Announcement • May 01
Alliança Saúde e Participações S.A.(BOVESPA:AALR3) dropped from Brazil Special Corporate Governance Stock Index Centro de Imagem Diagnósticos S/A has been removed from Brazil Special Corporate Governance Stock Index. New Risk • Apr 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R$484.4m (US$97.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 19% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (29% increase in shares outstanding). Market cap is less than US$100m (R$484.4m market cap, or US$97.0m). New Risk • Mar 23
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -R$112m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-R$112m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 23% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Shareholders have been diluted in the past year (29% increase in shares outstanding). New Risk • Jan 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 9.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.4% average weekly change). Earnings have declined by 19% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (29% increase in shares outstanding). Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: R$0.052 (vs R$0.015 in 3Q 2024) Third quarter 2025 results: EPS: R$0.052 (up from R$0.015 in 3Q 2024). Revenue: R$328.3m (up 3.3% from 3Q 2024). Net income: R$7.85m (up 335% from 3Q 2024). Profit margin: 2.4% (up from 0.6% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. New Risk • Aug 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 29% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-R$112m free cash flow). Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 23% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (29% increase in shares outstanding). New Risk • Aug 25
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -R$112m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-R$112m free cash flow). Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 23% per year over the past 5 years. New Risk • Jun 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R$555.5m (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 30% per year over the past 5 years. Minor Risk Market cap is less than US$100m (R$555.5m market cap, or US$99.8m). Reported Earnings • May 17
First quarter 2025 earnings released: R$0.13 loss per share (vs R$0.67 loss in 1Q 2024) First quarter 2025 results: R$0.13 loss per share (improved from R$0.67 loss in 1Q 2024). Revenue: R$307.1m (up 9.4% from 1Q 2024). Net loss: R$19.8m (loss narrowed 75% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Announcement • Apr 01
Alliança Saúde e Participações S.A., Annual General Meeting, Apr 29, 2025 Alliança Saúde e Participações S.A., Annual General Meeting, Apr 29, 2025. Location: rua afonso de freitas, 59, piso superior, paraiso - city and state of sao paulo, sao paulo Brazil Reported Earnings • Mar 26
Full year 2024 earnings released: R$1.09 loss per share (vs R$1.93 loss in FY 2023) Full year 2024 results: R$1.09 loss per share (improved from R$1.93 loss in FY 2023). Revenue: R$1.22b (up 3.2% from FY 2023). Net loss: R$129.1m (loss narrowed 43% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. New Risk • Mar 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.3% average weekly change). Earnings have declined by 47% per year over the past 5 years. Reported Earnings • Nov 21
Third quarter 2024 earnings released: EPS: R$0.015 (vs R$0.44 loss in 3Q 2023) Third quarter 2024 results: EPS: R$0.015 (up from R$0.44 loss in 3Q 2023). Revenue: R$317.9m (up 5.1% from 3Q 2023). Net income: R$1.80m (up R$53.6m from 3Q 2023). Profit margin: 0.6% (up from net loss in 3Q 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 11
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: R$317.7m (up 6.1% from 2Q 2023). Net income: R$433.0k (up R$52.0m from 2Q 2023). Profit margin: 0.1% (up from net loss in 2Q 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Reported Earnings • May 18
First quarter 2024 earnings released: R$0.67 loss per share (vs R$0.31 loss in 1Q 2023) First quarter 2024 results: R$0.67 loss per share (further deteriorated from R$0.31 loss in 1Q 2023). Revenue: R$280.7m (down 3.1% from 1Q 2023). Net loss: R$78.7m (loss widened 118% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 24
Full year 2023 earnings released: R$1.93 loss per share (vs R$1.93 loss in FY 2022) Full year 2023 results: R$1.93 loss per share (in line with FY 2022). Revenue: R$1.18b (up 8.7% from FY 2022). Net loss: R$227.9m (flat on FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. New Risk • Feb 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.0% average weekly change). Earnings have declined by 63% per year over the past 5 years. Reported Earnings • Nov 09
