DaVita (DVA) Q4 2024 earnings summary

Executive summary

• Celebrated 25 years of clinical progress, expanding from dialysis to comprehensive kidney care and outperforming clinical benchmarks internationally.

• Achieved full-year adjusted operating income and adjusted EPS in the top half of guidance despite unique hurdles in 2024.

• Ended 2024 with consolidated revenues of $12.82 billion and net income attributable to DaVita Inc. of $936 million.

• Focused on improving patient outcomes, expanding home dialysis, and pioneering value-based care through Integrated Kidney Care (IKC), serving 281,100 patients at 3,166 centers globally.

Financial highlights

• Full-year 2024 adjusted operating income grew 21% year-over-year to $1.98 billion; adjusted EPS up 26% to $9.68.

• Q4 adjusted OI was $491 million; Q4 adjusted EPS was $2.24.

• Full-year revenues were $12.82 billion, up from $12.14 billion in 2023; Q4 revenues were $3.30 billion.

• Free cash flow for 2024 was $1.16 billion, with $281 million in Q4; operating cash flow was $2.02 billion.

• Repurchased 9.8 million shares in 2024 for $1.39 billion at an average price of $140.06 per share.

Outlook and guidance

• 2025 adjusted OI guidance: $2.01–$2.16 billion (midpoint 5.2% growth); adjusted EPS guidance: $10.20–$11.30 (midpoint 11% growth).

• 2025 treatment volume expected to be flat; headwinds from leap year and PD supply disruption.

• Revenue per treatment expected to grow 4.5%–5.5% year-over-year, with 40% of growth from new oral phosphate binder reimbursement.

• Patient care cost per treatment to rise 6%–7%, mainly due to oral drugs and inflation.

• Free cash flow guidance for 2025: $1.0–$1.25 billion.