Fresenius Medical Care

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Fresenius Medical Care AG & Co. KGaA
KGaA with Aktiengesellschaft as partner with unlimited liability
Traded asFWBFME NYSEFMS
ISINDE0005785802 Edit this on Wikidata
IndustryHealth care
Founded1996; 24 years ago (1996)
HeadquartersBad Homburg vor der Höhe, Germany
Key people
Rice Powell (CEO and Chairman of the executive board)
Helen Giza (CFO)
Dieter Schenk (Chairman of the supervisory board)
ProductsDialysis products and services, Therapeutic Apheresis Products
Revenue17.48 billion (2019)
€2,270 million (2019)
€1,200 million (2019)
Total assets€32,935 million (2019)
Total equity€13,227 million (2019)
Number of employees
120,659 (2019)[1]
Websitewww.freseniusmedicalcare.com/en/home/
Footnotes / references
[2][3]

Fresenius Medical Care AG & Co. KGaA provides kidney dialysis services through a network of 3,994 outpatient dialysis centers, serving 345,096 patients.[3] The company primarily treats end-stage renal disease (ESRD), which requires patients to undergo dialysis 3 times per week for the rest of their lives.

With a global headquarters in Bad Homburg vor der Höhe, Germany and a North American headquarters in Waltham, Massachusetts, it has a 38% market share of the dialysis market in the United States. It also operates 45 production sites, the largest of which are in the U.S., Germany, and Japan.[3]

The company is 30% owned by Fresenius[4] and, as of 2020, generates around 50% of the group’s revenue.[5]

The company is on the Best Employers List published by Forbes.[6]

History[edit]

In 1996, Fresenius SE & Co. KGaA merged its dialysis business into W.R. Grace's National Medical Care to form Fresenius Medical Care.[7]

In 2000, the company plead guilty to billing Medicare for unnecessary medical tests and to paying kickbacks for lab business and paid a $486 million fine.[8][9][10]

In February 2012, the company acquired Liberty Dialysis Holding, which added 201 clinics, for $1.5 billion.[11]

In March 2012, Rice Powell was appointed CEO.[12][13]

In 2013, the company acquired Shiel Medical Laboratory, expanding services to New York City metro area. In December 2017, the company sold this business to Quest Diagnostics.[14]

In February 2019, the company acquired NxStage, a U.S.-based maker of in-home dialysis devices, for $2 billion.[15][16]

In March 2019, the company paid $231 million to the United States Department of Justice and the U.S. Securities and Exchange Commission to settle allegations of civil bribery to obtain business in Angola, Saudi Arabia, Morocco, and Spain.[17]

References[edit]

  1. ^ "Company Profile". Retrieved January 13, 2020.
  2. ^ "SEC filing Form 20-F". U.S. Securities and Exchange Commission. 25 February 2019.
  3. ^ a b c "Annual Report 2019" (PDF). Fresenius Medical Care.
  4. ^ "Shareholder structure". Fresenius Medical Care.
  5. ^ Zuzanna Szymanska (February 20, 2020), Fresenius forecasts 2020 profit growth driven by drug, dialysis units Reuters.
  6. ^ "Fresenius Medical Care". Forbes.
  7. ^ "History - Fresenius".
  8. ^ "Fresenius Unit to Pay $486 Million In Medicare Fraud Settlement". The Wall Street Journal. January 20, 2000.
  9. ^ Vise, David A.; Adams, Lorraine (January 19, 2000). "Firm Settles Health Care Fraud Case for $500 Million". The Washington Post.
  10. ^ HELDMAN, PAUL (January 20, 2000). "FIRM TO PAY $486M FRAUD SETTLEMENT". Sun-Sentinel. Bloomberg News.
  11. ^ "Fresenius Medical Care Closes Acquisition of Liberty Dialysis Holdings" (Press release). Fresenius Medical Care. February 29, 2012.
  12. ^ Munzinger Archive. "Rice Powell".
  13. ^ Hallam, Kristen (March 9, 2012). "Fresenius Medical appoints Powell to become CEO as Lipps retires". Bloomberg L.P.
  14. ^ "Fresenius Medical Care closes divestment of Shiel Medical Laboratory to Quest Diagnostics" (Press release). Fresenius Medical Care. December 12, 2017.
  15. ^ "Fresenius Medical Care completes acquisition of NxStage Medical" (Press release). PR Newswire. February 26, 2019.
  16. ^ BANNOW, TARA (February 26, 2019). "Fresenius Medical Care closes $2 billion NxStage acquisition". Modern Healthcare.
  17. ^ Lynch, Sarah N.; Raymond, Nate (March 29, 2019). "Fresenius Medical Care to pay $231 million to resolve criminal, civil foreign bribery charges". Reuters.

External links[edit]