatment in Latin America, with more than 2,600 medical professionals specialized in cancer, working with world-class standardized protocols. We would now like to cover the highlights of the fourth quarter of 2022. We reached the growth of an impressive level of 58.4% in our net revenue in the fourth quarter of 2022, 26% in organic growth, which was added to our diverse integrations of the acquired units, which as we can see, are doing better than had been planned.
Our EBITDA for the quarter totaled BRL 239 million with a margin of 19.6%, more than 5 percentage points above that which we saw in the third quarter of 2021. This is fruit not only of a growth of the company, but also of the execution of these integrations with gains of efficiency in costs and expenses. This represents a growth of 114.7% in relation to the fourth quarter of 2021. It is also worth remembering that this EBITDA does not include the adjustments which were considered up until the second quarter of 2022. On that basis, the adjusted EBITDA would be BRL 253 million. Another important fact to highlight is the expansion of 2.6% in our gross margin.
We reached the level of 37.2%, which reflects not only our continuous gains of scale, but also the better participation of highly complex procedures, and represent a parcel even higher of our mix of revenue. Beyond that, we reported a net revenue of BRL 97 million in the fourth quarter of 2022. If we exclude the effect of the fair value of the long-term incentive plan, which represents a merely accounting receipt, a non-cash effect, we had a net profit of BRL 101 million, a record for the company. This number is 4x higher than that which we reached in the same quarter of 2021 and demonstrates that the company advances in a combination of growth and profitability.
We believe in the specialization, in the dehospitalization of oncology, and in the management of the complete journey with the major pillars to deliver resolutions, solutions, and cost-effectiveness for our patients and for our payers. It's an approach which has brought us to develop over the years different initiatives of collaboration with operators and health plan providers for long-term strategies. 2022 was a period in which we saw this model continue to expand through two new joint ventures. In October, we announced the creation of a new company with the Unimed Nacional, with a focus on offering oncological services, integral oncological service for cooperatives and members of the Unimed system, and that we have chosen total Brazil. The Sistema Unimed has more than 340 co-ops, independent co-ops, totaling approximately 18.5 million beneficiaries. Covering the biggest contingent of lives covered by any healthcare plan in Brazil.
Last year, also in December, we announced together with Porto Seguro, the creation of a joint venture also aimed at the joint management of oncology. We're seeing this new innovative model that aligns the interest and incentives of all of the links of the chain to gain more space, and that can be offered to even more partners. Both initiatives we cited are subjected to approval by the Council of Administrative of the CADE, the antitrust regulators. Going forward on the next slide and looking at the next highlights of 2022, we reported a net revenue of BRL 4.1 billion, showing growth of 51% compared to the previous year. Organic growth on this base of comparison was 30% compared to 2021. The accounting EBITDA without adjusts was BRL 673 million, growth of 80% compared to the previous year, and an expansion of 2.7 percentage points in terms of margin.
Even in a year in which we've had a series of integrations underway, the company has still been able to deliver expansion of its operational margins. The net revenue for the year was BRL 114 million. If we exclude from this the fair value of the incentive plan for long-term incentive plan, the net profit would be BRL 141 million, 5x higher than that was reported in the previous year. We continue focused on bringing and raising the quality of oncological care in Brazil to more and more people, expanding our presence with financial discipline, and always attentive to any opportunities that may appear. Our journey is only beginning. We're operating in a sector which is still very fragmented, and we see lots of space for the geographic growth, and also within the journey of treatment of those patients that are already with us.
We are certain that we will be able to transform many other lives. Before passing this over to the next speaker, I would like to congratulate the entire team from the Oncoclínicas group who worked so hard during the year so that we could deliver these results. From our team of doctors and assistants, the pride of our company, the [CTSO] team, our central of services which support our operation, and the entire operational administrative team, and of course, our patients, who every day trust us with the privilege of caring for their lives in the same way we would care for our own. I would like to pass it over to Rodrigo Medeiros, who will give us more details about our operations as well as the integrations of the units acquired in different status.
Thank you, Bruno Ferrari, for the introduction.
