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HEALTHCARE: Fresenius Medical (FMEGR: Baa3/BBB-/BBB-): DaVita outlook

HEALTHCARE
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  • DaVita shares fell around 7% overnight on a disappointing outlook
  • DVA reported Dialysis revenues of $12.3bn +5.9% and overall NetIncome +39% yoy.
  • The stock was well-rated and the fall more reflects lofty expectations.
  • FMEGR and DVA have a near duopoly in the US Dialysis market controlling over 2/3 of outpatient dialysis clinics.
  • c70% of FMEGR's earnings are from the US
  • The FTC opened an enquiry into DaVita/FMEGR's non-compete agreements in July. This is not their first enquiry. A new Health Secretary may be more aggressive. It's hard to see how "Trump Tariffs" per se would affect FMEGR as the company operates directly in the US.
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  • DaVita shares fell around 7% overnight on a disappointing outlook
  • DVA reported Dialysis revenues of $12.3bn +5.9% and overall NetIncome +39% yoy.
  • The stock was well-rated and the fall more reflects lofty expectations.
  • FMEGR and DVA have a near duopoly in the US Dialysis market controlling over 2/3 of outpatient dialysis clinics.
  • c70% of FMEGR's earnings are from the US
  • The FTC opened an enquiry into DaVita/FMEGR's non-compete agreements in July. This is not their first enquiry. A new Health Secretary may be more aggressive. It's hard to see how "Trump Tariffs" per se would affect FMEGR as the company operates directly in the US.