Good afternoon, everyone. During the company's presentation, all participants will have their mics off. After that, we will begin the Q&A session. To ask questions, click on the Q&A icon at the bottom of your screen and write your question and company name to join the queue. When announced, a request to activate your microphone will appear on the screen, and then you must activate your microphone to ask questions. We advise that the questions be asked all at once. We emphasize that information contained in this presentation and any statements that may be made during the video conference regarding the business perspectives, projections, and operational and financial goals of Viveo constitute beliefs and assumptions of the company's management, as well as information currently available. Forward-looking statements are not guarantee of performance.
They involve risks, uncertainties, and assumptions, as they refer to future events and therefore depend on circumstances that may or may not occur. Investors should understand that general economic conditions, market conditions, and other operating factors may affect the future performance of Viveo and lead to results that differ materially from those expressed in such forward-looking statements. Today, we have Leonardo Byrro, CEO of Viveo, André Pacheco, VP of Strategy and New Businesses, Guilherme Goulart, CFO, Flavia Carvalho, Director of Investor Relations and M&A, Tiago Liska, Director of Diagnostics and Vaccines, Vilson Schvartzman, VP for Commercial Distribution, and Renan Hervelha, BU of Retail and Specialties. We will now hand the floor over to Leonardo Byrro, Chief Executive Officer, who will begin the presentation. You may now proceed.
Good afternoon, everyone. Thank you for joining us in our conference call. During this earnings call, I will address the main points I wanted to share with you, and at the end, the team and I will be available for a questions and answers session. I would like to begin by showing you a great evolution of our corporate structure. Some changes w ere made over the past 12 months, and there is yet another important change as Luiz Augusto Silva joins our team to take over the COO position at the company.
This position did not exist before, and the focus is operations integration and productivity for our businesses moving forward. We are sure there are many opportunities in-house so that we can further increase the efficiency in our operations and improve our service level, as well as unlock growth in-house. Luiz will be handling logistics, supply chain technology, CSC. The industrial platform will be under his leadership.
Not only are we making great efforts, he will bring experience from Unilever, Danone, working as a general manager in supply chain, finance, and also experience in NotCo, a startup company he was one of the founders at. That will help me have direct reports, because I had many direct reports after the acquisitions, and now we can better redistribute the agenda we have amongst the team. So we are confident we now have a robust team in line with the long term, with positions of people who are business leaders that caters to services to different businesses in the ecosystem. This structure was put together in October this year. The second highlight in terms of efficiency and incorporations have to do with the amount of companies we incorporated this year. Very few companies do this as efficiently as we do.
There were 17 integrations that went about in March, June, September, and November. We are starting to reduce the complexity level of our operations in the company, bringing about better efficiency and making the most out of the premium we have in the balance sheet. The tax benefit is BRL 215 million, which is different from the tax losses in the ACM CNPJ number, but we are certainly ready to capture this premium in the future. We will keep up with this agenda in 2024 with other integration and incorporations that will surely help us unlock a number of opportunities in-house as we simplify and streamline our operations. Let me give you more details on this process. There are two important technology milestones that were very important so that we can keep on growing as fast as we were. Number one, standardizing the systems of our distribution system.
That is what we call WMS. 14 rollouts happened in different distribution centers all throughout Brazil, and we still have six other operations that should happen in the first six months of 2024, which are in line with some operations we are going to change in the site. These changes should happen without any major disruption to our business. We have great opportunities to improve our service level, and as of these changes, we believe we should strengthen our services that will be even better for our customers around the country. The second main initiative has to do with sales. CRM, information management system, the way we relate with our customers.
We have several systems in place at the same time because of all the acquisitions. In November, we went live with the implementation of our CRM system for one of the teams, and now we have a timeline to roll this out for all of the teams by the end of 2024. So we are making the most out of this year when it comes to unlocking all the opportunities we have internally. In terms of synergies, this is all essential if we want to capture the synergies after the M&As.
Year to date, BRL 16 million is the synergy we have captured. In 2022 and 2023, roughly BRL 74 million year to date. We are confident that in 2024, we should also reach BRL 32 million, which is our target. Next year, we should move towards the industrial platform, bringing together some platforms we have acquired. The process has already started.
