Fresenius Medical Care’s 2Q Performance Remains on Track Despite Weaker-Than-Expected Profitability
Fresenius Medical Care reported second-quarter results mostly in line with our expectations. Management left its year-end outlook unchanged as the 9% constant-currency growth during this quarter keeps the company's top-line performance on a stable trajectory. Operating margin declined a bit more than we anticipated to 13% from 14.2% last year. Regardless, we don't anticipate a material change in our fair value estimate as we make a few adjustments to our model. We’re also leaving our narrow-moat...
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