Fresenius Medical Care AG & Co. KGaA (FMS): Business Model Canvas

In der komplexen Welt der globalen Gesundheitsversorgung ist die Fresenius Medical Care AG & Co. KGaA gilt als Pionier in der Behandlung von Nierenerkrankungen und verändert das Leben durch innovative Dialysetechnologien und eine umfassende, patientenorientierte Versorgung. Mit einem robusten Geschäftsmodell, das sich über Kontinente erstreckt und modernste medizinische Lösungen integriert, hat sich dieser Gesundheitsriese strategisch als führender Anbieter in der Nierenversorgung positioniert und bietet umfassende Dienstleistungen an, die auf die kritischen Bedürfnisse von Patienten, medizinischem Fachpersonal und medizinischen Einrichtungen weltweit eingehen. Entdecken Sie, wie das einzigartige Geschäftsmodell von Fresenius Medical Care medizinische Innovationen und die globale Zugänglichkeit der Gesundheitsversorgung vorantreibt.

Fresenius Medical Care AG & Co. KGaA (FMS) - Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Gesundheitsdienstleistern und Dialysekliniken weltweit

Fresenius Medical Care unterhält ab 2023 Partnerschaften mit 4.132 Dialysekliniken weltweit. Das Unternehmen ist in 51 Ländern in Nordamerika, Europa, Lateinamerika, dem Nahen Osten, Afrika und der Asien-Pazifik-Region tätig.

Region	Anzahl der Dialysekliniken	Patientenbehandlungen
Nordamerika	2,455	1.376.000 jährliche Behandlungen
Europa	812	456.000 jährliche Behandlungen
Internationale Märkte	865	385.000 jährliche Behandlungen

Zusammenarbeit mit Medizintechnik- und Pharmaunternehmen

Fresenius Medical Care arbeitet mit 37 Pharma- und Medizintechnikpartnern zusammen und investiert im Jahr 2022 146,5 Millionen Euro in Forschung und Entwicklung.

• Wichtige Pharmapartner: Roche, Novartis, AstraZeneca
• Medizintechnische Kooperationen: Siemens Healthineers, Philips Healthcare

Partnerschaften mit Forschungseinrichtungen

Das Unternehmen unterhält Forschungspartnerschaften mit 12 führenden akademischen und medizinischen Forschungseinrichtungen, darunter der Harvard Medical School und der Mayo Clinic.

Forschungseinrichtung	Fokusbereich	Dauer der Zusammenarbeit
Harvard Medical School	Forschung zu Nierenerkrankungen	5 Jahre
Mayo-Klinik	Innovation in der Dialysetechnologie	3 Jahre

Joint Ventures in Schwellenländern

Fresenius Medical Care wurde gegründet 4 bedeutende Joint Ventures in Schwellenländern:

• China: Partnerschaft mit Chindex International (58 Millionen Euro Investition)
• Indien: Joint Venture mit Max Healthcare (42 Millionen Euro Investition)
• Brasilien: Zusammenarbeit mit Dasa Diagnostics (35 Millionen Euro Investition)
• Naher Osten: Partnerschaft mit Emirates Healthcare Group (26 Millionen Euro Investition)

Lieferkettenpartnerschaften mit Herstellern medizinischer Geräte

Das Unternehmen hat Partnerschaften mit 22 Herstellern medizinischer Geräte aufgebaut, mit einem Gesamtbeschaffungswert in der Lieferkette von 2,3 Milliarden Euro im Jahr 2022.

Hersteller	Ausrüstungskategorie	Jährlicher Beschaffungswert
Baxter International	Dialysemaschinen	512 Millionen Euro
Fresenius Kabi	Medizinische Verbrauchsmaterialien	385 Millionen Euro
B. Braun	Medizinisches Zubehör	276 Millionen Euro

Fresenius Medical Care AG & Co. KGaA (FMS) - Geschäftsmodell: Kernaktivitäten

Dialysebehandlung und Nierenpflegedienste

Fresenius Medical Care betreibt im Jahr 2023 weltweit 4.149 Dialysekliniken etwa 346.000 Patienten mit Dialysebehandlungen weltweit. Jährlich durchgeführte Dialysebehandlungen: 42,3 Millionen Patientensitzungen.

Region	Anzahl der Dialysekliniken	Patientenabdeckung
Nordamerika	2.561 Kliniken	196.000 Patienten
Europa	622 Kliniken	68.000 Patienten
Asien-Pazifik	666 Kliniken	52.000 Patienten
Lateinamerika	300 Kliniken	30.000 Patienten

Herstellung medizinischer Geräte und Ausrüstung

Jährliche Produktion medizinischer Geräte: 6,4 Milliarden Euro Umsatz. Wichtige Produktionsstätten befinden sich in:

• Vereinigte Staaten
• Deutschland
• China
• Mexiko

Forschung und Entwicklung von Nierenpflegetechnologien

F&E-Investitionen: 392 Millionen Euro im Jahr 2023. Patentportfolio: 1.873 aktive Patente weltweit. Forschungsschwerpunkte:

• Innovationen bei Dialysegeräten
• Bloodline-Technologien
• Entwicklung von Dialysatormembranen
• Digitale Gesundheitslösungen

