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Fresenius Medical Care's third quarter net income rises slightly

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Dialysis provider Fresenius Medical Care reported that net income for the third quarter of 2013 rose 1% to $273 million. The company said during a conference call this morning that it is aiming for a net income this year at the low end of its 2013 target range of $1.1 billion to $1.15 billion.

"As indicated after the second quarter we expected the second half of the year to be stronger to achieve our guidance for 2013," said Rice Powell, chief executive officer of Fresenius Medical Care. "And there is no doubt that we need a very strong fourth quarter to get there. We will continue to grow our business and expand our renal network, and with this we will be best positioned for future success.”

(Health care spending to grow an average of 5.8% annually through 2022)

Operating income for the third quarter decreased 2% to $557 million, compared to $568 million in the same quarter last year. Third-quarter operating income for the North America division decreased 1% to $416 million, compared to $420 million in the quarter of 2012.

Net revenue for the third quarter of 2013 increased 7% to $3,666 million (+8% at constant currency) compared to the third quarter of 2012. Dialysis services revenue grew 8% to $2,813 million (+9% at constant currency) and dialysis product revenue increased 5% to $853 million (+4% at constant currency). Organic revenue grew 6% worldwide.

“Given the economic challenges we continue to face, we can be satisfied with our business performance in the third quarter, specifically with the strong organic revenue growth of 6%," Powell said.

Third quarter revenue for the North America division increased 8% to $2,436 million. Dialysis services revenue grew 9% to $2,224 million with a same-store treatment grew 3.5%. Dialysis product revenue increased 5% to $212 million. Organic revenue grew 6%.

International revenue increased 5% to $1,222 million (+6% at constant currency). Dialysis services revenue increased 5% to $589 million (+8% at constant currency). Dialysis product revenue increased 5% to $633 million (+4% at