We are purchasing equipment with this year's CapEx so that we can also have great synergies in 2024. Let us move on and talk about the main highlights of our quarterly results. Then I will talk about some financial highlights before opening up for questions. Number one, our net revenue has grown expressively by 25% this quarter. That is 17% organic growth quarter-over-quarter, year-over-year. This was one of our priorities. We wanted to fast-track growth, and we grew in every single business unit. Dynamics are different, but all of them grew anyway. Our gross profit reached BRL 427 million, 15% growth as compared to the third quarter 2022. A 15% margin impacted by the business mix. I will delve into that and how this gross profit behaved in the mix of all of our products.
Our EBITDA reached BRL 251 million, up 33% as compared to the third quarter 2022, and the margin was at 8.8%, in line with the year-to-date margin. We have been quite disciplined in terms of our expenses, not only focusing on capturing synergies, but also in terms of everything we handle in terms of variable expenses. We want to be more disciplined in that regard. In the next quarters, our expectation is that we should have better operational leverage and better discipline and efficiency when it comes to expenses. I will also touch on that later. Net profit was up 12.6% as compared to the third quarter 2022 at BRL 65 million, with a 2.3% margin in line with our year-to-date margin.
Our cash flow cycle was 51 days improvement as compared to the second quarter 2022, brought about by a better stock inventory management because of incorporations and the streamlining process that has just happened and because of the better internal management of our inventory. We grew 12% quarter-over-quarter, and we improved our inventory efficiency. With that, our ROIC was 23%. On the one hand, we fast-track our growth, we improve our inventory management despite the unfavorable mix, while return on invested capital was still quite positive if we look at this annual number. Let us talk about each of the businesses now. Hospitals and clinics. This business showed the lowest growth in the second quarter. We grew by 19% quarter-over-quarter. Organic growth was at 11.5% year to date, 27% total, and the main factors were a higher growth in the high yield sales.
The cross-selling strategy grew in all the other businesses, too, in terms of materials, nutrition, in all categories, really, but high yield sales was higher. OL agreements. When we look at this quarter and the year-to-date figures with expressive growth in this category. The level of service and operations are even more important as compared to the open market. In the public sector, we are still disciplined in terms of the ROIC that has been pivotal, and we have been growing in this business. Our market share in the past three years was up more than 50%. In some of the businesses, we doubled our market share. In terms of nutrition, this is a new business we began this year organically. We put together a dedicated team for that.
We advanced 36%, while the market average was 8%-10%, so this is one of the bets we are placing for the long run. Same thing for specialty pharmacies. This market is growing quite a lot with more than 30% growth on an annual base. Actually in the first nine months, and we see continued potential for this business moving forward. We integrated Neve in the second quarter. We started unlocking some of the opportunities for growth in the third quarter. There was an order backlog that we had to cater to. There were market inefficiencies that we are now correcting. So we are excited about the growth potential of this platform moving forward, and our portfolio on materials grew for the main customers. The OPME universe is something we started organically when we started entering this huge category with a major potential moving forward.
We are still learning with the first evolutions earlier this year, but we should reach a revenue of BRL 17 million in one single state, one single line of product by the end of this year. This has been working even better as compared to our expectations for OPME, and we are excited about the future. This is what happened for hospitals and clinics in a nutshell. We know that this sector is under pressure because of the working capital dynamics and because of better efficiencies everyone is looking for. That is the same with us. We are under this pressure in this sector, but we are handling that quite well with our portfolio. For this quarter, the largest growth for high-yield drugs as well as other items puts some pressure to our gross margin.
As far as we understand, this is part of our strategy, and this is how we want to go about it over the next months. Now, labs and vaccines. Here we see some different dynamics between these two businesses. Vaccines is still performing quite well. We see we are fast-tracking adult vaccines with good performance of SHINGRIX, dengue in the end of the second quarter. There is great potential to grow even more. We also saw launches for children such as Pneumo 15, which is a new vaccine we have. When it comes to labs, the dynamics are quite challenging in terms of growth. We grew less as compared to before, with third parties carrying out the tests. Because of that, we grew roughly 15% in the third quarter, way above the growth we saw in the second quarter.
Year to date, organic growth, not considering the effects of COVID-19, we still see 9.6% growth year to date. There are some important initiatives we are working with along with our partners who can really help us unlock growth way above what we see for the next quarters, and we are excited about these conversations that are great opportunities to partake some markets where we are still not present. This brings about a great capacity to grow way above these numbers we now see. Retail, 8.6% growth during this quarter, 12.5% growth year to date. The growth this quarter was a bit lower as compared to the second quarter because of the dynamics that happened last year. We increased prices in the beginning of the fourth quarter, and therefore, revenue comes to the third quarter.