Globale Bereitstellung von Gesundheitsdienstleistungen

Operative Präsenz in 67 Ländern. Gesamtzahl der Mitarbeiter: 127.226 (Stand 2023). Kennzahlen zur Servicebereitstellung:

Servicekategorie	Jahresvolumen	Marktanteil
Dialysebehandlungen	42,3 Millionen Sitzungen	38 % Weltmarkt
Dialyseprodukte	4,2 Milliarden Euro Umsatz	35 % Weltmarkt

Klinische Ausbildung und medizinische Fachausbildung

Jährliche Schulungsprogramme: 287 Kurse zur beruflichen Weiterentwicklung. Ausgebildete Gesundheitsfachkräfte: 24.600 im Jahr 2023. Zu den Schulungsplattformen gehören:

• Online-Lernmodule
• Persönliche Workshops
• Klinische Simulationszentren
• Sponsoring internationaler Konferenzen

Fresenius Medical Care AG & Co. KGaA (FMS) - Geschäftsmodell: Schlüsselressourcen

Umfangreiches Netzwerk von Dialysezentren weltweit

Ab 2023 ist Fresenius Medical Care tätig 4.149 Dialysekliniken weltweit 48 Länder.

Region	Anzahl der Dialysezentren
Nordamerika	2,610
Europa	637
Lateinamerika	479
Naher Osten und Afrika	238
Asien-Pazifik	185

Fortschrittliche medizinische Technologie und Ausrüstung

Die Investitionen in Medizintechnik und Ausrüstung für 2023 betrugen 634 Millionen Euro.

• 5 große Produktionsstätten weltweit
• Proprietäre Dialysemaschinenmodelle: 2060, 5008, 6008
• Jährliche Produktionskapazität: 50.000 Dialysegeräte

Spezialisierte medizinische Fachkräfte und medizinische Experten

Gesamtzahl der Mitarbeiter ab 2023: 126,163 weltweit.

Professionelle Kategorie	Anzahl der Mitarbeiter
Nephrologen	3,752
Krankenschwestern	47,890
Technisches Personal	36,521

Starkes Portfolio an geistigem Eigentum

Patentportfolio im Jahr 2023: 1.287 aktive Patente.

• Patente für Dialysetechnologie: 876
• Innovationen in der Medizintechnik: 411

Robuste Forschungs- und Entwicklungskapazitäten

F&E-Ausgaben für 2023: 520 Millionen Euro.

F&E-Schwerpunktbereich	Investition
Dialysetechnologie	287 Millionen Euro
Innovation in der Medizintechnik	153 Millionen Euro
Digitale Gesundheitslösungen	80 Millionen Euro

Fresenius Medical Care AG & Co. KGaA (FMS) - Geschäftsmodell: Wertversprechen

Umfassende Lösungen zur Behandlung von Nierenerkrankungen

Fresenius Medical Care bietet ab 2022 in 4.092 Dialysekliniken weltweit Behandlungsdienstleistungen für terminale Niereninsuffizienz (ESRD) an. Das Unternehmen betreut weltweit 347.000 Dialysepatienten.

Behandlungskategorie	Patientenvolumen	Globale Reichweite
Hämodialysepatienten	347,000	62 Länder
Patienten mit Peritonealdialyse	43,000	Nordamerika, Europa, Asien

Hochwertige, patientenzentrierte medizinische Versorgung

Basierend auf unabhängigen Gesundheitsbewertungen erhält das Unternehmen eine Qualitätsbewertung der Patientenversorgung von 4,2/5.

• Durchschnittliche Behandlungszeit pro Patient: 4,2 Stunden
• Patientenzufriedenheit: 88 %
• Verhältnis Pflegepersonal zu Patient: 1:10

Innovative Dialysetechnologien und -therapien

F&E-Investitionen im Jahr 2022: 337 Millionen Euro, Schwerpunkt auf fortschrittlichen Dialysetechnologien.

Technologie	Patentstatus	Marktdurchdringung
5008 CorDiax Dialysegerät	Aktives Patent	73 % der Kliniken
Online-Hämodiafiltration	Proprietäre Technologie	42 Länder

Weltweite Zugänglichkeit von Nierenpflegediensten

Operative Präsenz in 62 Ländern mit 4.092 Dialysekliniken (Stand 2022).

• Nordamerika: 2.100 Kliniken
• Europa: 1.200 Kliniken
• Asien-Pazifik: 600 Kliniken
• Lateinamerika: 192 Kliniken

Personalisierte Behandlungsansätze

Personalisierte Behandlungsprotokolle werden in 87 % der Kliniken implementiert und nutzen fortschrittliche Datenanalysen und patientenspezifische Überwachungssysteme.

Personalisierungsmetrik	Umsetzungsrate	Verwendete Technologie
Individuelle Behandlungspläne	87%	KI-gesteuerte Analyse
Genetische Risikobewertung	64%	Genomisches Screening

Fresenius Medical Care AG & Co. KGaA (FMS) - Geschäftsmodell: Kundenbeziehungen

Langfristiges Patientenversorgungsmanagement

Fresenius Medical Care verwaltet ab 2023 weltweit rund 4.070 Dialysekliniken und betreut weltweit 348.000 Patienten. Das Unternehmen geht von einer durchschnittlichen Behandlungsdauer von 4,2 Jahren pro Patient aus.

