Procaps Group SA (PROC) 2023 Q2 法說會逐字稿

Good day. And welcome to the Procaps Group business update call and webcast. Today's conference is being recorded. Please note that some statements made during this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties.

再會。歡迎收聽 Procaps Group 業務更新電話和網路廣播。今天的會議正在錄製中。請注意，本次電話會議期間所做的某些陳述可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，並存在風險和不確定性。

Any statement that refers to expectations, projections, and/or future events including financial projections or future market conditions is a forward-looking statement. The company's actual future results could differ materially from those expressed in such forward-looking statements due to a variety of risks, uncertainties, and other factors including, but not limited to, those set forth in Procaps Group's SEC filings. Procaps assumes no obligation to update any such forward-looking statements.

任何涉及預期、預測和/或未來事件（包括財務預測或未來市場狀況）的聲明均為前瞻性聲明。由於各種風險、不確定性和其他因素（包括但不限於 Procaps Group 提交給 SEC 的文件中列出的因素），公司未來的實際結果可能與此類前瞻性陳述中表達的結果有重大差異。 Procaps 不承擔更新任何此類前瞻性聲明的義務。

Please also note that past performance or market information is not a guarantee of future results. At this time, I would like to turn the conference over to Melissa Angelini, Investor Relations Director for Procaps. Please go ahead.

另請注意，過去的表現或市場資訊並不能保證未來的結果。這次，我想將會議交給 Procaps 投資者關係總監 Melissa Angelini。請繼續。

Thank you. Hello, everyone. Thank you for standing by. And welcome to the Procaps' business update call. We appreciate everyone joining us today. This conference call is also being webcast. And a link to the webcast is available on the Procaps IR website. The questions received through the webcast platform will be answered by email.

謝謝。大家好。謝謝你的支持。歡迎撥打 Procaps 的業務更新電話。我們感謝今天加入我們的所有人。這次電話會議也進行了網路直播。 Procaps IR 網站上提供了網路廣播的連結。透過網路直播平台收到的問題將透過電子郵件得到回應。

Please note that we filed our earnings release today which can also be found on the IR website. Please review the disclaimers included in the investor presentation.

請注意，我們今天提交了收益報告，您也可以在 IR 網站上找到該報告。請查看投資者介紹中包含的免責聲明。

During this call, non-GAAP financial measures will be discussed and presented. We believe non-GAAP disclosures enable investors to better understand Procaps' core operating performance. Please refer to the investor presentation for a reconciliation of each of these non-GAAP measures to the most directly comparable GAAP financial measures. Now I would like to turn the call over to Procaps' CEO. Please, Ruben, go ahead.

在本次電話會議期間，將討論並介紹非公認會計準則財務指標。我們相信非 GAAP 揭露能讓投資人更了解 Procaps 的核心經營績效。請參閱投資人簡報，以了解每項非公認會計準則衡量指標與最直接可比較的公認會計準則財務衡量指標的對帳。現在我想將電話轉給 Procaps 的執行長。魯本，請繼續。

Thank you, Melissa. And thank you all for joining us today for our second quarter and six months 2023 results conference call.

謝謝你，梅麗莎。感謝大家今天參加我們的 2023 年第二季和六個月業績電話會議。

I wanted to give you an update on how we are doing and where we are headed. While we faced a tough first half of the year, and it is true that we did not do as well as we hoped, the measures that we have started implementing late last year are already bearing the results of our full recovery. We're continuing to work on our value creation and market growth initiatives and speeding up our plans to make the company better in the medium and long term.

我想向您介紹我們的最新進展以及我們的發展方向。雖然上半年我們面臨困難，確實沒有達到預期的效果，但我們去年底開始實施的措施已經顯現出全面復甦的成果。我們將繼續致力於價值創造和市場成長計劃，並加快我們的計劃，使公司在中長期內變得更好。

The toughest issue we have had to deal with this year are the macroeconomic, environmental that challenged the entire industry in our region. We are affected by multiple factors such as rising costs and expenses from inflation, high interest rates and cost of financing, reduced orders from pharma companies in our CDMO business due to working capital concerns.

今年我們必須處理的最棘手的問題是對我們地區整個產業構成挑戰的宏觀經濟和環境問題。我們受到多種因素的影響，例如通貨膨脹導致的成本和費用上升、高利率和融資成本、由於營運資金問題而導致製藥公司在 CDMO 業務中的訂單減少。

We believe these impacts are temporary. And we are taking decisive steps to tackle them, adapting strategies to protect profitability despite being unable to fulfill or fully pass all cost to customers on a timely manner. Relief should come later in the year.