The revenue base was quite high because of the price increase, and this year we did the opposite. That is why the base for comparison is a bit more favorable to last year, but we still see double-digit growth for the fourth quarter, which should happen in the year-to-date figures as well. We have been performing well in roughly all the categories. We are already market leaders in some of these aspects. Tissues, we are one of the largest brands in Brazil with Piquitucho brand, not only for cash and carry, but also for the pharma channel in the main retail chains in Brazil. This is one of the categories that grows the most in Brazil, which shows that we are going down the right path, increasing our product portfolio through acquisitions, and then fast-track this growth using the sales force we have for Brazil.
We are excited for the end of this year. That should show strong numbers for retail. Moving on to services, organic growth was at 31% in the third quarter, reaching BRL 261 million in revenue and BRL 756 million year to date, and we grew in every single business. HealthLog for inventory management, Humania, it's a program to support patients, Far.me, specialty stores, as well as other solutions. All of these businesses saw positive growth during this quarter because of Quimio packages, which is one of the businesses that has been growing the most, and the percentage margin is lower as compared to other businesses. When we look at the margin growth in Quimio, it pulls percentage down. Growth was important in terms of gross profit, but the margin is a little bit lower.
At Far.me, we still have an important growth strategy for our customer base. In late 2022, we had 2,200 customers, and now we have roughly 5,600 recurring customers. We've been adding 500 - 600 new customers to this platform. For services, we'll still see one of the main growth drivers for us moving forward, and we're still excited about the potential of this business. Let's talk about financial highlights. Gross margin 15%, 1.3 percentage points decrease year-over-year, and the year-to-date figures are in line with last year's margin at 16.1% as compared to 16.2%, but total growth of 32.4%. The main highlights here are more sales of high-yield drugs and vaccines that have lower margins and therefore pull margins down. In the services channel, we want to grow more with Quimio drugs.
That's quite positive to dilute costs, to increase gross profit, but percentage-wise, numbers go a bit down. The retail mix is a bit lower in this quarter, and since this is our highest margin, this also has an impact. Finally, we're going through a moment that shows a valley in prices for generic drugs and also for some lines of materials. For the first time, when we look at the IPM-H index over the past years, we see that year to date 2023, we see minus 6% and minus 5% in the past 12 months, which puts a pressure on our margins, and that's still a consequence of structural changes in the supply chain since the COVID age. Our expectation is that as time goes by, these prices resume levels pre-COVID.
We can't still state exactly when that's going to happen, but some important categories such as gloves and other types of materials, especially generic drugs, as we see in other companies, also hurt our short-term results. But we are growing. We're gaining market share for generic drugs, for example. In recent years, we were at 7%. We're now at 13% market share, which means we're putting together a good customer base and increasing our presence so that when prices and margins resume to the pre-COVID level, we'll be able to capture the benefits of that since we're going to be better positioned in terms of market share. Let's talk about the EBITDA. What made a difference this quarter was discipline as we handled expenses.
We managed to evolve our margins to 8.8% gross margin as compared to 8.3% in the previous year, in line with our year-to-date margin, which is at 8.9% in this first 9 months of 2023. Dynamics are a bit different, of course. We see that it's been harder. There is a higher pressure in our mix for gross margin, so we need even more discipline for variable expenses. Quarter-over-quarter, we've been reaping the benefits of the expenses dilution and integration. An important detail here is the fact that we saw the benefit of BRL 9 million PDD for our results this month, which is seen as operational because it impacted our business in previous years. That's why these numbers are operational when we reversed the results.
Even when we don't consider that in the result, we would have 9.5% SG&A, which is in line with our year-to-date at 9.7%. If you want to do the math, 9.7% SG&A over net revenue and roughly 0.5% of dilution as compared to the previous year. We're still going to work strongly to have more operational efficiency, and these numbers should decrease over the next quarters since we are growing fast and we're looking for better efficiencies. Adjusted net profit. Number one, financial results. They are still below what we expected. We're working on some initiatives to improve that, to have a better match between our receivables throughout the quarter and payments to our suppliers, which influences our average cash flow and the ability to invest that in the quarter. We're trying to reduce that gap so we can improve our financial results.
