EMEA and APAC: Fresenius Medical Care’s Dialysis Products Business



Dialysis business

In 1H17, Fresenius Medical Care (FMS) earned ~1.6 billion euros from the sale of dialysis products, which equals year-over-year (or YoY) growth of 8% on a reported basis and 6% on a constant currency basis. In 2Q17, dialysis products contributed $801 million to the company’s total revenues, which equals YoY growth of 8% on a reported basis and 7% on a constant currency basis. EMEA accounted for 41% of the company’s total product revenues in 2Q17.

Intense competition from major dialysis players DaVita (DVA), Medtronic (MDT), and Baxter International (BAX) has presented a challenge for Fresenius Medical Care in 2017. Fresenius Medical Care comprises ~0.04% of the portfolio holdings of the Vanguard Total International Stock ETF (VXUS)

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Regional performance

Fresenius Medical Care (FMS) reported YoY revenue growth of ~6% on a reported basis and 3% on a constant currency basis from the EMEA market in 2Q17. This revenue growth was mainly due to increased demand in the Russian market. The company also reported balanced growth in demand across the entire product mix, including dialysis machines, disposables, and acute care.

Fresenius Medical Care also reports solid demand trends for its dialysis products in the Asia-Pacific markets—especially China—in 2017.

The North American market, however, witnessed a slowdown in demand for the company’s hemodialysis equipment, especially from independent and smaller dialysis companies. However, because the larger players continue to buy from FMS at fair rates, Fresenius Medical Care is confident that demand from smaller players could rebound in 2H17.

Fresenius Medical Care reported 7% YoY growth for its Disposable Products segment in 2Q17. The company’s hemodialysis disposables’ sales grew 5.6% YoY, and its peritoneal dialysis disposables grew ~18% YoY in 2Q17.

In the final part of this series, we’ll discuss the growth trends of Fresenius Medical Care’s Dialysis Products and Services business.


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