‘

TELECONFERENCES

Portuguese

Date: 05/13/2014| Hour: 10h00 a.m. (Brasília Time)

Phone: 11 2188-0155 | Password: DASA

English

Date: 05/13/2014| Hour: 12h00 p.m. (Brasília Time)

Phone: 1(412) 317-6776| Password: DASA

Romeu Cortes Domingues

Chairman Dickson Esteves Tangerino

CEO

Octávio Fernandes

VP of Operations Antônio Carlos Gaeta

VP of Busines Márcio Fernandes

VP Administrative and Financial

Paulo Bokel

Investor Relations and Finance Officer ir@dasa.com.br

Phone.: (05511) 4197-5410

Fac Smile: (05511) 4197-5516

www.dasa3.com.br

1st QUARTER RESULTS

DASA announces growth of 14.5% in 1Q14 Gross Revenue of R$733.0 million in 1Q14 EBITDA Margin of 17.0% in 1Q14

DASA ON

Bovespa: DASA3

Last Quoted price:

R$13.37

Average daily trade volume

R$20.0 Million in 1Q14

Market value

R$ 4.2 billion

US$ 1.8 billion

Free Float: 25.3%

1st QUARTER RESULTS

2/27

Barueri, May 12th, 2014:

Diagnósticos da América S.A. – DASA (BOVESPA: DASA3) has announced today the results related to the first quarter of 2014.

The company’s operational and financial information are calculated on a consolidated basis and in million of Reais, based on

accounting practices extracted from the Brazilian Corporate Law, except where stated otherwise. The information herein

refers to the Company’s performance in the first quarter of the year 2014, compared to the first quarter of the year 2013,

except where stated otherwise.

In this quarter, DASA reached a gross revenue of R$ 733.0 million with a 14.5% growth in comparison to 1Q13.

We had 61 working days in 1Q114, onde day more than the same period of last year. The revenue per working days reached R$ 12.0 million in 1Q14, while in 1Q13 was of R$ 10.7 million, with a growth of 12.6%.

The outpatient market reached a gross revenue of R$ 539.5 million in 1Q14 with a 14.5% growth when compared to 1Q13, representing 73.6% of DASA’s total gross revenue.

The hospital Market gross revenue reached R$ 67.8 million in the 1Q14, with 11.1% increase when compared to 1Q13, equivalent to 9.3% of DASA’s total revenue.

The lab-to-lab market ended the quarter with 5,072 customers serviced in the Country. The gross revenue of this market expanded by 22.8% in the 1Q14, reaching R$ 79.1 million, which represents 10.8% of DASA’s total revenue.

The public market reached gross revenue of R$ 46.6 million in 1Q14, an increase of 6.7%, which represents 6.4% of the total revenue of DASA.

Revenue per business (R$ million) - Markets

Financial performance highlights

471.3 539.5

61.0

67.864.4

79.143.7

46.6

1Q141Q13

Outpatient Inpatient Lab to Lab Public Sector

6.8%

10.1%

14.5%

22.8%

14.5% 73.6%

10.8%640.4

73.6%

6.4%6.7%

733.0

9.3%

9.5%11.1%

1st QUARTER RESULTS

3/27

Revenue per Line of Service (R$ million) – Clinical Analysis X RID

The revenue of the same units (PSC) grew by 12,0% in the 1Q14.

We ended the quarter with 516 units, of which 63 are hospital units.

In 1Q14, EBITDA amounted R$ 112.6 million, compared to R$ 99.1 million in 1Q13, representing 17.0% of net revenue.

CAPEX investments in 1Q14 totaled R$ 30.2 million. These investments were directed to: (i) development and deployment of production systems and services and renovation of technology, (ii) the acquisition, renovation and expansion of existing units and (iii) purchase of imaging equipment.

432.8

497.5

207.7

235.5

1Q13 1Q14

RID Clinical Analysis

640.4

733.0

15.0%

13.4%

14.5%

67.6%

32.4%32.1%

67.9%

Highlights 1Q14 1Q13 ∆ %

Total Gross Revenue (R$ MM) 733.0 640.4 14.5%

Outpatient Revenue (R$ MM) 539.5 471.3 14.5%

Hospitals Revenue (R$ MM) 67.8 61.0 11.1%

Lab-to-lab Gross Revenue 79.1 64.4 22.8%

Public Gross Revenue 46.6 43.7 6.7%

Working days 61 60 1.7%

Gross Revenue (R$ MM) / Working day 12.0 10.7 12.6%

N° Total units 516 521 -1.0%

N° PSCs 453 455 -0.4%

N° Hospital units 63 66 -4.5%

EBITDA (R$ MM) 112.6 99.1 13.6%

Ebitda margin 17.0% 17.0% 0.1 p.p

Net income (R$ MM) 28.7 23.6 21.7%

CAPEX (R$ MM) 30.2 41.3 -26.8%

Same Units Sales - Outpatient (%) 12.0% 3.4% 8.6 p.p

1st QUARTER RESULTS

4/27

Inauguration of the second Lab-to-Lab Central Lab in Cascavel

Approval of 48 papers for the 2014 AACC

São Paulo central lab expansion with a focus on Lab-to-Lab

Implementation of a pioneering full automation project in Brasília

Acquisition of a Toshiba Aquillion One Vision 320-channel CT scan (the first in Latin America)

Dasa´s physicians teach 30 lessons in Radiology Jorney – São Paulo

Dasa´s lecturers in ISMRM (International Society of Magnetic Resonance in Medicine) and ASNR (American Society of Neuroradiology)

Mercado Ambulatorial

Outpatient Market

Revenue per Line of Service (R$ million) Revenue per brand (R$ million)

We keep on the strategy of refurbishing our units to increase the service capacity, services offered and comfort in the provision of these services, in addition to expand our capillarity in the regions where we operate to support the increase in demand of our current customers, as well as serve new contracts.