We're also working so as to reduce our debt cost quarter-over-quarter, and we're also now negotiating our debt, which has been important and may reduce even further this spread and financial costs. As interest rates decrease as time goes by, this will also be helpful because our expenses will be lower. Non-recurring revenue. There was a 13% growth year-to-date in our net profit, BRL 16 million non-recurring for deferred from previous years in the third quarter 2022, and this year we saw the effect of incorporations. When we looked at PFS and Expressa in the second quarter, there was a non-recurring impact of BRL 33 million. That's why we adjusted that. It will be recurring only during the integration for these companies. Profit for us was positive, 13% growth year-over-year.
In terms of cash generation, BRL 233 million was how much we generated, and we used BRL 110 million for interest rates and working capital. Cash was generated below what we expected and wanted for this quarter because of an accelerated growth in our sales in the second to the third quarter this year, when we grew more than 12%. There was an accelerated growth that uses cash in the short term and because of the sector's dynamics that's been more pressured during the cycle. Cash generation was below our plan. We're working strong so that we have better cash generation in the fourth quarter. On the next slide, we see leverage 1.8x net debt and EBITDA in the third quarter, not considering M&As, and 2.61x when we include future payable M&As. Average cost is going down and the maturity average is four years.
We've got a long-term amortization plan for our debts and also for M&As to be paid for. This is also diluted over the next four years. We're going to work hard to make sure we improve these numbers with discipline in terms of cutting down on expenses and also in terms of improving the company's financial results. ROIC, I've mentioned that, and the cycle, the main highlight is that we reduced our stocks and inventory by five days with stable accounts payable and accounts receivable also stable despite the dynamics we see in our sector with more pressure for working capital. With that, I wrap up my presentation and we'll open for a Q&A session. Thank you very much.
We'll now begin our Q&A session. Remember that if you want to ask a question, please click the Q&A icon at the bottom of your screen and type your question to join the queue. When announced, a request to activate your microphone will appear on the screen, and then you must activate your microphone to ask questions. First question, Leandro Bastos, sell-side analyst from Citi. Leandro, you may now proceed.
Hello, everyone. Good afternoon. How are you? I have two questions. Number one, I wanted to learn more about the competition in terms of distribution. I remember last quarter you mentioned some non-favorable conditions. How has that evolved? Can you also talk about OL agreements, which was a highlight during this quarter? How do you see the competition in that regard? That's the first question. The second question is on working capital, but in terms of accounts receivables. In the release, you mentioned that you still see pressure in the sector. We've been following on that, but what can we expect moving forward? Do you think there may be even more pressure? How are you working in-house to address all that? Thank you very much.
Thank you, Leandro, for joining us. Thank you for your question. In terms of competition, let's start talking about OL. In the second quarter, well, it's always more challenging because most annual OL agreements are renewed, and we've been successful in most of the renewals. Year to date growth has to do with the fact that we have renewed or acquired new agreements. It's more of a controlled dynamics for OL in the third quarter as compared to the second quarter. There's less competition in that regard.
In the open market, we still see, especially for large players, especially for one of the big players, we still see they're being quite aggressive. We see less of that for small and medium-sized competitors. They are quite stable, but we still see great pressure in terms of payment terms, in terms of price dynamics. It depends on the line of product and on the region, but there is still competition, of course. There is still pressure. But again, our strategy is to increase our product portfolio bundling and use strategies and weapons that our competition does not have because they're more specialized. If we have more products, we can have a better share of wallet, better penetration to offset our margins. As far as we understand, this is a competitive dynamics, but within the normal range.
I don't think things have gotten worse in the past quarter either. In terms of working capital, I think we've been disciplined. We're trying not to stretch our terms. There's always a pressure in the end of the quarters to postpone payments, which don't necessarily become a PDD. That's well controlled, but sometimes that is postponed to the forthcoming quarter, which changes our picture to a certain extent. We want to hold payment terms as much as possible, keep up with payment terms we already have, but we know that this pressure will be there for a while. We do not really see any major leap for the next months. We should be disciplined in our financial team and business areas to hold our grounds.
Payment terms are also different amongst different businesses, and I think that may also influence what happens in different quarters. That's what we see moving forward.
Thank you, Leo. Have a good afternoon.
Next question, Emerson Vieira, sell-side analyst from Goldman Sachs. Emerson, you may now proceed.
