DASA3

Diagnósticos da América S.A. (DASA), traded on B3 under the ticker DASA3, is one of the leading healthcare services companies in the country, with integrated operations in diagnostic medicine, hospital operations, and oncology centers. The company’s origins date back to 1961, with the founding of the MAP Clinical Analysis Laboratory by two professors from the Escola Paulista de Medicina in São Paulo. In 1974, with the entry of Dr. Caio Auriemo, the company adopted the name Delboni Auriemo, a brand that became established in the São Paulo diagnostics market. In 2000, the corporate structure was reorganized and the company adopted the name Diagnósticos da América S.A., introducing the corporate brand Dasa, which became the umbrella for a national expansion process based on the acquisition of relevant regional laboratories.

Throughout the 2000s and 2010s, DASA pursued a consolidation strategy in Brazil’s diagnostic medicine segment, incorporating networks such as Bronstein, Pasteur, Lâmina, Image Memorial, Atalaia, Gaspar, Gilson Cidrim, Leme, Deliberato, Grupo São Camilo, Biomed, Vital Brasil, among others. This movement expanded its network of service units and strengthened the company’s presence in different regions and state capitals. Starting in 2011, the Bueno family became the company’s reference shareholder, gradually increasing its stake until reaching a controlling position. During this period, there were significant changes in governance and management, including a temporary exit from the Novo Mercado segment to B3’s basic listing segment, followed by a return to Novo Mercado in 2021, in line with the reinforcement of corporate governance standards.

From 2019 onward, DASA also began operating in the hospital segment through the integration of Ímpar Serviços Hospitalares S.A., a private hospital network focused on high complexity care. The acquisition of Ímpar marked the company’s transition from a predominantly diagnostics group to a broad healthcare services operator, combining hospitals, oncology centers, and laboratories. Between 2019 and 2022, the company acquired more than 20 additional businesses, including hospitals such as Hospital Bahia, Grupo Leforte, Hospital São Domingos, and Grupo Carmo, as well as oncology centers such as Centron and AMO. DASA also added complementary businesses, such as genetic medicine companies (Genera and Chromossome), health insurance brokerage (Grupo Case), care coordination and homecare (Grupo Santa Celina), and occupational medicine and integrated health management (Mantris), building an ecosystem with different services linked to medical care.

DASA’s business model is structured into three strategic divisions: Hospitals and Oncology (BU1), Diagnostic Medicine (BU2), and International Diagnostics (BU2 International). In 2024, the Hospitals and Oncology segment accounted for 51.0% of net operating revenue, while Diagnostic Medicine represented 46.3% and International Diagnostics 3.3%. In diagnostic medicine, the company operates on an outpatient and B2B basis, performing laboratory, imaging, pathology, and genetic tests for the identification, prevention, and monitoring of diseases. In 2024, it processed around 414 million tests, supported by a network of more than 850 service units in 162 cities, across 16 states and the Federal District. In the hospital segment, the company manages 16 hospitals distributed across the South, Southeast, Northeast, and Center-West regions, with thousands of beds and a structure geared toward high complexity care.

DASA’s oncology operations are present in all hospitals in the network and are complemented by 29 dedicated oncology centers. These services cover diagnosis, treatment, and follow-up of cancer patients, offering modalities such as chemotherapy, radiotherapy, immunotherapy, targeted therapies, and combination therapies. In 2024, gross oncology operating revenue reached R$ 1.441 billion, growing compared to the previous year, supported by the expansion of the patient base and the increased complexity of treatments. The company maintains infusion boxes for oncological and non-oncological therapies, outpatient medical offices connected to hospitals, and initiatives to increase the conversion of outpatient visits into admissions, surgeries, and specialized therapies, seeking higher occupancy and operational efficiency in hospital assets.

In Brazil’s supplementary healthcare market, DASA maintains relationships with health plan operators, insurers, and hospitals, which account for a relevant share of its revenue. As of December 31, 2024, the five largest clients, all healthcare operators, jointly accounted for around 48% of net operating revenue, with significant individual shares. This configuration reflects a model strongly anchored in contracts with institutional payers, both in diagnostic services and in hospital and oncology operations, in addition to B2B contracts with public and private institutions. Internationally, the company operates in diagnostics in Argentina under the Maipú brand, still with a smaller share of consolidated revenue, and decided in 2023 to discontinue diagnostic operations in Uruguay, in line with the prioritization of assets considered more relevant and profitable.

DASA has broad geographic coverage in Brazil, with diagnostic medicine units in four of the country’s five regions and hospitals located in strategic urban hubs. The hospital and oncology network is concentrated mainly in the Southeast and the Federal District, but also includes assets in the South, Northeast, and Center-West. In 2024, the company entered into an agreement with Amil Assistência Médica Internacional for the combination of hospital and oncology assets at Ímpar, turning it into a joint venture with a 50%/50% split between DASA and Amil under shared control. After closing, Ímpar began operating an expanded network of 25 hospitals and around 4,500 beds, characterized as a non-verticalized network serving different operators and payers.

DASA’s activities and those of its subsidiaries are subject to extensive regulation in health, sanitary surveillance, and the environment. In the health field, clinical laboratory, pathology, and imaging diagnostic services are regulated mainly by the National Health Surveillance Agency (ANVISA), which establishes technical and sanitary requirements for operation, quality standards, test traceability, waste management, and physical infrastructure conditions. Resolutions such as RDC 786/2023, RDC 50/2002, and RDC 222/2018 govern aspects of physical design, technical processes, safety, and disposal of healthcare waste. In addition, hospital and laboratory units depend on environmental licenses, operating permits, fire department inspection certificates, and other documents issued by federal, state, and municipal authorities, which condition operations on compliance with urban planning, safety, and environmental protection rules.

In terms of corporate governance, DASA3 returned to the B3 Novo Mercado segment in 2021, adopting practices aligned with this listing level, such as capital composed exclusively of common shares. The company uses long-term stock-based incentive plans for its key executives, aiming to align variable compensation with long-term performance and shareholder interests. In 2021 and 2023, it carried out primary and secondary public offerings of shares, strengthening its capital base and funding its business strategy. In 2024 and 2025, it carried out capital increases through advances for future capital increase subscribed by the controlling shareholder, followed by partial ratification and issuance of new common shares, with the aim of strengthening working capital and meeting operational and financial obligations, preserving business continuity and the capacity to invest in its main segments of diagnostics, hospitals, and oncology.

In recent years, DASA has sought to balance network expansion with optimization of the capital structure and monetization of existing assets. From the second half of 2023 onward, the company’s strategy focused on prioritizing diagnostics and hospitals/oncology, reducing investments in inorganic growth, deprioritizing business lines considered less strategic, and analyzing opportunities to sell or discontinue lower-return operations. Initiatives such as sale and leaseback of real estate assets, working capital optimization, control of general and administrative expenses, and operational efficiency gains—supported by process digitalization and the use of tools such as the NAV app and digital scheduling and check-in systems—complement the focus on healthcare services and reflect a financial adjustment agenda combined with maintaining the scale and reach of the operating diagnostics and hospital network.

As a publicly traded company with shares listed on B3, DASA3 connects the dynamics of Brazil’s healthcare sector with the capital markets, combining the provision of medical and hospital services with decisions on capital allocation, corporate structuring, and management of regulatory risks. The strong presence in diagnostics and hospitals, the relevance of contracts with health plan operators, and the complex regulatory environment form the context in which the company conducts its activities, with revenue distributed among outpatient services, B2B services, hospital admissions, and oncology treatments, both in Brazil and, to a lesser extent, abroad.