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PROCAPS GROUP Procaps Group Reports Record Third Quarter 2021 Financial Results November 19 , 2021 Third Quarter 2021 Net Revenues Increased 35 % to $ 106.8 Million Year - Over - Year with Adjusted EBITDA Up 27 % Year - Over - Year to $ 24.5 Million First Nine Months Net Revenues Increased 33 % to $ 283.2 Million , with LTM Net Revenues at $ 401.4 Million and LTM Adjusted EBITDA up to $ 100.3 Million Strong Double Digit Revenue Growth in Four Out of Five Business Units Driven by Market Share Gains and New Product Launches Closed Business Combination with Union Acquisition Corp. II on September 29 , 2021 , and Listed on The Nasdaq Global Market Under " PROC " on September 30 , 2021 As a Result of the Business Combination , Procaps Group Ended the Third Quarter 2021 with $ 100.2 Million in Unrestricted Cash and Cash Equivalents , Which Will Fund Future Growth Initiatives Company to Host Business Update Call on Tuesday , November 23 , 2021 at 4:30 p.m. Eastern Time BARRANQUILLA , Colombia -- ( BUSINESS WIRE ) -- Procaps Group ( NASDAQ : PROC ) , a leading integrated international healthcare and pharmaceutical company , today announced its financial results for the third quarter ended September 30 , 2021 . Key Third Quarter 2021 Financial Highlights Net revenues increased by $ 27.5 million , or 35 % , to $ 106.8 million for the three months ended September 30 , 2021 , compared to $ 79.3 million for the three months ended September 30 , 2020 , driven by strong demand across our branded Rx and OTC businesses in both our existing products as well as from our continued rollout of new product launches . • Gross profit increased by 14.5 million , or 30 % , to $ 62.3 million ( yielding a gross margin of 58 % ) for the three months ended September 30 , 2021 , compared to $ 47.8 million ( yielding a gross margin of 60 % ) for the three months ended September 30 , 2020 . • Net loss for the three months ended September 30 , 2021 was $ 36.9 million , compared to a net loss of $ 1.0 million for the three months ended September 30 , 2020. The increase in net loss was primarily attributable to a one - time , non - cash adjustment of $ 44 million to reflect the termination , on the closing of the business combination , of the put options previously granted to certain shareholders . • Adjusted EBITDA increased by 27 % to $ 24.5 million for the three months ended September 30 , 2021 , compared to $ 19.3 million for the three months ended September 30 , 2020 . • Adjusted EBITDA margin decreased to 22.9 % for the three months ended September 30 , 2021 , compared to 24.3 % for the three months ended September 30,2020 . • LTM Adjusted EBITDA for the period ended September 30 , 2021 was approximately $ 100.3 million , representing a LTM Adjusted EBITDA margin of approximately 25 % . • Net Debt - to - LTM Adjusted EBITDA ratio of approximately 1.2x incorporating the $ 100 million of cash balance as of September 30 , 2021 . • Cash totaled $ 100.2 million at September 30 , 2021 , as compared to $ 4.2 million at December 31 , 2020. The increase in cash is expected to fund future growth opportunities . Key Financial Highlights for the Nine Months Ended September 30 , 2021 • Net revenues increased by $ 69.9 million , or 33 % , to $ 283.2 million for the nine months ended September 30 , 2021 , compared to $ 213.3 million for the nine months ended September 30 , 2020 . • Net loss for the nine months ended September 2021 was $ 54.6 million , compared to a net loss of $ 19.9 million for the nine months ended September 30 , 2020. The increase in net loss was primarily attributable to a one - time , non - cash adjustment of $ 59 million to reflect the termination , on the closing of the business combination , of the put options previously granted to certain shareholders and the valuation of such put options . • Adjusted EBITDA increased by 38 % to $ 57.6 million for the nine months ended September 30 , 2021 , compared to $ 41.9 million for the nine months ended September 30 , 2020 . • Adjusted EBITDA margin was 20.3 % for the nine months ended September 30 , 2021 , compared to 19.6 % for the nine months ended September 30 , 2020 .