Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FRESENIUS MEDICAL CARE AG &. We currently have 9 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
FRESENIUS MEDICAL CARE AG &
FRESENIUS MEDICAL CARE AG &
Strong profitability increase
23 Feb 17
FMC reported +8% (+9% at cc) higher revenues at USD3,888m and the gross profit margin improved further to 34.0% (33.8%) in Q4. EBITDA clearly improved +18% to USD990m and net profit attributable to shareholders strongly improved +23% to €388m. Operating CF strongly went up +54% to USD844m, pushed by the swing in NWC (USD164m after USD-27m) as NWC benefited from lower DSO and deferred income tax payments in the US. Investing CF dropped from USD-241m to USD-452m, suffering from the lack of the previous year’s divestment gains. Management will propose a +20% higher dividend of €0.96 (€0.80) per share at the AGM on 11 May 2017. FMC is switching its reporting to IFRS in euro currency. Management expects 2017 revenues to increase by 8-10% at cc, based on the 2016 revenue level of €16,570m, and net profit attributable to shareholders is seen to grow by 7-9% at cc, based on 2016’s level of €1,444m. Guidance does not include the effects of the agreement with the US Departments of Veterans Affairs and Justice. The Vision 2020 target still expects an average revenue growth of +10% in the 2014-20 period targeting €24bn by 2020. Net income growth is still seen at a high single-digit. We expect publication of FMC’s annual report within the next few weeks.
09 Jan 17
FMC has joined other US dialysis providers, such as DaVita, and patient advocates in filing a lawsuit challenging the rulemaking process used by the United States Centers for MediCare and Medicaid Services (CMS) to promulgate a new regulation regarding premium assistance programmes that help to fund insurance premiums for patients with end-stage renal disease (ESRD).
Costs move ahead of revenues
27 Oct 16
Q3 revenues were up +9% (+9% at cc) to USD4,598m but gross profit margin weakened 70bp to 32.0%. EBITDA increased +9% to USD867m and net income attributable to shareholders strongly increased +27% to €333m. Operating CF clearly dropped 24% to USD439m, primarily driven by a swing in NWC (USD-164m after USD54m). Investing CF remained in the same territory (USD-273m after USD-281m), but FCF declined from US$298m to US$166m. Management confirmed FX guidance, expecting sales to grow +7-10% at constant currency and net income to shareholders to improve 15-20% excluding acquisitions in 2015 and 2016 based on an adjusted net income of USD1,057m.
Good old Dialysis Service made the pace
02 Aug 16
Total revenues rose +5% (+7% at constant currencies (cc)) to USD4,420m and the gross profit margin was up from 31.7% to 30.9% in Q2 16. EBITDA increased +15% to USD835m and net income attributable to shareholders clearly improved by +22% to USD294m. Operating CF jumped +76% to USD678m, mainly driven by a swing in NWC from USD-106m to USD114m due to adjustments impacting the invoicing and timing of working capital items. Days sales outstanding declined from 74 days (Q1 16) to 70 days. Investing CF moved from USD-269m to USD-319m, primarily burdened by higher capex. Management confirmed recently its guidance, expecting sales to grow +7-10% at constant currency and net income to shareholders to improve 15-20% excluding acquisitions in 2015 and 2016 based on an adjusted net income of USD1,057m.
A shining US
03 May 16
Group sales rose +6% (+9% at CC) to USD4,205m and the gross profit margin strongly improved from 29.9% to 31.3%. EBIT increased +7% to USD540m and net profit attributable to shareholders came in at USD228m after USD210m. Operating CF melted from USD447m to USD180m, hit by a swing in NWC (USD-299m after USD7m), which was triggered by an adjustment in invoicing and the timing of payroll payments in the US. DSO increased to 74 days (Q1 15: 71; Q4 15: 71). Investing CF moved from USD-208m to USD-337m, seeing higher capex (above D/A) and acquisition-related costs. FCF swung from USD239m to USD-157m. Management recently confirmed guidance, expecting sales to grow +7-10% at constant currency and net income to shareholders to improve 15-20%, excluding acquisitions in 2015 and 2016 based on an adjusted net income of USD1,057m.
20 Apr 17
Although the last two months have seen a broadly neutral performance from the UK healthcare sector compared to a significantly more volatile 6 months prior, we continue to expect macro-events and increased geo-political risk to result in an overall neutral performance from the sector over the next period. However, company specific news is likely to drive a strong outperformance from selected mid-market companies. We retain our neutral sector stance whilst highlighting those we expect to outperform.
Positive top-line results in first iclaprim phase III clinical trial (REVIVE-1)
18 Apr 17
Motif Bio (LSE: MTFB, NASDAQ: MTFB), a late clinical stage antibiotic development company, announced positive results this morning in the first of its two iclaprim phase III clinical trials, REVIVE-1, comparing iclaprim to vancomycin in the treatment of acute bacterial skin and skin structure infections (ABSSSI). Iclaprim, a next-generation antibiotic targeting an underutilised mechanism of action which causes rapid killing of bacteria, is being developed for the treatment of serious and life threatening bacterial infections. On the key primary endpoint in the study, early clinical response at 48-72 hours after drug treatment began, 80.9% of patients on iclaprim achieved a positive response compared to 81.0% of patients on vancomycin, well within the 10% non-inferiority margin required by the FDA. Iclaprim was also shown to be safe and well-tolerated compared to vancomycin. With these positive results from REVIVE-1 we have increased the probability of success for the iclaprim development program from 65% to 75% raising our risk-adjusted NPV for Motif Bio to almost £240m or 122p per share (previously £210m and 107p per share).
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
N+1 Singer - Sinclair Pharma - EBITDA upgrade for 2017, but lower TP due to warranty claim and costs
19 Apr 17
We have updated product-level forecasts and included the £10m SVB debt facility and £5m warranty claim settlement with Alliance Pharma in our forecasts. The 6.3% upgrade to our FY2017 sales estimate (from £46.0m to £48.9m) brings expected EBITDA profitability forward by one year (to FY2017 from FY2018). We remain positive on the ongoing rollout of Silhouette Instalift® in particular and retain our Buy recommendation. However, higher expected sales & marketing costs and the warranty claim weigh on our valuation: we downgrade our target price from 42p to 37p.
Positive REVIVE-1 Phase III study data
18 Apr 17
Motif Bio (MTFB) has announced positive top-line results from REVIVE-1, its global Phase III study comparing iclaprim to vancomycin in patients with acute bacterial skin and skin structure infections (ABSSSI). Iclaprim achieved the primary endpoint of non inferiority when compared to vancomycin, in both the early time point and test of cure endpoint. Iclaprim offers clinical advantages over existing hospital antibiotics that include the avoidance of renal toxicity, fixed dosage regimen and early response indications. With data from REVIVE-2 due out in H2 2017 we maintain our 125p price target and Buy recommendation.