Welcome to our dedicated page for Procaps Group Sa news (Ticker: PROC), a resource for investors and traders seeking the latest updates and insights on Procaps Group Sa stock.
Procaps Group, S.A. (PROC) is frequently in the news as an integrated Latin American healthcare and pharmaceutical services company active in medicinal and botanical manufacturing. Company announcements emphasize its role in developing, manufacturing, and marketing over-the-counter (OTC) pharmaceutical products, prescription pharmaceutical drugs (Rx), nutritional supplements, high-potency clinical solutions, and hospital supplies that reach more than 50 countries.
The PROC news feed on Stock Titan aggregates these public communications so readers can follow how Procaps addresses governance, financial reporting, and operational topics. Recent releases have covered the company’s internal investigation into historical accounting matters, delays in filing its Form 20-F, and plans to restate certain historical financial statements. News has also highlighted remediation plans to strengthen internal controls and SOX compliance, along with changes to board composition, committee structures, and executive leadership roles.
Investors and observers can use this page to review Procaps’ updates on financial restructuring efforts, including forbearance agreements with lenders, a secured convertible note subscription agreement, and other steps the company describes as supporting liquidity and long-term sustainability. Regulatory and listing developments are another key theme, with disclosures about Nasdaq notices regarding filing delinquencies, hearing requests, and Nasdaq’s determination to delist the company’s ordinary shares, alongside the company’s statement that trading is expected to transition to the OTC Expert Market.
By consolidating these releases, the PROC news page provides a single place to read about Procaps’ pharmaceutical and nutraceutical activities, governance initiatives, and restructuring plans as described by the company in its own announcements.
Summary not available.
Procaps Group (NASDAQ: PROC) will participate in the BTG Pactual LatAm CEO Conference from October 11-13, 2022, in New York, NY. Key executives, including CEO Rubén Minski and CFO Patricio Vargas, will hold one-on-one meetings on October 11 and 12 to discuss the pending acquisition of Grupo Somar, 2022 performance, and strategic initiatives.
Procaps is a leading developer of pharmaceutical and nutraceutical solutions, with a presence in over 50 countries and more than 5,300 employees.
Procaps Group S.A. (NASDAQ: PROC) reported a 14% increase in net revenues for 2Q22 year-over-year, totaling $112 million. Adjusted EBITDA rose 12% to $28 million, maintaining a margin of 24%. The company experienced a strong demand, particularly in the CAN, CASAND, and Nextgel sectors, and launched over 120 products in the first half of 2022. Significant highlights include a stock purchase agreement to acquire Grupo Somar, which aims to expand Procaps' presence in Mexico, anticipated to contribute 30% to total combined revenues, further enhancing growth prospects.
Procaps Group S.A. (NASDAQ: PROC) reported preliminary financial results for Q1-22, showing a net revenue increase of 11% to $86 million compared to Q1-21. The Adjusted EBITDA rose 15% to $9 million, resulting in an 11% Adjusted EBITDA margin. Growth was driven by strong demand in Procaps Colombia and strategic product launches. However, challenges such as macroeconomic headwinds and currency depreciation impacted performance. Notably, the Diabetrics segment saw a 28.9% revenue decline due to the bankruptcy of a key public health partner. Full financial results will be shared in an upcoming earnings call.
Procaps Group (NASDAQ: PROC) has announced the acquisition of Grupo Somar, a leading independent pharmaceutical company in Mexico, from Advent International. With FY2021 net revenues of $184 million, Grupo Somar enhances Procaps' capabilities in the Mexican market, the second largest in Latin America. This strategic move is expected to deliver significant synergies, increase R&D and manufacturing capabilities, and provide a diversified product portfolio. The transaction is anticipated to close in Q4 2022, pending regulatory approval.
Procaps Group S.A. reported net revenues of $409.7 million for FY 2021, marking a 23.6% increase year-over-year, driven by strong demand and new product launches. Adjusted EBITDA rose 17.8% to $99.7 million. However, the company faced a net loss of $100.9 million, significantly impacted by a one-time listing expense of $73.9 million. The fourth quarter saw a 7.1% revenue increase to $126.5 million, yet Adjusted EBITDA dipped 1.6% to $42.1 million. Procaps plans to expand operations with new facilities in Florida and aims for continued growth in 2022.
Procaps Group announced the construction of a new gummy manufacturing facility in Florida, expected to be fully operational by Q1 2023. This expansion aims to serve the increasing demand for advanced gummy technologies in the U.S. and global nutraceutical markets. The new facility will double Procaps’ current capacity, supporting their Funtrition business, which specializes in unique nutraceutical gummies. This investment aligns with their broader strategy for growth and innovation in oral delivery systems, enhancing their global capabilities.
Procaps Group has appointed Melissa Angelini as its new Investor Relations Director, effective February 1, 2022. Angelini brings over 15 years of experience in capital markets and investor relations, having previously worked with notable firms in the pharmaceutical sector across Latin America. Her leadership is expected to enhance Procaps' capital markets communications strategy as the company expands its presence in the U.S. following its recent Nasdaq listing. CFO Patricio Vargas emphasized that Angelini's expertise will be crucial in strengthening investor relationships.
Procaps Group has expanded its production capacity in the U.S. by acquiring an 86,000 sq. ft. pharmaceutical production facility in West Palm Beach, Florida. The new site will produce approximately 1.8 billion capsules annually, enhancing its product development capabilities by over 70%. This USFDA-approved facility, acquired from Strides Pharma, Inc., is expected to begin operations in May 2022, supporting Procaps' growth strategy and improving supply chain efficiency in the North American market.
Procaps Group (NASDAQ: PROC) reported a 35% increase in net revenues for Q3 2021, totaling $106.8 million, driven by strong demand in branded Rx and OTC segments. Adjusted EBITDA rose 27% to $24.5 million. However, the company recorded a significant net loss of $36.9 million due to a one-time non-cash charge of $44 million related to put option terminations. The business combination with Union Acquisition Corp. II was completed on September 29, 2021, leaving the company with $100.2 million in cash to support future growth.