Kennzahlen zur Patientenversorgung	Statistik 2023
Gesamtzahl der weltweiten Dialysekliniken	4,070
Gesamtzahl der betreuten Patienten	348,000
Durchschnittliche Behandlungsdauer des Patienten	4,2 Jahre

Personalisierte medizinische Beratungsdienste

Das Unternehmen bietet spezialisierte Beratung durch 125.000 medizinische Fachkräfte in seinem Netzwerk an, mit durchschnittlich 30,5 Beratungsstunden pro Patient pro Jahr.

Digitale Gesundheitsplattformen und Patientenunterstützung

Fresenius investierte im Jahr 2022 88,5 Millionen Euro in digitale Gesundheitstechnologien und entwickelte Plattformen mit folgenden Fähigkeiten:

• Fernüberwachungssysteme für Patienten
• Integration elektronischer Patientenakten
• Telemedizinische Beratungsplattformen

Kontinuierliche medizinische Überwachung und Nachsorge

Das Unternehmen nutzt fortschrittliche Überwachungstechnologien mit einer Genauigkeit der Patientenverfolgung von 97,3 % und führt jährlich etwa 1,4 Millionen Fernuntersuchungen durch.

Schulung und Unterstützung für medizinisches Fachpersonal

Fresenius Medical Care stellt jährlich 45,3 Millionen Euro für Ausbildungsprogramme für medizinisches Fachpersonal bereit und unterstützt 12.500 medizinische Fachkräfte durch spezielle Aufklärungsinitiativen zur Nierenversorgung.

Trainingsprogramm-Metriken	Jahreszahlen
Ausbildungsinvestition	45,3 Millionen Euro
Ausgebildete Fachkräfte	12,500

Fresenius Medical Care AG & Co. KGaA (FMS) - Geschäftsmodell: Kanäle

Eigene Dialysezentren weltweit

Ab 2023 ist Fresenius Medical Care tätig 4.149 Dialysezentren quer 48 Länder. Anzahl der weltweiten Patientenbehandlungen erreicht 347.000 Patienten in ihrem Netzwerk.

Region	Anzahl der Zentren	Patientenabdeckung
Nordamerika	2,586	189.000 Patienten
Europa	882	76.000 Patienten
Asien-Pazifik	481	52.000 Patienten
Lateinamerika	200	30.000 Patienten

Digitale Telegesundheitsplattformen

Fresenius startet NephroCare Connect digitale Plattform mit 87.000 aktive Benutzer im Jahr 2023 und ermöglicht die Fernüberwachung und -verwaltung von Patienten.

Vertriebsnetze für medizinische Geräte

Zu den Vertriebskanälen gehören:

• Direkter Krankenhausverkauf: 2,3 Milliarden Euro Einnahmen
• Vertriebshändler für medizinische Versorgung: 1,7 Milliarden Euro Einnahmen
• Online-Marktplatz für medizinische Geräte: 450 Millionen Euro Einnahmen

Direktverkauf an Gesundheitseinrichtungen

Im Jahr 2023 wurden direkte institutionelle Verkäufe erreicht 4,9 Milliarden EuroZu den wichtigsten Kunden zählen:

Kundentyp	Verkaufsvolumen
Krankenhäuser	2,3 Milliarden Euro
Dialysezentren	1,6 Milliarden Euro
Staatliche Gesundheitssysteme	1,0 Milliarden Euro

Online-Portale zur Patienteneinbindung

Bereitstellung digitaler Engagement-Plattformen 347.000 Patienten mit Funktionen wie:

• Behandlungsverfolgung: 92% Benutzerakzeptanz
• Terminvereinbarung: 85% Benutzerakzeptanz
• Zugriff auf Krankenakten: 78% Benutzerakzeptanz

Fresenius Medical Care AG & Co. KGaA (FMS) - Geschäftsmodell: Kundensegmente

Patienten mit chronischer Nierenerkrankung

Im Jahr 2022 versorgte Fresenius Medical Care ca 346.000 Patienten weltweit mit terminaler Niereninsuffizienz (ESRD).

Region	Patientenpopulation
Nordamerika	125.000 Patienten
Europa	87.000 Patienten
Asien-Pazifik	98.000 Patienten
Lateinamerika	36.000 Patienten

Dialysebehandlungszentren

Fresenius ist tätig 4.149 Dialysezentren weltweit ab 2022.

• Vereinigte Staaten: 2.455 Zentren
• Deutschland: 287 Zentren
• Weitere internationale Märkte: 1.407 Zentren

Fachkräfte im Gesundheitswesen

Fresenius beschäftigt rund 133.000 medizinische Fachkräfte weltweit im Jahr 2022.

Professionelle Kategorie	Anzahl der Fachkräfte
Nephrologen	3,200
Krankenschwestern	68,500
Techniker	41,300
Verwaltungspersonal	20,000

Staatliche Gesundheitssysteme

Fresenius bedient Gesundheitssysteme in 67 Länder Die Erstattungsmodelle variieren je nach Region.

