FMCQF - Fresenius Medical Care AG (FMS) Q1 2024 Earnings Call Transcript

2024-05-07 14:53:15 ET

Fresenius Medical Care AG (FMS)

Q1 2024 Earnings Conference Call

May 7, 2024 08:00 AM ET

Company Participants

Dominik Heger - Head, IR

Helen Giza - CEO and Chair

Martin Fischer - CFO

Conference Call Participants

Richard Felton - Goldman Sachs

Victoria Lambert - Berenberg

James Vane-Tempest - Jefferies

Veronika Dubajova - Citi

Graham Doyle - UBS

Lisa Clive - Bernstein

Robert Davies - Morgan Stanley

Hugo Solvet - Exane BNP Paribas

Oliver Metzger - ODDO BHF

Falko Friedrichs - Deutsche Bank

Presentation

Dominik Heger

Thank you, Alice. Good afternoon or good morning, depending on where you are. I would like to welcome you to our Earnings Call for the First Quarter of this year. We appreciate you joining us today.

I will, as always, start out the call by mentioning our cautionary language that is in our Safe Harbor statement as well as in our presentation and in all the materials that we have distributed earlier today.

For further details concerning risks and uncertainties, please refer to these documents as well as to our SEC filings. As we have only 60 minutes for the call, we have prepared a short presentation to leave time for questions.

As always, we would like to limit the number of questions to two in order to give everyone the chance to ask. Should there be further questions and time left, we are more than happy to do a second round.

With us today is Helen Giza, our CEO and Chair of the Management Board; and Martin Fischer, our CFO. Helen will start with an update on the major developments and Martin will provide a review of the financial performance in the first quarter. Then we are happy to take your questions.

With that, Helen, the floor is yours.

Helen Giza

Thank you, Dominik. Welcome everyone. Thank you for joining our presentation today and for your continued interest in Fresenius Medical Care.

I will begin my prepared remarks on Slide 4. I'm pleased to report that we continue to make tangible progress on both our transformation and our turnaround efforts. We are meaningfully advancing toward our 2025 group margin target band. The progress is visible in both of our operating segments.

Care Delivery, the first quarter was marked by important leadership changes and organizational improvements. As you know, Craig Cordola, our new Head of Care Delivery, officially started on the 1st of January. A key priority for his first 100 days was to implement a new organizational structure and leadership team for his business and focus on holistic end-to-end process improvements....

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