FLRY3

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. The 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 corporation and adopted the name Fleury S.A. In 2009, it obtained registration as a publicly held company 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 its early years, the company has guided its evolution by incorporating new technologies and diagnostic specialties. In the 1940s, it introduced anatomical 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 the lab portfolio. In the 1970s, it adopted the concept of a network of service units and, in the 1980s, 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 subsequent decades, it incorporated operational and technological innovations such as process computerization, the use of barcodes on biological samples, check-up services, and online access to test results.

Starting in the 2000s, Grupo Fleury intensified a strategy of consolidating the diagnostic medicine market through acquisitions. Between 2002 and 2013, it acquired 27 companies in important markets such as São Paulo, Rio de Janeiro, Pernambuco, Bahia, Paraná and Rio Grande do Sul, expanding the capillarity of service units and technical hubs. In 2010, through Fleury Centro de Procedimentos Médicos Avançados S.A., the company significantly expanded its presence in diagnostic imaging in hospitals, following 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 significant presence in the state of Rio de Janeiro, especially in diagnostic imaging. The group also expanded its activities into dental diagnostics with the acquisition of Papaiz Associados Diagnósticos por Imagem and strengthened its regional footprint 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, concentrated in the service units, and Integrated Medicine, which includes Lab-to-Lab, diagnostic operations in hospitals, New Links (Novos Elos) and complementary platforms. In 2024, Diagnostic Medicine accounted for about two-thirds of net revenue, while Integrated Medicine represented just under one-third. In the service unit segment, the company operates a broad portfolio of brands positioned in different value tiers, 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 tests, including high-complexity and anatomical pathology exams, 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 operates diagnostic services in hospitals and Lab-to-Lab services for other laboratories. In hospital operations, it installs sample processing centers within the institutions for tests that require rapid turnaround, and transfers more complex tests to regional technical centers and to the main hub in São Paulo. Under these contracts, the company acts as the technical lead for the exams and, in some cases, also carries out steps such as sample collection. In Lab-to-Lab, it performs a broad range of laboratory tests – blood counts, biochemical, hormonal, toxicology, genetic and infectious disease tests, among others – for partner laboratories throughout Brazil. The group also offers consulting, training and technical support services, and states that it holds a leading position in this market in the country, with a menu of more than 8,000 types of routine and specialized exams at the end of 2024.

The company has been expanding its activities beyond traditional diagnostic medicine through so-called New Links (Novos Elos) and digital health platforms. Among the New Links, notable 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 aggregates medical consultations, 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 digital office and medical education. Pardis, in turn, is a marketplace for healthcare products and supplies, integrating various suppliers serving laboratories, clinics, hospitals and pharmaceutical companies.

Fleury’s geographic footprint is extensive within Brazil. As of December 31, 2024, the group operated 528 service units located in some of the country’s main economic centers, including states such as São Paulo, Rio de Janeiro, Minas Gerais, Bahia, Pernambuco, Paraná, Rio Grande do Sul, the Federal District, Maranhão, Espírito Santo, Rio Grande do Norte, Goiás and Pará. The company also maintains 24 sample processing centers for clinical analyses, which support services for its 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 laboratory with at-home sample collection and no need for a physical unit, a concept that reinforces its strategy to reach new markets and customer profiles.

Fleury’s operations are conducted within a complex regulatory environment, typical of the diagnostic, preventive and therapeutic medicine services sector in Brazil. Its activities are subject to extensive sanitary, environmental and occupational safety oversight at the federal, state and municipal levels. The main regulatory reference is the National Health Surveillance Agency (ANVISA), which coordinates the National Health Surveillance System, sets technical and sanitary standards, establishes operating requirements, controls the import and export of products subject to surveillance, and applies penalties in case of non-compliance. Clinical laboratories and collection points must have specific health licenses and be registered in the National Registry of Healthcare Facilities (Cadastro Nacional de Estabelecimentos de Saúde), following regulations such as RDC No. 786/2023, which replaced RDC 302/2005, as well as standards regarding architectural design, waste management and biological material transportation. The group’s nuclear medicine activities are also subject to regulation and licensing by the National Nuclear Energy Commission (CNEN), which is responsible for radiation protection, oversight of radioactive facilities and setting safety standards.

In governance and risk management, Fleury operates as a publicly listed company with practices aligned with B3’s Novo Mercado, a structure that includes a board of directors with independent board members since 1998. The company develops standardized processes for customer service, logistics and diagnostic production with intensive use of information technology, as well as continuous improvement methods such as Lean Six Sigma. The business model shares medical, technical and administrative infrastructure across segments, which is reflected in the decision not to break out net income by line of business. Relationships with large clients are significant, with the three largest jointly accounting for a considerable share of gross revenue, mainly in the service unit segment. In 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 tests offered via a dedicated digital platform accessible to physicians and clients throughout Brazil.