• United States Medicare: Primäre Erstattungsquelle
• Öffentliche Krankenversicherung in Deutschland: Wichtigstes Marktsegment
• Europäische nationale Gesundheitssysteme: Erhebliche Abdeckung

Private Krankenversicherungsanbieter

Fresenius-Verträge mit über 3.500 private Versicherungsanbieter weltweit.

Region	Anzahl privater Versicherer
Nordamerika	1.850 Versicherer
Europa	1.100 Versicherer
Asien-Pazifik	550 Versicherer

Fresenius Medical Care AG & Co. KGaA (FMS) - Geschäftsmodell: Kostenstruktur

Herstellungskosten für medizinische Geräte

Im Jahr 2022 meldete Fresenius Medical Care Gesamtherstellungskosten von 4,53 Milliarden Euro. Die Aufschlüsselung der Herstellungskosten umfasst:

Ausgabenkategorie	Betrag (Mio. €)
Rohstoffkosten	2,150
Direkte Arbeitskosten	1,380
Fertigungsaufwand	1,000

Gehälter für medizinisches Fachpersonal

Der gesamte Personalaufwand belief sich im Jahr 2022 auf 6,7 Milliarden Euro, mit folgender Gehaltsverteilung:

• Dialysetechniker: Durchschnittliches Jahresgehalt 52.000 €
• Nephrologen: Durchschnittliches Jahresgehalt 135.000 €
• Pflegepersonal: Durchschnittliches Jahresgehalt 48.000 €

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben beliefen sich im Jahr 2022 auf insgesamt 438 Millionen Euro, was 3,2 % des Gesamtumsatzes entspricht.

F&E-Schwerpunktbereich	Investition (Mio. €)
Dialysetechnologie	210
Digitale Gesundheitslösungen	128
Klinische Forschung	100

Globale Betriebsinfrastruktur

Die betrieblichen Infrastrukturkosten beliefen sich im Jahr 2022 auf 2,1 Milliarden Euro, darunter:

• Instandhaltung der Anlage: 480 Millionen Euro
• Globale Logistik: 350 Millionen Euro
• IT-Infrastruktur: 270 Millionen Euro
• Compliance- und Regulierungskosten: 200 Millionen Euro

Wartung von Technologie und Innovation

Die Investitionen in Technologieerhaltung und Innovation beliefen sich im Jahr 2022 auf 675 Millionen Euro.

Kategorie „Technologieinvestitionen“.	Betrag (Mio. €)
Digitale Plattform-Upgrades	285
Modernisierung medizinischer Geräte	220
Investitionen in Cybersicherheit	170

Fresenius Medical Care AG & Co. KGaA (FMS) - Geschäftsmodell: Einnahmequellen

Dialysebehandlungsdienste

Im Jahr 2022 erwirtschaftete Fresenius Medical Care einen Gesamtumsatz von 17,9 Milliarden Euro, wobei Dialysebehandlungsleistungen einen erheblichen Teil dieses Umsatzes ausmachten.

Servicekategorie	Umsatz (Mio. €)	Prozentsatz des Gesamtumsatzes
Dialysedienste für Nordamerika	9,543	53.3%
Dialysedienste in der EMEA-Region	3,876	21.6%
Dialysedienste für Lateinamerika	1,987	11.1%
Dialysedienste im asiatisch-pazifischen Raum	2,494	14%

Verkauf medizinischer Geräte

Der Verkauf medizinischer Geräte trug im Jahr 2022 4,5 Milliarden Euro zum Umsatz des Unternehmens bei.

• Dialysegeräte: 2,1 Milliarden Euro
• Dialyseverbrauchsmaterialien: 1,8 Milliarden Euro
• Dialysezubehör: 600 Millionen Euro

Lizenzierung von Gesundheitstechnologie

Die Lizenzierung von Gesundheitstechnologie generierte im Jahr 2022 einen Umsatz von rund 287 Millionen Euro.

Lizenzkategorie	Umsatz (Mio. €)
Lizenzierung der Dialysetechnologie	189
Lizenzierung digitaler Gesundheitslösungen	98

Beratungs- und Schulungsdienstleistungen

Beratungs- und Schulungsdienstleistungen erwirtschafteten im Jahr 2022 einen Umsatz von 156 Millionen Euro.

• Klinische Trainingsprogramme: 87 Millionen Euro
• Managementberatung im Gesundheitswesen: 69 Millionen Euro

Globale Gesundheitsdienstleistungsverträge

Globale Gesundheitsdienstleistungsverträge trugen im Jahr 2022 612 Millionen Euro zum Umsatz des Unternehmens bei.

Vertragstyp	Umsatz (Mio. €)	Geografische Verteilung
Langfristige Verträge für Gesundheitseinrichtungen	398	Nordamerika, Europa
Internationale Gesundheitsmanagementverträge	214	Asien-Pazifik, Lateinamerika

Fresenius Medical Care AG & Co. KGaA (FMS) - Canvas Business Model: Value Propositions

You're looking at the core value Fresenius Medical Care AG & Co. KGaA (FMS) delivers to its stakeholders. It's not just about providing a service; it's about owning the entire ecosystem, from the machine to the chair the patient sits in.

