Good morning, ladies and gentlemen, and welcome everyone to Panvel Group audio conference to discuss results relative to Q3 2022. This audio conference is being recorded, and a replay facility will be made available at the company's website. The presentation is also available for download at the company's website. All participants will be connected in listen only mode during the presentation. After that, we will start a Q&A session when further instructions will be provided. Before moving on, I would like to state that forward-looking statements are based on beliefs and assumptions of the part of the company's management, and also on information currently available for the company. Such forward-looking statements might involve risks and uncertainties as they refer to future events, and therefore depend on circumstances that may or may not materialize.
Investors, analysts, and journalists should have in mind that events relative to the macroeconomic scenario, to the segment and other factors might lead the results to be considerably different from those expressed in these forward-looking statements. Here with us today, we have Mr. Julio Mottin Neto, the company's CEO, and Mr. Antonio Napp, CFO and IRO. I would like now to turn the floor over to Mr. Napp, who will start the presentation. Please, Mr. Napp, you have the floor.
Thank you everyone. Good morning to all. Thank you all for participating in yet another conference to announce our results. Welcome everyone. As we will see moving forward, we are quite satisfied with the numbers for Q3 2022. We usually say that consistency is a word that defines our company, and this quarter was once again proof of that. Looking on slide number two, we have our highlights for the quarter.
In third quarter, we were once again strong across all aspects. Another quarter where growth in sales, highlighted a growth of 26.3% on top of the third quarter of last year. The opening pace was also accelerated with 14 new stores in Q3 and 68 stores the past 12 months. Another historical record. With this great performance, both in same stores and in expansion, once again, we have gained market share across all states in the south region. Our result, as measured by the EBITDA, grew close to 40%, reaching BRL 48.5 million or 4.5% in margin. We delivered all that maintaining our digital NPS at the highest levels in the industry, and we continue to deliver, without exception, all the commitments we made in our follow-on back in 2020.
We can say without a doubt that we are now harvesting all the investments and projects we made in the past. This growth in sales and in results is fruit of structural movements. They focus on maintaining a high level of service and its inventory and also success projects focused on generic specific medications and chronic disease and continuous use medications. The growth in our client base for both physical and digital stores reinforces our optimistic view of maintaining a good sales pace for the coming quarters as well. When we move to slide number three, I would like to highlight that topic of consistency in our growth. If you have been following us for some time, you know that is the pattern we follow. We always reinforce that concept.
Our gross revenue throughout the last decade has been growing at a compound rate of 14% a year until 2021, a result which is quite above inflation. The year 2022 is bringing that average even higher, with the first nine months growing close to 24%. I would like to highlight here our performance in the shorter period from 2019, that period pre-pandemic and pre-follow-on until now. When we look at the third quarter of 2022 compared to Q3 2019, our average compounded growth is close to 16%, a very strong number, which has been driving our average up. I would like to also remember that our company never saw a loss in its history. That is why we continue to be proud to say consistency, solidity, innovation are trademarks of Panvel.
Now, talking about sales or revenue on slide number four, we reinforce once again the strong performance in revenue in the Q3. As I mentioned, we grew 26.3% in this quarter. This growth was once again above the average of the market, driven not only by our expansion of stores, but also the growth of our average sales store above the other players in the region. If you look on the right-hand side of the slide at the bottom, we have the IQVIA numbers comparing Panvel with the other networks or chains in the area, reinforcing that message. We continue to pursue our objective to increase our average sales per store, and we are quite happy because in the Q3, we overcame the level of BRL 600,000 of average sales, a growth of more than 50% when compared to the average sales of last year.
We are anticipating a target for the next periods, and we cannot forget that we have reached that level of average sales even as we expand physically. We have opened 68 stores in the past 12 months. When we look at same store sales and mature same store sales on the next slide number five, results are quite robust as well, and once again, a highlight at the pharma market. A growth of 19.1% in the quarter for same store sales and 14.8% for mature stores in the third quarter, beating inflation by far in the period. Moving on and talking about expansion on the next slide. As I said, we opened 14 stores in Q3 and broke a new record with 68 stores opened in the past 12 months.
Unlike other years, we found in 2022 a much more constant pace of opening per quarter, which makes our operation easier and allows us to explore better results from those assets. We are very satisfied with the ramp-up of the stores, especially for the last periods, which makes us comfortable with the capacity the company has to execute its expansion plan. I would like to call your attention to the fact that we have the highest share in maturity in our portfolio, 30% of our base is now. If on the one hand, that presses results in the short run, at the same time, it is an assurance of growth in the mid to the long run. Also, in this quarter, we closed one mature store and transferred three older stores to new areas. We continue to optimize return on our assets.
