Fresenius misses the mark with Q4, 2015 results

Fresenius Medical Care (NYSE:FMS) reported 4th-quarter and 2015 results today that missed the mark on Wall Street, sending share prices down.

The German dialysis giant posted profits of $394 million, or $1.04 per share, on sales of $3.55 billion for the 3 months ended Dec. 31, 2015, for a bottom-line slide of -2.2% on sales growth of 4.0% compared with Q4 2014.

Adjusted to exclude 1-time items, earnings per share were 52¢, missing the consensus forecast on The Street by 6¢. Analysts on average were looking for Q4 sales of $4.41 billion.

Full-year profits were $1.31 billion, or $3.38 per share, on sales of $13.80 billion, marking a 4.2% profit gain on sales growth of 9.9% compared with 2014. Adjusted EPS came in at $1.69, 11¢ below the consensus on The Street, where analysts were looking for sales of $16.8 billion.

“Our commitment to our patients continues to produce substantial results. After investing heavily in new business activities, 2015 was a year that focused on operational excellence. Strong market dynamics in our core dialysis markets had been supported by new operating profitability levels. In 2016 we even want to accelerate the value creation for all our shareholders. We delivered on revenue, net income guidance for 2015 and confirm our targets for 2016: Strong revenue growth combined with even higher net income growth,” CEO Rice Powell said in prepared remarks.

Fresenius said it expects adjusted net income growth of 15% to 20% on constant-currency sales growth of 7% to 10% this year.

FMS shares were down -3.9% to $40.74 apiece today in late-morning trading.

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