In the fourth quarter, clinical analysis revenue grew above the increase in imaging revenue. However, in 1Q14 the company posted the highest RDI growth in the last two months, due to the maturation of investments in RDI in 2012 and 2013. The standard segment continued to expand significantly, up by 21,8%

Operational highlights

Financial performance

284.1

326.2

187.2

213.4

1Q13 1Q14Clinical Analysis RID

60.3%

39.7%

471.3

539.5

39.5%

60.5%

14.0%

14.5%

14.8% 318.3 353.2

153.0

186.4

1Q13 1Q14

Premium and Executive Standard

67.5%

32.5%

471.3

539.5

34.5%

65.5%

21.8%

14.5%

11.0%

1st QUARTER RESULTS

5/27

Average Requisition Price (R$) and Requisition Volume (million)

The increase of the average value per requisition, when compared with 1Q13, was R$ 14.6, or 10.9%. This effect is a reflex of a better mix in RDI, owing to the expansion in the capacity with the change and installation of new equipment, mainly equipment of CT Scan and MRI. Other factor that contributed to increase the average requisition price was the higher number of clinical analysis tests per requisition, which has been moving up in the last few quarters.

It is important to mention that the growth in the average requisition price has been increasingly higher, also due to by the renegotiation of contracts, despite the stronger increase in the standard market where the average requisition price is lower.

Hospital Market

Revenue per Line of Service (R$ million)

3.5 3.8 3.8 3.5 3.6

134.0 133.7 138.9

146.3 148.6

1Q13 2Q13 3Q13 4Q13 1Q14

47.7 53.8

13.4

14.1

1Q13 1Q14

Clinical Analysis RID

78.1%

21.9%

61.0 67.8

20.8%

79.2%12.8%

11.1%

5.4%

1st QUARTER RESULTS

6/27

Average Requisition Price (R$) and Requisition Volume (million)

The average ticket was positively impacted by new services in our current hospitals, a greater image mix in the new contracts and optimizing of hospital base, which has occurred in the last 18 months and reduced the number of hospitals from 66 in the 4Q13 to 63 in 4Q13.

Lab-to-lab

Gross Operational Revenue (R$ million) Performance (R$ million)

1.1 1.1 1.0 1.0 1.0

56.3 64.7

68.9 68.5 68.6

1Q13 2Q13 3Q13 4Q13 1Q14

64.4

79.1

1Q13 1Q14

22.8%

4,984

5,072

12.9

15.6

1Q13 1Q14

# of Laboratories Average Revenue/Laboratory (in Th R$)

88

1Q13 x 1Q14

1Q13 2Q13 3Q13 4Q13 1Q14 Var. %

Revenue (in R$ milions) 64.4 73.7 76.5 73.4 79.1 22.8%

# of Laboratories 4,984 5,052 5,033 5,041 5,072 1.8%

Average Revenue/Laboratory (in Th R$) 12.9 14.6 15.2 14.6 15.6 20.7%

# of Requisitions (in Million) 3.7 4.3 4.5 4.2 4.5 20.8%

# of Requisitions/ laboratory 750 850 891 839 890 18.7%

Average Revenue/ requisitions (in R$) 17.2 17.2 17.1 17.4 17.5 1.7%

1st QUARTER RESULTS

7/27

This business performance is a reflection of the strategy to increase our capillarity, by pursuing new customers in our current routes, opening new routes, improving our product mix, and stronger relationship with laboratories.

Public Sector

Gross Operational Revenue (R$ million) Performance

We finished the quarter with a total of 29 clients, covering a total of 596 collection points (80 Hospital Units and 516 of the Outpatient Network).

Payers

An increase in the participation of the Lab-to-lab and Medical Cooperatives can be noticed when analyzing the breakdown of gross income by payer in 1Q14 when compared to 2013.

43.7 46.6

1Q13 1Q14

6.7%

588 596

74.378.2

1Q13 1Q14

# collecting site Revenue per colleting sites

8

1Q13 x 1Q14

1Q13 2Q13 3Q13 4Q13 1Q14 Var.%

Revenue (in R$ millions) 43.7 47.3 50.2 40.8 46.6 6.7%

# of Clients 24 26 29 28 29 20.8%

# of Units Attended - Inpatient 83 86 81 76 80 -3.6%

# of Units Attended - Outpatient 505 506 510 514 516 2.2%

# of Requisitions (in Th.) 1,507 1,556 1,525 1,543 1,606 6.6%

Revenue per Requisition (R$ Th) 29.0 30.4 32.9 26.4 29.0 0.1%

Revenue per colleting sites 74.3 79.9 84.9 69.1 78.2 5.2%

# collecting site 588 592 591 590 596 1.4%

1st QUARTER RESULTS

8/27

Gross Revenue per payer (2013) Gross Revenue per payer (1Q14)

Taxes on Services

In the 1Q14, R$ 41.6 million were recorded as taxes collected over

the services provided, which stands for 5.7% of the gross revenue, in

relation to the 5.6% ratio of taxes recorded in the 1Q14.

Discounts and Deductions

The reconciliation of net revenue based on gross revenue is

presented below:

Net Operating Revenue

The net operating revenue reached R$ 662.1 million in 1Q14.