Our view is that those moves are needed and healthy for the business. Now in the presentation, I will look into the numbers and then the level of returns for those stores. I can already say that numbers are quite robust. As a consequence of that, of this growth in average sales and the success of our expansion plan, on slide 7, we can see that the company's market share has been growing, having reached 12% in Q3. An evolution of 0.9% on top of 2021, growing across all states in the south of Brazil. With all due respect to our competitors who compete with us in the south, once again, Panvel shows consistency in execution, which is above average, with yet another quarter where we've won market share.
The strong growth of our share in medications in the area, especially generics, that speaks directly to providing health and wellbeing to the whole population, which is totally in line with our strategy as we continue to invest in following up their journey, their customer's journey for chronics, generics and Panvel Saúde Empresarial, our corporate health. Moving on. We'll be talking about our digital front on slide number eight. Our numbers make clear that Panvel continues to be the benchmark for the pharma market. Here in Q3, the penetration reached the level of 16.1%, reaching the highest share in the year, in the period in which clearly we see the clients increasingly more present in physical stores, and still we managed to increase our digital penetration. That's reason for pride for all of us.
That share does not include WhatsApp sales, nor sales made by digital coupons, which are quite relevant as well. That sales level is related to the quality of the experience provided by our channels and our last mile effort. We still have the fastest delivery in the pharma retail in Brazil, and we're investing in technology to deliver products even faster. In this slide, I have a chart that shows very clearly the evolution of our share in delivery up to 60 minutes, in the total volume of deliveries. We have a share of approximately 28% in January 2022, and now we reached 45% in September this year. Deliveries made in up to 60 minutes. Nobody in the industry can do that at that level. One of our objectives is to preserve that competitive edge.
We are doing all that with a service level of 97%, another enviable level. To make that possible, we have a structure that has 130 delivery stores and nine dark stores, our mini distribution centers. Not to mention the pickup at the store. We are also paying attention to download levels. We are evolving quarter- on- quarter on the number of downloads, having reached, in this last quarter, 2.8 million downloads for our app. To close this digital front, also important to mention, I'd like to reinforce, is that all that growth in our case is not hurting margins. Using the structure of the existing stores for delivery and a lower CAC, we are able to accelerate digital sales in a profitable manner, improving the store's productivity levels. Now, another strategic pillar that makes a difference, it's our services arm, the Panvel Clinic.
It's a fundamental component of our health ecosystem, and we continue to position ourselves as leaders in providing health services for the communities in the south of Brazil. In the third quarter, we expanded our rooms for service rooms. Today, we have 347 clinic stores with Panvel Clinic, out of which 86 are able to provide vaccinations. Speaking of that, we have reached over 50% of market share in this market in the southern region. Undisputable leadership, and there is room to grow, I can tell you that. As expected, the reduction in COVID tests reduced the share of services in our sales, which were 1.1% of share. Still, Panvel remains with the highest service share in the pharma retail, transforming into reality the mission of providing health and wellbeing to our clients.
When many people talking about the health hub, we believe Panvel already makes a difference now in the present, monetizing all its projects and sowing the good seeds to reap in the future. I can also share that to focus even more on services in this cycle, this post-COVID cycle, we are reinforcing our team. We have a new executive, Adriana Vasconcelos, former director from Unimed who has a mission to lead all our projects related to pharma and hub, services hub. We'll soon be sharing news on that journey, where Panvel is already a benchmark across Brazil. Now I'm moving on to slide number 10 and talking about sales. We now talk about Panvel products, another fundamental pillar for our strategy, both for brand and for gross margin. Panvel continues to be the only chain in which consumer may literally take the brand home.
In Q3, the share of our products reached 6.5% of the total sales and 18.9% of share on hygiene and cosmetics items. Those numbers places as a benchmark in the pharma retail. In this quarter, we can see that the drop in items related to COVID, such as masks, still affect the overall share of Panvel products. If we remove the masks effect, those items have grown more than 28% in the quarter. As we see it, this is a seasonal trend that will reach a balance by the end of the year, both because of new launches and because of the growth in H&B. To illustrate this effect here in the third quarter, over 20% of our products was made up of items that have just been launched or were launched in the past few months. Because we're also renewing our portfolio of products.
