Dialysis provider DaVita raises full-year profit outlook, shares rise

(Reuters) - Dialysis firm DaVita raises its full-year 2023 adjusted profit per share outlook after beating quarterly revenue estimates, on the back of strong demand, sending shares up nearly 6% in extended trading.

DaVita provides kidney care services to patients in the United States through a network of outpatient clinics and at-home dialysis services.

Like German rival Fresenius Medical Care, DaVita downplayed concerns over GLP-1 weight loss drugs shrinking the market for kidney care and said it does not see a meaningful long-term impact to operating income growth targets.

The Colorado-based company raised its fiscal 2023 adjusted profit in the range of $7.80 to $8.30 per share from a prior forecast of $7.00 to $7.80. Average analysts' estimate was profit of $7.10 per share.

The company posted quarterly revenue of $3.12 billion, ahead of analysts' estimates of $3.02 billion, according to LSEG data.

Excluding items, the company reported a profit of $2.85 per share.

(Reporting by Vaibhav Sadhamta in Bengaluru; Editing by Krishna Chandra Eluri)