Others: Includes Clinical Research, Occupational Medicine and OGM

Insurance Health Plans 20.5%

Self-Insured Corporations

12.4%

HMO 18.9%

Medical Cooperatives

10.5%

Public Services 6.6%

Lab-to-lab 10.5%

Individuals 10.0%

Hospitals 9.7%

Others 0.9%

Receita bruta por pagador (2013)

1Q13 1Q14% Gross Revenue

1Q13

% Gross Revenue

1Q14

∆ 1Q14 x

1Q13 %

∆ 2013 x

2012 %Gross revenue 640.4 733.0 - - 14.5% 10.2%

Taxes (35.9) (41.6) -5.6% -5.7% 16.0% 8.5%

Provision for and losses due to

disallowance and default (20.5) (27.3) -3.2% -3.7% 33.2% 19.7%

Discounts (2.4) (1.9) -0.4% -0.3% -20% 66.3%

Deductions (23.0) (29.3) -3.6% -4.0% 27.6% 22.9%

Net revenue 581.6 662.1 90.8% 90.3% 13.9% 9.9%

Insurance Health Plans 17.9%

Self-Insured Corporations

11.9%

HMO 16.9%

Medical Cooperatives

16.9%

Public Services 6.4%

Lab-to-lab 10.8%

Individuals 8.6%

Hospitals 9.3%

Others 1.3%

Receita bruta por pagador (1T14)

1st QUARTER RESULTS

9/27

Cost of Services

The cost of services includes expenses related to the operation of

the PSCs, cost of clinical analysis production and RID.

PSCs costs are divided into fixed – personnel, general and public

services, rents and facility maintenance; and variable - materials

used in the collection and production of clinical tests and RID, which

may vary according to the volume of requisitions processed. Costs

related to the processing of clinical tests include reagents, personnel

and the operating costs of the central laboratories. RID processing

costs consist of expenditures with equipment maintenance, and the

hiring of specialized medical clinics to issue reports on these tests.

The changes on the line of personnel, materials, services and

utilities and general expenditures are due to the characteristics of

each brand and to the difference between their costs structure. The

main difference is in the attendance, where the B2C market has

collection units and all costs related to this operation, showing its

main costs is personnel and services and occupancy costs. At the B2B

market its main cost is material and logistics, as it does not have

collection unit, but only the processing of tests.

1) We diluted personnel costs, from 19.1% of net revenue in 1Q13 to

18.8% in 1Q14. In the comparison with the 4Q13, this line reduced

1.0%, due to the cost control measures implemented by the company.

Cost of Services

1Q14 4Q13 1Q13 1Q14 4Q13 1Q13∆ 1Q14 x

4Q13 %

∆ 1Q14 x

1Q13 %Personnel 124.7 126.0 111.2 18.8% 20.0% 19.1% -1.0% 12.1%

Materials 116.2 113.8 100.5 17.6% 18.1% 17.3% 2.2% 15.6%

Services and Utilities 174.4 167.9 156.9 26.3% 26.7% 27.0% 3.9% 11.2%

General 8.7 7.3 6.2 1.3% 1.2% 1.1% 18.4% 40.4%

Cost of Services Cash 424.0 415.0 374.8 64.0% 66.0% 64.4% 2.2% 13.1%

Depreciation and amortization 28.2 26.2 27.8 4.3% 4.2% 4.8% 7.7% 1.5%

Cost of Services 452.3 441.2 402.6 68.3% 70.2% 69.2% 2.5% 12.3%

In R$ Million Variation %% of Net Revenues

1st QUARTER RESULTS

10/27

2) Despite the growth in the number of exams concentrated in the Lab-

to-lab market, where the ratio of cost of material cost versus the

price of the exam is much higher when compared to the outpatient

market, the cost of materials was stable compared to 1Q13.

3) In the services and utilities line there was a decrease as percentage of Net Revenue when compared to 1Q13. This account registers the occupancy cost of the service units, medical services in preparing reports from imaging exams (variable costs), data links, expenses from representatives from lab-to-lab (fixed costs), and other occupancy costs. This line grew 11.2% over 1Q13, in line with growth in the lab-to-lab market (representative commissions), Image (medical reports) and inflation in the period (rentals and occupation expenses).

4) The General expenses line remained practically stable compared to

1T13. This line accounts for spending on miscellaneous fees,

insurances, representation expenses and freight. The freight was

pressured by the strong growth in Lab-to-lab.

Cash Gross Profit

In the 1Q14, the cash gross profit was R$ 236.4 million, a 14.3%

increase in relation to 1Q13, and the cash gross margin of the period

reached 35.8%, compared to 35.6% in 41Q13.

Operating Expenses

Below, the main variations in the cash operating expenses lines as a

portion of the net revenue, in relation to the previous year, are

described:

Operating Expenses

1Q14 4Q13 1Q13 1Q14 4Q13 1Q13∆ 1Q14

x 4Q13

∆ 1Q14 x

1Q13 %

General and Administrative 115.8 104.9 101.8 17.5% 16.7% 17.5% 10.4% 13.7%

Profit Sharing Program 10.4 3.9 7.6 1.6% 0.6% 1.3% 165.8% 37.1%

Other Operating Revenues/ Expenses (0.7) (8.4) (1.7) -0.1% -1.3% -0.3% -92.0% -60.0%

Operating Expenses Cash 125.5 100.4 107.7 19.0% 16.0% 18.5% 25.0% 16.5%

Depreciation and Amortization 18.1 12.1 14.0 2.7% 1.9% 2.4% 49.8% 29.3%

Operating Expenses 143.6 112.5 121.7 21.7% 17.9% 20.9% 27.7% 18.0%

In R$ Million % of Net Revenues Variation %

1st QUARTER RESULTS

11/27

General and administrative expenses moved up by 10.4%, impacted

by the higher provision for contingencies, in addition to the expenses

related to the tender offer and CADE (Brazil’s Antitrust Authority) in

the amount of R$4.6 million.