Hello. Good afternoon, Leo and other members of the board. I have two questions. The first one has to do with working capital. When we look at seasonal numbers, when we compare these numbers with the second quarter last year, we expected the cash generation to be more favorable in this quarter since you have more investments in working capital for this quarter. Was the opportunistic strategy more important as you wanted to gain more market share? Like you said, Leo, you think the scenario is more favorable for some smaller and medium-sized companies?
Or do you think that external factors in terms of receivables impacted the most? That's the first question. The second one has to do with leverage. You are at a comfortable level under the covenant, but do you think it makes sense to fast-track cash generation for the fourth quarter? If that would be motivated by improvements in working capital or because of efficiency in CapEx? These are the two questions. Thank you.
Thank you, Emerson, for your questions. In terms of inventory dynamics and accounts receivables, I think that last year, stocks and inventory was quite low, so we had to redo our stocks. Our inventory grew by BRL 450 million year to date, which helped us gain market share and make the most out of the opportunities. We do not think this inventory will increase in absolute numbers moving forward.
We now want to be more efficient and reduce inventory days using the same inventory we have. Since the fourth quarter last year was not the best, that of course harms our cash generation this year because of the dynamics I explained. So yes, we want to be well-positioned to keep on growing and gaining more market share in the main lines. So we have to build our inventory base. For the fourth quarter, what we see, like I said, is that we are working so as to have better cash generation as compared to this quarter's figures. The first month of the quarter is always very important. We need strong sales so that we can later capture these receivables throughout the fourth quarter and have better cash generation. This is what happened during this fourth quarter.
There is a strong pressure, but still, we believe in the fourth quarter we are going to have better cash generation, not only because of this better inventory management practice but also because of working capital.
Perfect. Thank you, Leo. Good afternoon.
Next question, Samuel Alves, sell-side analyst from BTG Pactual. Samuel, you may now proceed.
Good afternoon, Leo, members of the board. I have two questions. The first one has to do with gross margins. On slide 13, you showed different factors that explain this pressure on your gross margin. Can you give us some more color on how was the growth for the products the company manufactures? Maybe a deceleration in the products you manufacture may explain that. You talked about retail, but if you could also focus on the products you manufacture. The second question is, there was a change in your PDD. Can you quantify that? Can you, again, give us some more color on it? Thank you.
Hello, Samuel. Thank you for your question. With regards to our gross margin for manufactured products, we have been growing well this year. Most of our portfolio is sold in retail, two-thirds. The rest is sold under materials, under Vilson Schvartzman's structure. So the ratio is one-third, two-thirds. When we look at the average, we are growing 15% year to date. So the performance is good and the margins are higher as compared to the previous year, not only because of the price increase and efficiency that has been happening since last year, but also because of costs this year that have been helping us to grow this year. I am sorry, what was your second question? I do not remember that. Oh, about PDD reversal.
Well, these are effects of companies that we have acquired that already saw impact of PDD to their businesses, and then that is the strength of our ecosystem. When we look at this customer, that was the customer of one business, and he is also the customer of several other businesses at Viveo, our capacity of working with reversal along with the customer is way higher as compared to the past. There is no other large stock we are assessing for the next quarter, but this is already the result of the way we work as an ecosystem for many of these companies we acquired.
That is great, Leo. Thank you. Can you quantify that? How much was the reversal?
BRL 9 million. Like I said, if we do not consider this BRL 9 million, remove that from SG&A over RL, that was 9.1. We get to 9.55, which is in line with the 9.7 year to date.
Perfect. Thank you.
Next question, Felipe Amancio, sell-side analyst from Itaú BBA. Felipe, you may now activate your microphone. You may proceed.
Hello. Good afternoon, everyone. Thank you for taking my question. The first question has to do with working capital. Like you said before, the company showed some relief in your cash cycle because of inventory days, but I wanted to better understand the negotiations with the industry. The second question, a bit more specific. In the release, we saw an increase in other financial expenses because of credit card anticipation effects. I wanted to better understand that, which has also impacted this quarter. Thank you.
Thank you for joining us, Felipe. With regards to working capital, we have been successful in some of the conversations we have been having with the industry. Two or three main partners, multinational companies that understand these dynamics, have been helping us improve this working capital equation. We also have some drugs manufacturers that have been partnering up with us so as to better understand the dynamics of the sector so we can have the best working capital, but that is still below what we wanted to achieve.
