DASA3: quote, dividends and indicators for DASA

Diagnósticos da América S.A., known as DASA and traded on B3 under the ticker DASA3, is one of Brazil’s leading healthcare companies, focused on diagnostic medicine and the operation of hospitals and oncology centers. Its origins date back to 1961, with the founding of the MAP Clinical Analysis Laboratory in São Paulo by doctors Humberto Delboni and Raul Dias dos Santos. In 1974, with the entry of Dr. Caio Auriemo, the partnership was renamed Laboratório Clínico Delboni Auriemo, a name later simplified to Delboni Auriemo in 1985. In 2000, the company adopted its current corporate form as Diagnósticos da América S.A. and began using the Dasa brand, starting a cycle of expansion through the acquisition of other laboratories in different regions of the country.

Throughout the 2000s and 2010s, DASA built a large-scale diagnostic services platform, incorporating laboratories such as Bronstein, Pasteur, Lâmina, Image Memorial, Atalaia, Gaspar, Gilson Cidrim, Leme, Deliberato, Grupo São Camilo, Biomed and Vital Brasil, among others. In 2011, the Bueno family joined the company’s shareholder base by acquiring a significant portion of the outstanding shares and, from 2013 onward, through Cromossomo Participações II S.A., they took a controlling position with more than 70% of the share capital, later increased to around 97%. This movement led to the migration of DASA3 shares from the Novo Mercado segment to B3’s basic segment, in a context of a more concentrated path towards going private. In 2015, the Bueno family took over executive management, with Pedro de Godoy Bueno as CEO, consolidating the controlling group’s influence on the company’s corporate strategy.

Starting in 2019, the company took an important step by integrating Ímpar Serviços Hospitalares S.A. into its structure, a network of high-complexity hospitals, marking its formal entry into the hospital segment. In the same period, DASA began a phase of internationalization with the acquisition of Maipú, a network of imaging laboratories in Buenos Aires, Argentina, and of a group in Uruguay active in molecular genetics and diagnostics. Between 2019 and 2022, the company acquired more than 20 companies in different areas, including hospitals, oncology, genetic medicine, health insurance brokerage, care coordination, homecare and occupational medicine, broadening its range of healthcare services. In oncology, notable acquisitions included the Centron and AMO centers and, in 2023, the Centro Oncológico de Niterói (CON), strengthening its cancer treatment presence in the Northeast and Southeast states.

DASA’s business model is structured into two main segments: Diagnostics – National Operations and Hospitals and Oncology. In diagnostics, the company provides ancillary diagnostic support services, covering clinical analyses, cytology, anatomic pathology, imaging diagnostics, graphic methods, nuclear medicine and genomics. On December 31, 2025, DASA operated a network of approximately 840 service units in 16 states and the Federal District, with capacity to process a large volume of tests. In the 2025 fiscal year, more than 466 million tests were processed, with significant revenue concentrated in two channels: the outpatient segment, linked to proprietary units and the supported network of hospitals and laboratories, and the B2B segment, which provides laboratory services to third-party hospitals and laboratories, both public and private. In the same year, the Diagnostics segment posted net operating revenue in the billions of reais, representing the majority of the company’s total consolidated revenue.

In the Hospitals and Oncology segment, after the restructuring involving Ímpar Serviços Hospitalares and the sale of some assets throughout 2025, DASA kept Hospital da Bahia as its main hospital asset, in addition to a network of oncology, hematology and related specialty clinics, mainly under the AMO brand, with 14 units distributed across Bahia, Sergipe and Rio Grande do Norte. This segment offers everything from outpatient oncology care to more complex procedures, focusing on chemotherapy, radiotherapy, immunotherapy, targeted therapies and combined treatments. In 2025, net operating revenue from Hospitals and Oncology reflected both the strategic repositioning of services toward higher-complexity procedures and the operational efficiency pursued in occupancy rate, average ticket and procedure mix. The association agreement entered into with Amil, concluded in April 2025, turned Ímpar into a jointly controlled joint venture, with a network of 25 hospitals and about 4,400 beds located mainly in the Southeast region and the Federal District, and it began to be accounted for as a jointly controlled entity and ceased to be fully consolidated by DASA.

DASA’s client base is made up mainly of health plan operators, insurers, hospitals, companies and private patients. There is significant concentration among large health operators: on December 31, 2025, the five largest clients accounted for a significant portion of consolidated net operating revenue, with three of them individually representing about 11% and another 10% of total revenue. This configuration highlights the importance of contracts with health plan operators in generating revenue in both the diagnostics and hospitals and oncology segments. The company also maintains relationships with public institutions, especially through the B2B channel in diagnostics, in addition to serving private patients at its own units and through home collection and mobile services.

DASA maintains a geographically broad presence throughout Brazil, with diagnostic units in several state capitals and mid-sized cities, as well as operations in hospitals and oncology centers concentrated in states in the Northeast and in the State of Bahia, in the case of its main proprietary hospital. Its international operations, which in previous years included activities in Argentina and Uruguay, recently underwent a strategic review. The diagnostics operations in Argentina were sold in 2025, while operations in Uruguay were discontinued at the end of 2023, in line with the decision to focus efforts on core businesses with greater relevance or profitability. DASA3 shares remain listed on B3, and the company returned to the Novo Mercado segment in 2021 after a public equity offering, signaling a commitment to more demanding governance practices.

From a regulatory standpoint, DASA’s activities are subject to health, environmental, urban and safety regulations at different levels of government. With regard to health surveillance, the Brazilian Health Regulatory Agency (ANVISA) establishes rules for the operation of healthcare services, including clinical laboratories, imaging units, hospitals and oncology services. ANVISA resolutions such as RDC 50/2002, RDC 978/2025 and RDC 222/2018 govern aspects of facility physical design, the operation of clinical analysis testing services and the management of healthcare service waste. The company is also subject to environmental licensing, when required by federal, state or municipal legislation, covering preliminary, installation and operating licenses, as well as technical conditions related to hazardous waste, use of controlled chemical products and federal technical registries. In some jurisdictions, certain laboratory activities may be exempt from licensing, while in others, such as the municipality of Cuiabá, licensing is mandatory, requiring close attention to local regulatory diversity.

In terms of corporate governance and capital structure, DASA combines concentrated control by the Bueno family, through investment vehicles such as the FUNDO DE INVESTIMENTO EM PARTICIPAÇÕES GENOMA III MULTIESTRATÉGIA, with free-float shares traded on the stock exchange through DASA3. The company conducted public equity offerings in 2021 and 2023, raising funds for capital reinforcement, expansion and adjustments to its financial structure. In 2024, it approved an advance for a future capital increase of R$ 1.5 billion, which was later capitalized through the issuance of more than 500 million common shares, increasing the company’s share capital. Management is composed of executives with experience in the healthcare sector, and the company uses alignment mechanisms such as long-term incentive plans and stock options for part of senior leadership. From 2023 and 2024 onward, corporate strategy was redirected to prioritize monetization of existing assets, reduction of investments in organic and inorganic expansion and focus on diagnostics and hospitals/oncology, with programs for operational efficiency, cost optimization and improvement of the capital structure to support operations and potential future opportunities.