Looking at the next slide, we see an update of the integrations which the company did in 2022. We have at least five major processes in Aracaju. Most recently, the integration with different operations in various cities. By executing these various processes simultaneously, our operation team and our Shared Services Center and integration over the belonging year. With the expertise that we already have in-house, we have conducted dozens of integrations over the trajectory of the company. In general terms, the units whose acquisitions were concluded during the first semester of 2022 already find themselves in an advanced stage. This is the case of all of these cited previously, with the exception of Unity, whose closing happened only in the second semester, in the second half of the year.
The advance of our integration is clear on the graph on the right, which shows our operating expenses, cash expenses as a percentage of net revenue. In the fourth quarter of 2021 and the fourth quarter of 2022, we reduced this indicator in 250 basis points from 20.1%- 17.6%. We would like to also point out, first of all, obviously, this does not include the synergies of costs which appear in the gross margin. Secondly, the integration of Unity, which is still underway, leaving us confident that there is still space for the evolution of this indicator. In parallel, speaking about greenfields, our operations, our cancer centers in Rio de Janeiro, in parcerias with Unimed Rio in Barra da Tijuca, and with the Hospital Santa Izabel in Salvador, have already started to attend patients who are in the ramp-up phase.
We have been able to advance even more in the centralization of the purchase of hospital supplies to continue bringing gains of efficiency to our cancer centers and advancing in the standardization of our processes and corporate assistential moves. We are very content with these integrations, bringing the best practices to our units, capturing value for the company, at the same time that we guarantee the continuity of the care for our patients without any interruption.
On the next slide, on page six, we show in the fourth quarter of 2021, we grew by 58.4% compared to the same period as the previous year, reaching BRL 1.2 billion. Of this growth, we point out practically half of that, or 26%, is organic. We also point out the historical expansion of 280 basis points in our gross margin for the quarter, reaching 37.2%, compared to 34.6% in the fourth quarter of 2021.
This expansion is the fruit of the gains in efficiency coming from the integrations that we commented on the previous slide, as well as the greater participation of cancer centers in this mix. Even on this slide, and still on this slide, we report an EBITDA only excluding the fair value calculation of the long-term incentive program in the value of BRL 239 million for the quarter, with an expansion of 510 basis points of margin compared to the fourth quarter of 2021. During the year, we have BRL 673 million, 80% above the previous year. Finally, the main highlight, we have had a year on the net profit of BRL 141 million due to the strong growth of our operations, the expansion of the profitability, which was made potential due to the gains in efficiency and optimization of taxes the company continues to execute.
Looking at the next slide, page seven, is the highlight of 42% in the total number of procedures, reaching BRL 144 million in the fourth quarter of 2022, an expansion of 10% in average ticket, an effect of the inflation of 2022. It is also worth mentioning that it is a very balanced growth coming predominantly from the increase in the number of procedures. Finally, the graph on the right, we can observe the annual comparisons, the expansion of approximately 31% in the number of procedures, and a growth of 16% in the average ticket, with a more accentuated effect on the gains in the complexity. Now I am going to pass it over to Cristiano Camargo, our CFO and Strategy, who will present more details about the management in the quarter.
Thank you, Rodrigo. Hello to everyone. It is a pleasure to talk to you all again.
2022 was, in fact, a very positive year for Oncoclínicas, and this is reflected in the numbers that I will pass to and detail for you in the next slides. In general, what we have seen was a combination of growth, a solid growth, and expansion of profitability, not only in terms of gross margin and EBITDA, but also in the bottom line, net profit, which we continue to execute our initiatives of optimization of the effective in the income tax rate of the company. We should also remember that this performance of the net profit happened in the middle of a period in which we saw the [Selic] interest rate go from 2% and end the year in 13.75%.
In those terms, in terms of the structure of capital, we saw the fourth quarter of 2022 has already started to show a tendency of the reduction of the leverage that we expected for 2023. Once the EBITDA, annualized EBITDA of the last three months of the year was close to the level of BRL 1 billion, being that there are still relevant synergies to be captured in this EBITDA. Starting on slide eight, we started by highlighting the growth of 58.4% of net revenue in the fourth quarter of 2022, compared to the same period of the previous year, reaching the record level of BRL 1.2 billion. In a sequential comparison, or in other words, compared to the third quarter of 2022, we had an expansion of almost 5%.
