Q1 2024 DaVita Inc Earnings Call Transcript
Key Points
- DaVita Inc (DVA) reported a strong first quarter with adjusted operating income of $463 million and adjusted earnings per share from continuing operations at $2.38.
- The company has raised the bottom of its adjusted operating income guidance for the full year, now expecting between $1.875 billion to $1.975 billion.
- DaVita Inc (DVA) achieved significant clinical milestones, including a record number of kidney transplants facilitated for patients in 2023.
- The international business expansion continues with strategic investments in Latin America, expecting to enhance scale and clinical outcomes.
- Operational resilience demonstrated as the company effectively managed the Change Healthcare outage, minimizing its impact on financial operations.
- Free cash flow was negative $327 million in Q1, influenced by delayed claim submissions and payments due to the Change Healthcare outage.
- U.S. dialysis treatments per day were slightly lower in Q1 compared to Q4, with mortality rates still elevated relative to pre-COVID levels.
- Revenue per treatment saw a decrease of approximately $2 quarter-over-quarter due to typical seasonality.
- The company temporarily suspended share repurchases in March due to the Change Healthcare disruption, reflecting a cautious approach to capital management.
- International acquisitions are pending regulatory approvals, introducing uncertainty and potential delays in the expected benefits from these investments.
Good evening. My name is Michelle, and I will be your conference facilitator today. At this time, I would like to welcome everyone to the DaVita First Quarter 2024 Earnings Call. (Operator Instructions) Thank you. Mr. Eliason, you may begin your conference.
Thank you, and welcome to our first quarter conference call. We appreciate your continued interest in our company. I'm Nic Eliason, Group Vice President of Investor Relations, and joining me today are Javier Rodriguez, our CEO; and Joel Ackerman, our CFO.
Please note that during this call, we may make forward-looking statements within the meaning of the federal securities laws. All of these statements are subject to known and unknown risks and uncertainties that could cause the actual results to differ materially from those described in the forward-looking statements. For further details concerning these risks and uncertainties, please refer to our first quarter earnings press release and our SEC filings, including our most recent annual report on Form 10-K, all
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