Vertically Integrated Care: Providing both dialysis services and proprietary products.

Fresenius Medical Care AG & Co. KGaA operates as the world's leading vertically integrated kidney care company. This integration means they capture value across the continuum of care delivery and product manufacturing. You see this clearly when you look at their scale in both segments.

Metric	Value	Year/Date	Source Context
Dialyzers Sold	174 M	2024
Hemodialysis Machine Market Share	~50%	2024
Dialysis Treatments Performed	Around 48 M	2024

Global Access to Treatment: Life-sustaining dialysis for ~299,000 patients globally.

The sheer scale of their global footprint is a massive value driver, offering consistency and reach. As of March 31, 2025, Fresenius Medical Care AG & Co. KGaA was treating 299,358 patients across 3,674 dialysis clinics worldwide. This represents life-sustaining care for roughly 299,000 patients globally. That's a massive installed base providing predictable service demand.

Value-Based Kidney Care: Shifting risk to improve patient outcomes and manage costs.

The strategic shift toward Value-Based Care (VBC) in the U.S. is central to their forward strategy. This segment manages risk under contracts with payors, aiming for better patient health at a lower total cost of care. In fiscal year 2024, this segment generated EUR 1.8 billion in revenue in the U.S. alone. For the first quarter of 2025, the Care Delivery U.S. revenue, which includes VBC, grew by 6% year-on-year to EUR 3,302 million, with the growing VBC business cited as a positive impact factor. The Q2 2025 presentation also highlighted that Value-Based Care revenue growth was driven by member months.

High-Quality Clinical Standards: 65% of U.S. centers achieved 3+ star CMS ratings (2023 data).

Quality metrics, as measured by the Centers for Medicare & Medicaid Services (CMS) Star Ratings, underpin trust with payors and patients. The commitment to clinical excellence is a key value proposition:

• 65% of U.S. centers achieved 3+ star CMS ratings (2023 data).
• Patient satisfaction is tracked, with a global patient Net Promoter Score (NPS) of 72 achieved in 2024.

Innovation in Therapy: Rollout of advanced therapies like high-volume HDF.

Fresenius Medical Care AG & Co. KGaA is actively bringing advanced treatment modalities to market, which improves clinical value. The CONVINCE research study demonstrated significant clinical benefit for High-Volume Hemodiafiltration (Hv-HDF), showing a 23% reduction in all-cause mortality compared to high-flux dialysis. The company is executing the U.S. rollout of the enabling 5008X CAREsystem, with a full commercial launch planned for 2026, following the report of the first U.S. chronic dialysis unit implementing high-volume HDF in late 2025.

The value here is offering a superior, evidence-based therapy that promises better longevity for patients.

Finance: draft 13-week cash view by Friday.

Fresenius Medical Care AG & Co. KGaA (FMC) - Canvas Business Model: Customer Relationships

You're looking at how Fresenius Medical Care AG & Co. KGaA (FMC) manages its relationships with the people and institutions it serves. It's a mix of direct, high-touch care and sophisticated B2B contracting, all underpinned by a massive global footprint.

Personalized Care: Integrated and personalized care models for chronic patients.

Fresenius Medical Care AG & Co. KGaA (FMC) is shifting its focus toward integrated, outcome-oriented care, especially in the U.S. market, which is reflected in the new Value-Based Care (VBC) segment, established as of June 1, 2025. This segment is designed to manage the long-term care for chronic kidney disease (CKD) and end-stage renal disease (ESRD) patients by aligning incentives with better health results, such as reducing hospital admissions and encouraging home dialysis transitions. The company's commitment to personalized, high-quality treatment is supported by clinical evidence from its own studies.

Here's a snapshot of the scale and focus areas driving these relationships as of mid-2025:

Metric	Value (As of March 31, 2025, unless noted)	Context
Patients Treated Worldwide	299,358	Directly cared for by Fresenius Medical Care AG & Co. KGaA (FMC)
Dialysis Clinics Global Network	3,674	The physical touchpoints for patient care delivery
Projected U.S. Annual Patient Growth (2025-2035)	2 plus percent	Indicates expected growth in the core relationship base
HVHDF Mortality Reduction (CONVINCE Study)	4.4%	Reduction over 2.5 years with High-Volume Hemodiafiltration (HVHDF) therapy

The company's aspiration is to lift renal care to the next level using digitalization, data analytics, and artificial intelligence to move from reactive to preventive healthcare. This involves monitoring each patient's wellbeing with algorithms to forecast the future and intervene as early as possible.

Dedicated Clinic Staff: Direct, high-touch interaction in the Care Delivery segment.

The Care Delivery segment is where the most direct, high-touch relationship occurs. This involves the day-to-day interaction between patients and the dedicated clinical staff across the global network of clinics. The sheer scale of this operation means that consistency in care quality is a major focus for maintaining patient trust. The company measures this relationship quality directly through global satisfaction scores.

Key indicators of the relationship environment include:

• Global patient Net Promoter Score (NPS) of 72 in 2024 (unchanged from 2023).
• Total employees globally as of March 31, 2025: 112,035 (headcount).
• The company cares for approximately 4.2 million patients worldwide who regularly undergo dialysis treatment, positioning Fresenius Medical Care AG & Co. KGaA (FMC) as the leading provider.

