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DaVita (DVA) investor relations material
DaVita Wolfe Research Healthcare Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Wolfe Research Healthcare Conference 2025 summary17 Nov, 2025
Key business challenges and performance
Faced a tough flu season in Q1 and a significant cyber incident in Q2, both impacting volume and revenue per treatment.
Maintained guidance despite these disruptions, focusing on operational resilience.
Volume declined about 1% for the year, with core growth slightly negative after adjusting for non-core headwinds.
Mortality remains elevated by over 100 basis points compared to pre-COVID, mainly due to flu and lingering pandemic effects.
Mistreatment rates are about 7%, roughly 100 basis points above historical norms, with uncertainty about permanence post-COVID.
Strategic focus and growth outlook
Long-term growth depends more on reducing mortality than on new patient starts, which remain consistent with pre-COVID levels.
Targeting a return to 3% top-line growth, ideally balanced between volume and revenue per treatment (RPT).
Cost management remains a core strength, with ongoing opportunities for operational improvements.
Enhanced premium tax credits, if not extended, could create a $40 million headwind in 2026, with about two-thirds of affected patients expected to shift from commercial to Medicare coverage.
Medicare Advantage (MA) mix growth has leveled off; a reversal in MA growth could become a headwind.
Segment and capital allocation updates
Integrated Kidney Care (IKC) segment is on track for break-even by 2026, with about $20 million annual improvement.
International operations contributed more than expected this year, but future years are modeled at 1% OI growth.
Capital allocation remains disciplined, with share repurchases generally matching free cash flow and a leverage target of 3–3.5x EBITDA.
CapEx has declined due to lower volume growth, and M&A activity is selective, prioritizing risk-adjusted returns.
Quantify mortality reduction impact on growth?
APTC expiration: quantify revenue impact?
Explain leverage impact on share buyback capacity
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Q4 202513 Feb, 2026
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Frequently asked questions
DaVita Inc. provides kidney dialysis services for patients suffering from chronic kidney failure. Dialysis is a process where waste and excess fluid are removed from a patient's blood in order to prevent complications caused by build-up . The kidneys, which are two bean-shaped organs found on the left side of your rib cage, are responsible for filtering waste and extra fluid from the body's bloodstream. Patients who've undergone kidney failure need to undergo dialysis treatment several times each week. The kidneys no longer work properly, causing waste and fluids to build up in the blood stream, leading to health complications such as high blood pressure or swelling.
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