In Proft Sharing Program, a provision of R$ 10.4 million was made.

EBITDA Demonstration

EBITDA

17,0%17,0%

0.3%

-0.3%

0.6%

-0.2%-0.4%

EBITDA 1T13 Personnnel Materials Services andUtilities

General SG&A EBITDA 1T14

99.1 110.8

120.7 113.0 112.6

17.0% 17.6% 18.7% 18.0% 17.0%

-

20,00

40,00

60,00

80,00

100,00

120,00

140,00

160,00

00%02%04%06%08%10%12%14%16%18%20%

1Q13 2Q13 3Q13 4Q13 1Q14

Ebitda Ebitda Margin

R$ million 1Q14 1Q13 D %

Net Income (Loss) 28.7 23.6 21.7%

(+) Income Tax and Social Contribution 13.0 12.7 1.8%

(+) Net Financial Expenses 24.6 21.0 17.4%

(+)Depreciation and Amortization 46.3 41.8 10.8%

EBITDA (R$ MM) 112.6 99.1 13.6%

Ebitda margin 17.0% 17.0% 0.1 p.p.

1st QUARTER RESULTS

12/27

Depreciation and Amortization

The expenses with depreciation and amortization summed up to R$

46.3 million, or 7.0% of the net revenue in the quarter, against R$

41.8 million (7.2% of the net revenue) in 1Q13.

Net Financial Expenses

The breakdown of net financial expenses is:

In this quarter, the increase of investment income was impacted by

higher Selic rate and more balance of marketable securities, due to

the issuance of debentures on October, 2013. This issuance also

impacted the debentures’ costs.

Investment Income: Refers to interest gains from cash investments

and mark to market of the securities.

Debentures / Promissory Notes Expenses: Refers to the costs of

interests in promissory notes and debentures issued, including the

transaction costs.

Other Financing Expenses: Interest expenses from external bonds,

interest on lease agreements in foreign and/or local currency,

working capital and other loan expenses.

Other: The amounts making up this line are: bank expenses; credit

card fees; notary office fees; financial discounts granted to

customers; restatement of contingencies; Tax on Financial

Transactions (IOF); exchange gains/losses on lease agreements;

hedging cost (swap); income tax paid on remittance of interest

abroad; and other expenses not related to interest on loans and

financing.

R$ (Millions) 1Q14 1Q13

Net Financial Expenses (24.6) (21.0)

Investment Income 16.4 3.2

Debentures/Promissory Notes Expenses (36.9) (18.4)

Other loans and financing expenses (2.4) (4.0)

Other (1.8) (1.8)

1st QUARTER RESULTS

13/27

Income Tax and Social Security Contribution

The total income tax and social contribution presented in the 1Q14 a

balance of R$ 13.0 million. R$ 12.7 million was current and R$ 0.3

million was deferred.

Net Profit

In the 1Q14, the net profit was R$ 28.7 million, as compared to a

profit of R$ 23.6 million in 1Q13 , a 14.3% increase of 21.7%

Goodwill to be compensated in next years (Thousand R$)

We emphasized that we continue to benefit from the tax credit

effect in the amortization of the capital in excess of the

incorporated companies, as the table below:

For 2014, the value considerer April to December

Cash tax

We shall continue to make the most of the goodwill on previous

acquisitions and, as from November 2011, the goodwill of the

incorporation of MD1. The value of Cash tax was R$ 7.3 million in

1Q14.

Year Goodwill

2014 195,795

2015 192,063

2016 192,063

2017 191,859

2018 189,621

2019 158,017

Total 1,119,417

31.1% 30.5%34.0%

-2.9%

56.9% -57.5%

Income Tax Rate permanentsadjustements in

tax books

Income Taxes(Financial

Statements)

Tax Loss/Other GoodwillCompensation

Withholding tax(current)/

Income taxescash*

1Q

14

1st QUARTER RESULTS

14/27

* Withholding tax (current): Originally from financial income and withholding of gross revenue

Net income considering effective tax rate

Of the net profit, we have adjusted the exchange rate effects and Deferred Income Tax/Capital in excess, totaling “Cash Earnings” of R$ 29.0 million in 1Q14.

* Adjusted by the rate of 34% of Income Tax/ Social Contribution

DASA net debt totaled R$ 807.3 million in 1Q14. About 69.5% of

DASA’s total gross indebtedness are long term and 5.1% are

denominated in foreign currency. The bank loans are the mainly

form the debt in foreign currency. The national currency debts are

largely related to the debentures.

Includes the balanced sheet items: loans and financing, debentures and financial instruments.

As of 4Q12, we introduced the net debt calculation methodology, compatible to the one used

Breakdown of net indebtedness

Indebtedness

R$ Million1Q13 2Q13 3Q13 4Q13 2013 1Q14

(=) Net Profit 23.6 35.2 36.0 36.9 131.6 28.7

Fx variances/ MTM* (0.1) (0.5) (0.1) (0.3) (1.0) 0.0

( + / - ) Deferred Income Tax + Goodwill 3.8 8.7 14.2 7.4 34.1 0.3

(=) Net income considering effective tax rate 27.2 43.4 50.0 44.0 164.7 29.0

R$ Millions 1Q14 1T13

Short Term (458.6) (132.6)

Domestic Currency (383.2) (118.7)

Foreing Currency (75.4) (14.0)

Long Term (1,046.5) (976.3)

Domestic Currency (1,044.4) (911.1)

Foreign Currency (2.0) (65.2)

Total ST + LT (1,505.0) (1,108.9)

Cash and Cash equivalents 697.7 259.6

Domestic currency 624.3 228.3

Foreing currency 73.5 31.3

Net Debt (807.3) (849.3)

1st QUARTER RESULTS

15/27

by the fiduciary agent.

