DaVita Slides On Lower Q3 Earnings, FY22 Outlook

DaVita Inc. (DVA) shares are falling more than 24 percent on Friday morning after the provider of kidney dialysis services reported lower third-quarter earnings, despite a slight increase in revenue.

The company reported a third-quarter profit of $164.69 million or $1.13 per share down from $319.75 million or $2.36 per share a year ago. On an adjusted basis, earnings were $1.45 per share.

Revenue for the quarter climbed to $2.948 billion from $2.938 billion in the previous year.

The company noted that the third quarter was challenging due to negative volume trends and continued labor pressure.

The company now expects full-year 2022 adjusted earnings per share in a range of $6.20-$6.70, while the previous outlook was in a range of $7.50 -$8.50 per share. Wall Street expects $7.72 per share.

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