Q2 2026 Oncoclinicas do Brasil Servicos Medicos SA Earnings Call
Speaker #1: This has been due to the pressure—cash pressure—which the company had been confronting in this first quarter, in the first half of the year. The supply of medications was partially normalized, starting in the celebration of the Fijik, $150 million, up to $150 million.
Speaker #1: Bom dia e bem-vindos à audioconferência da Oncoclinicas. Neste momento, todos os participantes estão conectados apenas como ouvintes e, mais tarde, iniciaremos a sessão de perguntas e respostas.
Speaker #1: The anonymous effect—we've had an effect on the accounting effect of TLD during this quarter of approximately $72 million in that period, accounting for expenses from previous years, which were impacted by several recurring problems from payers, and $170 million in nonpayments from the previous year.
Speaker #1: Quando as instruções para os senhores participarem serão fornecidas, cabe lembrar que esta audioconferência está sendo gravada. Gostaria agora de passar a palavra ao Carlos Gil, CEO do Grupo Oncoclinicas.
Speaker #1: Por favor, Carlos Gil, pode prosseguir.
Speaker #2: Bom dia. Obrigado pela presença de todos. Gostaria de cumprimentar nossos investidores, analistas e demais participantes que acompanham a divulgação dos resultados do segundo trimestre de 2026.
Speaker #1: On expenses: we had three one-off effects in this quarter, totaling $184 million, made up of $78 million in impairment of the BTS from Guyana, $76 million in reference to the penalty for the rescission of the tractor on the property which the company was preparing for a unit on Avenida d'Angélica in São Paulo, and $30.5 million in reference to the provision for loss credits of Unimed with less fluency. Next slide, slide 4, we can see the evolution of the number of procedures and the average ticket, especially in relation to the period of the lack of medications. In the second quarter, we registered approximately 114,000 procedures, a volume which reflected the impact of the lack of medication, which began in the first quarter and which took up a large part of the second quarter as well.
Speaker #2: O segundo trimestre trouxe desafios importantes para a companhia e exigiu decisões rápidas, sem abrir mão da responsabilidade e do cuidado em cada escolha. Foi assim que conduzimos o período, sempre buscando preservar a qualidade do atendimento e o cuidado com os nossos pacientes.
Speaker #2: Nesse período, avançamos na normalização do abastecimento de medicamentos. Temos esse tema, que tratamos com máxima prioridade, desde o início da pressão de liquidez. O fornecimento vem sendo normalizado por meio de FIDC, no valor de R$ 150 milhões.
Speaker #2: O que nos permitiu retomar gradualmente os atendimentos, sem comprometer os recursos próprios da companhia e a qualidade assistencial. Esse avanço representa uma etapa relevante dentro do nosso plano de reestruturação operacional e demonstra nosso compromisso com a equalização dos tratamentos realizados e com a retomada da eficiência operacional.
Speaker #2: Esse trabalho já começa a mostrar resultados concretos. Voltamos a apresentar geração de caixa operacional positiva, e o EBITDA ajustado novamente positivo no trimestre. É sinal importante de que as medidas que estamos implementando estão produzindo os efeitos esperados e de que estamos avançando na direção correta.
Speaker #1: However, on the other hand, the average ticket grew by 9.5% in relation to the second quarter of last year, which showed the effects had been having two effects: one was the re-fast of the CMEDGE of that period, and the second effect the interruption of the services being supplied from by several payers with whom we were not—with whom we did not have commercial conditions that were favorable.
Speaker #2: Ainda temos um caminho importante pela frente, e a recuperação será gradual. Mas esses primeiros resultados nos dão confiança para seguir executando, com disciplina e consistência, o plano que traçamos.
Speaker #1: In the last 12 months, the number of procedures totaled approximately 537,000, while the average ticket went from $9,500 to $10,286 in this current period.
Speaker #2: Também reconhecemos que o resultado do trimestre foi impactado por eventos contábeis não recorrentes, que serão detalhados na sequência. Esses eventos não alteram nossa convicção de que o negócio da Oncoclínicas é sustentável e vem passando pelos ajustes necessários para voltar a apresentar rentabilidade.
Speaker #1: A growth of 8%. Slide number 5, gross revenue reached $1,227 million in the second quarter of 2026, compared to $1.67 million in the second quarter of 2025, a reduction of 25%, direct reflection of the crisis of supply of medications also the policy the commercial policy of the company which is more restrictive adopted by the company and also by the closing of the sale of several assets to the company which has done during the last 12 months, principally in the last 12 months.
Speaker #2: Em paralelo, mantivemos ao longo desse período conversas construtivas com nossos credores. O objetivo é restabelecer um cronograma de amortização das nossas dívidas que seja consistente com a nossa geração de caixa e com nossa eficiência operacional.
Speaker #2: Apesar dos desafios, permanecemos sustentados por fundamentos sólidos e éticos. A Oncoclínicas mantém sua posição de liderança em oncologia no Brasil, com presença nacional relevante e papel estratégico dentro do sistema de saúde oncológica do país, em termos de qualidade e sustentabilidade.
Speaker #1: In the vision of the last 12 months, the gross revenue reached $5.7 million $5.7 compared to $4.8 in the period ending in the same quarter of last year.
Speaker #2: Aproveito esse momento também para reforçar que contamos com o comprometimento com orientações médicas, que fazem parte da dinâmica natural do setor, e até o momento não observamos impactos relevantes sobre nossa operação assistencial ou nossa capacidade de atendimento.