Third quarter 2023 earnings released: R$0.44 loss per share (vs R$0.64 loss in 3Q 2022) Third quarter 2023 results: R$0.44 loss per share (improved from R$0.64 loss in 3Q 2022). Revenue: R$302.3m (up 7.7% from 3Q 2022). Net loss: R$51.8m (loss narrowed 31% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Announcement • Oct 21
Centro de Imagem Diagnósticos S.A. to Report Q3, 2023 Results on Nov 07, 2023 Centro de Imagem Diagnósticos S.A. announced that they will report Q3, 2023 results After-Market on Nov 07, 2023 New Risk • Aug 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Brazilian stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 63% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.4% average weekly change). Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: R$299.4m (up 12% from 2Q 2022). Net loss: R$51.6m (loss widened 313% from 2Q 2022). Announcement • Jul 26
Centro de Imagem Diagnósticos S.A. to Report Q2, 2023 Results on Aug 10, 2023 Centro de Imagem Diagnósticos S.A. announced that they will report Q2, 2023 results After-Market on Aug 10, 2023 Board Change • Nov 16
Less than half of directors are independent There are 10 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 10 new directors. 2 experienced directors. No highly experienced directors. 1 independent director (9 non-independent directors). Director Helio Lopes is the most experienced director on the board, commencing their role in 2016. Independent Vice Chairman of the Board Isabella Correa was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 12
Third quarter 2022 earnings released: R$0.64 loss per share (vs R$0.044 profit in 3Q 2021) Third quarter 2022 results: R$0.64 loss per share (down from R$0.044 profit in 3Q 2021). Revenue: R$280.8m (down 5.9% from 3Q 2021). Net loss: R$75.1m (down R$80.3m from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Oct 27
Centro de Imagem Diagnósticos S.A. to Report Q3, 2022 Results on Nov 10, 2022 Centro de Imagem Diagnósticos S.A. announced that they will report Q3, 2022 results at 5:00 PM, E. South America Standard Time on Nov 10, 2022 Price Target Changed • Sep 17
Price target increased to R$17.75 Up from R$15.08, the current price target is provided by 1 analyst. New target price is 13% below last closing price of R$20.46. The company posted a net loss per share of R$0.048 last year. Reported Earnings • Aug 17
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: R$266.5m (down 5.9% from 2Q 2021). Net loss: R$12.5m (down 220% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 15%, compared to a 33% growth forecast for the Healthcare industry in Brazil. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Jul 26
Centro de Imagem Diagnósticos S.A. to Report Q2, 2022 Results on Aug 10, 2022 Centro de Imagem Diagnósticos S.A. announced that they will report Q2, 2022 results After-Market on Aug 10, 2022 Reported Earnings • May 19
First quarter 2022 earnings released First quarter 2022 results: Revenue: R$275.2m (down 3.5% from 1Q 2021). Net loss: R$16.5m (down 264% from profit in 1Q 2021). Over the next year, revenue is forecast to grow 12%, compared to a 66% growth forecast for the industry in Brazil. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • May 02
Centro de Imagem Diagnósticos S.A. to Report Q1, 2022 Results on May 17, 2022 Centro de Imagem Diagnósticos S.A. announced that they will report Q1, 2022 results After-Market on May 17, 2022 Board Change • Apr 27
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 10 non-independent directors. Member of Fiscal Council Marcello Pacheco was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Announcement • Feb 26
Centro de Imagem Diagnósticos S.A. to Report Q4, 2021 Results on Mar 16, 2022 Centro de Imagem Diagnósticos S.A. announced that they will report Q4, 2021 results After-Market on Mar 16, 2022 Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 21% share price gain to R$16.45, the stock trades at a trailing P/E ratio of 50.2x. Average forward P/E is 17x in the Healthcare industry in Brazil. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$14.77 per share. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to R$14.49, the stock trades at a trailing P/E ratio of 44.2x. Average forward P/E is 18x in the Healthcare industry in Brazil. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$14.90 per share. Price Target Changed • Dec 11