Honestly, maintaining a high NPS score across nearly 3,700 clinics is a testament to the frontline staff's daily efforts.

Account Management: B2B relationships with hospitals and independent dialysis centers.

For B2B customer relationships, Fresenius Medical Care AG & Co. KGaA (FMC) engages with hospitals and independent providers both through direct service delivery and through its Care Enablement segment, which supplies products to others. The newer Value-Based Care (VBC) segment, which focuses on contracting and performance management, represents a key evolution in this B2B relationship, moving toward shared risk and reward with payors and partners.

The relationship structure involves deep integration with external healthcare providers:

Relationship Aspect	Metric/Detail	Year/Date
Value-Based Care Partner Nephrologists	2,200 partner nephrologists	2024
Value-Based Care Revenue	1.8 billion euros	2024
Global Dialysis Market Size Estimate	€80 to €84 billion	2024
Product Sales Reach	Customers in more than 140 countries	Current

The Strategic Procurement Team manages the acquisition interface, focusing on quality, service, and total cost when cultivating partnerships with suppliers, which is an extension of their B2B relationship management philosophy.

Tech-Enabled Engagement: Digital platforms for patient communication and monitoring.

Digital platforms are crucial for keeping patients and care teams connected, allowing for continuous monitoring of medical outcomes and user experience. Fresenius Medical Care AG & Co. KGaA (FMC) uses proprietary informatics and patient engagement tools to support its VBC models and general patient management. The company has a history of deploying these tools to enhance access and continuity of care.

The digital engagement tools include:

• PatientHub app: Used predominantly in the U.S. market.
• MyCompanion app: Available across 23 countries in Europe, Africa, Asia-Pacific, and Latin America.
• Remote Telehealth Visits (U.S. only): Almost 250,000 recorded between patients, care teams, and physicians.
• Combined Active App Users (PatientHub/MyCompanion): More than 25,000 as of December 2022.

These platforms give users real-time access to treatment data, supporting the shift toward holistic home care solutions powered by AI advancements.

Fresenius Medical Care AG & Co. KGaA (FMS) - Canvas Business Model: Channels

You're looking at how Fresenius Medical Care AG & Co. KGaA gets its services and products to the people who need them, which is quite a global operation, honestly.

Dialysis Clinic Network: Primary channel for B2C service delivery.

The physical clinic network remains the backbone for in-center dialysis service delivery. As of March 31, 2025, Fresenius Medical Care AG & Co. KGaA treated approximately 299,358 patients across a global network of 3,674 dialysis clinics. This is slightly down from the year-end 2024 figure of roughly 3,700 clinics caring for over 299,000 patients. In the United States, the company serves over 190,000 patients, operating within a market where Fresenius Medical Care AG & Co. KGaA and DaVita control about 70% of the dialysis centers. The in-center modality still dominates the US market, accounting for 75.6% of the market share in 2024. The estimated size of the global dialysis market in 2024 was between €80 billion and €84 billion.

Here's a quick look at the scale of the Care Delivery channel as of early 2025:

Metric	Value (As of Q1 2025 or latest reported)	Scope
Global Dialysis Patients Cared For	299,358	As of March 31, 2025
Global Dialysis Clinics	3,674	As of March 31, 2025
US Patients Served	Over 190,000	Current estimate
US In-Center Market Share (2024)	75.6%	Market Segment Share

Direct Sales Force: For B2B sales of dialysis equipment and consumables (Care Enablement).

The Care Enablement segment handles the distribution of healthcare products and equipment, which relies on a commercial operation and sales force to reach customers. Fresenius Medical Care AG & Co. KGaA sells its dialysis products to customers in more than 140 countries. This segment also encompasses manufacturing and R&D activities. For context on the product side, R&D expenditure in 2024 corresponded to 4% of the company's health care product revenue. The company's vertical integration means this sales force also supplies the company's own clinics.

Home Dialysis Programs: Direct delivery of equipment and supplies to patient homes.

The push toward home dialysis is a key channel strategy, offering flexibility and potentially better outcomes. In the US market, in-home dialysis centers are projected to grow at the fastest Compound Annual Growth Rate (CAGR) of 7.0% from 2025 to 2030. This aligns with the ambition, though challenging, set forth by US initiatives to shift a high percentage of End-Stage Renal Disease (ESRD) patients to home treatment before 2025. Fresenius Medical Care AG & Co. KGaA has been actively expanding its home dialysis program, announcing such an expansion in a key European market in July 2022.

Key aspects of the home treatment channel include:

• In-home segment CAGR (US, 2025-2030) projected at 7.0%.
• The company is a leading player in the Home Dialysis Machines market.
• The strategy aims to support earlier interventions to prevent kidney failure.

Value-Based Care Platforms: Digital and clinical networks like InterWell Health.

The Value-Based Care (VBC) segment, officially created as a reportable segment on June 1, 2025, is a critical channel for managing the total cost of care for chronic kidney disease patients outside of traditional fee-for-service models. The core of this channel is InterWell Health (IWH), which resulted from a three-way merger announced in 2022. Fresenius Medical Care AG & Co. KGaA recently reinforced this channel by investing EUR 312 million in September 2025 to increase its ownership stake in IWH by buying out non-physician investors. IWH is partnering with over 2,200 nephrologists in the US.

