Shares of DaVita (NYSE: DVA) tanked in morning trading on Friday as the provider of dialysis services and integrated health care delivery and management services lowered its outlook for FY22.
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The company now expects adjusted earnings to come in the range of $6.20 to $6.70 per share versus its prior guidance between $7.50 and $8.50 per share.
DaVita reported revenues of $2.95 billion, up 0.3% year-over-year, and missed consensus estimates by $30 million.
Adjusted earnings came in at $1.45 per diluted share but fell short of Street estimates of $1.77 per share.
DaVita’s CEO, Javier Rodriguez commented, “The third quarter was a challenging quarter for us. Like others in the healthcare community, negative volume trends due to COVID and continued labor pressure impacted our financial performance more than expected.”