Price target decreased to R$14.35 Down from R$15.68, the current price target is an average from 2 analysts. New target price is 21% below last closing price of R$18.09. The company posted a net loss per share of R$0.83 last year. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improved over the past week After last week's 27% share price gain to R$17.02, the stock trades at a trailing P/E ratio of 52.4x. Average forward P/E is 19x in the Healthcare industry in Brazil. Total returns to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$14.66 per share. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS R$0.044 (vs R$0.033 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: R$298.5m (up 15% from 3Q 2020). Net income: R$5.15m (up R$9.01m from 3Q 2020). Profit margin: 1.7% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improved over the past week After last week's 16% share price gain to R$15.02, the stock trades at a trailing P/E ratio of 60.4x. Average forward P/E is 23x in the Healthcare industry in Brazil. Total returns to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment deteriorated over the past week After last week's 22% share price decline to R$11.50, the stock trades at a trailing P/E ratio of 46.2x. Average forward P/E is 26x in the Healthcare industry in Brazil. Total loss to shareholders of 7.7% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improved over the past week After last week's 54% share price gain to R$14.50, the stock trades at a trailing P/E ratio of 58.2x. Average forward P/E is 27x in the Healthcare industry in Brazil. Total returns to shareholders of 20% over the past three years. Announcement • Aug 18
Rede D'Or São Luiz S.A. (BOVESPA:RDOR3) made an offer to acquire Centro de Imagem Diagnósticos S.A. (BOVESPA:AALR3) from Patria Investimentos Ltda and others for BRL 1.4 billion. Rede D'Or São Luiz S.A. (BOVESPA:RDOR3) made an offer to acquire Centro de Imagem Diagnósticos S.A. (BOVESPA:AALR3) from Patria Investimentos Ltda and others for BRL 1.4 billion on August 15, 2021. Under the terms, Rede D'Or São Luiz S.A. made this offer to acquire up to 118,292,816 shares of Centro de Imagem Diagnósticos S.A. at BRL 11.5 per share. The ofer is subject to acquire at least 15% stake in Centro de Imagem Diagnósticos S.A. and approval by CVM. The Board of Rede D'Or São Luiz S.A. approved the offer on August 15, 2021. Price Target Changed • Apr 07
Price target increased to R$14.73 Up from R$13.44, the current price target is an average from 5 analysts. New target price is 59% above last closing price of R$9.25. Stock is down 1.2% over the past year. Reported Earnings • Mar 20
Full year 2020 earnings released: R$0.82 loss per share (vs R$0.35 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: R$928.8m (down 13% from FY 2019). Net loss: R$97.4m (down 336% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 80% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Announcement • Mar 16
Centro de Imagem Diagnósticos S.A. to Report Q4, 2020 Results on Mar 17, 2021 Centro de Imagem Diagnósticos S.A. announced that they will report Q4, 2020 results After-Market on Mar 17, 2021 Is New 90 Day High Low • Feb 23
New 90-day low: R$9.82 The company is down 8.0% from its price of R$10.73 on 24 November 2020. The Brazilian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is up 45% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R$10.43 per share. Price Target Changed • Dec 10
Price target lowered to R$13.44 Down from R$14.64, the current price target is an average from 4 analysts. The new target price is 12% above the current share price of R$12.02. As of last close, the stock is down 34% over the past year. Reported Earnings • Nov 19
Third quarter 2020 earnings released: R$0.033 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: R$259.4m (down 6.1% from 3Q 2019). Net loss: R$3.86m (down 127% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 64% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 15
Third quarter 2020 earnings released: R$0.03 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: R$259.4m (down 6.1% from 3Q 2019). Net loss: R$3.85m (down 127% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 64% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 15
Revenue beats expectations Revenue exceeded analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 15%, compared to a 17% growth forecast for the Healthcare industry in Brazil. Is New 90 Day High Low • Oct 31
New 90-day low: R$9.68 The company is down 15% from its price of R$11.36 on 31 July 2020. The Brazilian market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is down 5.0% over the same period. Announcement • Aug 16
Centro de Imagem Diagnósticos S.A. to Report Q2, 2020 Results on Aug 20, 2020 Centro de Imagem Diagnósticos S.A. announced that they will report Q2, 2020 results at 5:00 PM, E. South America Standard Time on Aug 20, 2020 