Fresenius Medical Care Ag & Co. KGAA (FMS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde complexe des soins de santé mondiaux, Fresenius Medical Care AG & Le Co. KGAA est une force pionnière dans le traitement des maladies rénales, transformant des vies grâce à des technologies de dialyse innovantes et à des soins complets centrés sur le patient. Avec un modèle commercial robuste qui couvre les continents et intègre des solutions médicales de pointe, ce géant des soins de santé s'est stratégiquement positionné en tant que leader des soins rénaux, offrant des services complets qui répondent aux besoins critiques des patients, des professionnels de la santé et des établissements médicaux du monde entier. Découvrez comment la toile commerciale unique de Fresenius Medical Care anime l'innovation médicale et l'accessibilité des soins de santé mondiale.

Fresenius Medical Care Ag & Co. KGAA (FMS) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec les prestataires de soins de santé et les cliniques de dialyse du monde entier

Fresenius Medical Care maintient des partenariats avec 4 132 cliniques de dialyse dans le monde en 2023. La société opère dans 51 pays d'Amérique du Nord, d'Europe, d'Amérique latine, du Moyen-Orient, d'Afrique et d'Asie-Pacifique.

Région	Nombre de cliniques de dialyse	Traitements des patients
Amérique du Nord	2,455	1 376 000 traitements annuels
Europe	812	456 000 traitements annuels
Marchés internationaux	865	385 000 traitements annuels

Collaboration avec la technologie médicale et les sociétés pharmaceutiques

Fresenius Medical Care collabore avec 37 partenaires de technologie pharmaceutique et médicale, investissant 146,5 millions d'euros en recherche et développement en 2022.

• Partners pharmaceutiques clés: Roche, Novartis, Astrazeneca
• Collaborations en technologie médicale: Siemens Healthineers, Philips Healthcare

Partenariats avec les institutions de recherche

La société maintient des partenariats de recherche avec 12 principaux établissements de recherche universitaires et médicaux, notamment la Harvard Medical School et Mayo Clinic.

Institution de recherche	Domaine de mise au point	Durée de collaboration
École de médecine de Harvard	Recherche rénale	5 ans
Clinique de mayo	Innovation technologique de dialyse	3 ans

Coentreprises sur les marchés émergents

Fresenius Medical Care a établi 4 coentreprises importantes Dans les marchés émergents:

• Chine: partenariat avec Chindex International (58 millions d'investissement)
• Inde: coentreprise avec Max Healthcare (42 millions d'investissement)
• Brésil: collaboration avec DASA Diagnostics (35 millions d'euros d'investissement)
• Moyen-Orient: partenariat avec Emirates Healthcare Group (26 millions d'euros d'investissement)

Partenariats de la chaîne d'approvisionnement avec les fabricants d'équipements médicaux

La société a établi des partenariats avec 22 fabricants d'équipements médicaux, avec une valeur d'approvisionnement en chaîne d'approvisionnement totale de 2,3 milliards d'euros en 2022.

Fabricant	Catégorie d'équipement	Valeur d'achat annuelle
Baxter International	Machines de dialyse	512 millions d'euros
Fresenius Kabi	Consommables médicaux	385 millions d'euros
B. Braun	Accessoires médicaux	276 millions d'euros

Fresenius Medical Care Ag & Co. KGAA (FMS) - Modèle d'entreprise: activités clés

Traitement de dialyse et services de soins rénaux

Fresenius Medical Care exploite 4 149 cliniques de dialyse dans le monde en 2023. La société fournit Environ 346 000 patients atteints de traitements de dialyse dans le monde. Traitements annuels de dialyse effectués: 42,3 millions de séances de patients.

Région	Nombre de cliniques de dialyse	Couverture des patients
Amérique du Nord	2 561 cliniques	196 000 patients
Europe	622 cliniques	68 000 patients
Asie-Pacifique	666 cliniques	52 000 patients
l'Amérique latine	300 cliniques	30 000 patients

Fabrication médicale des dispositifs et des équipements

Production annuelle des dispositifs médicaux: 6,4 milliards d'euros de revenus. Installations de fabrication clés situées dans:

• États-Unis
• Allemagne
• Chine
• Mexique

Recherche et développement des technologies de soins rénaux

Investissement en R&D: 392 millions d'euros en 2023. Portefeuille de brevets: 1 873 brevets actifs dans le monde. Les domaines d'intérêt de la recherche:

