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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.
Procaps Group, a leading healthcare and pharmaceutical firm, has successfully completed its merger with Union Acquisition Corp. II (NASDAQ: LATN, LATNU, LATNW), valued at approximately
Union Acquisition Corp. II (NASDAQ: LATN, LATNU, LATNW) announced on September 22, 2021, that its shareholders approved the business combination with Procaps Group. About 97% of votes favored the merger during an Extraordinary General Meeting. The closing is expected by September 30, 2021, after which the combined entity will trade under the ticker symbols 'PROC' and 'PROCW'. A committed private investment in public equity (PIPE) of $100 million will bolster capital for growth and expansion in the healthcare sector.
Procaps Group has initiated a private offering of
The Extraordinary General Meeting of Union Acquisition Corp. II (LATN) shareholders is set for September 22, 2021, to vote on the proposed business combination with Procaps Group. LATN's board recommends voting 'FOR' all proposals. This deal is expected to yield up to $236.9 million in cash proceeds and aims to list Procaps Group on Nasdaq post-transaction. Shareholders are urged to vote by September 21, 2021. The definitive proxy statement has been filed, providing critical details about the proposed merger.
Procaps Group, a prominent healthcare and pharmaceutical firm, has released two videos showcasing its Manufacturing and R&D facilities in Latin America. This announcement coincides with the company's recent virtual analyst day and Q2 2021 earnings results. The videos highlight production lines for OTC and prescription drugs, as well as nutritional supplements. Additionally, the firm provided an update on its merger with Union Acquisition Corp. II (NASDAQ: LATN), expected to close in Q3 2021, pending shareholder approval. The merger includes a $100 million private investment, aiming to boost growth.
Procaps Group has appointed Patricio Vargas as the new global Chief Financial Officer. With 25 years of public company finance experience, Vargas previously served as Finance VP at Empresas CMPC S.A. He has significant expertise in capital markets and business development. Vargas's appointment is seen as critical to Procaps’ ongoing global expansion and transition to a standalone public company on NASDAQ by the end of September. The company expects substantial cash proceeds to facilitate growth initiatives.
Procaps Group reported robust financial results for Q2 2021, with net revenues rising 35% to $97.0 million, up from $71.9 million in Q2 2020. Key growth drivers included strong demand across their CDMO, branded Rx, and OTC businesses. Adjusted EBITDA increased 28% to $23.9 million. The adjusted EBITDA margin decreased slightly to 25%. For the first half of 2021, net revenues also grew 35% to $177.5 million. The company reaffirms its full-year guidance of approximately $400 million in net revenues and $105 million in Adjusted EBITDA, with expectations for continued growth from new product launches.
Procaps Group has announced preliminary estimates for its Q2 2021 net revenues, projecting a growth of over 25% compared to the same period last year. This growth is attributed to increased demand across all five business units, with notable performance from Procaps Colombia and CASAND. The company is in the process of a business combination with Union Acquisition Corp. II (NASDAQ: LATN, LATNU, LATNW), expected to close Q3 2021, subject to shareholder approval. A PIPE of $100 million has been secured to fund future growth initiatives.
Procaps Group reported strong Q1 2021 results with net revenues rising by 36% to $80.5 million compared to Q1 2020's $59.1 million. Adjusted EBITDA more than doubled, increasing 103% to $10.1 million, with a margin boost of over 400 basis points.
The company attributed growth to robust demand across its CDMO, Rx, and OTC sectors, alongside new product launches. Procaps anticipates meeting or exceeding its 2021 full-year guidance of $436 million in revenues and $105 million in Adjusted EBITDA.
