Dialysis firm FMC suffers another quarter of muted US volumes, shares fall

By Patricia Weiss and Bernadette Hogg

May 5 (Reuters) – Fresenius Medical Care said on Tuesday its U.S. volumes continued to shrink in the first quarter of 2026, sending the German dialysis provider’s shares falling close to 6%.

The company makes the majority of its revenue in the U.S., where same market treatments declined by 0.4% in the three months through March. That marked the second consecutive quarter of falling U.S. volumes after a 0.2% drop in the fourth quarter of last year.

“We recognize we’ve still got some muted same market treatment growth, not surprisingly in Q1 with weather- and flu-related impact,” CEO Helen Giza told Reuters.

FMC’s shares had so far held up well this year compared to the sector, falling by 4.6% against a 19.7% drop across the industry, J.P. Morgan analysts said in a note to investors.

The analysts noted that reimbursement regulations in the Transitional Drug Add-on Payment Adjustment (TDAPA), which supports payment and patient access to new renal therapies in the U.S., had a positive impact on the quarterly operating income. However, they are expected to turn into headwinds in the second half of 2026, they said.

FMC said its revenue fell 6% to 4.61 billion euros ($5.39 billion) in the first quarter, weighed down by recent asset sales and significant currency effects, mainly from the weak U.S. dollar.

That was broadly in line with market expectations of 4.59 billion euros, a poll by Vara Research showed.

One-time costs from the company’s transformation programme drove a 14% decline in reported operating income and a 22% drop in reported net income, it said, while confirming the earlier outlook for 2026.

The strategic overhaul FMC is undergoing under CEO Helen Giza is focused on improving profitability in its core kidney care business after being spun off from former parent Fresenius.

($1 = 0.8559 euros)

(Reporting by Patricia Weiss and Bernadette Hogg, editing by Milla Nissi-Prussak)