Q3 2024 Odontoprev SA Earnings Call Transcript
Key Points
- Odontoprev SA (BSP:ODPV3) reported a net addition of 55,000 new lives to its Bradesco dental SME product, which has a higher average ticket than the corporate product.
- The company maintained a well-controlled dental loss ratio, with a stable and predictable level since 2020.
- Net income per share in the third quarter of 2024 was 16% higher than the previous year, showcasing strong financial performance.
- Quarterly dividends of BRL123 million were declared, totaling 100% of the quarter's income when combined with previously announced interest on capital.
- The penetration of dental plans among the Brazilian population has significantly increased, rising from 4% in 2006 to 70% currently, indicating a growing market for Odontoprev's services.
- The company experienced an atypical quarter with higher SG&A expenses, which were above the standard level, impacting profitability.
- There was a significant exit of a client, which, although isolated, affected the number of lives covered.
- The individual segment of the market is less developed and presents higher risks, leading to slower growth compared to other segments.
- The Mexican market, where Odontoprev operates, is still in its early stages, leading to volatility in revenue recognition.
- Despite a strong performance, the company faces intense competition in the corporate segment, with regional players being aggressive in different areas.
Good morning, ladies and gentlemen. And thank you for standing by. Welcome to Odontoprev conference call to discuss results regarding third quarter of 2024.
My name is Stella Hong, IR manager and with me today here are Mr. Elsen Carvalho, CEO; José Roberto Borges Pacheco, Financial and Investor relations Director at Odontoprev.
This video conference is being recorded and also transmitted over the internet and the link can be accessed on the company's IR website at ri.odontoprev.com.br where the respective presentation is available.
This video conference has simultaneous translation to access it. You must click on the interpretation button represented by the globe icon at the bottom right of the screen and choose your preferred language.
We will then start the question and answer session in which to enter the queue. You must include your name and company at the bottom of the screen. The questions will be answered in order and when announced a prompt to activate your microphone will appear on the screen. We recommend that the
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