Diagnosticos da America SA: 1Q26: Operational Improvement, but Leverage Still in Focus

研报英文原文证据摘录

Diagnosticos da America SA: 1Q26: Operational Improvement, but Leverage Still in Focus

UpdateMNew Americas JV data: We welcome the additional disclosure on Rede Américas, as

it should help investors better estimate Dasa’s equity income, which should become

an increasingly relevant driver of the thesis as the JV's performance evolves. We

already include the JV in our model and believe that, once Rede Américas reaches a

healthier leverage level, it could eventually distribute dividends to Dasa. Based on

the newly available data, operating trends appear relatively mature, with occupancy

remaining in the 80–85% range across recent quarters. However, compared with

other hospital operators, gross margins still appear low despite high occupancy,

suggesting that pricing and/or mix remain suboptimal in what is a largely fixed-cost

business. That said, Rede Américas already appears to be addressing this issue

through meaningful price increases, which should continue supporting revenue

growth. Cash generation also appears solid, reducing the risk of additional capital

injections from Dasa and supporting the view that Rede Américas could deleverage

organically over time before potentially paying dividends to Dasa.

1Q26 Results: Dasa delivered positive operational performance in its diagnostics

business, with exam volumes up 14% YoY, broadly in line with our estimate and 7%

above consensus. Consolidated net revenue reached BRL 2.223bn, 1% above our

estimate and 3% above consensus. Diagnostics continued to benefit from volume

growth, higher utilization and network optimization, with current-scope net revenue

up 15% and gross margin expanding 0.5 p.p. The remaining Northeastern hospitals

and oncology operations also improved profitability, despite modest revenue