DaVita Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showcasing notable growth in revenues and operating income compared to the previous fiscal period.
For Q3 2024, DaVita's total revenues reached $3,263.6 million, a 4.6% increase from $3,121.3 million in Q3 2023. Dialysis patient service revenues also rose to $3,138.6 million from $2,952.0 million year-over-year. For the nine months ended September 30, 2024, total revenues were $9,520.9 million, up from $8,994.4 million in the same period of 2023. Operating income for Q3 2024 was $534.9 million, compared to $495.9 million in Q3 2023, while for the nine-month period, it increased to $1,525.1 million from $1,212.9 million.
Net income for Q3 2024 was $295.8 million, slightly down from $309.4 million in Q3 2023. However, net income attributable to DaVita Inc. for the nine months rose to $901.5 million from $726.4 million in the prior year. Earnings per share for Q3 2024 were $2.56, down from $2.70 in Q3 2023, but increased for the nine-month period to $7.86 from $5.95.
The company’s cash and cash equivalents significantly improved, totaling $1,070.8 million as of September 30, 2024, compared to $380.1 million at the end of 2023. However, total equity decreased to $586.7 million from $1,244.1 million, primarily due to increased long-term debt, which rose to $9,260.3 million from $8,268.3 million.
Strategically, DaVita has been active in acquisitions, including a controlling interest in a previously nonconsolidated U.S. dialysis partnership, which resulted in a non-cash gain of $35.1 million. The company also entered into agreements to acquire dialysis service operations in Chile, Ecuador, Colombia, and Brazil, with expected cash payments of approximately $180 million for the remaining transactions.
Operationally, DaVita faced challenges such as elevated mortality rates among patients and increased missed treatment rates due to severe weather events. The company has implemented cost-saving initiatives to mitigate these pressures, although the success of these measures remains uncertain. Additionally, ongoing union organizing activities and increased compensation levels for staff are expected to impact future costs.
Overall, DaVita's financial performance reflects a combination of revenue growth and strategic acquisitions, despite facing operational challenges and increased costs in the current economic environment.
About DAVITA INC.
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