The financial performance and scale of this channel are significant:

InterWell Health demonstrated strong performance, generating €1,035 million in revenue for the first half of 2025 (H1 2025), showing a 23.5% revenue growth. The initial merger projected that by 2025, IWH would manage more than 270,000 covered lives and have $11 billion in costs under management, up from $6 billion and 100,000 lives previously. This strategic expansion significantly increased the total addressable market in the US from about $50 billion to approximately $170 billion.

Finance: draft 13-week cash view by Friday.

Fresenius Medical Care AG & Co. KGaA (FMS) - Canvas Business Model: Customer Segments

The customer segments for Fresenius Medical Care AG & Co. KGaA are diverse, spanning direct patient care, business-to-business product sales, and relationships with the entities that finance the care.

ESRD Patients: Individuals requiring life-sustaining dialysis treatment.

Fresenius Medical Care AG & Co. KGaA directly cares for a significant portion of the global dialysis population. As of March 31, 2025, the company was serving approximately 299,358 patients across its global network of 3,674 dialysis clinics. This patient base is the core of the Care Delivery segment. The company estimates that around 4.2 million patients worldwide regularly undergo dialysis treatment, positioning its direct patient base as a substantial, but not total, market share of those needing the service. Looking forward, the global market for dialysis patients is projected to see an average annual growth of 4 to 5 percent between 2025 and 2035. In the U.S. specifically, the patient number growth is projected at 2 plus percent in the same timeframe. For context on the U.S. market as of March 31, 2025, there are 7,556 dialysis centers treating over 500,000 patients for dialysis, with about 433,400 receiving in-center treatment and 78,400 at home.

CKD Patients (Stages 3-5): Focus on early intervention through the Value-Based Care segment.

A key focus area is the earlier management of Chronic Kidney Disease (CKD) through the Value-Based Care segment, which was formally introduced as a reportable segment as of June 1, 2025. This segment targets patients before they reach End-Stage Renal Disease (ESRD). The revenue performance shows rapid adoption; for the first half of 2025, this segment saw a 23.5% increase in revenue. More recently, in the third quarter of 2025, Value-Based Care revenue grew by 27% (or 31% at constant currency) to €1,611 million. To illustrate the scale of this focus, in 2024, this segment served over 130,000 patient lives and worked with more than 2,000 nephrologists, generating approximately €1.8 billion in revenue that year. The strategic ambition in this area, established earlier, targeted managing care for over 270,000 people with kidney disease by 2025.

The scale of the Value-Based Care segment's financial contribution relative to the whole is important to track:

Metric	Time Period	Value
Value-Based Care Revenue	Q3 2025	€1,611 million
Value-Based Care Revenue Growth (Organic)	Q3 2025	31%
Care Delivery Revenue	Q1 2025	€3,857 million
Care Enablement Revenue	Q3 2025	€4,075 million

Other Healthcare Providers: Hospitals and independent dialysis centers purchasing products (B2B).

The Care Enablement segment serves other healthcare providers by supplying products, equipment, and related services. This segment is vertically integrated with the company's own clinics but also sells externally. For instance, in the third quarter of 2025, Care Enablement revenue reached €4,075 million. In 2024, the Care Enablement products business generated €5,557 million in revenue. Fresenius Medical Care AG & Co. KGaA is a major supplier in the MedTech space, holding around a 50% share in the hemodialysis machines market and selling approximately 174 million dialyzers in 2024. The company sells its healthcare products to customers in more than 140 countries.

Government/Commercial Payors: Insurers and state-funded programs covering treatment costs.

Government payors are a critical customer segment because they fund a significant portion of the services provided. For the nine months ended September 30, 2025, approximately 16% of the company's consolidated revenue came from U.S. federally-funded healthcare benefit programs like Medicare and Medicaid. This is consistent with the figure for the six months ended June 30, 2025, which was approximately 17%. Reimbursement rates set by the Centers for Medicare & Medicaid Services (CMS) directly impact revenue realization. For calendar year 2025, the proposed U.S. ESRD PPS (Prospective Payment System) base rate was $273.82. Legislative changes to these rates represent a direct financial risk to the revenue stream from this segment. The company's ability to manage a favorable payor mix is noted as a positive impact on Care Delivery U.S. revenue in Q1 2025.

You should keep a close eye on the CMS proposed rate for CY 2026, which CMS anticipated would result in a payment increase of 1.9% to ESRD facilities.

Fresenius Medical Care AG & Co. KGaA (FMS) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Fresenius Medical Care AG & Co. KGaA (FMS) engine, which is heavily weighted toward service delivery and manufacturing. The cost structure reflects a vertically integrated model where a significant portion of spending supports the global clinic network and product supply chain.

Personnel Costs

Labor is a major component here, supporting the care of hundreds of thousands of patients. As of June 30, 2025, Fresenius Medical Care had a global headcount of 112,445 employees, up from 111,513 at the end of 2024. These costs cover the essential nurses, technicians, and physicians running the clinics.