我們認為這些影響是暫時的。儘管無法及時履行或將所有成本全部轉嫁給客戶，但我們正在採取果斷措施來解決這些問題，調整策略以保護獲利能力。今年晚些時候應該會出現緩解。

The steps that we are taking are related to our already announced value creation initiatives and additional operational efficiency efforts, which will really strengthen and streamline our operations by the end of this year and absolutely fully in 2024. In our path to full recovery, we believe third quarters will have a better performance than the second quarter of 2023, very much in line with last year's third quarter. And we strongly believe that the fourth quarter 2023 would be a very strong quarter.

我們正在採取的步驟與我們已經宣布的價值創造計劃和額外的運營效率努力相關，這將在今年年底前真正加強和簡化我們的運營，並在2024 年完全實現。在我們全面復甦的道路上，我們相信2023年第三季的表現將比第二季更好，與去年第三季非常一致。我們堅信 2023 年第四季將是一個非常強勁的季度。

When we look at the growth per business lines, we have Rx growing approximately 15% in the first half of the year, outgrowing the market by quite a good percentage, especially in countries like Colombia, Ecuador, Honduras, Dominican Republic, and Panama. Clinical specialties grew approximately 6% in the same period on a constant-currency basis. In CASAND region, we have found excellent growth of approximately 26% in the first quarter of 2023 with the new important launches for the second half of the year.

當我們查看每個業務線的成長時，我們的 Rx 在今年上半年成長了約 15%，成長幅度遠遠超過了市場，特別是在哥倫比亞、厄瓜多爾、宏都拉斯、多明尼加共和國和巴拿馬等國家。以固定匯率計算，臨床專科同期成長約 6%。在 CASAND 地區，隨著下半年新推出的重要產品，我們發現 2023 年第一季實現了約 26% 的出色成長。

We believe our growth plan, including these new product launches and rollouts, combined with our value-creation initiatives, will result in strong demand of our aggressive plan to reduce expenses and generate efficiencies will position us for continued growth. We are focused in the medium to long term, committed to refining plans for a resilient organization beyond short-term hurdles.

我們相信，我們的成長計劃，包括這些新產品的推出和推出，再加上我們的價值創造計劃，將導致對我們減少開支和提高效率的積極計劃的強烈需求，這將使我們能夠持續成長。我們著眼於中長期，致力於完善計劃，打造一個有彈性的組織，克服短期障礙。

Moving on to slide 4, another important driver for our future growth is new products. Our new product launches have been a key driver for our growth, $66 million in revenues for new products in the first half of 2023. Our renewal rate that is a percentage of our revenues coming from products launched in the last 36 months was a record of 34% in the first half. We will continue to prioritize investments in our pipeline and business to realize the value of the near- and long-term opportunities in front of us.

轉到投影片 4，我們未來成長的另一個重要驅動力是新產品。我們的新產品發布是我們成長的關鍵驅動力，2023 年上半年新產品收入為 6,600 萬美元。我們的續約率（佔過去 36 個月推出的產品收入的百分比）創歷史新高上半年34% 。我們將繼續優先投資於我們的產品線和業務，以實現我們面前的近期和長期機會的價值。

Ramp-up for products launched in the last 36 months is performing quite well, highlighting several products such as Aludel, which is an oncological prostate cancer product, and Dolofen Xtra, which is the first ever Unigel triple combo for migraine. And this is just one example where you can see our own patented technologies playing an important role in delivering a differentiated product to the marketplace. Now I will pass it over to Melissa who will share a little about our ESG progress.

過去 36 個月內推出的產品的爬坡期表現相當不錯，其中幾個產品尤為突出，例如 Aludel（一種腫瘤性前列腺癌產品）和 Dolofen Xtra（首款 Unigel 三重組合治療偏頭痛）。這只是一個例子，您可以看到我們自己的專利技術在向市場提供差異化產品方面發揮著重要作用。現在我將其轉交給梅麗莎，她將分享一些有關我們的 ESG 進展的資訊。

Thank you, Ruben. On this slide, we are going to share a little bit about our ESG initiatives and accomplishments. In 2023, we celebrate the 10-year anniversary of Procaps Foundation that promotes quality of life improvement of several communities through education, nutritional, emotional health, skill developments, reproductive health, and empowerment. We are also increasing our product portfolio for prioritized conditions according to the sustainable development goals by United Nations and Access to Medicine Foundation for LATAM, such as cardiovascular and oncology.