• Innovations de la machine de dialyse
• Bloodline Technologies
• Développement de la membrane des dialyseurs
• Solutions de santé numérique

Prestation de services de santé mondiale

Présence opérationnelle dans 67 pays. Total des employés: 127 226 à partir de 2023. Métriques de prestation de services:

Catégorie de service	Volume annuel	Part de marché
Traitements de dialyse	42,3 millions de sessions	38% du marché mondial
Produits de dialyse	4,2 milliards d'euros de revenus	35% du marché mondial

Formation clinique et éducation professionnelle de la santé

Programmes de formation annuels: 287 cours de développement professionnel. Professionnels de la santé formés: 24 600 en 2023. Les plateformes de formation comprennent:

• Modules d'apprentissage en ligne
• Ateliers en personne
• Centres de simulation clinique
• Parrainages de la conférence internationale

Fresenius Medical Care Ag & Co. KGAA (FMS) - Modèle d'entreprise: Ressources clés

Réseau étendu de centres de dialyse dans le monde entier

En 2023, Fresenius Medical Care opère 4 149 cliniques de dialyse dans le monde entier 48 pays.

Région	Nombre de centres de dialyse
Amérique du Nord	2,610
Europe	637
l'Amérique latine	479
Moyen-Orient et Afrique	238
Asie-Pacifique	185

Technologie et équipement médicaux avancés

L'investissement dans la technologie médicale et l'équipement pour 2023 était 634 millions d'euros.

• 5 principales installations de fabrication dans le monde entier
• Modèles de machine de dialyse propriétaire: 2060, 5008, 6008
• Capacité de production annuelle: 50 000 machines de dialyse

Professionnels de la santé spécialisés et experts médicaux

Total des employés à partir de 2023: 126,163 mondial.

Catégorie professionnelle	Nombre d'employés
Néphrologues	3,752
Infirmières	47,890
Personnel technique	36,521

Portfolio de propriété intellectuelle solide

Portefeuille de brevets en 2023: 1 287 brevets actifs.

• Brevets technologiques de dialyse: 876
• Innovations des dispositifs médicaux: 411

Capacités de recherche et de développement robustes

Dépenses de R&D pour 2023: 520 millions d'euros.

Zone de focus R&D	Investissement
Technologie de dialyse	287 millions d'euros
Innovation des dispositifs médicaux	153 millions d'euros
Solutions de santé numérique	80 millions d'euros

Fresenius Medical Care Ag & Co. KGAA (FMS) - Modèle d'entreprise: propositions de valeur

Solutions complètes de traitement des maladies rénales

Fresenius Medical Care fournit des services de traitement des maladies rénales en phase terminale (ESRD) dans 4 092 cliniques de dialyse dans le monde en 2022. La société gère 347 000 patients en dialyse dans le monde.

Catégorie de traitement	Volume de patient	Portée mondiale
Patiens d'hémodialyse	347,000	62 pays
Patiens de dialyse péritonéale	43,000	Amérique du Nord, Europe, Asie

Soins médicaux de haute qualité et centrés sur le patient

La société maintient une note de qualité des soins aux patients de 4,2 / 5 sur la base d'évaluations indépendantes des soins de santé.

• Temps de traitement moyen par patient: 4,2 heures
• Taux de satisfaction des patients: 88%
• Ratio infirmière / patient: 1:10

Technologies et thérapies de dialyse innovantes

Investissement en R&D en 2022: 337 millions d'euros, en se concentrant sur les technologies avancées de dialyse.

Technologie	Statut de brevet	Pénétration du marché
Machine de dialyse Cordiax 5008	Brevet actif	73% des cliniques
Hémodiafiltration en ligne	Technologie propriétaire	42 pays

Accessibilité mondiale des services de soins rénaux

Présence opérationnelle dans 62 pays avec 4 092 cliniques de dialyse en 2022.

• Amérique du Nord: 2 100 cliniques
• Europe: 1 200 cliniques
• Asie-Pacifique: 600 cliniques
• Amérique latine: 192 cliniques

Approches de traitement personnalisées

Protocoles de traitement personnalisés mis en œuvre dans 87% des cliniques, en utilisant l'analyse avancée des données et les systèmes de surveillance spécifiques aux patients.

