The Denver-based dialysis company also acknowledged in its earnings report that it incurred $66 million in advocacy costs to "counter union policy efforts."
DaVita Inc. reported consolidated revenues of $2.9 billion during Q3, according to its latest earnings report released Thursday afternoon.
The Denver-based dialysis company recorded an operating income of $438 million, an operating cash flow of $483 million, and diluted earnings per share (EPS) from continuing operations of $1.28.
DaVita also saw its quarterly net income reach $159 million, up $16 million year-over-year.
However, DaVita's commercial revenue per treatment was $349.63, down $2.63 quarter-over-quarter, which the company attributed to "a decrease in commercial revenue per treatment, unfavorable changes in government payor mix and a decline in calcimimetics revenue per treatment."
Additionally, DaVita's total U.S. dialysis treatments decreased by 0.2% per day compared to Q3 2019. Notably, DaVita's non-acquired treatment growth was 0.6% compared to this time last year.
"I am proud of the hard work and dedication of our 65,000 teammates in delivering essential, life-preserving care to our patients," Javier Rodriguez, CEO of DaVita, said in a statement. "Due to their efforts, we have been able to sustain continuity of care despite the disruption caused by the pandemic, while maintaining our strategic focus on leading the transformation of kidney care."
For the quarter, DaVita repurchased over 8.2 million shares of common stock, including nearly 8 million in a "modified" Dutch auction tender offer last month.
The Denver-based dialysis company also acknowledged in its earnings report that it incurred $66 million in advocacy costs to "counter union policy efforts," including California Proposition 23.
Forward looking, DaVita projects revenue in the range of $11.5 billion to $11.6 billion, lowering its financial ceiling, with free cash flow from continuing operations between $1.1 billion to $1.25 billion.
For complete financial information, review DaVita's filing with the Securities and Exchange Commission.
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.
Photo credit: St. Joseph, Missouri / United States of America - March 26 2019: Davita Kidney Care in downtown St. Joseph. - Image / Editorial credit: APN Photography / Shutterstock.com