VVEO3 Viveo

Viveo, whose legal name is CM Hospilar S.A., traces its origins to Grupo Mafra, created in 1996 by Carlos Mafra with the founding of Mafra Cirúrgica, focused on the distribution of hospital materials and medicines. CM Hospilar itself was incorporated in 2010, initially in the city of Catalão (GO), operating in the import, export, distribution and representation of medicines and pharmaceutical inputs. In 2013, the company moved its headquarters to Ribeirão Preto (SP) and, in 2015, became a privately held corporation, following a growth cycle based on shareholder investments, generation of its own capital and acquisitions of assets in the healthcare sector. Over the following years, the group consolidated a series of complementary companies, forming the basis of what would become the Viveo ecosystem, which today trades its VVEO3 shares on B3.

Viveo’s expansion trajectory is marked by strategic acquisitions and the strengthening of corporate governance. In 2016, the group revised its growth strategy and began implementing a Code of Conduct and specific policies, such as an Anti-Corruption Policy and rules for audit, risk, compliance and human resources committees. In 2017, it acquired 99.9% of Tecnocold Vacinas, specialized in distributing vaccines to the private market. In 2018, it incorporated Cremer S.A., a relevant supplier of healthcare products, with manufacturing operations in Blumenau (SC), São Paulo (SP) and Minas Gerais (MG), and distribution centers in different states. From then on, the company intensified the integration of cultures and business models and advanced in the professionalization of management with market executives.

From 2019 and 2020 onward, Viveo rapidly expanded its portfolio and reach. In 2019, it signed an agreement to acquire Expressa Distribuidora de Medicamentos, which had been operating for more than 30 years in the distribution of hospital medicines, with completion in 2020. In that same year, it incorporated Flexicotton, Biogenetix, Vitalab, Expressa itself and Byogene, and acquired an interest in Far.Me, expanding its offering of medical-hospital materials, laboratory inputs and personal hygiene products. In 2022, it carried out the corporate merger of Byogene and Biogenetix, seeking structural simplification and greater operational synergy. In parallel, the company invested in its logistics network to increase capillarity, with its own and third-party fleets, hospital warehousing services, and end-to-end logistics solutions for the pharmaceutical industry.

The adoption of the institutional brand Viveo in 2021 consolidated the integration of the various business units – including Mafra, Tecnocold, Health Log, Cremer and the companies acquired in 2020 – under a single ecosystem of health products and services. In this context, the company obtained registration as a category A publicly held company with the CVM in April 2021 and, in August of the same year, had its listing on B3’s Novo Mercado approved, carrying out an initial public offering (IPO) with the ticker VVEO3. The capital raised in the capital markets was used to support organic expansion and finance acquisitions such as Daviso, dedicated to manufacturing wipes and wet towels, and FW Indústria e Comércio de Produtos de Higiene, also specialized in personal hygiene items. In 2021 and 2022, Viveo further reinforced its positioning with the acquisition of Profarma Specialty – which brings together distribution solutions, specialty pharmacies and patient support services – and Cirúrgica Mafra, as well as regional distributors such as Apijã, Laborsys, Macromed, Tecno4, Pointmed, MedCare and BEMK, expanding its presence in hospital, laboratory and direct to patient channels.

Viveo’s business model is structured as an integrated ecosystem ranging from the manufacturing of medical-hospital materials to the distribution of medicines and specialized logistics management, operating across different channels: hospitals, clinics, laboratories, retail, vaccines and direct patient care. The operating segments reported by the company are “Material,” “Medicine” and “Other.” In 2024, most of its net revenue came from the distribution of medicines, complemented by the distribution and manufacturing of materials and by logistics services and patient support solutions. The hospital and clinic distribution arm, represented mainly by Mafra, connects the pharmaceutical and medical device industries with hospitals, clinics, health plans, home care providers and healthcare institutions in the public and private markets, with nationwide presence and a strong sales force. The company also operates patient support programs, enteral and parenteral nutrition therapies, and specialized services through companies such as Íntegra Medical, Azimute Med and Aporte Nutricional, adding service components to its traditional product offering.

From an industrial standpoint, Viveo has a relevant manufacturing base through its subsidiaries. Cremer operates units in Blumenau (SC), São Sebastião do Paraíso (MG) and other production hubs, with medical textiles, adhesives and plastics lines. In the textile line, it manufactures gauze, plaster bandages, surgical drapes, cloth diapers, hospital cotton and bathing wipes, with processes that involve spinning, preparation, weaving, finishing, manufacturing and packaging, in addition to outsourced sterilization using gamma rays or ethylene oxide. In the adhesives line, it produces adhesive tapes, microporous tapes, dressings, masking tapes and industrial tapes, with processes that include chemical formulation, back preparation, application of adhesive mass and cutting and packaging. The plastics platform, with factories in Blumenau and São Sebastião do Paraíso, produces infusion sets, tubes, catheters, scalpels and secretion collectors, involving stages of polymer preparation, injection, extrusion, blow molding and automatic assembly. The Flexicotton unit in Santo Amaro da Imperatriz (SC), which was incorporated, complements this industrial park with cotton swabs and hydrophilic cotton products for health and hygiene use.

In the Brazilian healthcare market, Viveo operates mainly in the non-retail segment of medicines and medical-hospital materials, serving public and private institutions throughout the country. The company holds a relevant share in this institutional market and serves a broad, diversified customer base, without material concentration in any single buyer – no customer accounted for more than 10% of net revenue in recent fiscal years. This revenue diversification reflects the company’s exposure to a variety of hospitals, clinics, laboratories, specialty pharmacies and direct to patient operations, as well as retailers and wholesalers in the hygiene and personal care segment. Its competitive positioning combines distribution scale, a broad portfolio of third-party and proprietary products, a manufacturing presence in specific health material categories and logistics capabilities tailored to the sector’s regulatory and operational requirements.

Because it operates in a heavily regulated chain, Viveo depends on a wide range of authorizations and sanitary licenses to manufacture, store, distribute, import and export medicines, pharmaceutical inputs, health products and related items. Its operations are subject to regulation by the National Health Surveillance Agency (ANVISA) at the federal level, as well as by state and municipal health surveillance authorities, which issue licenses and sanitary permits after inspections and proof of technical capacity and adequate hygiene and sanitary conditions. In addition, certain chemical substances used in its processes may be controlled by the Brazilian Army, Federal Police and Civil Police, requiring specific licensing and subjecting the company to administrative sanctions in case of regulatory non-compliance. The company states that it keeps its facilities duly registered with the competent authorities, operating in compliance with applicable health legislation.

The sustainability agenda is integrated into Viveo’s corporate strategy and has been formally structured since 2020, with a materiality study involving employees and other stakeholders. The company has defined short-, medium- and long-term objectives on environmental, social and governance (ESG) topics and has implemented initiatives such as replacing disposable packaging with returnable packaging in logistics operations, partially transitioning its fleet to electric vehicles, and adopting biomass-fired boilers in industrial processes, seeking positive economic, social and environmental impacts. The Sustainability Policy, approved by the Board of Directors, guides the management of these topics and is supported by a Sustainability Committee and multidisciplinary working groups responsible for deploying and monitoring targets through 2030. Between 2023 and 2024, Viveo reviewed its materiality, restructured its working groups and consolidated indicators to monitor the evolution of its priority sustainability topics, incorporating them into its business management practices.

With this combination of medicine distribution, manufacturing of medical-hospital materials, specialized logistics and patient support services, Viveo positions itself as one of the main integrated ecosystems of health products and services in Brazil, with VVEO3 shares traded on B3 and operations spread across different links of the sector’s supply chain, from industry to direct patient care.