Fresenius Medical Care AG & Co. KGAA (FMS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No complexo mundo da saúde global, Fresenius Medical Care AG & Co. KGAA é uma força pioneira no tratamento de doenças renais, transformando vidas através de tecnologias inovadoras de diálise e cuidados abrangentes centrados no paciente. Com um modelo de negócios robusto que abrange os continentes e integra soluções médicas de ponta, essa gigante da saúde se posicionou estrategicamente como líder em atendimento renal, oferecendo serviços abrangentes que atendem às necessidades críticas de pacientes, profissionais de saúde e instituições médicas em todo o mundo. Descubra como a tela comercial exclusiva da Fresenius Medical Care impulsiona a inovação médica e a acessibilidade global da saúde.

Fresenius Medical Care AG & Co. KGAA (FMS) - Modelo de negócios: Parcerias -chave

Aliança estratégica com profissionais de saúde e clínicas de diálise em todo o mundo

A Fresenius Medical Care mantém parcerias com 4.132 clínicas de diálise globalmente a partir de 2023. A empresa opera em 51 países da América do Norte, Europa, América Latina, Oriente Médio, África e Regiões da Ásia-Pacífico.

Região	Número de clínicas de diálise	Tratamentos de pacientes
América do Norte	2,455	1.376.000 tratamentos anuais
Europa	812	456.000 tratamentos anuais
Mercados internacionais	865	385.000 tratamentos anuais

Colaboração com empresas médicas e empresas farmacêuticas

Fresenius Medical Care colabora com 37 parceiros farmacêuticos e de tecnologia médica, investindo € 146,5 milhões em pesquisa e desenvolvimento em 2022.

• Principais parceiros farmacêuticos: Roche, Novartis, AstraZeneca
• Colaborações de tecnologia médica: Siemens Healthineers, Philips Healthcare

Parcerias com instituições de pesquisa

A empresa mantém parcerias de pesquisa com 12 principais instituições de pesquisa acadêmica e médica, incluindo a Harvard Medical School e a Mayo Clinic.

Instituição de pesquisa	Área de foco	Duração da colaboração
Escola de Medicina de Harvard	Pesquisa de doenças renais	5 anos
Clínica Mayo	Inovação tecnológica de diálise	3 anos

Joint ventures em mercados emergentes

Fresenius Medical Care estabeleceu 4 joint ventures significativos Nos mercados emergentes:

• China: Parceria com a Chindex International (€ 58 milhões de investimentos)
• Índia: joint venture com a Max Healthcare (investimento de 42 milhões de euros)
• Brasil: colaboração com o DASA Diagnostics (€ 35 milhões de investimentos)
• Oriente Médio: Parceria com o Emirates Healthcare Group (investimento de 26 milhões de euros)

Parcerias da cadeia de suprimentos com fabricantes de equipamentos médicos

A Companhia estabeleceu parcerias com 22 fabricantes de equipamentos médicos, com um valor total de compras da cadeia de suprimentos de 2,3 bilhões de euros em 2022.

Fabricante	Categoria de equipamento	Valor anual de compras
Baxter International	Máquinas de diálise	€ 512 milhões
Fresenius Kabi	Consumíveis médicos	€ 385 milhões
B. Braun	Acessórios médicos	276 milhões de euros

Fresenius Medical Care AG & Co. KGAA (FMS) - Modelo de negócios: Atividades -chave

Tratamento de diálise e serviços de cuidados renais

A Fresenius Medical Care opera 4.149 clínicas de diálise em todo o mundo a partir de 2023. A empresa fornece Aproximadamente 346.000 pacientes com tratamentos de diálise globalmente. Tratamentos anuais de diálise realizados: 42,3 milhões de sessões de pacientes.

Região	Número de clínicas de diálise	Cobertura do paciente
América do Norte	2.561 clínicas	196.000 pacientes
Europa	622 Clínicas	68.000 pacientes
Ásia-Pacífico	666 Clínicas	52.000 pacientes
América latina	300 clínicas	30.000 pacientes

Manufatura de dispositivos médicos e equipamentos

Produção anual de dispositivos médicos: 6,4 bilhões de euros em receita. Principais instalações de fabricação localizadas em:

• Estados Unidos
• Alemanha
• China
• México

Pesquisa e desenvolvimento de tecnologias de atendimento renal

Investimento de P&D: € 392 milhões em 2023. Portfólio de patentes: 1.873 patentes ativas em todo o mundo. Áreas de foco de pesquisa:

