DaVita Inc. closed on two acquisitions Tuesday and announced that its adjusted net income for the first quarter of 2017 fell 19 percent year over year because of a variety of headwinds.
The Denver-based kidney-care provider (NYSE: DVA) announced it had completed its acquisition of Lakewood-based Renal Ventures Management LLC that it first announced in August 2015. The $415 million purchase landed DaVita 38 new kidney-care centers in six states, though it has had to divest seven of those locations as part of the deal.
DaVita also completed its buyout of WellHealth Quality Care, a multi-specialty medical group with a network of 3,000 providers across 11 locations in southern Nevada, for an undisclosed price. Vijay Kotte, chief financial officer for DaVita Medical Group, said Tuesday that the company is looking for smaller acquisition opportunities in existing markets.
Meanwhile, adjusted operating income for the first quarter of the year fell from $190 million and 92 cents per share during the first three months of 2016 to $154 million and 79 cents per share in the first quarter of 2017.
Read more at the Denver Business Journal: http://bit.ly/2oXPnTR