FRANKFURT (Reuters) – Fresenius Medical Care (FMEG.DE) said on Tuesday that its first-quarter adjusted operating profit fell less than some analysts had expected, as German dialysis specialists reported , said the labor shortage was gradually easing.
Adjusted operating profit fell to €354 million ($390 million), while the median analyst estimate on the company’s website was $335 million.
CEO Helen Giza said:
The company confirmed its full-year outlook, saying adjusted operating profit is likely to be flat or declining by up to a “high single-digit” percentage in 2023, and transitions toward a recovery in earnings growth in 2024. Described as a year.
Dialysis Group’s parent company, German healthcare group Fresenius SE (FREG.DE), announced earlier this year that it would transfer control of the struggling dialysis company, but will retain its stake for the time being as part of its turnaround plan. To do.
Fresenius said Tuesday that those plans are on track.
Some investors see the move as a prelude to an eventual sale of stakes in Dialysis Group.
Fresenius Medical, which has been hit hard by high patient mortality from COVID-19, said excess mortality continued to weigh on growth, but the burden was easing.
Its parent company Fresenius said on Tuesday that its first-quarter operating profit fell 10% after adjusting for currency, also better than expected.
Shares of Fresenius Medical rose 1.4% at the start of trading, while shares of parent company Fresenius rose 3% to a two-month high.
A Barclays analyst said: “This is a good start to the year with improved underlying signs for the business.
Michael Sen, CEO of Fresenius’ parent group, which took over in October, said the group is cutting costs and will focus on its generic hospital drug unit Kabi and hospital operator Helios. investment.
Reported by Ludwig Burger, Edited by Rachel
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