• Inovações de máquinas de diálise
• Tecnologias da linha de sangue
• Desenvolvimento da membrana do dialisador
• Soluções de Saúde Digital

Prestação de serviços de saúde global

Presença operacional em 67 países. Total de funcionários: 127.226 a partir de 2023. Métricas de prestação de serviços:

Categoria de serviço	Volume anual	Quota de mercado
Tratamentos de diálise	42,3 milhões de sessões	38% de mercado global
Produtos de diálise	Receita de 4,2 bilhões de euros	35% de mercado global

Educação Profissional de Treinamento Clínico e Saúde

Programas anuais de treinamento: 287 cursos de desenvolvimento profissional. Profissionais de saúde treinados: 24.600 em 2023. As plataformas de treinamento incluem:

• Módulos de aprendizado on -line
• Workshops pessoais
• Centros de simulação clínica
• Patrocínios da Conferência Internacional

Fresenius Medical Care AG & Co. KGAA (FMS) - Modelo de negócios: Recursos -chave

Extensa rede de centros de diálise globalmente

A partir de 2023, Fresenius Medical Care opera 4.149 clínicas de diálise em todo o mundo 48 países.

Região	Número de centros de diálise
América do Norte	2,610
Europa	637
América latina	479
Oriente Médio e África	238
Ásia-Pacífico	185

Tecnologia Médica Avançada e Equipamento

O investimento em tecnologia e equipamento médico para 2023 foi € 634 milhões.

• 5 principais instalações de fabricação globalmente
• Modelos de máquina de diálise proprietária: 2060, 5008, 6008
• Capacidade anual de produção: 50.000 máquinas de diálise

Profissionais de saúde especializados e especialistas médicos

Total de funcionários a partir de 2023: 126,163 mundialmente.

Categoria profissional	Número de funcionários
Nefrologistas	3,752
Enfermeiras	47,890
Equipe técnica	36,521

Portfólio de propriedade intelectual forte

Portfólio de patentes em 2023: 1.287 patentes ativas.

• Patentes tecnológicas de diálise: 876
• Inovações de dispositivos médicos: 411

Capacidades robustas de pesquisa e desenvolvimento

Despesas de P&D para 2023: € 520 milhões.

Área de foco em P&D	Investimento
Tecnologia de diálise	287 milhões de euros
Inovação de dispositivos médicos	€ 153 milhões
Soluções de Saúde Digital	€ 80 milhões

Fresenius Medical Care AG & Co. KGAA (FMS) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes de tratamento de doenças renais

O atendimento médico de Fresenius fornece serviços de tratamento de doenças renais (DRT) em estágio terminal em 4.092 clínicas de diálise em todo o mundo a partir de 2022. A empresa gerencia 347.000 pacientes em diálise em todo o mundo.

Categoria de tratamento	Volume do paciente	Alcance global
Pacientes com hemodiálise	347,000	62 países
Pacientes com diálise peritoneal	43,000	América do Norte, Europa, Ásia

Cuidados médicos centrados no paciente e alta qualidade

A empresa mantém a classificação de qualidade de atendimento ao paciente de 4,2/5 com base em avaliações independentes de saúde.

• Tempo médio de tratamento por paciente: 4,2 horas
• Taxa de satisfação do paciente: 88%
• Razão de enfermagem para paciente: 1:10

Tecnologias e terapias inovadoras

Investimento em P&D em 2022: € 337 milhões, com foco em tecnologias avançadas de diálise.

Tecnologia	Status de patente	Penetração de mercado
5008 Máquina de diálise Cordiax	Patente ativa	73% das clínicas
Hemodiafiltração on -line	Tecnologia proprietária	42 países

Acessibilidade global de serviços de atendimento renal

Presença operacional em 62 países com 4.092 clínicas de diálise a partir de 2022.

• América do Norte: 2.100 clínicas
• Europa: 1.200 clínicas
• Ásia-Pacífico: 600 Clínicas
• América Latina: 192 Clínicas

Abordagens de tratamento personalizadas

Protocolos de tratamento personalizados implementados em 87% das clínicas, utilizando análise de dados avançada e sistemas de monitoramento específicos para pacientes.

