FLRY3 Fleury

Fleury S.A. is a Brazilian healthcare services company whose origins date back to 1926, when physician Gastão Fleury da Silveira founded a small clinical analysis laboratory in downtown São Paulo. Over the decades, the business evolved from a laboratory specialized in clinical pathology into a diagnostic medicine and healthcare services group with nationwide operations. Its corporate formalization took place in 1964 as a civil partnership under the name “Médicos Associados – EMEÁ,” and in 2002 the company was converted into a joint-stock corporation and adopted the name Fleury S.A. In 2009, it obtained publicly held company registration with the CVM, and its common shares began trading on B3, in the Novo Mercado segment, under the ticker FLRY3, a milestone that consolidated its trajectory of expansion and corporate governance practices.

From the early years, the company guided its development by incorporating new technologies and diagnostic specialties. In the 1940s, it introduced anatomic pathology tests; in the 1950s, it expanded its portfolio with neurology and endocrinology exams and structured a laboratory with specialists in different areas of clinical pathology. In the early 1960s, it began offering nuclear medicine exams, adding imaging tests to its lab portfolio. In the 1970s, it adopted the concept of a network of patient service units and, in the 1980s, it was a pioneer in integrated diagnostic centers, bringing together in the same location lab tests, imaging exams and other medical specialties, in addition to developing services such as diagnostic monitoring for clinical trials. In the following decades, it incorporated operational and technological innovations such as process computerization, the use of barcodes on biological samples, check-up services and online test result delivery.

From the 2000s onward, Grupo Fleury intensified a strategy of consolidating the diagnostic medicine market through acquisitions. Between 2002 and 2013, 27 companies were acquired in major markets such as São Paulo, Rio de Janeiro, Pernambuco, Bahia, Paraná and Rio Grande do Sul, increasing the reach of patient service units and technical bases. In 2010, through Fleury Centro de Procedimentos Médicos Avançados S.A., the company strengthened its presence in imaging-based diagnostic medicine in hospitals with the acquisition of DI Médicos Associados and DI Serviços Médicos. In 2011, the acquisitions of Labs Cardiolab Exames Complementares S.A. and Clínica Felippe Mattoso consolidated a relevant presence in the state of Rio de Janeiro, especially in imaging diagnostics. The group also expanded into dental diagnostics with the acquisition of Papaiz Associados Diagnósticos por Imagem and reinforced its regional presence with operations such as Serdil, Instituto de Radiologia de Natal, Lafe, Diagmax, Centro de Patologia Clínica and Inlab, among others.

Fleury’s activities are structured into two major business segments: Diagnostic Medicine, centered on patient service units, and Integrated Medicine, which comprises Lab-to-Lab, diagnostic operations in hospitals, Novos Elos (“New Links”) and complementary platforms. In 2024, Diagnostic Medicine accounted for around two-thirds of net revenue, while Integrated Medicine represented slightly less than one-third. In the service unit segment, the company operates a broad portfolio of brands positioned in different price bands, such as Fleury Medicina e Saúde, Clínica Felippe Mattoso, Weinmann and others in the premium segment; a+ Medicina Diagnóstica and several regional brands in the mid and upper-mid segments; and Pardini Express, Lafe and Centro de Medicina in the basic segment. These brands offer a portfolio of clinical analysis exams, including high-complexity tests and anatomic pathology, and diagnostic center services in multiple medical specialties, such as cardiology, gynecology, maternal-fetal medicine, neurology, ophthalmology, pulmonology and urology.

In the B2B segment, Fleury maintains diagnostic operations in hospitals and Lab-to-Lab services for other laboratories. In hospital operations, it installs sample processing hubs within institutions for tests that require rapid turnaround, and transfers more complex exams to regional technical centers and to the main central lab in São Paulo. Under these contracts, the company acts as the technical responsible party for the tests and, in some cases, also performs steps such as sample collection. In Lab-to-Lab, it performs a wide range of lab tests – complete blood counts, biochemical, hormonal, toxicological, genetic, infectious disease tests and others – for partner laboratories throughout Brazil. The group also offers consulting, training and technical support services, and states it holds a leading position in this market in the country, with a menu of more than 8,000 types of routine and specialized tests at the end of 2024.

The company has been expanding its activities beyond traditional diagnostic medicine through the so-called Novos Elos and digital health platforms. Among the Novos Elos, noteworthy initiatives include drug infusion, orthopedics, ophthalmology and reproductive medicine, operated under brands such as Centro de Infusões Pacaembu, Hospital Saha, Clínica Vita, a+ Ortopedia, Clínica de Olhos Moacir Cunha, Retina Clinic and Fleury Fertilidade. In digital platforms, the company operates marketplaces aimed at both end consumers (B2C) and companies (B2B). SaúdeiD focuses on medical appointments, diagnostic exams and low-complexity procedures, offering services from the group itself and from partners, as well as corporate solutions and tools for physicians, such as a digital practice and medical education. Pardis is a marketplace for healthcare products and supplies, integrating various suppliers serving laboratories, clinics, hospitals and pharmaceutical companies.

Fleury has a broad geographic footprint within Brazil. As of December 31, 2024, the group operated 528 patient service units located in some of the country’s main economic centers, including the states of São Paulo, Rio de Janeiro, Minas Gerais, Bahia, Pernambuco, Paraná, Rio Grande do Sul, Federal District, Maranhão, Espírito Santo, Rio Grande do Norte, Goiás and Pará. The company also operated 24 sample processing centers for clinical analyses, which support service units, partner laboratories and hospitals. In addition to physical expansion, it has been developing digital and home-based models, such as “Campana Até Você,” launched in 2019 as a 100% digital lab with in-home sample collection and no need for a physical unit, a concept that reinforces the strategy of reaching new markets and customer profiles.

Fleury’s operations are embedded in a complex regulatory environment, typical of the diagnostic, preventive and therapeutic medicine services sector in Brazil. Its activities are subject to extensive health, environmental and occupational safety oversight at the federal, state and municipal levels. The main regulatory reference is the Brazilian Health Regulatory Agency (ANVISA), which coordinates the National Health Surveillance System, defines technical and sanitary standards, establishes operating requirements, controls imports and exports of products subject to surveillance and applies penalties in case of non-compliance. Clinical laboratories and collection sites must have specific sanitary licenses and be registered in the National Register of Health Establishments, following regulations such as RDC No. 786/2023, which replaced RDC 302/2005, in addition to rules on architectural design, waste management and biological material transport. The group’s nuclear medicine activities are also subject to regulation and licensing by the National Nuclear Energy Commission (CNEN), responsible for radiological protection, inspection of radioactive facilities and setting safety standards.

In governance and risk management, Fleury operates as a publicly traded company with practices aligned with B3’s Novo Mercado, a structure that includes a board of directors with independent members since 1998. The company develops standardized processes for patient service, logistics and diagnostic production with intensive use of information technology, as well as continuous improvement methodologies such as Lean Six Sigma. Its business model shares medical, technical and administrative infrastructure across segments, which is reflected in the decision not to break out net income by business line. Relationships with major clients are significant, with the three largest collectively accounting for a substantial share of gross revenue, mainly in the service unit segment. In the field of innovation, the company maintains a dynamic portfolio of exams and services, incorporating new tests and methodologies and insourcing analyses previously performed by third parties, including advances in personalized and genomic medicine, with genetic testing offered through a dedicated digital platform accessible to physicians and customers throughout Brazil.