ONCO3 Oncoclínicas

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 at the same time building a more robust governance model and a board of directors with active participation in defining strategic guidelines.

The development of Oncoclínicas has been tied to relevant 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 became minority shareholders, and moved its headquarters to São Paulo, while maintaining in Belo Horizonte a shared services center to provide administrative support to the units. In the same year, the Oncoclínicas Institute was created, aimed at promoting education, research, and training of oncology professionals in partnership with universities, public and private institutions, and health technology development entities.

In 2016 and 2017, the company refined its management and governance structure, reshaping the executive board and the board of directors and implementing a new radiotherapy expansion model, with the installation of linear accelerators. Between 2017 and 2018, it expanded its radiotherapy presence 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 oncology research, genomics, anatomic pathology, and bioinformatics.

From 2019 onward, Oncoclínicas intensified investments in technology and clinical data, implementing an integrated electronic medical record (EMR) system for oncology patient records across all units, impacting both operational efficiency and 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 oncology treatment centers in Rio de Janeiro, in partnerships with institutions such as Casa de Saúde São José and Unimed-Rio, including the acquisition of an equity 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 oncology medical services, which are accounted for within a single operating health services segment. Net revenue comes entirely from clinical oncology, radiotherapy, hematology, specialized diagnostics, and precision medicine services, delivered through outpatient clinics, cancer centers, and genomics and anatomic pathology laboratories. The company operates an integrated oncology chain covering prevention, diagnosis, treatment, and ongoing care, making intensive use of technology for genetic mapping, clinical data analysis, and medical decision support. This integration makes it possible to offer services such as chemotherapy, radiotherapy, oncological surgery in hospital partnerships, diagnostic imaging exams, specialized pathology, and advanced genomic testing, as well as multidisciplinary support from nutritionists, physical therapists, psychologists, and other health professionals.

In terms of scale and reach, Oncoclínicas has consolidated itself as one of the largest private clinical oncology groups in Brazil by revenue, with 148 units in operation in 44 cities, across 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 appointments performed 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, higher average ticket, and growth in 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 plan operators. 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%, indicating relevant but not extreme concentration. The company maintains different relationship models with health 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 an established presence in major Brazilian urban centers, operating in capitals and mid-sized cities in several 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 projected 320 beds and an imaging diagnostics complex. In addition to its core operations in Brazil, it maintains a bioinformatics laboratory in the United States dedicated to DNA and RNA sequencing and interpretation using artificial intelligence, and in 2024 it announced the opening of its first clinic in Riyadh, Saudi Arabia, focused on outpatient oncology treatment, especially 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 Brazilian healthcare framework. Contracts with health plan operators are overseen by the National Supplemental Health Agency (ANS), which sets minimum coverage standards, adjustments, contractual rules, and care regulation mechanisms. The company’s care units, including clinics, laboratories, and radiotherapy centers, depend on sanitary licenses and permits issued by competent authorities and are subject to regulation by the National Health Surveillance Agency (ANVISA) and state and municipal agencies on matters such as waste management, radioactive materials, chemicals, biosafety, and operating conditions. Noncompliance with regulatory standards may result in financial penalties and operational restrictions, making compliance management a key aspect of operations.

From an environmental, social, and governance standpoint, Oncoclínicas highlights the existence of a board of directors with diversity of gender and background, a medical board responsible for guiding technical-strategic decisions, and structured units 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 study teams, aligned with a multidisciplinary care model. Environmental aspects, especially those related to the management of hospital waste and radioactive materials in radiotherapy services, are handled in accordance with the specific regulatory requirements of the healthcare sector.