ONCO3

Oncoclínicas do Brasil Serviços Médicos S.A. is a Brazilian company specialized in clinical oncology, hematology, radiotherapy, and precision medicine, with common shares traded on B3 under the ticker ONCO3. Founded on January 10, 2010, in Belo Horizonte (MG), it began operations with a clinical oncology and internal medicine unit and quickly started expanding its network through the opening of new clinics and acquisitions. Still in 2010, it already had units in São Paulo and Pernambuco. Starting in 2013, the company accelerated an inorganic expansion plan, acquiring relevant assets in oncology, hematology, and radiotherapy, while structuring a more robust governance model and a board of directors with active participation in defining strategic guidelines.

The development of Oncoclínicas has been associated with key partnerships and corporate moves. In 2014, it entered into a collaboration with the Dana-Farber Cancer Institute in Boston (USA), affiliated with Harvard Medical School, focused on knowledge transfer, education, research, discussion of clinical cases, and adoption of best practices in personalized cancer treatment. In 2015, it received an investment from affiliates of The Goldman Sachs Group, Inc., which joined the shareholder base as minority shareholders, and moved its headquarters to São Paulo, while keeping a shared services center in Belo Horizonte to provide administrative support to the units. That same year, the Oncoclínicas Institute was created, aimed at fostering education, research, and training of professionals in oncology, in partnership with universities, public and private institutions, and health technology development entities.

Throughout 2016 and 2017, the company improved its management and governance structure, reshaping the executive board and the board of directors and implementing a new expansion model in radiotherapy, with the installation of linear accelerators. Between 2017 and 2018, it expanded its presence in radiotherapy through the opening and acquisition of new centers in capitals such as Recife, Belo Horizonte, São Paulo, and Rio de Janeiro. During this period, it also structured a medical career plan to attract and retain specialists, reinforcing its profile as a physician-led company. In 2018 and 2019, the strategy was broadened with a focus on integrated cancer centers, such as Oncobio in Nova Lima (MG), and expansion into related areas of cancer research, genomics, anatomical pathology, and bioinformatics.

From 2019 onward, Oncoclínicas intensified investments in technology and clinical data, implementing an integrated electronic medical record (EMR) system for registering oncology patients at all units, with an impact both on operational efficiency and on support for clinical research. In 2020, it inaugurated Oncoclínicas Precision Medicine (OCPM), an integrated genetics and pathology business focused on personalized medicine, as well as new integrated cancer treatment centers in Rio de Janeiro, in partnership with institutions such as Casa de Saúde São José and Unimed-Rio, including the acquisition of an interest in Hospital Marcos Moraes. In 2021, it carried out its initial public offering (IPO) on B3, strengthening its capital base to support the consolidation process, and announced the acquisition of Unity Participações, then one of the largest oncology networks in the country, in addition to advancing its cancer center strategy with the completion of the acquisition of UMC in Uberlândia (MG).

Oncoclínicas’ business model is predominantly based on the provision of medical oncology services, which are accounted for in a single operating segment of healthcare services. Net revenue comes entirely from clinical oncology, radiotherapy, hematology, specialized diagnostics, and precision medicine services, delivered through outpatient clinics, cancer centers, and genomics and anatomical pathology laboratories. The company operates an integrated oncology chain encompassing prevention, diagnosis, treatment, and ongoing care, with intensive use of technology for genetic mapping, clinical data analysis, and medical decision support. This integration enables it to offer services such as chemotherapy, radiotherapy, oncology surgeries in hospital partnerships, diagnostic imaging exams, special pathology services, and advanced genomic tests, as well as multidisciplinary support from nutritionists, physical therapists, psychologists, and other healthcare professionals.

In terms of scale and reach, Oncoclínicas has established itself as one of the largest private clinical oncology groups in Brazil by revenue, with 148 units in operation across 44 cities, in 16 states and the Federal District. The units include outpatient clinics, cancer centers with inpatient beds and infrastructure for systemic therapy and radiotherapy, as well as high-tech laboratories. In 2024, the company reported more than 3 million patient visits carried out by a medical staff of approximately 2,900 physicians with an emphasis on oncology. Recent growth stems mainly from organic expansion, with a significant increase in the number of oncology procedures, growth in average ticket, and an expansion of net revenue between 2021 and 2024, accompanied by market share gains in the private oncology segment.

Oncoclínicas’ client base is composed mainly of beneficiaries of health insurance and medical plans, served through contracts with supplemental health insurers. The company reports that only one client accounts for more than 15% of net revenue and that its two largest clients combined represent less than 24%, which indicates a relevant but not extreme concentration. The company maintains different relationship models with insurers and hospitals, ranging from traditional service provision contracts to more sophisticated arrangements with pre-approval of clinical protocols and integrated oncology care solutions. It also maintains several partnerships with the pharmaceutical industry, with dozens of active collaboration and sponsorship agreements, aimed at enabling access to innovative therapies and clinical research programs.

Geographically, Oncoclínicas has a solid presence in major Brazilian urban centers, operating in capitals and mid-sized cities across various regions of the country. The company has been expanding its network of cancer centers, with projects in cities such as Salvador, São Paulo, and Goiânia, the latter with a planned 320 beds and a diagnostic imaging complex. In addition to its main operations in Brazil, it operates a bioinformatics laboratory in the United States, dedicated to reading and interpreting DNA and RNA using artificial intelligence, and in 2024 it announced the opening of its first clinic in Riyadh, Saudi Arabia, focused on outpatient oncology treatment with an emphasis on chemotherapy and radiotherapy, in partnership with the local conglomerate Al Faisaliah. This initiative marks the company’s entry into an international oncology market estimated in the billions of dollars.

Oncoclínicas’ activities operate within a heavily regulated environment under the Brazilian healthcare framework. Contracts with health insurance operators are supervised by the National Supplementary Health Agency (ANS), which defines minimum coverage standards, adjustments, contractual rules, and mechanisms for regulating care. The company’s care units, including clinics, laboratories, and radiotherapy centers, depend on health licenses and permits issued by competent authorities and are subject to regulation by the National Health Surveillance Agency (ANVISA) and state and municipal bodies regarding issues such as waste control, radioactive materials, chemical products, biosafety, and operating conditions. Non-compliance with regulatory standards may result in financial penalties and operational restrictions, making compliance management a central aspect of operations.

From an environmental, social, and governance practices standpoint, Oncoclínicas highlights the existence of a board of directors with diversity in gender and educational background, a medical board responsible for guiding technical-strategic decisions, and structured committees for health technology assessment, with regular meetings to analyze new treatments and protocols from clinical and pharmacoeconomic perspectives. The work of the Oncoclínicas Institute in education, research, and training contributes to the development of specialized oncology professionals and to scientific advancement in the country. The company also maintains multidisciplinary structures focused on comprehensive patient care, such as nurse navigators and clinical research teams, aligned with a multidisciplinary care model. Environmental aspects, especially those related to managing hospital waste and radioactive materials in radiotherapy services, are addressed in accordance with the specific regulatory requirements of the healthcare sector.