Shares of DaVita (NYSE: DVA) tanked in morning trading on Friday as the provider of dialysis services and integrated health care delivery and management services lowered its outlook for FY22.
The company now expects adjusted earnings to come in the range of $6.20 to $6.70 per share versus its prior guidance between $7.50 and $8.50 per share.
DaVita reported revenues of $2.95 billion, up 0.3% year-over-year, and missed consensus estimates by $30 million.
Adjusted earnings came in at $1.45 per diluted share but fell short of Street estimates of $1.77 per share.
DaVita’s CEO, Javier Rodriguez commented, “The third quarter was a challenging quarter for us. Like others in the healthcare community, negative volume trends due to COVID and continued labor pressure impacted our financial performance more than expected.”
