DaVita Inc: BofA Conference takes: volumes expected to continue to ramp

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DaVita Inc: BofA Conference takes: volumes expected to continue to ramp

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DaVita Inc

BofA Conference takes: volumes expected

to continue to ramp

Maintain Rating: UNDERPERFORM | PO: 145.00 USD | Price: 200.54 USD

Positive tone on outlook 12 May 2026

We sat down with Joel Ackerman, CFO and Nic Eliason, VP, of DaVita (DVA) at our Health Equity

Care Conference. Overall, the tone of the presentation was positive as the company was

Kevin Fischbeck, CFA

confident that it would be able to continue to build on recent momentum to bring Research Analyst

organic volume growth back to 2% by 2029. We maintain Underperform given the weak BofAS +1 646 855 5948

volume growth but are encouraged by the positive volume comments. kevin.fischbeck@bofa.com

Joanna Gajuk

Research AnalystDVA sees 3-year trajectory back to LT growth targets BofAS

Despite continued mortality headwinds, DVA expects to return to their targeted +2% vol +1 646 855 3961

growth by 2029. In Q1 the company raised its volume outlook from flat to +25 to joanna.gajuk@bofa.com

+50bps, with about half of that due to picking up volumes from FMC closing sites. FMC Joaquin Arriagada Martinez Research Analyst

should be done closing its sites by Q2, so there was no benefit in Q1, but a growing BofAS

impact in Q2 and fully impact in Q3 (implying another y/y benefit of 10bps in 2027 from +1joaquin.arriagadamartinez@bofa.com646 855 1654

annualizing the impact). In addition to this, the company saw another 20bps which it Katie FitzGerald

attributed to improved mortality. Of note, DVA didn’t believe that the mortality Research Analyst

BofAS

improvement is purely from flu, because although flu was down y/y in 2026, flu was still +1 646 556 2930

above average vs the past 15 years. katie.fitzgerald@bofa.com