The Latin American health and pharmaceutical firm Procaps (NASDAQ: PROC) on Monday reported preliminary revenue estimates for fiscal 2022 that were below consensus.
The company also announced a new $5 million share repurchase program and the planned transition of its current CEO, Ruben Minski.
PROC estimated preliminary revenue for fiscal 2022 of $405 million to $415 million. The consensus revenue estimate is $444.20 million.
According to PROC, revenue growth was affected by unfavorable currency devaluation in the markets where the company operates.
Estimated PROC for FY2022 adj. EBITDA margin will compress around 530 basis points to ~19% starting in 2021, with preliminary fiscal year adjustment. EBITDA in the range of $75M to $80M.
Additionally, PROC’s board authorized a new $5 million share repurchase program and accepted the reinstatement of Alejandro Weinstein to the board.
“We have the capabilities to set up the business for long-term success and I am therefore pleased to report that I look forward to transitioning to CEO of the company in early 2024,” said PROC CEO Ruben Minski. , it’s a statement.
The company will conduct a search for a new CEO throughout the remainder of the year and has established a search committee for the same.
Stock of Procaps (PROC) previously closed -3.9% at $3.96.