謝謝你，魯本。在這張投影片上，我們將分享一些有關我們的 ESG 舉措和成就的資訊。 2023 年，我們慶祝 Procaps 基金會成立 10 週年，該基金會透過教育、營養、情緒健康、技能發展、生殖健康和賦權來促進多個社區生活品質的改善。我們也根據聯合國和拉丁美洲藥物獲取基金會的永續發展目標，增加優先疾病的產品組合，例如心血管和腫瘤學。

Another important aspect is that we are also advancing on our packaging innovation initiatives. Unigel, for example, that Ruben just mentioned, besides plastic demands reduction, deploys different environment benefits across the whole supply chain, reduces the demand for other packaging materials, as well as contributes to the deliver treatments with less GHG emissions, fuel, and energy consumption. Lastly, we are working on our carbon neutrality strategy. And we will keep you posted on the progress. I will now pass it over to Patricio, who will comment on our operating results.

另一個重要面向是我們也在推動包裝創新計畫。例如Ruben剛才提到的Unigel，除了減少塑膠需求之外，還在整個供應鏈中部署不同的環境效益，減少對其他包裝材料的需求，以及為提供更少的溫室氣體排放、燃料和能源的處理做出貢獻消耗。最後，我們正在製定碳中和戰略。我們將隨時向您通報進度。我現在將其轉交給帕特里西奧，他將對我們的經營業績發表評論。

Thank you, Melissa. Moving to slide 6, you can see our top line evolution. Although the Colombian peso has had an important appreciation since April, currency has still been a negative for us in the second quarter compared to last year. And because of that, it is important to look at constant currency to evaluate the health of business.

謝謝你，梅麗莎。轉到投影片 6，您可以看到我們的營收演變。儘管哥倫比亞比索自四月以來大幅升值，但與去年相比，第二季貨幣對我們仍然不利。正因為如此，透過恆定匯率來評估企業的健康狀況非常重要。

So excluding this impact, on a constant currency basis, we ended with an increase of 4.3% in revenues for second quarter '23 and 7% for first half '23, which was negatively impacted by CDMO order phasing, especially for US clients, decrease of sales related to Rymco ceased operation, and a decrease of sales in the OTC market in El Salvador.

因此，排除此影響，在固定匯率的基礎上，我們的營收在23 年第二季成長了4.3%，在23 年上半年成長了7%，這是受到CDMO 訂單分階段的負面影響，尤其是對美國客戶而言，收入下降與 Rymco 相關的銷售額停止運營，薩爾瓦多 OTC 市場銷售額減少。

In addition to this, I think it's worth mentioning that in second quarter 2022, there was a recognition of sales of brands and the amount of approximately $3.5 million, leading to a higher comparison base. The top-line growth was broad-based across several therapeutic areas with increased demand for both our Rx, our clinical specialties products, which grew 15% or 16% respectively in first half '23 versus first half '22.

除此之外，我認為值得一提的是，2022 年第二季度，品牌銷售額得到了認可，金額約為 350 萬美元，導致比較基數更高。隨著對我們的 Rx（我們的臨床專業產品）的需求增加，多個治療領域的收入成長基礎廣泛，23 年上半年與 22 年上半年相比分別成長了 15% 和 16%。

I just mentioned the Nextgel business segment has been negatively impacted by challenges that also affect our partners, resulting in lower inventory levels on their side, delaying orders on our side. We anticipate a few more months of pressure before improving towards the end of the year where we already have important commitments for new orders.

我剛才提到，Nextgel 業務部門受到了挑戰的負面影響，這些挑戰也影響了我們的合作夥伴，導致他們的庫存水平較低，我們的訂單延遲。我們預計在年底之前還會面臨幾個月的壓力，我們已經對新訂單做出了重要承諾。

Plus Colombia was impacted by overall macro conditions in the country that have translated in customers reducing their purchase orders to improve their working capital. Exchange rates are now starting to help in the first part of the third quarter, bolstering our recovery for the rest of the year, and was positively impacted by the rollout of new products and portfolio expansion in several therapeutic areas such as gastrointestinal and feminine care, and strong performance in Nicaragua and Honduras.

此外，哥倫比亞受到該國整體宏觀狀況的影響，導致客戶減少採購訂單以改善營運資金。匯率現在開始在第三季上半年發揮作用，支持我們今年剩餘時間的復甦，並受到胃腸道和女性護理等多個治療領域新產品推出和產品組合擴張的積極影響，尼加拉瓜和洪都拉斯表現強勁。

But this positive impact was offset by the OTC segment in El Salvador. Negatively impacting the year-over-year comparison, we can see that the second quarter 2022 has a higher comparison base as we sold brands last year. CASAND was positively impacted by the higher demand, and the rollout of new products in the region, and the increased market share of existing brands.

