Fresenius Receives Safety Award - Analyst Blog
September 08 2011 - 10:15AM
Zacks
Fresenius Medical Care North
America (“FMCNA”), the North American division of Fresenius
Medical Care (FMS), recently received the “Safety in
Excellence” Award from CNA Financial Corporation
(CNA), the seventh largest U.S. commercial insurer.
The award, which was
presented at
CNA’s headquarters in Chicago, recognizes the company’s
leadership and commitment to employee health, safety, loss
prevention and risk control. FMCNA, for twelve years, has
demonstrated significant reductions in employee injury rates.
Fresenius is the largest provider
of dialysis products and services on the planet. The company
operates a network of 2,769 dialysis clinics across North America
and overseas markets to provide dialysis treatment to 216,942
patients worldwide.
Dialysis treatment is required by
victims of chronic kidney failure, a condition that affects over 2
million people globally each year. Fresenius’ principal competitor
in the U.S. is DaVita Inc. (DVA), which provides
dialysis services to patients
suffering from chronic kidney failure or end-stage renal
disease.
Fresenius’ second-quarter 2011
revenues rose 8% year over year to $3,194 million with dialysis
services and dialysis product sales climbing 6% and 15%,
respectively. Profit rose 5% year over year to $261 million.
North American sales were flat year
over year, impacted by the implementation of the new Medicare
end-stage renal disease prospective payment system (the “bundled
rate” system), which resulted in a cap on reimbursement.
International sales cruised 26% year over year boosted by solid
double-digit growth in dialysis services and product revenues.
During the quarter, the company
provided roughly 16.56 million (up 9% year over year) dialysis
treatments globally including 10.62 million treatments in North
America. Fresenius has reaffirmed
its revenues and earnings guidance for fiscal 2011.
Fresenius, in July 2011, completed
its acquisition of Euromedic International’s dialysis service
division International Dialysis Centers (“IDC”). The acquisition
enables the company to expand its role in the dialysis care
business, mainly in the fast-growing Eastern European markets.
Moreover, Fresenius, in its second
quarter call, noted that it has agreed to buy U.S. based American
Access Care Holdings for $385 million. American Access runs
outpatient
clinics, which serve the vascular access needs of dialysis
patients.
Fresenius has also announced an agreement to acquire leading
dialysis company Liberty Dialysis Holdings Inc. for $1.7 billion.
The company is
expected to spend roughly $1.9 billion on acquisitions in
2011.
CNA FINL CORP (CNA): Free Stock Analysis Report
DAVITA INC (DVA): Free Stock Analysis Report
FRESENIUS MED (FMS): Free Stock Analysis Report
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