Covenants Mar/13 Mar/14

1º) Net Debt / Ebitda 2.21 1.77

2º) Ebitda / Financial Result 3.76 5.07

After deducting cash from gross debt, the Company’s net debt is almost

entirely denominated in the CDI interbank rate.

Cash Flow Analysis (R$ million)

We have detailed under this section the main variations in the cash

flow statement.

(*)Excludes R$53.9 million related to the withdrawal of the ICMS tax judicial deposit, in view of the

adhesion to the ICMS/SP in fiscal year 2013, which included all tax debts secured by said deposit.

The average collection period keep stable in 86.5 days.

The provision rule is show in the table below:

Provision rule

91 to 120 days 25%

121 to 180 days 50%

181 to 360 days 75%

More than 361 days 100%

RECEIVABLES

**

Management Cash Flow (R$ Million) 1Q14Accounting EBITDA 112.6

Operacional working capital (49.4)

Other working capital accounts* 6.0

Financial expenses (24.6)

Income tax (7.3)

Operational cash flow 37.3

Capex (30.2)

Free Cash Flow 7.1

Average Cost Dec/12 mar/13 Jun/13 Sep/13 Dec/13 mar/14

% CDI 111.1% 111.0% 111.0% 111.0% 111.0% 111.0%

CDI + 1.3% 1.3% 1.2% 1.2% 1.2% 1.2%

Pré BRL 16.3% 16.4% 16.2% 16.1% 17.6% 17.6%

Pré USD 8.1% 8.2% 8.2% 2.2% 2.1% 1.9%

1st QUARTER RESULTS

16/27

(1) Index coverage = BDP balance/ expired > 120 days

Average collection period (days)

ROIC

NOPAT LTM/mean(working capital + intangible assets + fixed assets – value for Exchange of shares of DASA and MD1) 34% effective rate of Income Tax

R$ million 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14Accounts receivable 423.7 415.9 432.4 376.8 448.2 467.2 480.7 452.1 496.6

Past due 0-90 74.3 78.0 87.2 94.8 79.5 80.2 84.0 93.9 114.9

Past due 91 - 120 10.7 10.8 8.3 16.1 14.1 9.6 13.7 13.5 14.6

Past due (more 111.2 113.8 117.6 119.9 118.8 109.4 91.5 80.2 91.9

Provisions (102.7) (106.1) (105.5) (109.2) (107.7) (95.0) (77.3) (67.5) (76.6)

Total Rec. 517.1 512.4 540.0 498.5 552.9 571.3 592.6 572.2 641.5

Coverage Index¹ 92.4% 93.2% 89.7% 91.1% 90.7% 86.9% 84.5% 84.2% 83.3%

7.6%7.8%

8.3%

10.4%10.5%

1Q13LTM

2Q13LTM

3Q13LTM

4Q13LTM

1Q14LTM

83.8 85.6 82.4 84.4 82.9 86.5 84.4 82.9 86.5

1Q12 2Q12 3Q12 4Q12 2Q12 2Q13 3Q13 4Q13 1Q14

1st QUARTER RESULTS

17/27

The investments in CAPEX in 1Q14 totaled R$ 30,2 million, 26.8% lower

than the same period in 2013. The investments were directed mostly to:

(i) development and deployment of production systems and services and

renovation of technology, (ii) the acquisition, renovation and expansion

of existing units and (iii) purchase of imaging equipment.

Below is summarized the expansion and refurbishing of PSCs, and

new PSCs.

CAPEX (R$ milion) Breakdown CAPEX 1Q14

Investments

PSCs EXPANSION

2012 2013 1Q14

Opening of PSCs 22 11 3

Standard 21 10 3

Mega 1 1 0

Refurbishing/expansion of PSCs 30 81 35

Tomography installation 7 2 0

MRI installation 10 7 0

Total equipment 17 9 0

Ongoing Refurbishing 2 21 12

Completed Refurbishing 11 22 23

Other refurbishing 13 43 35

Information TechnologyR$ 9.2 MM

Opening and Expansion of

PSCsR$ 10.2 MM

EquipmentR$ 10.7 MM

OtherR$ 0.1 MM

30.4%

35.5%

0.2%

35.5%

0.2%

35.5%

0.2%

34.0%

234.0

144.3

41.3 30.2

2012 2013 1Q13 1Q14

1st QUARTER RESULTS

18/27

DASA shares closed 1Q14 at R$ 15.15, accumulating a increase of

4.1% in the quarter, versus 2.1% decrease of the Ibovespa. Over this

period, DASA shares were transacted on 100% of Bovespa’s trading

sessions, summing up to a financial volume of R$ 1.2 billion (daily

traded average of R$ 20.0 million).

Performance in stock exchange (DASA ON versus IBOVESPA)

Bovespa information

Novembro de 2004 = 100

Capital market

Novembro de 2004 = 100

Dec

-04

Mar

-05

Jun

-05

Sep

-05

Dec

-05

Mar

-06

Jun

-06

Sep

-06

Dec

-06

Mar

-07

Jun

-07

Sep

-07

Dec

-07

Mar

-08

Jun

-08

Sep

-08

Dec

-08

Mar

-09

Jun

-09

Sep

-09

Dec

-09

Mar

-10

Jun

-10

Sep

-10

Dec

-10

Mar

-11

Jun

-11

Sep

-11

Dec

-11

Mar

-12

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

VOLUME (R$) DASA3 IBOVESPA

Close R$ (03/31/2014) 15.15

1Q14High (R$ per Share) 16.75

1Q14 Low (R$ per Share) 13.98

% Chg. In 1Q14 4.1%

Market Cap (R$ MM) 4,723.8

Market Cap (US$ MM) 2,088.0

Free Float 25.3%

Outstanding Shares 311,803,015

Bovespa - DASA ON

1st QUARTER RESULTS

19/27

Trading Volume (R$ Thousand/day) Number of trades /day

Source: Bloomberg

Disclosure of CADE’s vote regarding MD1

On February 10, 2014, the Company announced that was notified by

the Brazilian Antitrust Authority ("CADE") about the vote of the

reporting commissioner of the Concentration Act No.

