Why Did Fresenius Medical Care Shares Plunge To 52-Week Low

Shares of kidney dialysis provider Fresenius Medical Care AG & Co FMS touched a 52-week low after the company cut its earnings outlook as costs surged and a U.S. staff shortage.
The company flagged a decline in net income around a high teens percentage range and withdrew its 2025 targets.
It also expects sales growth at the lower end of the previous forecast range.
The company reported preliminary Q2 sales of €4.76 billion, +10% Y/Y but almost flat on constant currency.
Operating income fell 20% to €341 million, while adjusted operating income was up 3% to €445 million.
Adjusted Net income remained flat at €225 million.
The company expects pressures from the U.S. labor market to persist in the year's second half.
It said it no longer expected to achieve organic revenue growth in North American health care services this year.
New CEO Carla Kriwet will start by October. Rice Powell will step down as CEO effective September 30.
Price Action: FMS shares are down 14.3% at $19.28 during the market session on the last check Thursday.