In the graph on the right, the comparison for the whole year, we see an expansion of 51.3% in net revenue. This growth is due to a combination of organic growth, which we detail on the next slide, with the acceleration of inorganic growth due to the incorporation of Unity and the other operations in our results during the year. Slide nine shows that the growth of 51% that we have had in net revenue the whole year of 2022, 29.5% came organically. In other words, in the same store base. This organic growth happened, is already on top of this solid 29%, which we had shown in the previous quarter.
It is important to mention that we started to consider UMC, our cancer center in Uberlândia, and Cebrom, our outpatient clinic in Goiânia, as part of our base of same stores, as they were just added to the platform during the third and fourth quarters of 2021, respectively. Excluding this effect, we would have had organic growth even still robust of approximately 21%. More importantly, this organic expansion occurs as a result both of the increase in the volume as well as average ticket, a characteristic of our business model, which is very, very resilient. On slide 10, one of the major highlights of the fourth quarter of 2022, expansion of 260 basis points of our gross margin, reaching 37.2% of margin for the period, an unprecedented level for the company. This is due to three pillars.
One, increase in efficiency in supplies, an important execution which the team has intensified. Two, the delivery of the gains of synergy and costs in the integrations that are underway. Three, the growth of operations of cancer centers in the mix of revenue of the company. Remembering that cancer centers operate with margins typically higher. These are very encouraging results as they point out that integrations are going in the correct direction, and all the structural gains and margin gains that we have communicated that the company is capable of delivering continue to be materializing quarter- after- quarter. The graph on the left shows this tendency in a very clear way.
On the right-hand side, observing at the annual basis, we also have a very evident expansion of close to 330 basis points, including, again, the structural expansion of our margin as the company has been communicating and delivering in its results since the IPO. On slide number 11, in line with what Bruno mentioned at the beginning of this results call, earnings call, since the third quarter of 2022, we started to give more focus on the principal metric, EBITDA, an adjusted EBITDA or addbacks, limiting ourselves to only remove the purely accounting non-cash effect on the value of the adjustment to fair value of the incentive plan. This decision was made because these adjustments are less and less relevant in comparison to the size of our EBITDA. On the following slide, number 12, we show this tendency in a very clear way.
The company arrived at a level of 26% of its EBITDA composed by adjustments. This number today is less than 6%, showing the focus of this team on the quality of our numbers. On the next slide, number 13, our EBITDA, again, without adjustments, registered BRL 239 million in the quarter, a margin of 19.6% compared with an EBITDA of BRL 111 million in the previous year, a margin of 14.5%. Therefore, an expansion of 510 basis points in an interval of just four quarters. It was a growth of more than 100%, and what has taken our run rate in the fourth quarter of 2022 to close to BRL 1 billion. Again, we'd like to point out that even in a year with pressure on expenses and duplicate structures related to integrations, the company has been able to deliver an expressive expansion of margin.
In the graph on the right, we can observe an EBITDA in 2022, for the full year, of BRL 673 million, a record for the company, with a margin of 16.5%, 270 basis points above 2021. In the next slide, number 14, reported net profit of BRL 101 million, 4x higher than the BRL 25 million reported in the previous year, principally due to the growth of our operations, the increase of the profitability of the company, and the initiatives to reduce tax inefficiencies, which we've started to implement since April of last year, and which now are showing their effect in the third quarter of 2022. These actions should continue being executed during all of 2023, as it's part of a wide-ranging project which involves a series of reorganizations between the affiliates of the company.
On the next slide, we have a solid cash generation, operating cash generation, even with the company looking at an average period for receipt, a longer period than its historical average, 94 days in the fourth quarter of 2022, compared to 80 days in previous years, which has increased the demand for working capital. This dynamic is not exclusive for Oncoclínicas and is being observed in a large part of the healthcare services sector. It also talks to the fact that we have more revenue from cancer centers, and in this mix, operations a little bit more intensive from the standpoint of working capital. The company has been working to lengthen its average period of payments together with its payers and so forth, its principal suppliers, and thereby neutralizing this demand for more capital, and also with the plans being pressured by payments that are higher than the average.