08012.010038/2010-43 (DASA x MD1), through the publication of the

decision in the Official Federal Gazette (DOU).

The public version of said vote obtained on CADE’s website is

available at the Company's headquarters and website

(www.dasa3.com.br).

Tender Offer

On December 23, 2013, the Company was informed, under the terms

of the Material Fact Notice published on the same date of the

voluntary tender offer to acquire the Company’s equity control by

CROMOSSOMO PARTICIPAÇÕES II S.A. ("Offeror"), to acquire at least

82,362,124 (eighty-two million three hundred sixty-two one hundred

twenty-four) shares, which correspond to 26.41% (twenty-six point

forty-one percent) plus 1 (one) share of the Company's capital, to all

Highlights of the quarter

25,864

30,721

23,639

19,978

2011 2012 2013 1Q14

-15.5%

2,889

5,001

5,372

1,494

2011 2012 2013 1Q14

-72.2%

1st QUARTER RESULTS

20/27

common shares issued thereby, for the share price of R$15.00

(fifteen) ("OPA").

On January 22, 2014, the Company was informed by the Offeror that

the OPA public notice was amended, with the waiver by the Offeror

in relation to the condition to acquire equity interest representing

the acquisition of the Company’s equity control. This information

was the subject matter of Material Fact Notice published on January

22, 2014. Considering the amendment, the OPA still intended to

acquire total common shares issued by the Company, but not

conditioned upon acquiring a minimum number of shares to be

completed.

The Brazilian Securities and Exchange Commission ("CVM"), through

Marketable Securities Registration Supervisory Office, disregarded

the referred to amendment produced by the Offeror. After a claim

filed by the Offeror, on January 29, 2014, CVM reported that the

claim was analyzed by its Board, who decided to authorize the OPA

auction as "Unified OPA", with (i) Voluntary OPA, under the terms of

item IV of CVM Ruling No. 361/02; and (ii) OPA for the acquisition of

equity control, under the terms of item V, both of article 2 of the

same ruling.

In compliance with item 4.8 of BM&FBOVESPA Mercado Novo Listing

Regulation, on January 13, 2014 and on February 6, 2014, the

Company’s Board of Directors was favorable to accepting the OPA

and Unified OPA, respectively. The Board of Directors pointed out

that the final decision on whether to accept the OPA is the

responsibility of each shareholder. It recommends that all

documents publicly available be read, and financial, legal and tax

advisers be consulted with before deciding to accept it so as to

check for legal, exchange and tax implications.

In theauction held on February 10, 2014, and in the subsequent 30

days, Cromossomo acquired total 150,769,012 shares, which account

for 48.35% of DASA capital. Interest held by the Offeror, in

conjunction with that of its indirect controlling shareholders, Mr.

Edson de Godoy Bueno and Ms. Dulce Pugliese de Godoy, according

to the Material Fact Notice Published by the Offeror on March 12,

2014, accounts for 71.94% of DASA capital on that date.

On March 11, 2014 the Company was named as defendant in

arbitration proceedings filed by Cromossomo in the Market

1st QUARTER RESULTS

21/27

Arbitration Chamber, whose objective is to discuss the requirement

of the OPA provided for in the Article No. 45 of the Company’s

Bylaws.

The Board of Directors will await a decision – arbitration process

On April 23, 2014, the Company announced, complementing the

material facts disclosed recently, in particular the material fact

dated March 7, 2014, which informs the filing of a lawsuit by

Cromossomo Participações II S.A. with BM&FBOVESPA’s Market

Arbitration Chamber. The Board of Directors resolved to await a

decision on said arbitration process to take any measures related to

the matter in question in addition to those already taken.

Election of Vice-Administrative and Financial Officer

On April 25, 2014, the Board of Directors approved the election of

Mr. Márcio Ramos Fernandes to the position of Vice-Administrative

and Financial Officer, for a unified term of office with the other

executive officers effective until the Annual Shareholders’ Meeting

that approves the accounts of fiscal year ending on December 31,

2015. His duties include, in addition to those provided for by law,

the finance, infrastructure, accounting, receivables, tax,

controllership, treasury, information technology, procurement,

purchases, imports, outsourced services and maintenance areas.

On the same date, the position of VP of Operations held by Mr.

Octávio Fernandes was renamed VP of Laboratory Medicine, with his

duties now including the management of the product area that

comprises products and services related to ancillary diagnostic

services (except for radiology services through imaging and graphic

methods), including the operations of technical hospital centers and

technical production centers for clinical analysis of the Company’s

several Strategic Business Units. He will be responsible for assuring

the procedures and regular activities before and after analyses, as

well as quality control, certifications, sustainability and internal

Highlights of the subsequent quarter

1st QUARTER RESULTS

22/27

processes. He will also manage the anatomical pathology, clinical

research, medical relations, regulatory, logistics, warehouse and

transport areas.

