Fresenius Medical Care

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Fresenius Medical Care AG & Co. KGaA
Company typeKGaA with Aktiengesellschaft as partner with unlimited liability
FWB: FME
FWB: FMEA (ADR)
OTC Pink Current: FMCQF
NYSE: FMS (ADR)
MDAX component (FME)
ISINDE0005785802
US3580291066
IndustryHealth care
Founded1996; 28 years ago (1996)
HeadquartersBad Homburg vor der Höhe, Germany
Key people
Helen Giza (CEO, Chair of the management board and acting CFO)
Dieter Schenk (Chairman of the supervisory board)
ProductsDialysis products and services, Therapeutic Apheresis Products
Revenue€19.40 billion (2022)
€1.51 billion (2022)
€0.67 billion (2022)
Total assets€34,367 million (2021)
Total equity€13,979 million (2021)
OwnerFresenius (32%)
Number of employees
128,000 (2022)[1]
Websitewww.freseniusmedicalcare.com/en/home/
Footnotes / references
[2][3]

Fresenius Medical Care AG & Co. KGaA is a German healthcare company which provides kidney dialysis services through a network of 4,171 outpatient dialysis centers, serving 345,425 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 42 production sites, the largest of which are in the U.S., Germany, and Japan.[4]

The company is 32% owned by Fresenius[5] and, as of 2020, generates around 50% of the group's revenue.[6]

The company is on the Best Employers List published by Forbes.[7]

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.[8]

In 2000, the company pleaded guilty to billing Medicare for unnecessary medical tests and to paying kickbacks for lab business and paid a $486 million fine.[9][10][11]

In February 2012, the company acquired Liberty Dialysis Holding, which added 201 clinics, for $1.5 billion.[12]

In March 2012, Rice Powell was appointed CEO.[13][14]

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.[15]

In February 2019, the company acquired NxStage, a U.S.-based maker of in-home dialysis devices, for $2 billion.[16][17]

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 13 countries, including Angola, Saudi Arabia, Morocco, and Spain.[18] As part of the settlement the company agreed to retain an independent corporate compliance monitor for at least two years. In March 2023, the company was certified by the monitor that its compliance program is reasonably designed and implemented to detect and prevent violations of the U.S. Foreign Corrupt Practices Act (FCPA). The certification was accepted by the U.S. Securities and Exchange Commission and the United States Department of Justice.

References[edit]

  1. ^ "Company Profile". Retrieved March 20, 2023.
  2. ^ "SEC filing Form 20-F". U.S. Securities and Exchange Commission. 25 February 2019.
  3. ^ a b "Annual Report 2021" (PDF). Fresenius Medical Care.
  4. ^ "Annual Report 2019" (PDF). Fresenius Medical Care.
  5. ^ "Shareholder structure". Fresenius Medical Care.
  6. ^ Zuzanna Szymanska (February 20, 2020), Fresenius forecasts 2020 profit growth driven by drug, dialysis units Reuters.
  7. ^ "Fresenius Medical Care". Forbes.
  8. ^ "History - Fresenius".
  9. ^ "Fresenius Unit to Pay $486 Million In Medicare Fraud Settlement". The Wall Street Journal. January 20, 2000.
  10. ^ Vise, David A.; Adams, Lorraine (January 19, 2000). "Firm Settles Health Care Fraud Case for $500 Million". The Washington Post.
  11. ^ HELDMAN, PAUL (January 20, 2000). "FIRM TO PAY $486M FRAUD SETTLEMENT". Sun-Sentinel. Bloomberg News.
  12. ^ "Fresenius Medical Care Closes Acquisition of Liberty Dialysis Holdings" (Press release). Fresenius Medical Care. February 29, 2012.
  13. ^ Munzinger Archive. "Rice Powell".
  14. ^ Hallam, Kristen (March 9, 2012). "Fresenius Medical appoints Powell to become CEO as Lipps retires". Bloomberg L.P.
  15. ^ "Fresenius Medical Care closes divestment of Shiel Medical Laboratory to Quest Diagnostics" (Press release). Fresenius Medical Care. December 12, 2017.
  16. ^ "Fresenius Medical Care completes acquisition of NxStage Medical" (Press release). PR Newswire. February 26, 2019.
  17. ^ BANNOW, TARA (February 26, 2019). "Fresenius Medical Care closes $2 billion NxStage acquisition". Modern Healthcare.
  18. ^ Lynch, Sarah N.; Raymond, Nate (March 29, 2019). "Fresenius Medical Care to pay $231 million to resolve criminal, civil foreign bribery charges". Reuters. Archived from the original on 2019-03-29.

External links[edit]

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