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21:00
Aug 04 ◎

DVA FY2026 Q2 Watch

DaVita Inc. (DVA) FY2026 Q2 Earnings Call

BRK.A DVA FMS 8086.T ▾

Joel Ackerman

The ongoing share repurchase agreement with Berkshire Hathaway is a structural capital return mechanism, signaling a stable and significant ownership relationship.

"we buy shares from Berkshire Hathaway each quarter pursuant to our repurchase agreement to maintain their ownership near 45%."

BRK.A WATCH

Javier Rodriguez

Management reaffirmed full-year guidance, balancing volume growth tailwinds against RPT headwinds from commercial mix dilution and phosphate binder transition. The tone is cautiously optimistic but maintains existing targets.

"With consideration of these factors, we're reconfirming our full year 2026 guidance ranges."

DVA WATCH

Joel Ackerman

DaVita's treatment volume growth is being driven almost entirely by reduced mortality, not new patient starts, and it is outperforming the industry's negative same-store growth. — This confirms DaVita is gaining market share through superior clinical outcomes, a trend that could pressure competitors who cannot replicate the mortality improvements.

"This had nothing to do with any of the other volume dynamics that they've been talking about over the last 24 hours. This was purely about the 100 clinics they closed."

FMS WATCH

Javier Rodriguez

DaVita's expanded HD rollout costs are not significant and will not impact 2026 guidance, with the economic benefit from mortality improvement delayed until 2028. — The financial model for the expanded HD transition relies on long-term mortality-driven volume growth, not immediate cost savings, aligning with DaVita's strategy to differentiate on outcomes.

"the recent FDA approval of new expanded HD dialyzer from Nipro represents an important milestone that should materially improve both market supply and economics"

8086.T WATCH

HIGH

21:00
May 05 ◎

DVA FY2026 Q1 Watch

DaVita Inc. (DVA) FY2026 Q1 Earnings Call

BRK.B FMS DVA ▾

Joel Ackerman

Berkshire Hathaway sold a block of DaVita shares back to the company, a capital allocation event with no new information about Berkshire's broader business.

"...which includes the shares bought from Berkshire Hathaway pursuant to our repurchase agreement."

BRK.B WATCH

Javier Rodriguez

DaVita expects to gain dialysis patients from Fresenius clinic closures, with half arriving in Q1 and most of the rest in Q2, contributing positively to 2026 volume growth. — Fresenius's network rationalization is ceding market share to DaVita, a direct transfer of volume and revenue.

"Census also benefited from patient transfers in related to ongoing clinic closures by Fresenius."

FMS WATCH

Javier Rodriguez

Management raised full-year guidance on stronger volume and cost performance, showing positive momentum.

"We're raising and narrowing our guidance for adjusted operating income to a range of $2.15 billion to $2.25 billion."

DVA WATCH

HIGH

22:00
Feb 02 ◎

DVA FY2025 Q4 Watch

DaVita Inc. (DVA) FY2025 Q4 Earnings Call

BRK.A GILD HUM CNC DVA ▾

Joel Ackerman

Berkshire Hathaway continues to be a significant shareholder in DaVita, with ongoing share repurchases under their agreement, maintaining ownership at or below 45%.

"As is typical, a portion of these shares were repurchased from Berkshire Hathaway pursuant to the terms of our publicly filed repurchase agreement, which formulaically results in Berkshire's ownership remaining at or below 45%."

BRK.A WATCH

Javier Rodriguez

Gilead's (GILD) hemodiafiltration technology, which uses high-volume replacement fluid, is being used in clinical studies and is expected to be a significant growth driver for DaVita's dialysis technology. The impact was mentioned as 'possible revenue recognition' but more importantly, the technology uptake will be driven by the upcoming HeMo study data. — If HeMo study data (with Gilead's tech) is positive, CMS will issue a national coverage determination in 2026, unlocking a large new market for GILD's technology and DaVita's implementation.

"Innovations such as medium cutoff dialyzers and hemodial filtration enable the clearance of a broader range of toxins from the body during the treatment. These technologies help the patients recover more quickly after dialysis and show"

GILD WATCH

Javier Rodriguez

The expiration of enhanced premium tax credits is expected to be a $40M headwind in 2026, but the fear of a mass exodus of patients from commercial plans is not materializing. Open enrollment performed better than expected, with patients proving 'sophisticated' in their insurance choices. — Resilient enrollment on ACA exchanges reduces the risk of volume loss and patient churn to other payers, a positive read for large health insurers with broad ACA exposure.

"open enrollment performed better than forecasted by CBO or ourselves. And we're all waiting to see the real number, which is right now we are measuring selection of a plan. or enrollment of a plan."

HUM WATCH CNC WATCH

Javier Rodriguez

Management is confident in delivering 3.2% AOI growth and 33% EPS growth in 2026, driven by cost management, IKC profitability, and capital allocation, despite volume headwinds.

"On adjusted EPS, With our current capital allocation program and removing the headwinds from our investment in Mozart, we see an opportunity to exceed our long-term adjusted EPS guidance of 8% to 14%."

DVA WATCH

HIGH

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