Métrique de personnalisation	Taux de mise en œuvre	Technologie utilisée
Plans de traitement individualisés	87%	Analytiques axées sur l'IA
Évaluation des risques génétiques	64%	Dépistage génomique

Fresenius Medical Care Ag & Co. KGAA (FMS) - Modèle d'entreprise: relations clients

Gestion des soins aux patients à long terme

Fresenius Medical Care gère environ 4 070 cliniques de dialyse dans le monde en 2023, desservant 348 000 patients dans le monde. L'entreprise maintient une durée moyenne de traitement du patient de 4,2 ans par patient.

Métriques des soins aux patients	2023 statistiques
Cliniques totales de dialyse mondiale	4,070
Les patients totaux ont servi	348,000
Durée moyenne du traitement du patient	4,2 ans

Services de consultation médicale personnalisés

La société offre une consultation spécialisée par le biais de 125 000 professionnels de la santé à travers son réseau, avec une moyenne de 30,5 heures de consultation par patient par an.

Plateformes de santé numérique et soutien aux patients

Fresenius a investi 88,5 millions d'euros dans les technologies de santé numérique en 2022, développant des plateformes avec les capacités suivantes:

• Systèmes de surveillance des patients à distance
• Intégration des dossiers de santé électronique
• Plateformes de consultation de télémédecine

Surveillance médicale continue et suivi

L'entreprise utilise des technologies de surveillance avancées avec un taux de précision de suivi des patients de 97,3%, effectuant environ 1,4 million de bilans de santé à distance par an.

Formation et soutien professionnel de la santé

Fresenius Medical Care alloue 45,3 millions d'euros par an pour les programmes de formation professionnelle de la santé, soutenant 12 500 professionnels de la santé grâce à des initiatives spécialisées d'éducation des soins rénaux.

Métriques du programme de formation	Chiffres annuels
Investissement en formation	45,3 millions d'euros
Professionnels formés	12,500

Fresenius Medical Care Ag & Co. KGAA (FMS) - Modèle d'entreprise: canaux

Centres de dialyse propriétaire du monde entier

En 2023, Fresenius Medical Care opère 4 149 centres de dialyse à travers 48 pays. Le nombre de traitements du patient mondial atteint 347 000 patients dans leur réseau.

Région	Nombre de centres	Couverture des patients
Amérique du Nord	2,586	189 000 patients
Europe	882	76 000 patients
Asie-Pacifique	481	52 000 patients
l'Amérique latine	200	30 000 patients

Plateformes de télésanté numérique

Fresenius lancé Nephrocare Connect plate-forme numérique avec 87 000 utilisateurs actifs en 2023, permettant la surveillance et la gestion à distance des patients.

Réseaux de distribution d'équipements médicaux

Les canaux de distribution comprennent:

• Ventes hospitalières directes: 2,3 milliards d'euros revenu
• Distributeurs de l'offre médicale: 1,7 milliard d'euros revenu
• Marketplace des équipements médicaux en ligne: 450 millions d'euros revenu

Ventes directes vers les institutions de soins de santé

En 2023, les ventes institutionnelles directes ont atteint 4,9 milliards d'euros, avec des clients clés, notamment:

Type de client	Volume des ventes
Hôpitaux	2,3 milliards d'euros
Centres de dialyse	1,6 milliard d'euros
Systèmes de santé gouvernementaux	1,0 milliard d'euros

Portails d'engagement des patients en ligne

Plates-formes de fiançailles numériques. 347 000 patients avec des fonctionnalités comprenant:

• Suivi du traitement: 92% adoption des utilisateurs
• Planification de rendez-vous: 85% adoption des utilisateurs
• Accès aux enregistrements médicaux: 78% adoption des utilisateurs

Fresenius Medical Care Ag & Co. KGAA (FMS) - Modèle d'entreprise: segments de clientèle

Patients atteints d'une maladie rénale chronique

En 2022, les soins médicaux de Fresenius ont servi à peu près 346 000 patients dans le monde avec une maladie rénale terminale (ESRD).

Région	Population de patients
Amérique du Nord	125 000 patients
Europe	87 000 patients
Asie-Pacifique	98 000 patients
l'Amérique latine	36 000 patients

Centres de traitement de dialyse

Fresenius fonctionne 4 149 centres de dialyse dans le monde En 2022.

• États-Unis: 2 455 centres
• Allemagne: 287 centres
• Autres marchés internationaux: 1 407 centres

Professionnels de la santé

Fresenius emploie Environ 133 000 professionnels de la santé À l'échelle mondiale en 2022.

