Press Release

Media Contact
Matthias Link
T +49 6172 609-2872
matthias.link@fresenius.com
Fresenius Medical Care North America
Katherine Dobbs
T +1 781 699-9039
katherine.dobbs@fmc-na.com
Contact for analysts and investors
Dr. Dominik Heger
T +49 6172 609-2601
dominik.heger@fmc-ag.com
www.freseniusmedicalcare.com

February 26, 2019

Fresenius Medical Care completes acquisition of NxStage Medical
Fresenius Medical Care, the world’s largest provider of dialysis products and services, has
successfully completed the acquisition of NxStage Medical, Inc. (NxStage), followingapproval by antitrust authorities in the United States.
NxStage develops, produces and markets an innovative product portfolio of medical
devices for use in home dialysis and critical care. The acquisition will enable Fresenius
Medical Care to leverage its manufacturing, supply chain and marketing competencies
across the dialysis products, services and Care Coordination businesses in a less laborand capital-intensive care setting.
“The closing of this transaction is an important milestone in enhancing our patients’choice of dialysis treatment modality,” said Rice Powell, Chief Executive Officer ofFresenius Medical Care. “By combining NxStage’s capabilities with our broad product andservice offering, we can help patients to live even more independently. In addition tobroadening our product portfolio, this acquisition positions Fresenius Medical Care tobenefit from the growing trend toward home-based therapies.”
Bill Valle, Chief Executive Officer of Fresenius Medical Care North America, said: “It’s agreat pleasure to welcome our new NxStage colleagues. With their strong culture ofinnovation and transformation, they will help us to realize our vision of delivering accessto superior patient care and outcomes in a lower-cost-of-care home setting to all thePage 1/3

patients we care for. We are excited to execute on a strategy that is good for patients,
the healthcare system and us.”
NxStage, which just like Fresenius Medical Care North America has its headquarters in
the Boston, Massachusetts area, was founded in 1998 and has approximately 3,800
employees worldwide. In 2017, NxStage delivered USD 394 million in revenue.
The company now expects lower total integration costs of around EUR 50 to EUR 75
million over the three years following the closing of the transaction1. The table below
provides the estimated effects of the NxStage acquisition on Fresenius Medical Careexcluding these integration costs. The company assumes the full year effect ofincremental intangible assets amortization to be in the range of EUR 70 to 80 million for
the first two years, then drop to EUR 45 to 55 million thereafter. The company will
update those numbers after a detailed assessment, if required.
Revenues provided in the table below are lower than the historical reported revenues of
NxStage due to the elimination of Fresenius Medical Care’s contribution to theserevenues, upon consolidation. Operating income is expected to improve from 2020
onwards due to realization of the anticipated synergies from the acquisition.
All effects from the NxStage acquisition are excluded from the company’s communicatedtargets 2019 and 2020.
EUR million2

1220192020

Revenue

240 to 260

310 to 330

Operating income (EBIT)(30) to (20)

20 to 30

Interest(75) to (65)(85) to (75)

Net Income(75) to (65)(40) to (30)

The total integration costs are lower than previously communicated mainly due to costs that will beconsidered pre-merger expenses of NxStage, certain other costs that qualify for purchase accounting or as
capital expenditures and previously recognized transaction and legal costs.
The numbers are excluding effects from the implementation of IFRS 16 and excluding integration costs. 2019
estimates cover the period starting on February 21, 2019 (closing date) until year-end 2019.

Fresenius Medical Care is the world's largest provider of products and services for individuals withrenal diseases of which around 3.4 million patients worldwide regularly undergo dialysis treatment.
Through its network of 3,928 dialysis clinics, Fresenius Medical Care provides dialysis treatmentsfor 333,331 patients around the globe. Fresenius Medical Care is also the leading provider ofdialysis products such as dialysis machines or dialyzers. Along with the core business, the company
focuses on expanding the range of related medical services in the field of Care Coordination.
Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock
Exchange (FMS).

Page 2/3

For more information visit the Company’s website at www.freseniusmedicalcare.com.
DisclaimersThis release contains forward-looking statements that are subject to various risks anduncertainties. Actual results could differ materially from those described in these forward-looking
statements due to various factors, including, but not limited to, changes in business, economic andcompetitive conditions, legal changes, regulatory approvals, results of clinical studies, foreignexchange rate fluctuations, uncertainties in litigation or investigative proceedings, and theavailability of financing. These and other risks and uncertainties are detailed in Fresenius MedicalCare AG & Co. KGaA's reports filed with the U.S. Securities and Exchange Commission. Fresenius
Medical Care AG & Co. KGaA does not undertake any responsibility to update the forward-looking
statements in this release.

Page 3/3