First Read: Oncoclinicas "Operational headwinds further intensify -..."

研报英文原文证据摘录

First Read: Oncoclinicas "Operational headwinds further intensify -..."

Global Research

14 May 2026ab

First Read

Oncoclinicas Equities

Operational headwinds further intensify - Brazil

negative Q1 print Healthcare Providers

12-month rating Neutral *

12m price target R$2.50

Negative Q1 with relevant revenue contraction and further margin pressures

ONCO reported negative trends in Q1 with gross revenue down -12% YoY and the

number of treatments performed contracting by -23% YoY and -3% QoQ. In addition Price (14 May 2026) R$1.17

to the challenges ONCO had been facing last year, management noted that during RIC: ONCO3.SA BBG: ONCO3 BZ

March the company began experiencing drug supply shortage due to its cash

Trading data and key metrics

constraints, impacting the number of procedures performed with estimated R

$40mn impact on gross revenue. In this context, ONCO was required to make ad hoc 52-wk range R$5.72-1.17

purchases of drugs that did not benefit from the same discount terms as existing Market cap. R$0.59b/US$0.12b

contracts, putting pressure on the cost base. Also, the company recorded R$119mn Shares o/s 508m (COM)

in provisions for disallowances, assuming more conservative provisioning approach. Free float 47%

Net debt raised in the quarter by R$325mn, with ND/EBITDA ratio rising to 5.2x Avg. daily volume ('000) 8,370

(company's standards). Overall, Q1 figures reinforce a concerning trend of Avg. daily value (m) R$14.4

operational deterioration at ONCO, which had already being anticipated by press Common s/h equity (12/25E) R$2.14b

reports (here), and we recall that, following covenant breach, ONCO recently filed P/BV (12/25E) 0.6x

a precautionary measure suspending creditor claims. Operational highlights in Q1: Net debt to EBITDA (12/25E) 3.8x