Catégorie professionnelle	Nombre de professionnels
Néphrologues	3,200
Infirmières	68,500
Techniciens	41,300
Personnel administratif	20,000

Systèmes de santé gouvernementaux

Fresenius sert des systèmes de soins de santé dans 67 pays avec des modèles de remboursement variant selon la région.

• États-Unis Medicare: source de remboursement primaire
• Assurance maladie publique allemande: segment de marché clé
• Systèmes de santé nationaux européens: couverture importante

Fournisseurs d'assurance de soins de santé privés

Fresenius contracte avec Plus de 3 500 assureurs privés à l'échelle mondiale.

Région	Nombre d'assureurs privés
Amérique du Nord	1 850 assureurs
Europe	1 100 assureurs
Asie-Pacifique	550 assureurs

Fresenius Medical Care Ag & Co. KGAA (FMS) - Modèle d'entreprise: Structure des coûts

Frais de fabrication d'équipements médicaux

En 2022, Fresenius Medical Care a déclaré des coûts de fabrication totaux de 4,53 milliards d'euros. La ventilation des dépenses de fabrication comprend:

Catégorie de dépenses	Montant (€ millions)
Coût des matières premières	2,150
Coûts de main-d'œuvre directes	1,380
Fabrication des frais généraux	1,000

Salaires professionnels de la santé

Les dépenses totales du personnel pour 2022 étaient de 6,7 milliards d'euros, avec la distribution de salaire suivante:

• Techniciens de dialyse: salaire annuel moyen 52 000 €
• Néphrologues: salaire annuel moyen 135 000 €
• Personnel infirmier: salaire annuel moyen 48 000 €

Investissements de recherche et développement

Les dépenses de la R&D en 2022 ont totalisé 438 millions d'euros, ce qui représente 3,2% des revenus totaux.

Zone de focus R&D	Investissement (€ millions)
Technologie de dialyse	210
Solutions de santé numérique	128
Recherche clinique	100

Infrastructure opérationnelle mondiale

Les coûts d'infrastructure opérationnelle pour 2022 s'élevaient à 2,1 milliards d'euros, notamment:

• Entretien des installations: 480 millions d'euros
• Logistique mondiale: 350 millions d'euros
• Infrastructure informatique: 270 millions d'euros
• Compciliation et dépenses réglementaires: 200 millions d'euros

Maintenance de la technologie et de l'innovation

La maintenance technologique et les investissements en innovation en 2022 ont atteint 675 millions d'euros.

Catégorie d'investissement technologique	Montant (€ millions)
Mises à niveau de la plate-forme numérique	285
Modernisation des équipements médicaux	220
Investissements en cybersécurité	170

Fresenius Medical Care Ag & Co. KGAA (FMS) - Modèle d'entreprise: Strots de revenus

Services de traitement de dialyse

En 2022, Fresenius Medical Care a généré 17,9 milliards d'euros de revenus totaux, les services de traitement de dialyse représentant une partie importante de ces revenus.

Catégorie de service	Revenus (millions d'euros)	Pourcentage du total des revenus
Services de dialyse en Amérique du Nord	9,543	53.3%
Services de dialyse de la région EMEA	3,876	21.6%
Services de dialyse en Amérique latine	1,987	11.1%
Services de dialyse en Asie-Pacifique	2,494	14%

Ventes d'équipements médicaux

Les ventes d'équipements médicaux ont contribué 4,5 milliards d'euros aux revenus de l'entreprise en 2022.

• Machines de dialyse: 2,1 milliards d'euros
• Consommables en dialyse: 1,8 milliard d'euros
• Accessoires de dialyse: 600 millions d'euros

Licence de technologie de santé

Les licences sur la technologie des soins de santé ont généré environ 287 millions d'euros de revenus pour 2022.

Catégorie de licence	Revenus (millions d'euros)
Licence de technologie de dialyse	189
Licence de solutions de santé numérique	98

Services de conseil et de formation

Les services de conseil et de formation ont généré 156 millions d'euros de revenus en 2022.

• Programmes de formation clinique: 87 millions d'euros
• Conseil de gestion des soins de santé: 69 millions d'euros

Contrats de services de santé mondiaux

Les contrats de services de santé mondiaux ont contribué 612 millions d'euros aux revenus de la société en 2022.

Type de contrat	Revenus (millions d'euros)	Distribution géographique
Contrats à long terme des établissements de santé	398	Amérique du Nord, Europe
Contrats internationaux de gestion des soins de santé	214	Asie-Pacifique, Amérique latine

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.