In terms of the cash flow, we're continuing with our work on liability management, which has been very active in the fourth quarter, having done one more emission of BRL 750 million in debentures, long-term debentures, with spreads lower than those at the average of the company, which has permitted us to prepay debts that are shorter and more expensive. Slide 16 illustrates clearly the execution of the strategy. In the fourth quarter of 2022, in the graph on the upper part of the slide, the company had approximately 54% of its debt coming due in five years or more. This was compared to 36% in the second quarter of 2022. This process of improving the profile of our debt is constant, and we continue accessing the windows for new emissions whenever it's favorable for the company, with a look at lengthening our periods and lowering the costs of financing.
On the last slide, looking at our debt, we are currently with 2.7x EBITDA of leverage, considering the net debt compared to adjusted EBITDA annualized for the fourth quarter of 2022, a level which we consider healthy in this scenario of very high capital costs. It is also worth mentioning the beginning of a trajectory of the reduction of this leverage starting in the fourth quarter of 2022, since we have now all of the acquisitions have been accounted for in our P&L, which are no longer continuing to grow organically, but also having the possibility of synergies to be delivered. With that, we conclude the presentation of results for the fourth quarter of 2022, and I would like to take advantage to open the question and answer session. Thank you all.
Thank you. Ladies and gentlemen, we will now begin the question and answer session. To make a question, please type asterisk one. To remove your question from the list, type asterisk two. Thank you. Our first question comes from Gustavo Miele from Goldman Sachs. Sir Gustavo, please go ahead.
Good morning, Bruno, Cris, Rodrigo. Thank you for your presentation. I made two questions, please. First is about the working capital. In the presentation, we observed in this quarter a clear tendency for suppliers to be more intolerant with the payers tightening this cash flow. I noticed the fact that you have been able to improve your receivables with your suppliers. We would like you to share with us how are these conversations going in relation to this longer, more elastic period for payments? Is this temporary, or do you think that this will show you more perennial gains in relation to your payment period?
If you could comment a little bit with all of our partners, our pharmaceutical companies, or if there is one important partner with whom you have been more success. After this first point, that would help a lot. I would also like in a second question, if you allow me, in relation to those acquired, as Rodrigo mentioned at the beginning, a large part of our assets has been computed, but in relation to Unity, there is still some space for gains of synergy. I would like you to share with us a little bit where are the principal points of fat that you think can still be cut in terms of cost in purchasing or more G&A and personnel? If you could address that, I would also be very thankful. Thank you.
Miele, thank you. This is , Cris. I am going to address your first question, which is about the cycle of working capital, and then I am going to pass it over to Rodrigo and Bruno to address it. In fact, we continue to see in the fourth quarter of 2022, our clients and our health plans still very pressured from the standpoint of the indexes of claims, which has caused a demand from them for longer payment terms. We have seen our average period for receivables go from 85 days in the third quarter of 2022 to 94 days in the fourth quarter of 2022. In parallel, this also shows that we have attended this demand on their part. We have a relationship of partnerships with our clients. Within that, the proposal of Oncoclínicas of being a partner, we start the treatment with this cost-effectiveness.
We also have to adapt this to this period of the cycle of cutting fat. We have started to address, is also with our suppliers. In the fourth quarter of the year, these discussions are still underway. We have only been able to conclude these discussions during the first quarter, because these are periods many times that are relevant to many of these suppliers, and we have to see how this definitive impact from the standpoint of contracts starting in the second half of this year. Answering your question, yes, this lengthening is definitive. It will become definitive now starting at the end of the first quarter, and we will see this impact more clearly in the second quarter. In the fourth quarter, we already took advantage of that, but only in a temporary context, because these negotiations were still underway.
Miele, also to add to Cris, there are two fronts. We have one, a logistics operator, and the pharmaceutical industries, it is a negotiation together with them. That is why it takes so long. However, on the other hand, it is a solid negotiation that will remain. It is a solid negotiation. In relation to your second question, not only in the question, but in certain other. Not only Unity, but in other acquisitions, we have not captured all of the potential synergies and efficiencies. We still see that there is space for evolution, not only in the costs column. We will be able to capture more upfront savings, as we mentioned in other moments.