但這種正面影響被薩爾瓦多的 OTC 業務所抵消。我們可以看到，由於我們去年出售了品牌，因此 2022 年第二季的比較基數較高，這對同比產生了負面影響。 CASAND 受到該地區更高的需求、新產品的推出以及現有品牌市場份額增加的積極影響。

Finally, our diabetics business segment is in a transition year. We're working on several synergies and focusing on portfolio renewal and internationalization.

最後，我們的糖尿病業務部門正處於轉型年。我們正在努力實現多種協同效應，並專注於產品組合更新和國際化。

Moving to slide 7, I would like to give a bit more color on our gross profit, which was down from last year. Both in the quarter and in the first half '23, we saw higher costs, a less favorable sales mix, and lower sales of high margin product development services.

轉向幻燈片 7，我想對我們的毛利進行更多說明，毛利比去年下降。在 23 年季度和上半年，我們都看到成本上升、銷售組合不佳以及高利潤產品開發服務的銷售額下降。

In addition, we had the recognition of sales of brands in the second quarter 2022, which positively impacted gross profits for the prior period. Additionally, we were unable to fully pass on higher costs to customers. But we're quickly adapting strategies to protect profitability. Consolidated contribution margin is impacted by the same reasons above, partly offset by lower sales and marketing expense.

此外，我們在2022年第二季度獲得了品牌銷售的認可，這對前期的毛利產生了積極影響。此外，我們無法將更高的成本完全轉嫁給客戶。但我們正在迅速調整策略以保護獲利能力。綜合邊際貢獻率受到上述相同原因的影響，但部分被銷售和行銷費用下降所抵銷。

On slide 8, we have the breakdown of our operating expenses and adjusted EBITDA. Looking only at SG&A expenses, there was a decrease of 15.4% in the quarter and 10.4% in the first half '23 versus the same periods of last year, reflecting already the measures we have taken to improve our financial results. We continue working on the execution of our value-creation initiatives with price increases, contract adjustments, improvement of our product mix with new launches and containing costs.

在投影片 8 上，我們列出了營運費用和調整後 EBITDA 的明細。僅從 SG&A 費用來看，與去年同期相比，本季下降了 15.4%，23 年上半年下降了 10.4%，這已經反映出我們為改善財務業績而採取的措施。我們繼續致力於執行我們的價值創造計劃，包括提價、合約調整、透過推出新產品來改進我們的產品組合以及控製成本。

Our adjusted EBITDA has been negatively impacted by the effects we have seen in gross margin and a higher comparison base in the second quarter 2022. Despite these hurdles, we're optimistic about our ability to deliver growth in the medium to long term. For the time being, as we're not blind to the challenges, we will continue to work in a disciplined and creative way to improve our results quarter over quarter.

我們的調整後 EBITDA 受到了毛利率的影響以及 2022 年第二季度較高的比較基數的負面影響。儘管存在這些障礙，我們對我們在中長期實現增長的能力感到樂觀。目前，我們並沒有對挑戰視而不見，我們將繼續以嚴謹和創造性的方式工作，逐季度提高我們的業績。

Turning to slide 9, we can take a look at the main items of our balance sheet. The cash balance for the first half of the year has decreased mainly due to the low results we had in the fourth quarter 2022, which traditionally is the strongest quarter in the year, and the one that provides the cash to endure the lowest months of the year.

翻到投影片 9，我們可以看一下資產負債表的主要項目。今年上半年的現金餘額減少，主要是由於我們在 2022 年第四季度的業績較低，該季度傳統上是一年中最強勁的季度，也是提供現金以度過全年最低月份的季度。年。

In addition, working capital increase and debt service impacted the overall cash generation. Our leverage had only a slight increase. But the lower adjusted EBITDA, combined with a decrease in cash, impacted our net leverage targets. Despite these, we're in compliance with our debt agreements as we secured the necessary waivers to continue through these tougher quarters.

此外，營運資本增加和償債影響了整體現金產生。我們的槓桿率僅略有增加。但調整後的 EBITDA 較低，加上現金減少，影響了我們的淨槓桿目標。儘管如此，我們還是遵守了債務協議，因為我們獲得了必要的豁免，以繼續度過這些艱難的季度。

We forecast our cash flow for the next few months. We'll continue to work on several initiatives. We are doing our business strategy and operations, as well as our capital allocation priorities in order to increase the cash generation and maximize our long-term value.

我們預測未來幾個月的現金流。我們將繼續致力於多項措施。我們正在製定業務策略和營運以及資本配置優先事項，以增加現金產生並最大化我們的長期價值。

If we look at the guidance for the year, we see some risks that we are working to mitigate. The political macroenvironment in Colombia could affect our business if economic conditions deteriorate, or if there are changes in the healthcare regulation.