Speaker #1: On slide number 7, the net revenue totaled in the second quarter compared to $1.470 million in the second period of 2025, a reduction of 28%.
Speaker #2: Tenho plena consciência de que o momento exige maior racionalidade na alocação de capital, e é exatamente nisso que seguimos concentrados. As medidas implementadas ao longo dos últimos meses seguem construindo uma base mais sustentável para a retomada orgânica do nosso crescimento, da rentabilidade e do fortalecimento reputacional da companhia.
Speaker #1: But it has an impact of $72 million, as I mentioned, with reference to the PCLD, a one-off in this quarter. As we've always mentioned, and as is evidenced in the following slide, we will have a PCLD of 9% in the second quarter. Excluding this one-off effect of approximately $72 million, the PCLD would have been 3.1% of gross revenue.
Speaker #2: Esse processo não acontecerá da noite para o dia, mas está sendo conduzido com plena transparência e responsabilidade, mantendo o mercado devidamente informado sobre os avanços mais relevantes.
Speaker #2: Peço agora a palavra ao nosso CFO interino, Isaac Quintino, que detalhará os resultados financeiros e operacionais do segundo trimestre de 2026.
Speaker #1: A level which is closer to the historical level of the company and therefore indicates that the company has been observing signals of a recovery—a return of several indicators to more stable levels seen in the past, such as this 3% of PCLD.
Speaker #3: Obrigado, Gil. Bom dia a todos. Começando pelo slide número 3, apresentamos os principais destaques do trimestre e os ajustes contábeis que impactaram o segundo tri de 2026.
Speaker #3: No âmbito da receita bruta, conforme falamos.
Speaker #1: The natural effect on the indicators of the companies with this PCLD, with this nonpayment, is that the net profit, the gross margin of the company, went to 27.2% when excluding this non-recurring effect of $72 million. But looking at accounting numbers, we have 22.2% of gross margin, a relevant improvement compared to the last quarter. When we look at the two numbers together, normalized both in the first quarter as well as the second quarter, we see improvement but also a stabilization at this level of 27% in the last two quarters.
Speaker #1: Looking at slide 9, operating expenses of the company, we had these three effects as I mentioned, but excluding these three effects, the company has reduced its expenses from $246 million—not including the hospitals—in the first quarter to $226.25 million in the second quarter of 2026, so an improvement of $20 million.
Speaker #1: A sequential table that's also important to mention that the company continues a series of initiatives in the reduction of expenses we've done a a strong reduction in the personnel in the personnel in our personnel in July and several other initiatives for the reduction of expenses occurring in the month of August and in the next coming months.
Speaker #1: This will bring the company to have better indexes of operating expenses in the next period. The company continues advancing on this front, matching the size of the company and the corporate expenses in relation to the size of our company's revenue.
Speaker #1: On slide 10, the adjusted EBITDA of the company, not including the effects of the PCLD, was $34.3 million—an improvement, a sequential improvement. When we look at the margin excluding this effect of the PCLD, we reach an EBITDA margin of approximately 9.6%, 9.5%. Therefore, in a sequential line, this is very important, especially with the effect of this improvement in expenses, which the company has been observing.
Speaker #1: On the next slide, the net loss of the company of $275 million is the effect a very relevant effect of the expenses finance expenses of the company which are still very high even in the context of the expert judicial recovery which the company in which we find ourselves at this moment especially for the renegotiation of these debts to adequate make them more adequate to the the financial expenses to the size of the company and the current obligations of the size of the company.
Speaker #1: Next slide, the cycle of cap of working capital still still has noise from due to these renegotiations which are happening with the principle suppliers of the company but when we observe that in slide number 313 we can we can observe an improvement in the cash and operational cash flow of the company in this case differently from the previous quarters where there was a huge change in the point of view of anticipation of receivables and paying down of these anticipations of receivables in this quarter we have a photo more recurring photo of the operating cash of the company so this $158 million reflects the position of receivables of the company more normalized in our vision.
Speaker #1: During the quarter as you know there was a we had the the judicial decision issued by the company which protects the company from executions however it gives us a period for the nonpayment of interest and and principal on our debts but does not did not cover the entire quarter.
Speaker #1: Therefore, during that period which was not covered, the company had to pay $37.5 million in interest and had a number of principal payments as well.
Speaker #1: Excluding these two effects, we had a capex of $13.2 million. This is much, much closer—$13.3 million—which is much closer to normal as recurring for the company, much closer to the levels of maintenance of the company without growth projects.
Speaker #1: Or expansion projects. This is the more recurring level in our vision. Finally, and no less important, in slide 14, the position of the debt of the company: the net debt of the company is $3.4 billion, where $3.26 billion are financial debts at the end of the first quarter of 2026, and $86 million are debts with acquisitions to pay.
Speaker #1: With that, I end the expositive part of our presentation, and we will now open for questions and answers. Ladies and gentlemen, we will now start the question and answer session. If there are any questions, please raise your hands through the button that's available on the videoconference.
Speaker #1: Reminding you again, to make a question, please raise your hand through the button that's available on the video conference. We now close, at this point in time, the question-and-answer session.
Speaker #1: I'd like to pass the word to Carlos Gil for his final considerations. Carlos, please go ahead. I would like to thank all of you. Thank you for being with us here today, and I wish you all a good week.
