Inst Diagnosti

What it is

Instituto de Diagnóstico S.A. — universally known as Clínica Indisa — was founded in 1961; it moved to its current site in Providencia in 1970 and added inpatient wards and surgical theatres from 1980 onward.

The company manages and operates Clínica Indisa, a private hospital in Santiago’s metropolitan region offering internal medicine, intensive care, paediatrics, neonatology, laboratories, radiology, MRI, nuclear medicine, haemodialysis, and outpatient procedures across all areas of medicine. It also runs a second hospital in the Maipú district and a growing suite of specialist outpatient centres.

Who owns it

Clínica Indisa is controlled by a group of investors in which Alejandro Pérez (former chief executive of Arauco and a shareholder in Universidad San Sebastián), Jorge Selume Zaror, and Juan Antonio Guzmán are prominent figures. Insiders hold about 21% of shares, while institutional investors account for the majority of the remaining float.

The structured data records institutional ownership at 65.8% and insider ownership at 21.3%, leaving a modest free float; exact individual stakes in INDISA itself are not disclosed in available public sources.

Who runs it

The chief executive is Martín Manterola Vince, who joined from Clínica Santa María, where he had spent five and a half years as general manager, and who also held the top post at several Bupa Chile regional hospitals.

Manterola took up the role on 2 September 2024; he holds a civil-industrial engineering degree and a master’s from Pontificia Universidad Católica de Chile, plus an MBA from Universidad Adolfo Ibáñez, and brings more than 20 years in private healthcare. Board members confirmed on the company’s own site include Eduardo Pérez Marchant, Ignacio Miguel Poduje Carbone, and Andrés Serra Cambiaso.

The money, in plain words

Sales have grown strongly: revenue rose 13.9% in the last reported year to CLP 272.3bn (~USD 300.5m), up 24.4% from two years ago (our calculation). The bottom line tells an even sharper story — net profit jumped to CLP 15.7bn (~USD 17.3m) in FY 2025, from near-zero in 2023, as the clinics filled up again after pandemic-era disruption.

The company keeps about 5 cents of profit from every peso of sales — a net profit margin of 4.95% (TTM), modest for a private hospital but a clear improvement on recent years. For every peso of shareholders’ equity, it earns roughly 8.4 cents a year — a return on equity of 8.39%, still building.

The balance sheet is clean: cash of CLP 17.7bn (~USD 19.5m) and no reported debt (our calculation). Investors are paying 27.6 times earnings for that recovery story — a P/E of 27.6× — which is a full price that prices in continued growth.

No dividend is currently paid.

What it is doing now

In January 2025, the controlling shareholders of Clínica Indisa — acting alongside financial group EuroAmérica — jointly acquired 55.75% of rival Clínica Las Condes (CLC) from the Grupo Auguri, paying a combined USD 40 million for the block. Indisa’s own share of the deal cost it USD 20 million for a 27.9% stake.

Then, in May 2025, an extraordinary shareholders’ meeting approved a capital increase of CLP 25bn (US$28 mn), to be raised by issuing 15 million new shares — the funds earmarked for expansion. The 2025 audit was issued with a qualification, because at year-end Indisa had not yet received audited financials from its new associate Clínica Las Condes to support the equity-method accounting for that investment.

What to watch

• CLC turnaround: Clínica Las Condes had accumulated losses of CLP 15.5bn (US$17 mn) through September 2024 and lost more than 200 doctors amid legal disputes. How quickly Indisa’s team can stabilise it will define the return on that USD 20m bet.
• Capital raise dilution: The new shares (roughly 10.6% of the pre-issue count) will dilute existing holders; watch the price and pace of placement.
• Margin recovery: A net margin below 5% leaves little cushion. Getting back toward the high-single-digit margins the clinic posted before 2020 requires sustained volume growth — the key variable to track each quarter.
• New CEO track record: Martín Manterola is barely nine months into the job; his ability to hold medical staff and manage the CLC governance seat simultaneously is the core execution risk.

This is news, not investment advice.