如果我們查看今年的指導，我們會發現我們正在努力減輕一些風險。如果經濟狀況惡化或醫療保健法規發生變化，哥倫比亞的政治宏觀環境可能會影響我們的業務。

The continued cash pressures for some of our CDMO clients could pressure them into further the tightening of the working capital, therefore reducing their purchase orders for the second half. How these risks and our plans evolve during the year will be key to fulfilling our estimates. As the year evolves, we will keep you abreast of our estimates for the year. With that, I will pass it back to Ruben.

我們的一些 CDMO 客戶持續面臨的現金壓力可能會迫使他們進一步收緊營運資金，從而減少下半年的採購訂單。這些風險和我們的計劃在這一年中如何演變將是實現我們預期的關鍵。隨著這一年的發展，我們將隨時向您通報我們對這一年的估計。這樣，我會將其傳回給魯本。

Thank you all for participating. If you want, please remember only four things from this call. I will ask you to keep in mind that number one, we are conscious, very conscious, of the temporary hurdles. And we are working on them, all of them, or most importantly, the fundamentals. And the demand for recreational products are as strong as ever.

感謝大家的參與。如果您願意，請記住本次通話中的四件事。我請你們記住第一，我們意識到、非常意識到暫時的障礙。我們正在研究它們，所有這些，或者最重要的是，基礎知識。對休閒產品的需求一如既往地強勁。

We are executing at full speed our previously announced company-wide value-creation initiatives, extended to the right size of our business to current levels of market demand and deliver value for our shareholders, and in 2023, in a much stronger operational and financial position. We are advancing in our CEO search process. And I believe we will be able to be ready at year-end as we anticipated.

我們正在全速執行先前宣布的全公司價值創造計劃，將我們的業務規模擴展到當前的市場需求水平，並為我們的股東創造價值，並在 2023 年實現更強大的營運和財務狀況。我們正在推進 CEO 搜尋流程。我相信我們能夠按照預期在年底做好準備。

And finally, we're always mindful of our low stock liquidity and continuing with our buyback program and other measures to enhance liquidity as well as shareholder value. Thanks for listening. And we welcome any questions that you may have.

最後，我們始終關注股票流動性較低的問題，並繼續實施回購計畫和其他措施，以提高流動性和股東價值。感謝收聽。我們歡迎您提出任何問題。

(Operator Instructions) Kemp Doliver, Brookline Capital Markets.

（操作員指令）Kemp Doliver，布魯克林資本市場。

Right, thank you. And good morning. I have a couple of questions, which I guess, I can ask one or two and then go back in the queue. But the first question relates to the working capital accounts; most notably, accounts receivable, but certainly inventories. Have you made any progress with either of those since the end of June or is that still to come?

對了，謝謝。早安.我有幾個問題，我想我可以問一兩個，然後再回到隊列。但第一個問題涉及營運資金帳戶；最值得注意的是應收帳款，當然還有庫存。自六月底以來，您在其中任何一個方面是否取得了任何進展，或者仍然會取得進展？

Hi, Kemp. Thank you for your questions. We have made advancements. But there have been delays, as we mentioned in the press release and now in the speech. The pressure that some of our customers have had to reduce their working capital both abroad and the US are also due to the economic conditions in Colombia have made it harder to sell the full amount that we had anticipated. So that has put pressure on our efforts to improve our working capital.

嗨，坎普。謝謝您的提問。我們已經取得了進步。但正如我們在新聞稿和現在的演講中提到的那樣，出現了延誤。由於哥倫比亞的經濟狀況，我們的一些客戶不得不減少在國外和美國的營運資金，這使得我們更難按預期出售全部金額。因此，這給我們改善營運資金的努力帶來了壓力。

But we are on track. I think I mentioned that we have several initiatives for cash improvement. And one of those or many of those are centered on accounts receivables and inventories. And we and we intend to improve it. I am not sure if that's what you were trying to say.

但我們正在步入正軌。我想我提到過我們有幾項改善現金的措施。其中一項或多項都以應收帳款和庫存為中心。我們打算改進它。我不確定這是否是你想說的。

Thank you. That did get to the heart of the question. So my second question relates to Alejandro. I see he resigned again. Unfortunately, this kind of board turnover doesn't cast things in a good light. Can you talk about the direction you're trying to take and how to have some stability with the Board?

