Afya Limited Provides Business Update Relating to COVID-19 Outbreak
May 22 2020 - 9:02AM
Afya Limited, or Afya (Nasdaq: AFYA), in order to provide
shareholders and the market an update regarding the development of
the ongoing COVID-19 pandemic and its impact on business, announces
the following:
As previously disclosed to the market on March
17, 2020, we managed to rapidly adapt our business to these unusual
times, and although there has been an interruption of our on-campus
activities, a significant portion of our non-practical educational
activities are being successfully offered to our students through
our online platform (rather than on-site) and we have received
positive feedback from students, professors and physicians with
respect to their digital experience.
Regarding the offering of practical classes, we
already resumed to provide in-hospital internships for the 5th and
6th year students, which is the highest portion of our practical
curriculum. We expect that some practical educational activities
(particularly for students in the 1st. to 4th. years) will have to
be replaced during the second half of 2020 postponing our revenue
recognition proportionally. Those effects were already considered
in our first semester Net Revenue guidance range.
Since we continue to offer our high quality
education to our students through our platform and practical
activities for the 5th and 6th year, through the same professors,
staff and suppliers, we remain regularly charging our standard
monthly tuitions fees. We are also not seeing any impact on
the payment delinquency rate of our students, as of today, the
accumulated ratio for 2020 is improved, when compared to same
period in 2019. Finally, we do not have any current legal decision
seeking the establishment of temporary discounts in the monthly
tuition fees we charge our customers as a result of the COVID-19
pandemic.
We are committed to deliver the best quality
service, minimizing the impact to our students, employees and our
local communities during this crisis. Accordingly, we continue to
support our students providing special payment conditions for
families impacted by the economic crisis; we have released
temporary access to our digital platform – MedCel – free of charge
for other medical education institutions and have donated masks,
gloves and other safety equipment to health departments and
hospitals to the 13 cities where Afya’s medical courses are
located.
While we are quite aware of the uncertainties
created by COVID-19, we remain confident in our strategy, in the
financial robustness of our business and in Afya’s contribution of
high quality medical professionals who will help our society to
overcome COVID-19 and other future challenges.
About Afya
Afya is a leading medical education group in Brazil
based on number of medical school seats, delivering an end-to-end
physician-centric ecosystem that serves and empowers students to be
lifelong medical learners from the moment they join us as medical
students through their medical residency preparation, graduation
program, and continuing medical education activities.
Contact: Investor
Relations: ir@afya.com.br
Afya (NASDAQ:AFYA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Afya (NASDAQ:AFYA)
Historical Stock Chart
From Sep 2023 to Sep 2024