But beyond the G&A savings, the revenue from the integration of these operations with the unities of chemotherapy, which came with the acquisition, and immunotherapy is also a new concept which, as we mentioned previously, has a more gradual capture, but we see that there is, yes, still space to continue this tendency. Take as a data point, before these acquisitions, this relation of expenses to revenue was in the area of 15%. We do not see any reason of not going back to that level as we capture 100% of these synergies and continue improving with this integration of revenue, which is more and more stronger, and capturing these synergies with this network, and more scalability as we have processes which are more standardized and with more capacity for centralization and scalability.
That is clear. Thank you. If you allow me to, I would make one more follow-up for Rodrigo, a point which I wanted to address with you in the area of revenue, the Unity revenues. I understand that you see more opportunities in the area of complexity, in the area of credentials. There is no plan with adding these synergies to the company. Is that correct?
It is a little bit of both. There are some new credentials, but there is also another question which is important to us, not only Unity, but also nationally, is this revenue which we have been navigating in a very important way. The patient who is already in-house differently from the cancer specialist, where we are able to have a certain control over the next steps that he has to follow in his treatment.
Thank you very much. Good day.
Our next question comes from Leandro Bastos. Leandro, please go ahead.
Hi, everybody. Good morning. Two questions. The first is about revenue. Can you talk a little bit about how you see the velocity of organic growth above 20%? If you can comment on everything that you see a little bit in relation to the first quarter, both in volume and average ticket. That's the first question. The second question is about gross margin. We see that this is being worked on in terms of complexity and synergies very strongly. What do you see in the way of opportunities? Or you think that you're already at an optimal level? Also speaking about the recent commentary, this agenda of payment periods with suppliers, do you think that this will affect your gross margins in terms of discounts? How do you look at that? Thank you.
Let me start with this last question.
This negotiation more with the pharmaceutical companies, we haven't left anything on the table in terms of margins. It's important. On the contrary, we have an important question, and I'm going to let Cris talk a little bit more about margin. We also have a huge amount of scale, which enables us to even advance further. As far as the growth of the company, we see, without giving any guidance, any lines, we see growth of new patients, a very robust growth in new patients. We believe that what we saw in the fourth quarter will be repeated in the first quarter and during the coming year. I'm going to ask Cris to speak a little bit more about margins because that's just one part of that, is the scale with the industry.
As far as margins, Leandro, we work conservatively with a level close to 36% of gross margin. But we think that there's an upside for that number because when we look at the participation of the cancer centers in the mix, we're talking about 14%. The usual would be that this participation could be at least double that or more. When we consider that the market is divided half and half between outpatient and inpatient, and we've seen this in the operations month- by- month, we see the ramp-up of the cancer centers.
As they represent more and more higher percentage of our revenue, it's natural that it's almost inertial for us as we cover a bigger part of the journey of these patients, these cancer centers will increase in the mix, and this will impact our margins. Summarizing, there is a potential for better margins, yes. For expansion of margin expansion, yes.
Thank you. Cris, what's the difference in the margins between cancer centers and outpatient clinics? What's the difference in margin?
It's several percentage points higher than the gross margins for the outpatient operations.
Okay, good. Thank you.
Our next question comes from Joseph Giordano from JPMorgan. Joseph, please go ahead.
I have several questions. The first is in relation to this strong discussion, and I want to examine with you the platform that exists, if we should think about an active M&A strategy, as we've seen in recent times. The second point is the question of the market. I wanted to go. How do you see this non-payment area as strategic for the payers to try and secure the cash flow side? And finally, there were several companies with an oncology strategy that I wanted to look at with you, both by doctors who have a robust career as well as patients.
Thank you. Okay, Joseph. This is Cris. I am going to start talking about the point of the clause. We have not seen any increase in the level of non-payment, anything that would be an indicator of a tendency or anything along those lines. What we have seen is exactly if there is the necessity for a lengthening of the period of payment, but not necessarily the non-payment. We are inside of our historical average when we look at our indexes. Again, due to the very much outpatient nature of the composition of our revenue, which tends to be a revenue more protocoled and more clear in this sense. So we have not seen any increase in the rates of non-payment.
