DVAMEDIUM SIGNALFINANCIAL10-K

DVA reported a 20% decline in net income while expanding its international footprint and patient base across multiple care settings.

The earnings decline signals margin pressure despite operational expansion, which could indicate rising costs or reimbursement challenges in the dialysis industry. However, the company's continued international growth and expanded integrated care patient base suggest DVA is successfully diversifying its revenue streams and geographic presence.

Comparing 2026-02-11 vs 2025-02-13View on EDGAR →
FINANCIAL ANALYSIS

DVA's financial position shows mixed signals with net income declining 20% to $746.8M, indicating operational headwinds. However, the balance sheet reflects business expansion with accounts receivable growing 12.5% to $2.4B and inventory increasing 19.4% to $160.6M, consistent with the company's international growth from 509 to 585 centers. The modest decline in cash to $676.4M suggests continued investment in growth initiatives while maintaining adequate liquidity.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-20.2%
$936.3M→$746.8M

Net income declined 20.2% — review whether driven by operations, interest costs, or non-recurring items.

Inventory
Balance Sheet
+19.4%
$134.6M→$160.6M

Inventory built 19.4% — monitor whether demand supports this build or if write-downs may follow.

Cash & Equivalents
Balance Sheet
-14.9%
$794.9M→$676.4M

Cash decreased 14.9% — monitor burn rate and upcoming capital needs.

Accounts Receivable
Balance Sheet
+12.5%
$2.1B→$2.4B

Receivables grew 12.5% — monitor days sales outstanding for collection efficiency.

LANGUAGE CHANGES
NEW — 2026-02-11
PRIOR — 2025-02-13
ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 50 Item 7A.
We care for patients at every stage and setting along their kidney health journey from slowing the progression of kidney disease to helping support transplantation.
In addition, as of December 31, 2025 , our international operations provided dialysis and administrative services to a total of 585 outpatient dialysis centers located in 14 countries outside of the U.S., serving approximately 94,500 patients.
integrated kidney care (IKC) business provided integrated care and disease management services to 66,000 patients in risk-based integrated care arrangements and to an additional 9,400 patients in other integrated care arrangements across the United States as of December 31, 2025 .
In addition to our teammates at our dialysis facilities, both our domestic and our international Chief Medical Officers lead comprehensive teams of nephrologists in our physician leadership teams as part of our domestic and international Office of the Chief Medical Officer (OCMO), respectively.
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REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 57 Item 7A.
We care for patients at every stage and setting along their kidney health journey from earlier diagnosis and prevention through supporting the transplant process.
In addition, as of December 31, 2024, our international operations provided dialysis and administrative services to a total of 509 outpatient dialysis centers located in 13 countries outside of the U.S., serving approximately 80,300 patients.
integrated kidney care (IKC) business provided integrated care and disease management services to 70,400 patients in risk-based integrated care arrangements and to an additional 11,600 patients in other integrated care arrangements across the United States as of December 31, 2024.
Following a pause in refreshed Star Ratings in October 2020 and October 2021 due to the COVID-19 pandemic, CMS reset the baseline with the October 2023 Star Rating release to reflect current performance and provide clinical differentiation through newly defined cutoff values.
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