• The development of operating income in Q1 2025 was negatively impacted by higher personnel expenses, which developed in line with expectations.
• As of December 31, 2024, 1,384 employees were dedicated to Research & Development worldwide.

Operating Expenses

These are the day-to-day costs of keeping the lights on and the machines running across the massive global footprint. The prompt specifies costs for running 3,674 global clinics, though as of June 30, 2025, Fresenius Medical Care operated 3,676 dialysis clinics worldwide. For the full year 2024, Total Operating Expenses were reported at $4.41 billion.

Cost of Goods Sold

This category covers the manufacturing and distribution expenses for the dialysis products Fresenius Medical Care sells both internally to its clinics and externally to other providers. Based on 2024 figures, this is the largest single cost component. Here's a quick look at the 2024 financial breakdown, which sets the baseline for 2025 costs:

Metric (2024)	Amount (USD millions)	Source Context
Total Revenue	$20,010	Change of 24.1% over 10 years
Total Gross Profit	$4,920
Inferred Cost of Goods Sold	$15,090	Calculated as Revenue minus Gross Profit

Transformation Costs

Fresenius Medical Care is investing heavily in its FME25+ transformation program to optimize its operating structure. The total one-time investment anticipated for the entire program, which is targeted to run until the end of 2027, is set between EUR 1,000 million to EUR 1,050 million. For the current fiscal year 2025, the company specifically assumed related one-time costs in the range of EUR 100 million to EUR 150 million.

• The FME25+ program targets a cumulative total of €1.05 billion of sustainable savings by the end of 2027.
• In Q3 2025 alone, related one-time costs (special items) for the transformation program amounted to EUR 41 million.

R&D Investment

Funding research and development is intrinsic to the growth strategy, focusing on improving renal therapies and developing new products like the 5008X high-volume hemodiafiltration machine, which is anticipated for a U.S. launch by year-end 2025. While a specific 2025 absolute spend isn't immediately clear, the commitment is shown through investment focus and personnel.

• In 2024, R&D expenditure was 4% of the company's health care product revenue.
• The patent portfolio at the end of 2024 comprised some 9,529 property rights across approximately 1,586 patent families.
• Fresenius Medical Care Ventures makes targeted investments in start-ups across diagnostics, therapies, and digital solutions.

Finance: review the Q3 2025 operating cash flow margin of 11.3% against the 2024 COGS percentage to project 2026 product cost leverage by next Tuesday.

Fresenius Medical Care AG & Co. KGaA (FMS) - Canvas Business Model: Revenue Streams

You're looking at how Fresenius Medical Care AG & Co. KGaA actually brings in the money, which is critical for understanding its valuation. Honestly, it's all about the volume of patients and the services provided, plus the growing shift to value-based models. Here's the quick math on the streams we see as of late 2025, based on the latest reports.

The core revenue generation is split across its operating segments, which now explicitly include Value-Based Care as a distinct unit. The 2024 revenue base for the current year's guidance was quite substantial.

Revenue Stream Component	Most Recent Reported Period Figure	Context/Segment
2024 Revenue Base for 2025 Outlook	EUR 19,336 million	Full Year 2024 Reported Revenue
Value-Based Care Premiums (VBC)	EUR 1,035 million	Q2 2025 Revenue for VBC Segment
Dialysis Services Revenue (Care Delivery)	EUR 3,857 million	Q1 2025 Revenue for Care Delivery Segment
Product Sales Revenue (Care Enablement)	EUR 1,367 million	Q1 2025 Revenue for Care Enablement Segment

Dialysis Services Revenue is the bread and butter, covering the fees for every in-center and home dialysis treatment you know they provide. The Care Delivery segment brought in EUR 3,857 million in the first quarter of 2025, showing the ongoing scale of their care delivery operations.

Product Sales Revenue, which falls under Care Enablement, represents the sales of the necessary hardware and supplies. For the first quarter of 2025, this stream generated EUR 1,367 million. This segment benefits from the vertical integration, selling machines and consumables to their own clinics and external customers.

Value-Based Care Premiums are becoming a more distinct and important revenue stream, reflecting the shift to performance-based contracts. In the second quarter of 2025 alone, this segment generated EUR 1,035 million. To give you a sense of scale, the U.S. VBC business generated EUR 1.8 billion in revenue for the full year 2024.

Pharmaceutical Sales revenue is typically embedded within the service or product segments, but the focus remains on the major buckets. You won't find a standalone Pharma Sales number that cleanly separates from the others in the primary reporting structure, but the overall segment performance reflects the entire value chain.

The 2025 Outlook confirms management's expectation for revenue growth to be positive to a low-single digit percent rate when compared to the 2024 figure of EUR 19,336 million. This suggests continued, albeit modest, top-line expansion this year, defintely a sign of stabilization.

• 2024 Full Year Revenue Base: EUR 19,336 million.
• Expected 2025 Revenue Growth Rate: Positive to a low-single digit percent rate.
• Q2 2025 VBC Revenue: EUR 1,035 million.
• 2024 U.S. VBC Revenue: EUR 1.8 billion.
• Q1 2025 Care Delivery Revenue: EUR 3,857 million.

Finance: draft 13-week cash view by Friday.