With over 1,000 active SKUs, we continue to have a strong support from our products, both for gross margin above 6 percentage points in relation to the other products, and also 30%, almost 1/3 of those items are made by our industry, by our factor. That verticalized strategy helps us assure quality and superior margins for all our private label operations. On slide 11, I'll show you some images, and then if you can look at the detail later in our website, the products that we have, our private label. Moving on and closing off this virtuous cycle about our physical and digital strategy, we have measured the satisfaction level of our clients. When we look on slide number 12, we see a summary of the main service KPIs that we constantly measure. Our NPS closed the quarter at 83.
We have grown 1 point when compared to the previous quarter. We continue to have the best pharma retail assessment with 8.6 in Reclame Aqui, and we have remained as the best assessed app both for Apple and for Google, 4.7 out of a 5 scale. This year we are also very proud because Panvel was awarded as the most admired drugstore in Brazil. Closing up the comments in terms of the reputation and the satisfaction level on the part of the clients. That's it. Now, moving on to gross margin on slide number 13. The gross margin was one of the main highlights in the quarter. In retail, it has reached 30.5%, a growth of 0.9% considering the last period, the third quarter last year. This was driven by several actions, but I'd like to highlight our growth strategy in generics and the good performance of OTC.
I also like to reinforce, we have been very successful in managing our mix of products. That good management allows us to offset, both in sales and in gross margin, the quick reduction we saw in terms of the services share in the quarter. When we look at our expenses on slide 14, the good operating leverage in mature stores allowed us to mitigate the impacts coming from inflation and from the physical expansion in our sales selling expenses. They were in line with previous quarters, which is quite positive. In the case of G&A expenses, we continue to maintain our financial discipline, which is a trademark of Panvel. We had a small impact of 0.1 percentage points in the quarter because we have reinforced some strategic teams, but we continue to present the best percentage level in terms of G&A for the whole sector.
It's important to reinforce that expense control and high productivity continue to be part of the company's DNA. When we analyze productivity KPIs, for example, employees per store, we are the benchmark for pharma retail. We have maintained our historical level in productivity in this quarter, focused on quality, and also in a scenario where we had more clients coming through the stores. Well, moving on. We have talked about sales, margins, and expenses. We now reach the results. EBITDA, our adjusted EBITDA closed the quarter at BRL 48.5 million, the equivalent of 4.5% of the gross revenue, a growth of something close to 40% when compared to last year.
This strong growth in operating numbers within this context of major investments in expansion and also in technology is yet another indicator that shows that we're in line with our long-term planning, focused and becoming a larger and more profitable company. When we look at the retail EBITDA on slide 16, that consistency and execution becomes even more clear. The retail EBITDA shows the results generated only by the stores. 10.3%, a strong growth of 0.6 percentage points, on top of the same period of last year. Once again, we have accelerated the opening of the stores for nine consecutive quarters and growing results. Those are clear indicators that our mature stores management is very good and also the ramp-up is working really well for new stores.
In line with everything that was mentioned, we get to our net profit for Q3 on slide 17. Net profit adjusted reached BRL 23.6 million , the equivalent of 2.2% of the gross revenue, up 16% from last year. We had strong operating results and at the same time an impact of financial expenses in the period, which was expected. In any event, Panvel continues to position itself as one of the most profitable operations in the pharma retail market with a net margin that reinforces our operating excellence. I would like to take the opportunity to thank our team, who works really hard to deliver those numbers, always focused on the client.
On slide 18, we can see an improvement in our cash cycle. We continue to evolve in managing our deadlines and terms, and with that have improved our cash cycle by four days in the third quarter when compared to Q3 of last year. We understand that there is room to improve, both in inventory days and in the term for suppliers. Without using receivables on cards, no anticipation of receivables. That is important to point out, which is a common practice in the market today, using receivables. Also, Julio, worthy of mentioning, our capital structure. It continues to be quite solid. We generate cash in the quarter, and with that generation, our leverage level, which was already low, became even lower, close to 0.5x our EBITDA. We understand that this conservative cash position makes us all very secure in terms of continuing to grow and invest.
