Fresenius Medical Care AG & Co. KGaA (FMS) Stock Analysis & Winston Score

Fresenius Medical Care is the world's largest provider of kidney dialysis services and equipment. It runs thousands of dialysis clinics where patients with kidney failure come in several times a week to have their blood cleaned by machines. The company also makes and sells the dialysis machines, filters, and fluids used in those treatments. Fresenius Medical Care earns money two ways: by charging patients and insurers for dialysis treatments at its clinics, and by selling dialysis products to hospitals and other care providers. It operates in over 40 countries, with a large portion of revenue coming from the United States, where government programs like Medicare pay for most dialysis care. Its size gives it a cost advantage, but the business faces real pressure from U.S. reimbursement rate changes, since government decisions about how much to pay per treatment directly affect how much money the company makes.