Medizintechnik: FMC senkt den Ausblick – China-Umbau belastet

Fresenius Medical Care (FMC), a dialysis provider, has lowered its outlook after a sharp decline in profits during the third quarter. The company's adjusted operating result for 2026 is expected to stagnate or decrease by a medium single-digit percentage, according to a statement made on Tuesday. FMC had previously considered a growth of this magnitude possible.

The new CEO, Shervin Korangy, who assumed the role only three weeks ago, indicated that a downward trajectory is now expected within the previously projected range. In the previous quarter, the group's result fell by 42 percent to 160 million euros, while the adjusted operating result dropped by five percent to 545 million euros, with analysts predicting a stronger decline averaging 518 million euros.

Sales increased slightly by one percent to 4.94 billion euros. The balance sheet was primarily burdened by one-off costs of 108 million euros for the realignment of the China business. FMC is phasing out local production of an older dialysis system and withdrawing from abdominal dialysis there. Market reaction to the numbers was mixed; while the adjusted operating profit exceeded expectations by five percent, analysts from investment bank Jefferies noted further weakening treatment numbers in the crucial US market.

FMC shares, listed on the Dax index, fell about two percent in early trading. The US business is also developing challengingly. The numbers underscore the difficult position of the world's largest dialysis provider. Korangy unexpectedly took the helm in mid-October after the supervisory board replaced the previous CEO, Helen Giza, after just four years.

At the time, sources within the control panel said Giza lacked a convincing growth strategy and innovative ideas. Korangy, previously heading the eye care specialist BVI Medical, is now tasked with returning FMC to a growth trajectory. "There are tremendous opportunities to fundamentally improve performance," Korangy said, while also cautioning: "In our assessment of the current business development, we are cautious."

The US business remains the greatest challenge, with FMC still grappling with declining patient numbers. In the third quarter, the number of treatments in the US fell organically by 1.1 percent, after a minus of 0.9 percent in the previous quarter. Apart from hospital closures as part of the ongoing government austerity program, negative effects from state reimbursement regulations are also hampering the group in the US.

However, there is hope from the CEO that a new dialysis machine introduced in the United States will lead to fewer hospital stays and higher patient survival rates. So far, around 16 percent of the machines have been replaced in US clinics.