It makes a lot of difference in this scenario where interest rates remain high as we have now. As we have talked about our numbers and financial and operating indicators, we are now going to address the following. We are going to share some of our strategic pillars. They represent the main points of view from which we analyze our businesses. All those pillars, with no exception, have been playing an important role as the company grows fast. The first one we are going to be mentioning is expansion. Our expansion of physical stores. I like to reinforce a concept which is nothing new. The physical store is and will continue to be for a long time, the center of our business, the main pillar of all. Be it because it is convenient, be it because it provides support for the last-mile effort for the lowest cost of acquisition.
Being successful in geography is key for all the other pillars to work. In our expansion plan, we are in line with the planning we have made for 2025, with a focus in the south of Brazil on stores of hybrid and popular formats, and in the countryside of the three states. We already have mapped out points of sale for 2023. In the past years, we have been doing our homework really well and really carefully based on data before we open new stores in the south. Today, we are present across 136 cities, and from 2019 until now, over 20 new cities were addressed. As we work to spread the Panvel brand across all regions, we see that this performance in sales of new stores within those states will getting close to the sales performance of stores where we were already present.
That is a strong indicator that we are on the right track. When we look on slide 21, some other numbers, we can safely say that we are getting it right in terms of our expansion strategy. When we analyze the performance of our numbers for 2018 through 2021, the numbers speak for themselves. It is very interesting at the left-hand side of the slide when we analyze the performance of each year from the ramp-up of average sales per store point of view.
When we go back to 2018, when we completed 12 months of life, they have already reached 94% of the average sales of the chain for that year. We have evolved, and we reach 2021. For 2021, at 12 months, we have already reached an average sales equivalent of 104% of the average sales for 2021. That is an indisputable indicator of the quality of our expansion plans.
We are increasing the productivity level of stores, and that has been helping us to expand average sales per store. When we look for EBITDA percentage on the right-hand side, the conclusion is exactly the same. The maturation of the EBITDA numbers also shows a trend that will improve our results throughout time as the years will push those numbers up. On the next slide 22, we go a bit deeper in our ROIC, our return on invested capital. Starting in 2019 or up to 2019, we have defined targets that guide our expansion in terms of a return on investment or ROIC. It is a very simple calculation. Each one of the years from 2019, we saw those numbers being exceeded in a growing pattern, starting with over 9% return in the first year and reaching over 50% of return in the third year, 2019.
That makes us really proud that we have opened over 150 stores from then on at a pace which was also unprecedented, and we continue to present an average ROIC for the chain above 40%, just as we had until 2019. We are bringing reassurance for investors for two things which are frequently posed. Number one, our ability to grow fast and execute. When we decided to open more stores, we were questioned on that. Did we have the ability to develop new leaders, to choose the right places, logistics, and so on? The answer is right there. Also the competitive environment. That is another question that we are asked, if the competitive environment would affect our growth. We are showing that we have distinguishing characteristics that allow us to grow in a healthy manner. Exactly, Julio.
Moving on, we are going to talk about CRM and clients, another fundamental pillar for our company here. We use all the solidity of our program, Banco Panvel. We have invested in data science analytics as of recent to understand and increase the loyalty level of our clients. Of course, respecting practices of data protection. The results are there. 15 million individuals identified within the base, which is unified, one of the main distinguishing factors that we have. From this unified base, we are able to monitor our clients' journeys, especially for those who use continued medications or chronic disease patients. Some numbers to look at here. We have been very successful in implementing our active base, which grew over 15% in the quarter when compared to last year.
That growth of the base also led to an increase in frequency, more than 5%, which is quite healthy for our business. Higher frequency. This virtual cycle, more clients and more frequency, has created a base of loyal customers. Loyal customers go to our stores 3x as many as a normal customer. Another customer we have been following is the one that buys across all our channels, the omni-customers, physical and virtual channels, and they represent the company's efforts as we move towards digital. Today, they represent over 10% of our base of clients, the omni-customers, as we call them. They buy, as I said, 3.5x as many as other customers who only buy physically or digitally, and they have an even higher frequency than normal loyal customers.
We do have a robust strategy to continue to go digital involving coupons and also products which are only sold online using our Long Tail platform and also the marketplace. All that efficiency will bring more clients to our base, increasing the frequency, and that is in line with the success of our expansion strategy and also with the increase in productivity of our mature stores, which we have touched upon previously in this presentation. Now, moving on to the final stretch of our presentation, last slide. I'd like to reinforce the takeaway that we are quite satisfied with the results we have reached this quarter, and we remain bullish for the group. The strong performance we've seen, both in sales and in market share, was not by chance. They are driven by important projects.