謝謝。這確實觸及了問題的核心。我的第二個問題與亞歷杭德羅有關。我看到他又辭職了。不幸的是，這種董事會更替並沒有為事情帶來好處。您能談談您打算採取的方向以及如何與董事會保持一定的穩定性嗎？

Yes, that's an excellent question. This is Ruben. We were sorry to see Alejandro resign again. We feel that he was very impatient. Of course, he didn't agree 100% with all the speed in which the Board wanted to implement a few ideas. And we were very much in line with many of his comments but not in all of them. And he got very impatient.

是的，這是一個很好的問題。這是魯本。我們很遺憾看到亞歷杭德羅再次辭職。我們感覺他很不耐煩。當然，他並不百分百同意董事會想要實施一些想法的速度。我們非常同意他的許多評論，但並非全部。他變得非常不耐煩。

But nevertheless, he decided to leave. He did leave, of course, a representative in the Board of his choice. And we will have in everyday discussions of this. We feel very confident in the Board that the agility and the way we are facing the future of the company, it is in very good terms. It's in very good shape. We are getting great results along the way.

但儘管如此，他還是決定離開。當然，他確實在董事會中留下了他自己選擇的代表。我們將在日常討論中對此進行討論。我們對董事會充滿信心，認為我們面對公司未來的敏捷性和方式非常好。它的狀況非常好。一路走來，我們取得了很好的成果。

All right. thank you. Is there a time for me to ask another question before getting back in the queue?

好的。謝謝。在回到隊列之前我是否有時間再問一個問題？

Yes, Kemp. Go ahead.

是的，坎普。前進。

Great, so what progress have you made since Q1 with regard to the US operation in Florida?

太好了，那麼自第一季以來，你們在美國佛羅裡達州的業務取得了哪些進展？

Thank you, Kemp. We have made, I think, very significant -- we have advanced significantly our operation in Miramar, the one that is the new facility for Funtrition for the gummies. It has already started packing operations for third parties. And we are finalizing the setting up of all the machinery.

謝謝你，坎普。我認為，我們取得了非常重大的進展——我們顯著推進了 Miramar 的運營，這是 Funtrition 軟糖的新工廠。它已經開始為第三方進行包裝業務。我們正在完成所有機器的安裝。

And we should be starting in a couple more months at most. We should be starting like the testing the ramp-up. And hopefully we can start producing probably early next year. We think there's a possibility we can start by the end of this year. But we don't want to be overly optimistic. But I think we're running on course for that.

我們最多再過幾個月就可以開始了。我們應該從測試啟動開始。希望我們可以在明年初開始生產。我們認為我們有可能在今年年底開始。但我們不想過於樂觀。但我認為我們正在朝著這個目標前進。

And for the other one, for Softgel, do you remember one of the main benefits that that was providing was to help-us with R&D for the whole organization? And that has been happening. And it's been helping us streamline that process.

對於另一項，對於 Softgel，您還記得它提供的主要好處之一是幫助我們進行整個組織的研發嗎？這已經發生了。它一直在幫助我們簡化流程。

And in addition, we are registering products. And we are advancing to start sales during the year '24. We already have some sales. But probably meaningfully, you're going to see an impact as we told from the beginning in the year '24. So I think '24 is the year in which you are going to see the two operations starting to bring the benefits that we anticipated.

此外，我們正在註冊產品。我們正計劃在 24 年開始銷售。我們已經有了一些銷售。但可能很有意義的是，正如我們從 24 年一開始就告訴的那樣，您將看到影響。因此，我認為 24 年您將看到這兩項業務開始帶來我們預期的效益。

All right, very good. Thank you. I'll get back in the queue.

好的，非常好。謝謝。我會回到隊列中。

(Operator Instructions) [Dimitri Jenna], a private investor.

（操作說明）[Dimitri Jenna]，私人投資者。

Hi, guys. Congratulations on the completion of the quarter. Just wanted to maybe a little bit more backup or better understanding of the optimism you have of improvements in Q4. You highlight it's going to be a strong quarter. Maybe just give us an indication as to -- is that based on actual orders or contracts? Maybe just if you can help us understand the optimism that you guys expressed about the last quarter of the year.

嗨，大家好。恭喜本季的完成。只是想多一點備份或更好地理解您對第四季度改進的樂觀態度。您強調這將是一個強勁的季度。也許只是給我們一個指示——是基於實際訂單還是合約？也許只要您能幫助我們理解您們對今年最後一季所表達的樂觀情緒即可。

Okay, thank you, Dimitri. As we mentioned, the CDMO business had some delays in orders because of the working capital policies of some of our large pharma customers. But these are already in place. We have a very strong portfolio of orders for the last quarter of the year. We also feel that we will be having all the tailwinds of the reevaluation of the Colombian peso at that time.