Election of the Audit Committee Coordinator

Mr. Wander Rodrigues Teles was elected Coordinator of the

Company’s Statutory Audit Committee (“CAE”) by the Board of

Directors’ meeting held on March 24, 2014. He took office on May 2,

2014.

CAE’s new coordinator has proven experience in corporate

accounting, as required by paragraphs 5 and 6 of Article 31-C of CVM

Instruction 308, in accordance with documentary proof filed in the

company’s headquarters and the independence requirement set

forth in paragraph 2 of Article 31-C of said instruction.

1st QUARTER RESULTS

23/27

Income statement

R$ million 1Q14 1Q13 D %

Gross Operating Revenues 733.0 640.4 14.5%

Deductions (70.9) (58.8) 20.5%

Sales Taxes (41.6) (35.9) 16.0%

Discounts (29.3) (23.0) 27.6%

Net Operating Revenues 662.1 581.6 13.9%

Cost of Services Rendered (452.3) (402.6) 12.3%

Personnel (124.7) (111.2) 12.1%

Materials (116.2) (100.5) 15.6%

Services and Utilities (174.4) (156.9) 11.2%

General (8.7) (6.2) 40.4%

Depreciation and amortization (28.2) (27.8) 1.5%

Gross Profit 209.9 179.0 17.3%

Operating Expenses (143.6) (121.7) 18.0%

General and Administrative (115.8) (101.8) 13.7%

Profit Sharing Program (10.4) (7.6) 37.1%

Other Operating Revenues/ Expenses 0.7 1.7 -60.0%

Depreciation and Amortization (18.1) (14.0) 29.3%

Net Financial Expenses (24.6) (21.0) 17.4%

Operating Earnings 41.6 36.3 14.8%

Income Tax and Social Contribution (13.0) (12.7) 1.8%

Net Income (Loss) 28.7 23.6 21.7%

1st QUARTER RESULTS

24/27

Consolidated balance sheet (R$ thousands)

Balance Sheet - R$ thousands 1Q14 4Q13 1Q13 4Q13 4Q13 1Q13

Total Assets 4,790,399 4,691,811 4,315,434 Total equity and liabilities 4,790,399 4,691,811 4,315,434

Current 1,607,639 1,438,626 1,039,112 Current liabilities 802,106 730,778 425,800

Cash and cash equivalents 625,251 535,881 228,319 Current liabilities 81,926 65,479 80,909

Marketable securities 72,483 72,980 31,296 Accounts payable to suppliers 101,605 100,942 38,794

Accounts receivable 636,735 566,262 552,888 Loans and financing 24,313 22,386 28,417

Inventories 55,870 59,383 53,111 Taxes and contributions payable 117,965 103,659 93,292

Recoverable taxes 176,976 169,696 144,633 Salaries, social security charges & vacations payable 3,441 4,293 6,349

Prepaid expenses 5,290 897 1,152 Installment payment of taxes 1,720 1,689 1,618

Instrumentos financeiros derivativos - 85 - Accounts payable from acquisition of subsidiaries 356,802 319,912 92,917

Other current assets 35,034 33,442 27,713 Debentures 31,259 31,255 20,235

Dividends and interest on shareholders’ equity 170 - 936

Noncurrent assets 3,182,760 3,253,185 3,276,322 Derivative financial instruments 82,905 81,163 62,333

Long-term receivables 145,934 200,517 214,635

Marketable securities 36,491 37,793 57,859 Noncurrent liabilities 1,250,289 1,252,223 1,258,787

Deferred tax assets 59,322 58,002 57,604 Long-Term Liabilities 1,250,289 1,252,223 1,258,787

Other credits 7,184 8,371 2,631 Loans and financing 9,104 17,507 91,002

Prepaid expenses 662 789 806 Installment payment of taxes 25,079 24,892 25,889

Judicial deposits 42,275 95,540 95,735 Deferred tax liabilities 83,797 82,211 51,535

Instrumentos financeiros derivativos - 22 - Provision for contingencies 48,447 40,445 134,190

Investments 817 786 873 Accounts payable from acquisition of subsidiaries 42,992 46,670 66,887

Property and Equipment 682,231 720,180 710,932 Debentures 1,037,334 1,036,814 884,812

Intangible assets 2,353,778 2,331,702 2,349,882 Related parties - - -

Financial instruments derivatives 30 - 447

Others 3,506 3,684 4,025

Total equity 2,738,004 2,708,810 2,630,847

Capital 2,234,135 2,234,135 2,234,135

Capital Reserves 65,427 65,427 65,427

Profit reserves 423,566 292,108 323,091

Equity evaluation adjustment 786 943 1,414

Retained Earnings 28,595 131,301 23,522

Stock option plan 3,433 2,917 1,456

Treasury stock (18,617) (18,617) (18,617)

Non-controlling interests 679 596 419

1st QUARTER RESULTS

25/27

Statement of cash flows (R$ thousands)

Account

Quartely

01/01/14 to 03/31/14

Quartely

01/01/13 to 03/31/132013

Net cash from operating activities 124,785 60,807 254,980

Cash from operations 129,473 94,076 405,385

Net income for the period 28,682 23,560 131,582

Depreciation and amortization 46,302 41,810 144,795

Assesment and Restatement of contingencies 10,381 3,609 14,430

Deferred tax 267 3,804 34,081

Restatement of interest and exchange variation on loans 35,861 21,025 119,858

Residual Poperty and equipment and intangible assets w rite off (325) 1,674 4,914

Stock option plan 516 96 1,557

PDA net variation 7,866 (1,502) (41,734)

Restatement of interest and exchange variation on f innancial investments (77) - (4,098)

Noncontrolling interest - - -

Changes in assets and liabilities 2,577 (25,980) (121,556)