We continue to have balanced inventories and low stock-outs, focusing on medicine, medications, bringing in new customers. We are very successful in growing sales in mature stores above inflation, very important. We have accelerated the ramp-up of new stores as well, and we are working consistently around CRM to digitalize our customers in an increasing manner. Likewise, when you look at our gross margin, it is based on an efficient management of our product mix with an emphasis on generics and also hygiene and beauty categories under the Panvel label. That's quite clear when you see that the drop in the services share, as I mentioned before, throughout this quarter, was quickly offset both in sales and in margins. When we analyze the EBITDA margin, we are putting together the pieces to improve our numbers at every period.
I'd like to highlight once again the good operating leverage from mature stores. Also, the maturity of our new store bases, which will consume less investments in the coming years, and also the scale gains in logistics. We know that there is no silver bullet for retail, especially for the pharma retail. What we have is a lot of work, hard work, attention to details, focus on the client, and long-term view. The health market in Brazil will continue to provide excellent opportunities for all competent players, and Panvel, without a doubt, is one of them.
This was yet another quarter where we managed to balance growth, investment, innovation, and a very solid capital structure. We are following our plan for 2025. The idea is to double sales by 2025 and improve our margins. Thank you once again for being here, and now we will have some time for questions or comments you may have. Thank you.
Thank you. We will now start the Q&A session for investors and analysts. If you have a question, please click on the icon, Raise Your Hand. If your question has been answered, click again on the same icon to leave the queue. Please stand by as we poll for questions. Our first question comes from Clara Lustosa from Itaú BBA. Please, Ms. Lustosa, you may carry on. We are not getting your audio, Ms. Lustosa. Try again, please. Apparently, some technical glitch. Please disconnect and reconnect so that you can try one more time. Otherwise, let us go to the next question from Gustavo Senday from XP. Please, Mr. Senday, you may carry on.
Hello, everyone. Can you hear me?
Yes.
Thank you for taking my question. Congratulations on the results. I have two questions. First, about the same-store sales dynamics, which has been surprising us for some quarters, and once again, the growth was significant once again. I would like you to comment on the levers behind that. You mentioned the improvement in store flows, but anything else to explain that? Some new system that has contributed to that performance? That would be nice to know. And how you see sustainability for that strong growth going forward, not only in Q4, but for early next years as well.
A second question about the market share. That has also been an important positive highlight. Where is that share coming from in the south? Any specific player suffering from stock-outs, something around that.
Thank you. Thank you for your question. Let us start by talking about the same-store sales dynamics that you mentioned. There is no one single driver for that growth. As I mentioned, we are talking about a combination of elements that add up. Throughout the past years, we have been putting into practice important projects that involve sales of more medications, focused on the client's journey, also the sale of generics, and that has bringing in more customers to the stores.
At the same time, for the past two years, Panvel stood out across some pillars. The service pillars is one of them. We have an overshare there. Even if that pillar losing some share in this quarter, it was very important it remained, because it brought customers into the stores, because the services is executed at the store level, and that brought in more customers to get to know Panvel across all the three states. Digital also has been playing an important role there.
At the end of the day, all our stores are digital too. So customers have this habit of making the purchase and click and pickup facility. That is another element that has an high impact on same-store sales. Even the stores, and that, of course, includes all the stores that were open in the past year. Stores with over a year are still maturing, of course, and they also represent an important growth. A third pillar is embedded in your question, is our level of service. We did our homework to grow, both in logistics as we opened a new DC in Curitiba. We have expanded the DC in Porto Alegre. It will be done in December. Our expectation in good inventory levels, and they are translating into more sales. So we are at very similar levels when you look at the nominal inventory of the company. That has grown, and that translates into sales and productivity. That is it, Julio.
To your question about market share, when we go deeper in the market share data, we cannot identify player B or B losing share. What we can see are trends about chains of pharma, and independent stores as well. The numbers show that our gain in market share is happening across all those elements, be them other chains or be them on small independent groups.
The consistent market share gain has made us confident that we are delivering more value than the average market, and our expectation remains positive in terms of market share gains for the next quarters. When we talk about same-store sales, the same goes. We have a very positive outlook. An average sales that has been built, as I said, on top of growing the customer base and not growing the tickets. The trend is that this growth will be healthy, and we will be able to maintain that base going forward as well.
Okay. Thank you.