好的，謝謝你，迪米特里。正如我們所提到的，由於我們一些大型製藥客戶的營運資金政策，CDMO業務的訂單出現了一些延遲。但這些已經就位了。今年最後一個季度我們的訂單組合非常強勁。我們也認為，屆時我們將獲得哥倫比亞比索重新評估的所有順風車。

And definitely, there will be launches in September and October of this year that will be significant for reassuring the second half of the year as being excellent, at least in the last quarter. As we mentioned the third quarter will be good, but not significantly higher than last year's. But the fourth quarter is definitely going to make a very, very big difference with what we had last year.

當然，今年 9 月和 10 月將會推出一些產品，這對於確保下半年（至少在最後一個季度）的出色表現具有重要意義。正如我們所提到的，第三季將會不錯，但不會明顯高於去年。但第四季肯定會與去年相比產生非常非常大的變化。

Also in terms of the two Florida facilities, can you give us a sense of what should we expect in terms of revenue or EBITDA once they're fully around time? Is that something that you can give us a sense of how much that will add incrementally to your business?

另外，就佛羅裡達州的兩個工廠而言，您能否告訴我們，一旦它們完全建成，我們對收入或 EBITDA 的預期會是怎麼樣？您是否可以讓我們了解這將為您的業務帶來多少增量？

Hi, Dimitri, Patricio here. Unfortunately, we have not disclosed that information. So we cannot tell you at this point. I think once it's producing, that both facilities are producing and selling, that they're going to be part of the disclosure of both of the business segments. And therefore, we'll be able to talk more and set that aside. But right now, we have not given that information. So I cannot give you that estimate. Sorry about that.

嗨，迪米特里，帕特里西奧在這裡。不幸的是，我們尚未披露該資訊。所以我們現在不能告訴你。我認為一旦開始生產，兩個工廠都在生產和銷售，它們將成為兩個業務部門揭露的一部分。因此，我們將能夠更多地談論並將其放在一邊。但目前，我們還沒有提供該資訊。所以我無法給你這個估計。對於那個很抱歉。

If I can ask a last question, just any update on M&A, how you guys thinking about potentially some accretive deals to help you grow inorganically? What's the landscape? What are you seeing? Are you active? What can you tell us?

如果我可以問最後一個問題，關於併購的任何更新，你們如何考慮一些潛在的增值交易來幫助你們實現無機成長？風景怎樣？你看到什麼了？你活躍嗎？你能告訴我們什麼？

That also a very good question, Dmitri. I would say that the intent and our strategy has not changed from the moment we became public. We do want to grow inorganically. It is a part of our strategy. And we intend to do it.

這也是一個非常好的問題，德米特里。我想說，從我們上市的那一刻起，我們的意圖和策略就沒有改變。我們確實希望實現無機成長。這是我們戰略的一部分。我們打算這樣做。

I would say given the setback that we had in the last part of last year, that we are recovering. And we have a tight cash. I think the focus for this year is definitely executing the efficiency plans, the value-creation initiatives, getting back to our cash position, improving our EBITDA so that we can regain our debt or leverage capacity.

我想說，考慮到我們去年下半年遇到的挫折，我們正在復甦。而且我們現金緊張。我認為今年的重點肯定是執行效率計劃、價值創造計劃、恢復現金狀況、提高 EBITDA，以便我們能夠重新獲得債務或槓桿能力。

So we're still looking at the market. But right now, at this very, very moment, we could not be able to do it, only marginal. So I think it's more reasonable to wait until the year '24, when we are back in full steam.

所以我們仍在關注市場。但現在，在這個非常非常的時刻，我們做不到，只能做到微不足道。因此，我認為等到 24 年我們全面恢復時更為合理。

And my last question, you had a comment about increasing liquidity of the shares. You're thinking about that. That was your last comment on the presentation, maybe if you can expand on that a little bit.

我的最後一個問題，您對增加股票流動性有評論。你正在考慮這個。這是您對簡報的最後評論，也許您可以對此進行一些擴展。

Yeah, we have been executing since, I think it was end of June. I may be missing by a couple of days. But I think from the end of June, the program of the buyback, it's been a slow-moving program, given that we have low liquidity. But I think it's been helpful in the sense that without that program, probably that liquidity would be even worse or even lower.

是的，我們從六月底就開始執行了。我可能會失踪幾天。但我認為，從 6 月底開始，鑑於我們的流動性較低，回購計畫一直進展緩慢。但我認為，從某種意義上說，這是有幫助的，如果沒有該計劃，流動性可能會更糟甚至更低。

We think we need to continue doing it despite the fact that it's not so good or despite the fact that it takes some of our cash. We think we need to still be doing there in order to help that liquidity, albeit small.