Métrica de personalização	Taxa de implementação	Tecnologia usada
Planos de tratamento individualizados	87%	Análise orientada a IA
Avaliação de risco genético	64%	Triagem genômica

Fresenius Medical Care AG & Co. KGAA (FMS) - Modelo de Negócios: Relacionamentos do Cliente

Gerenciamento de atendimento ao paciente de longo prazo

O atendimento médico de Fresenius gerencia aproximadamente 4.070 clínicas de diálise globalmente a partir de 2023, atendendo a 348.000 pacientes em todo o mundo. A empresa mantém uma duração média do tratamento do paciente de 4,2 anos por paciente.

Métricas de atendimento ao paciente	2023 Estatísticas
Total Global Diálise Clínicas	4,070
Pacientes totais atendidos	348,000
Duração média do tratamento do paciente	4,2 anos

Serviços personalizados de consulta médica

A empresa fornece consulta especializada através de 125.000 profissionais de saúde em toda a sua rede, com uma média de 30,5 horas de consulta por paciente anualmente.

Plataformas de saúde digital e suporte do paciente

Fresenius investiu € 88,5 milhões em tecnologias de saúde digital em 2022, desenvolvendo plataformas com os seguintes recursos:

• Sistemas de monitoramento de pacientes remotos
• Integração eletrônica de registro de saúde
• Plataformas de consulta de telemedicina

Monitoramento médico contínuo e acompanhamento

A Companhia utiliza tecnologias avançadas de monitoramento com uma taxa de precisão de rastreamento de pacientes de 97,3%, realizando aproximadamente 1,4 milhão de verificações de saúde remota anualmente.

Treinamento e suporte profissional de saúde

A Fresenius Medical Care aloca € 45,3 milhões anualmente para programas de treinamento profissional em saúde, apoiando 12.500 profissionais médicos por meio de iniciativas especializadas em educação renal.

Métricas do Programa de Treinamento	Números anuais
Investimento de treinamento	€ 45,3 milhões
Profissionais treinados	12,500

Fresenius Medical Care AG & Co. KGAA (FMS) - Modelo de Negócios: Canais

Centros de diálise proprietários em todo o mundo

A partir de 2023, Fresenius Medical Care opera 4.149 centros de diálise entre 48 países. A contagem global de tratamento de pacientes alcançou 347.000 pacientes em sua rede.

Região	Número de centros	Cobertura do paciente
América do Norte	2,586	189.000 pacientes
Europa	882	76.000 pacientes
Ásia-Pacífico	481	52.000 pacientes
América latina	200	30.000 pacientes

Plataformas digitais de telessaúde

Fresenius foi lançado NEFROCARE CONNECT plataforma digital com 87.000 usuários ativos Em 2023, permitindo monitoramento e gerenciamento remotos de pacientes.

Redes de distribuição de equipamentos médicos

Os canais de distribuição incluem:

• Vendas diretas do hospital: 2,3 bilhões de euros receita
• Distribuidores de suprimentos médicos: € 1,7 bilhão receita
• Mercado de equipamentos médicos on -line: € 450 milhões receita

Vendas diretas para instituições de saúde

Em 2023, as vendas institucionais diretas alcançaram € 4,9 bilhões, com os principais clientes, incluindo:

Tipo de cliente	Volume de vendas
Hospitais	2,3 bilhões de euros
Centros de diálise	€ 1,6 bilhão
Sistemas de saúde do governo	€ 1,0 bilhão

Portais de engajamento de pacientes online

Plataformas de engajamento digital Servindo 347.000 pacientes com recursos incluindo:

• Rastreamento de tratamento: 92% adoção do usuário
• Agendamento de compromissos: 85% adoção do usuário
• Acesso ao registro médico: 78% adoção do usuário

Fresenius Medical Care AG & Co. KGAA (FMS) - Modelo de negócios: segmentos de clientes

Pacientes com doença renal crônica

A partir de 2022, o atendimento médico de Fresenius serviu aproximadamente 346.000 pacientes globalmente com doença renal em estágio final (DRT).

Região	População de pacientes
América do Norte	125.000 pacientes
Europa	87.000 pacientes
Ásia-Pacífico	98.000 pacientes
América latina	36.000 pacientes

Centros de tratamento de diálise

Fresenius opera 4.149 centros de diálise em todo o mundo a partir de 2022.

• Estados Unidos: 2.455 centros
• Alemanha: 287 centros
• Outros mercados internacionais: 1.407 centros

Profissionais de saúde

Fresenius emprega Aproximadamente 133.000 profissionais de saúde globalmente em 2022.

