Dialysis provider Fresenius Medical Care reported that net income for the second quarter of 2013 dropped 9% to $263 million. The company attributed the worse-than-expected loss loss to the acquisition of Liberty Dialysis Holdings Inc. and the impact from the sequestration budget cuts in the United States that were introduced in April.
Second-quarter net income at Fresenius Medical Care, the world's largest dialysis provider, dropped 9 percent to a worse-than-expected $263 million, hurt by austerity measures in the United States, its most important market. Analysts had on average expected $280 million in quarterly net income, Reuters reported.
Net revenue for the second quarter of 2013 increased 5% to $3,613 million (+6% at constant currency) compared to the second quarter of 2012. Organic revenue growth worldwide was 5%. Dialysis services revenue grew 5% to $2,743 million (+6% at constant currency) and dialysis product revenue increased 6% to $870 million (+5% at constant currency).
North America revenue for the second quarter of 2013 increased 6% to $2,375 million. Organic revenue growth was 5%. Dialysis services revenue grew 6%. Dialysis product revenue increased 6% to $218 million.