我們認為我們需要繼續這樣做，儘管事實不太好，或者儘管它需要我們的一些現金。我們認為我們仍然需要在那裡做，以幫助流動性，儘管規模很小。

Other measures that we want to take is that, we have been discussing with other, let's say, more boutique or smaller investment bank so that they can help us bolster our presence in the market, try to get more coverage, try to attend more conferences, and more importantly, trying to get the story to a broader base of investors. We have an investor base that hasn't changed that much since we did the IPO, the de-SPACing.

我們想要採取的其他措施是，我們一直在與其他更精品或更小的投資銀行討論，以便他們可以幫助我們增強我們在市場上的影響力，嘗試獲得更多的報道，嘗試參加更多的會議，更重要的是，試圖將這個故事傳播給更廣泛的投資者。自從我們進行首次公開發行（IPO）和去SPAC之後，我們的投資者基礎並沒有太大變化。

So therefore, I think we do need to take the story and convince more potential investors. And that will instead, in its turn, it will be able to enhance the trading and the liquidity of the company.

因此，我認為我們確實需要接受這個故事並說服更多潛在投資者。相反，這將能夠增強公司的交易和流動性。

So we are optimistic that we'll get there. It's just taking us longer than we anticipated. And probably the last thing, as we recover results and we fulfill our promise to the market, I think that will also help in a virtuous circle to try to also get more liquidity and more investors.

因此，我們對實現這一目標感到樂觀。只是花費的時間比我們預期的要長。也許最後一件事是，當我們恢復業績並履行對市場的承諾時，我認為這也將有助於良性循環，嘗試獲得更多流動性和更多投資者。

Kemp Doliver, Brookline Capital Markets.

坎普多利弗 (Kemp Doliver)，布魯克林資本市場。

Thank you. You recently signed a new debt agreement. Could you highlight the significant changes in the agreement over your prior agreements?

謝謝。您最近簽署了一份新的債務協議。您能否強調一下該協議相對於先前協議的重大變化？

Yes, Kemp, we were running close to ending the syndicated facility. We had before was roughly $40 million. We only have about a year and a few more months left with amortizations. And we were, as you know, constraining cash.

是的，坎普，我們快要結束聯合設施了。我們之前大約有 4000 萬美元。我們只剩下大約一年幾個月的時間進行攤銷。如你所知，我們限制現金。

So we renegotiated that syndicated loan into a club deal. For roughly $60 million, the amount were negotiated in Colombian pesos, but roughly $60 million. So we also tied other debts, higher cost debts. And put it all together into this club deal.

因此，我們將銀團貸款重新談判為俱樂部交易。談判金額約 6000 萬美元，以哥倫比亞比索計算，但實際金額約為 6000 萬美元。因此，我們也捆綁了其他債務，即成本較高的債務。並將所有這些都整合到俱樂部的交易中。

But I would say the most important benefit for us is that we were able to extend it. The new maturity was pushed forward to six years with amortizations after a grace period. But it first put some order into our debt, extend the terms.

但我想說對我們來說最重要的好處是我們能夠擴展它。新的到期日被推遲到六年，並在寬限期後進行攤銷。但它首先對我們的債務做了一些安排，延長了條款。

And I think the strategy, at this moment, is we need to make sure we get back to our numbers. We get back to our profitability. We reduce our net leverage. And then with improved numbers, then we can start to think about the next phase of our financing. Right now, it was something that we needed to do in order to continue with our plans.

我認為目前的策略是我們需要確保回到我們的數字。我們回到獲利能力。我們降低淨槓桿率。然後隨著數字的改善，我們就可以開始考慮下一階段的融資。現在，為了繼續我們的計劃，我們需要做一些事情。

Okay, and just to be clear, so the short-term debt shown on the balance sheet at the end of June is going to decrease?

好的，需要澄清的是，6 月底資產負債表上顯示的短期債務將會減少？

Yes.

是的。

Because you will -- okay.

因為你會——好吧。

Yes, yes, correct, correct. There will still be short-term debt. But the long-term debt will increase, correct.

是的，是的，正確，正確。短期債務仍然存在。但長期債務將會增加，這是正確的。

And the short -- what's a good estimate for the short -erm debt near term?

短期而言，對近期短期債務的良好估計是多少？

Near term, probably, I would say $100 million of short-term debt with roughly $180 million of long-term debt, roughly.

短期來看，我可能會說短期債務約 1 億美元，長期債務約 1.8 億美元。

Okay, thank you.

好的謝謝。

This concludes our question and answer session and concludes our conference call today. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節和今天的電話會議到此結束。感謝您參加今天的演講。您現在可以斷開連線。