Categoria profissional	Número de profissionais
Nefrologistas	3,200
Enfermeiras	68,500
Técnicos	41,300
Equipe administrativo	20,000

Sistemas de saúde do governo

Fresenius serve sistemas de saúde em 67 países com modelos de reembolso variando por região.

• Estados Unidos Medicare: fonte de reembolso primário
• Alemanha Seguro de Saúde Pública: Segmento de Mercado -chave
• Sistemas nacionais de saúde europeia: cobertura significativa

Provedores privados de seguro de saúde

Fresenius contrata Mais de 3.500 provedores de seguros privados globalmente.

Região	Número de seguradoras particulares
América do Norte	1.850 seguradoras
Europa	1.100 seguradoras
Ásia-Pacífico	550 seguradoras

Fresenius Medical Care AG & Co. KGAA (FMS) - Modelo de negócios: estrutura de custos

Despesas de fabricação de equipamentos médicos

Em 2022, a Fresenius Medical Care reportou custos totais de fabricação de 4,53 bilhões de euros. A quebra das despesas de fabricação inclui:

Categoria de despesa	Valor (milhões de euros)
Custos de matéria -prima	2,150
Custos diretos de mão -de -obra	1,380
Manufatura de sobrecarga	1,000

Salários profissionais de saúde

O total de despesas de pessoal para 2022 foi de € 6,7 bilhões, com a seguinte distribuição salarial:

• Técnicos de diálise: salário médio anual € 52.000
• Nefrologistas: salário médio anual € 135.000
• Equipe de enfermagem: salário médio anual € 48.000

Investimentos de pesquisa e desenvolvimento

As despesas de P&D em 2022 totalizaram 438 milhões de euros, representando 3,2% da receita total.

Área de foco em P&D	Investimento (milhões de euros)
Tecnologia de diálise	210
Soluções de Saúde Digital	128
Pesquisa clínica	100

Infraestrutura operacional global

Os custos de infraestrutura operacional para 2022 totalizaram 2,1 bilhões de euros, incluindo:

• Manutenção da instalação: € 480 milhões
• Logística Global: € 350 milhões
• Infraestrutura de TI: 270 milhões de euros
• Conformidade e despesas regulatórias: € 200 milhões

Manutenção de tecnologia e inovação

Os investimentos em manutenção e inovação em tecnologia em 2022 atingiram € 675 milhões.

Categoria de investimento em tecnologia	Valor (milhões de euros)
Atualizações da plataforma digital	285
Modernização de equipamentos médicos	220
Investimentos de segurança cibernética	170

Fresenius Medical Care AG & Co. KGAA (FMS) - Modelo de negócios: fluxos de receita

Serviços de tratamento de diálise

Em 2022, a Fresenius Medical Care gerou € 17,9 bilhões em receita total, com os serviços de tratamento de diálise representando uma parcela significativa dessa receita.

Categoria de serviço	Receita (milhões de euros)	Porcentagem da receita total
Serviços de diálise da América do Norte	9,543	53.3%
Serviços de diálise da região da EMEA	3,876	21.6%
Serviços de diálise da América Latina	1,987	11.1%
Serviços de diálise da Ásia-Pacífico	2,494	14%

Vendas de equipamentos médicos

As vendas de equipamentos médicos contribuíram com 4,5 bilhões de euros para a receita da empresa em 2022.

• Máquinas de diálise: € 2,1 bilhões
• Diálise consumíveis: € 1,8 bilhão
• Acessórios de diálise: € 600 milhões

Licenciamento de tecnologia de saúde

O licenciamento de tecnologia da saúde gerou aproximadamente 287 milhões de euros em receita para 2022.

Categoria de licenciamento	Receita (milhões de euros)
Licenciamento de tecnologia de diálise	189
Licenciamento de soluções de saúde digital	98

Serviços de consultoria e treinamento

Os serviços de consultoria e treinamento geraram 156 milhões de euros em receita em 2022.

• Programas de treinamento clínico: € 87 milhões
• Consultoria em Gerenciamento de Cuidados de Saúde: € 69 milhões

Contratos globais de serviço de saúde

Os contratos globais de serviços de saúde contribuíram com € 612 milhões para a receita da empresa em 2022.

Tipo de contrato	Receita (milhões de euros)	Distribuição geográfica
Contratos de instalações de saúde de longo prazo	398	América do Norte, Europa
Contratos internacionais de gerenciamento de saúde	214	Ásia-Pacífico, América Latina

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.