Thank you. Once again, to ask a question, please click on the Raise Your Hand button. Wait as we poll for questions, please. Once again, to pose a question, please click on the raise your hand icon at the bottom of your Zoom screen. Our next question comes from Clara Lustosa from Itaú BBA. Clara, you may carry on.
Hello, everyone. Good morning. Can you hear me now? Okay. First of all, I would like to thank you for the opportunity of asking a question, and also I would like to congratulate you on the results. My question is the following. When you talk about margins, they were quite positive, quite impressive actually in terms of store expansion and still maintaining a growth in margins. Now, going forward, how can we expect that evolution to unfold? Of course, part of the stores will mature.
Do you have a better idea? Do you see any headwinds for the coming quarters or something positive? Just more context on that. If you could talk about services. It was expected, of course, to see a drop in the share of services given this post-COVID moment. This was expected. What kind of strategy do you have in mind to expand services going forward? What can we expect in terms of impact of that expansion on the numbers? That is what I had. Thank you so much.
Oh, in terms of margins, we see a very positive outlook going forward in terms of expansion and growing those margins. The most challenging years, if I may, they are passed now. We went through a pandemic, through moments which were quite difficult in terms of inflations, and we understand things tend to settle down. Retail inflation is something that really corrodes because you have a very high indexing in that, both for rents and personnel, which are important components. Expansion itself was a great challenge. For next year, our guidance is to maintain the same number of openings that we have seen for the past two years. We are not going to take any leap. Next year, execution will tend to be easier than the past two years. Those 60-some stores do not represent those 13% they did in the past.
They represent 10% or less than the whole number of stores. We have a future outlook of growing results in a positive lens. We learn as we go. We are trying to choose areas or locations in a more refined way. We are training people, developing people in a more efficient manner, new managers. We are learning as we go, as we grow. There's a learning curve also to be taken into account. Through our time, I hope to be reaping more benefits. Now it's the moment to show the market our ability to execute. We want to avoid inventing or reinventing the wheel. We want to show we have an installed capacity which is quite good to do the basics, to do the bread and butter well in a consistent manner throughout time.
In terms of services, as Antonio said, we have brought in a new executive from the market to work dedicatedly on that area. She has a lot of experience in this segment. There are regulatory issues which are also important. There are issues which have become a reality, especially in terms of vaccination. We used to sell vaccines for the flu. Now we have a much broader portfolio. In October, for example, we had vaccinations against meningitis and herpes zoster. So two vaccines that really drove our numbers in October. We also have the rapid testing service. This will take some time to mature because we need medical validation to gain traction, of course, and telemedicine with the assistance of pharma. That will happen in the short run, I think. That somehow unlocks that difficulty people have.
Have a sore throat or something more simple, we can explore that. We can have this enter appointment and being the middleman as a pharma service. This will bring more convenience to customers. I think there are, of course, regulatory issues that throughout time will play a role. We also hope to be working with blood collection. There's no reason why drugstores could not be used a blood collection hubs in partnership with labs, of course. We are focused on services, of course, and we do understand that might be a good source of revenue through our time, just as it is for some segments with a higher maturation level. For example, pet shop segment, that accounts for 10% of their revenues.
Today, we are navigating through those numbers. Used to be 4.5%, today may be 3% this year. There is room to grow, lots of opportunities, and we have to reinvent the role to be played by drugstores. But without, as I said, inventing too much, without reinventing the wheel, of course. It's a gradual evolution of things that make sense for consumers, for the health environment. We need to be ready to navigate in this new reality.
That's it. You've said it all.
Okay. Thank you.
This does conclude our Q&A session. I would now like to turn the conference over to Mr. Julio Mottin Neto for his final remarks. Please, Mr. Mottin, over to you.
Oh, thank you for your participation. We're going through this troubled moment. The stock market yesterday went crazy. But we are confident in our ability to execute. Our market has shown, has proven to be very resilient across different economic situations, whatever they might be, whatever the administration is.
It is a market that protects its investors. This company has shown its ability to execute, its ability to create new distinguishing edges to make a difference in the market, the pharma market. We are quite confident. Thank you once again for being here, and we will see you at the end of the fourth quarter. Yes. Thank you, and our IR team will remain available for questions. Questions that came to us through our chat box will be addressed. We wish you all a nice weekend.
This concludes the Grupo Panvel audio conference to discuss Q3 results for 2022. Thank you all for participating, and have a nice day, everyone.