BAD HOMBURG VOR DER HOEHE (dpa-AFX) - Fresenius Medical Care AG & Co. KGaA (FMS) reported its preliminary first quarter results, with net income stable at constant currency at 279 million euros.
The company noted that the preliminary indicative first quarter 2018 results impacted by strong currency headwind and positive one-time effect in previous year.
Operating income (EBIT) reached 497 million euros while revenue up 2 percent at constant currency to 3.98 billion euros.
Looking ahead, the company decided to cut its 2018 revenue growth target to a range of 5 to 7 percent at constant currency from prior view of around 8 percent.
The company specified that this adjustment is mainly due to recent reassessment of dosing of calcimimetic drugs in its dialysis service business in the United States. The reduction in dosing was faster than assumed and results in a lower than expected revenue contribution.
However, Fresenius Medical Care reconfirmed its 2018 net income growth target of 13 to 15 percent at constant currency.
The company's 2018 targets continue to exclude the effects of the planned acquisition of NxStage Medical, Inc. and exclude the effects of the divestiture of Sound Inpatient Physicians Holdings, LLC.
'Due to a faster than expected reduction in dosing of those drugs in the controlled clinic environment, we are experiencing a headwind on revenue growth for fiscal 2018,' CEO Rice Powell said in a statement.
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