We expect we can grow more in this agenda over the next quarters, and we do believe this can also help improve the equation. Inventory management happens internally. Customer management practices are going to be under pressure, and we want to have more and more partnerships with these providers so they can help us. With regards to accounts receivables, there are many elements that factor into this process. Number one, the increase in credit card sales, especially for dermatology products, that is growing 30% - 40% per year.
We chose to migrate many of the sales that happened in the bank slip to credit card, which controls our default risk for these customers, and the dynamics is that we can give them a discount. Actually, we have a discount because of credit cards. We are assessing which businesses we think make sense. Some structural elements and some of them are dependent on what happens during the quarter. The volume is quite similar to what we expected.
That is perfect. Very clear. Thank you very much.
Next question, Estela Strano, sell-side analyst from JP Morgan. Estela, you may now turn on your mic. You may proceed.
Hello, everyone. Good afternoon. Thank you for taking my question. I wanted to understand gross margins better. I know you talked about this during the call quite a few times, but I wanted to understand that better. You talked about the sector and the environment that changed the dynamics that made you be under more pressure. I wanted to better understand how you see that for the next quarters. Sector dynamics, seasonality issues. I wanted you to give us some color on that. Also, what can we expect as a normal level for gross margins? Thank you.
Hello, Estela. Thank you for joining us. Thank you for your question. I think the effect is not because of seasonality. Some of this price variations and margins under pressure should go back to normal in the next quarters. I cannot really tell you when that is going to happen, but when we look at the price history, the way this category has behaved in terms of disposable materials, generic drugs, what we would say for 2024 is that prices should recover, which will help us have better gross margins. This is the first thing I wanted to highlight. Number two, we do not see a change for structural margins for the long run. We still believe that the business margins and business growth will happen for services, retail. That should grow importantly in the fourth quarter and should also help us outgrow our margin in the long run.
But in the third quarter, for example, the growth for items with lower margins pulled our average down, and this is going to happen sometimes, but that does not change our guidelines for the mid to long term of looking for higher gross margins. We do not mean to provide any guidance here, but it has to be higher as compared to what we saw in the past years.
That is great, Leo. Thank you. Good afternoon.
Next question by Gustavo, sell-side analyst from Bank of America. Gustavo, you may now activate your microphone. You may now proceed.
Good afternoon, everyone. Thank you for this opportunity. I have two questions. First, I wanted to double-check something you said. Most OLs were corrected. Were they corrected in the second quarter? Just so I understand how big a potential we have to expand these margins, and if there is any room to correct these OLs, and if there is something we can expect for the second half of this year. Number two, you have delivered on the synergies we expected for this year in the first nine months. Is there any upside, and what can we expect moving forward? Are these synergies regarding systems only that you are integrating, or is there anything else we can expect? Thank you.
Hello, Gustavo. Thank you for your question. In terms of OL, I would say there is no margin for us to capture from now on. We can expect that for the first and second quarter next year when renewals will happen. So what we want to do is keep up with the same percentage, improve our level of services so that we can increase our share as of the next quarter. In terms of synergies, I would say that when we look at synergies coming from acquisitions, the BRL 111 million, this is what we see. We do not think there is more room as compared to that, but we want to work as the new COO takes over, Luiz, along with his team.
They have been planning many initiatives in terms of logistics, technology, and industry, and we believe that we can improve the productivity of our business as of next year. And like I said before, we are going to work with great discipline to still have great operational leverage growth with the same base of expenses or even lower expenses. That is what we can expect for the next years.
That is great. Thank you.
We remind you that to ask questions, you must click the Q&A button at the bottom part of your screen. Write your question so you can join the queue. We have no further questions. That concludes the Q&A session. I will now hand the floor over to Mr. Leonardo for his final remarks.
Once again, thank you all very much for joining us. We believe in our strategy to strengthen our ecosystem, capture synergies. Because of market dynamics in our sector, we are quite under pressure, and we are making the most out of that to do our homework operation-wise, and we are confident that by doing that, we are going to unlock growth opportunities and improve the synergies and gain more efficiency in-house. The team and I are available if you have further questions. Thank you very much. See you next time.
The earnings call for the third quarter 2023 of Viveo is now closed. The IR department is at your service to address any further questions you may have. Thank you very much, and have a great afternoon.