Increase in trade accounts receivable and other receivables (77,210) (52,931) (32,013)

Increase in inventories 3,513 8,331 2,059

Increase in other current assets (13,272) 226 (30,865)

Decrease (increase) in other non-current assets 54,728 (84) 20,393

Decrease in trade accounts payable 16,447 (2,627) (18,950)

Increase in accounts payable and provisions 18,371 21,105 (62,180)

Other (7,265) (7,289) (28,849)

Income tax and social contribution paid (7,265) (7,289) (28,849)

Net cash from investing activities (29,531) (41,276) (174,716)

Additions to property and equipment (23,151) (30,075) (114,460)

Additions to intangible assets (7,002) (11,201) (29,858)

Additions to investments - - (41,035)

Receipt of investments 574 - 4,106

Proceeds from sale of property and equipment 48 - 6,531

Net cash from financing activities (5,884) (19,731) 227,098

Loans taken out - - 519,282

Payment of loans (4,715) (17,764) (178,768)

Dividends and IOC paid - - (20,500)

Capital payment (1,169) (1,967) (92,916)

Increase (decrease) in cash and cash equivalents 89,370 (200) 307,362

At beginning of period 535,881 228,519 228,519

At end of period 625,251 228,319 535,881

1st QUARTER RESULTS

26/27

Statement of added value (R$ thousands)

(=) 1. Revenue 733,785 640,793 2,753,555

1 - Sales of goods, products and services (-) 733,041 640,412 2,744,415

4 - (Reversal of) allow ance for doubtful accounts (-) (26) (15) (243)

2 - Other revenue (-) 770 396 9,383

(=) 2. Inputs acquired from third parties 356,217 302,803 1,308,982

2 - Inputs used (+) - - -

1 - Cost of products, goods and services sold (+) 250,287 223,056 954,526

4 - Materials, energy, third-party services and other (+) 105,930 79,747 354,456

3 - Recovery/Loss of assets (+) - - -

3. = (1-2) Gross value added 377,568 337,990 1,444,573

4. Depreciation, amortization and depletion (+) 46,302 41,810 144,795

5. = (3-4) Net value added produced 331,266 296,180 1,299,778

(=) 6. Transferred value added received 19,591 8,053 91,371

6.1 Equity pickup (-) - - -

6.2 Financial income (-) 19,591 8,053 91,371

6.3 Other (-) - - -

7. = (5+6) Total value added to be distributed 350,857 304,233 1,391,149

(=) 8. Distribution of value added 350,857 304,233 1,391,149

8.1 Personnel (+) 158,952 143,549 606,594

8.2 Taxes, fees and contributions (+) 85,479 79,277 348,904

8.3 Debt remuneration (+) 77,744 57,847 304,069

8.4 IOC and dividends (+) - - 31,184

Non-controlling interest (-) 87 38 281

8.5 Retained profits (+) 28,595 23,522 100,117

Quartely

01/01/13 to 03/31/132013Account

Quartely

03/01/14 to 31/03/14

1st QUARTER RESULTS

27/27

Statement of changes in shareholder´s equity (R$ thousands)

01/01/2014 a 03/31/2014Paid-In Capital Reserve Profit Retained earnings Other Non-controlling Consolidated

Description Capital Granted options and Reserves accumulated comprehensive Equity interest equity

treasury shares losses income

Opening balances 2,234,135 49,727 423,409 0 943 2,708,214 596 2,708,810

Adjusted opening balances 2,234,135 49,727 423,409 0 943 2,708,214 596 2,708,810

Shareholders capital transaction 0 516 0 0 0 516 0 516

Recognized options granted 0 516 0 0 0 516 0 516

Dividends 0 0 0 0 0 0 0 0

Total comprehensive income 0 0 0 28,595 0 28,595 83 28,678

Net income for the period 0 0 0 28,595 0 28,595 87 28,682

Other comprehensive income 0 0 0 0 0 0 -4 -4

Non-controlling interest 0 0 0 0 0 0 -4 -4

Internal Changes in Equity 0 0 157 0 -157 0 0 0

0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0

Depreciation of deemed cost 0 0 157 0 -157 0 0 0

Closing balances 2,234,135 50,243 423,566 28,595 786 2,737,325 679 2,738,004

01/01/2013 a 03/31/2013 Capital Reservas de Capital, Reservas Lucros ou Outros Participação Patrimônio

Social Opções Outorgadas e de Prejuízos Resultados Patrimônio dos não Líquido

Integralizado Ações em Tesouraria Lucro Acumulados Abrangentes Líquido Controladores Consolidado

Opening balances 2,234,135 48,171 322,933 0 1,571 2,606,810 382 2,607,192

Adjusted opening balances 2,234,135 48,171 322,933 0 1,571 2,606,810 382 2,607,192

Shareholders capital transaction 0 96 0 0 0 96 0 96

Recognized options granted 0 96 0 0 0 96 0 96

0 0 0 0 0 0 0 0

Dividends 0 0 0 0 0 0 0 0

Total comprehensive income 0 0 0 23,522 0 23,522 37 23,559

Net income for the period 0 0 0 23,522 0 23,522 37 23,559

Other comprehensive income 0 0 0 0 0 0 0 0

Non-controlling interest 0 0 0 0 0 0 0 0

Internal Changes in Equity 0 0 157 0 -157 0 0 0

Reserve constitution 0 0 0 0 0 0 0 0

Additional proposed dividend 0 0 0 0 0 0 0 0

Depreciation of deemed cost 0 0 157 0 -157 0 0 0

Closing balances 2,234,135 48,267 323,090 23,522 1,414 2,630,428 419 2,630,847