In relation to the competition, it is that story. The medical career plan has had a very strong. What we have seen is the opposite. The number of doctors, we have been able to attract more and more talent, and principally in the initial levels of the pyramid, which for us is very important. We form our school and the future oncologists because the demand for oncology will increase. So we are creating this training program in-house. In relation to patients, we have seen a gain of market share and also an important gain in revenue. And what we have mentioned here, an important focus of the company this year was to focus on the journey of the patient, this revenue which is navigated inside of our system, which we are creating here.
So I think here that we are in a situation today, a comfortable situation in relation to that because we are prepared to arrive at this moment. So I think these three points, we addressed all of your question. Oh, M&A. M&A, we are going to continue. As I say, we are going to repeat a little bit of what we have done in 2022. Obviously, there are not any other unities in front of us, but we are attentive to this outpatient world, strategic occasional opportunities within our investment disciplines. So we have several things which will happen, but nothing that will affect our level of financial leverage.
Thank you.
Our next question is from Vinicius Ribeiro from UBS. Vinicius, please go ahead.
Hi. Two questions from our side. The first, as far as the procedures we have seen in the sector, an acceleration of new procedures being introduced. I wanted to understand a little bit what is the effect of these new procedures in terms of volume, margin, and if you could share that with us. And the second question is new sign-ups. We see a very complex scenario to understand if this model, your outpatient model, is very interesting for other operators who are not yet in your role of payers.
Starting with your last question, we have a base of operators, of payers, more than 220 different payers. The regional presence has allowed us to increase that base. However, more than the outpatient model, what affects the payers for us has been the care that we have of the law. People are interested in the coverage of the integral law of the patient, which is what will bring really more security for the patient. More efficiency and security. The second point, the production of new technologies.
We've done the first CAR T in the group. Even though it's already approved, there's still a series of doubts as far as the legislation and the applicability of this therapy. What have we done? We have created a committee, one of the biggest specialists, one of the greatest specialists who did the first CAR Ts in Brazil to work together with us. We have a committee of revision of all the cases that arrive here, and there's one more technology that has come, which we'll expand, which is going to have more and more indications. Today, there isn't very much competition. There's only one industry supplying this drug. However, by the end of the year, there'll be three or four. I'm saying that because this will wind up impacting our margins and of a procedure of high complexity for which we're prepared.
We already have Belo Horizonte totally set up with cases already taken care of, other cases underway. In Rio and Salvador, we'll shortly join this group, which is prepared adequately for this moment. Certainly, this will happen and will be incorporated.
Thank you. We identified a new technology, comes in very high and winds up inhibiting volume. In your case, would this be something positive or negative to affect the profitability of the company, this type of procedure? It's positive because the same industry, we're not just clients of only one technology. What's going to happen, the more patients we utilize with new players in the pharmaceutical industry who enter with the same technology?
I'll tell you right now, we have four ready to be approved in Brazil, but in the United States, there are more than six. That means that this will bring these costs to a level which is more reasonable. Again, what we have to do is think about how to incorporate a part, as I always said, it's the correct treatment for the correct patient at the right time for the right period, and maintaining the system balanced. That's the focus of our group. Cost-effectiveness, incorporating with the care effectiveness. The more players, the more democratic this practice will be, and the lower its cost will be over time. We've seen this happen with almost every technology in oncology that have been introduced.
Okay, thank you very much.
Remembering that to make questions, you can click asterisk one. If there are no more questions, we will close at this moment the section of questions and answers. I would like to pass the word over to Bruno for his final considerations. Dr. Bruno, please go ahead.
Again, we'd like to thank you all for your presence in our teleconference and for the questions that you've made. With that, we will close up our presentation of results, and we remain at your service. Good afternoon to everyone. Thank you.
The audio conference of Oncoclínicas is now closed. We thank you for your participation. Have a good day, and thank you for using Chorus Call. You may now disconnect your lines. Thank you