German healthcare company Fresenius Medical Care has reported net income of €187m ($202.7m) for the second quarter (Q2) of 2024, up by 33% year-on-year (YoY) from €140m ($151.8m) in Q2 2023.

The company's basic earnings per share (EPS) also saw a 33% increase to €0.64 from €0.48 in the same quarter of last year, while its revenue fell by 1% YoY to €4.76bn.

Fresenius' operating income rose by 19% year-on-year to €425m in Q2 2024, or 21% at constant currency rates.

The company's free cash flow for the quarter was €289m, down from €852m in Q2 2023.

Its operating cash flow was also affected, amounting to €442m in the quarter compared with €1.007bn a year earlier.

This was primarily due to a €407m impact from changes in vendors following a cyber incident at Change Healthcare. 

For the first half (H1) of 2024, Fresenius Medical Care's net income increased by 14% from €227m to €258m, with its EPS also rising by 14% to €0.88.

The company's revenue stood at €9.49bn, with a 0% change at constant currency but a 3% increase on an organic basis from €9.52bn in H1 2023.

Revenue for its Care Delivery unit fell by 1% to €7.55bn, with a 2% growth in the US and a 14% decrease internationally, while its Care Enablement unit's revenue increased by 1% to €2.66bn.

Fresenius Medical Care CEO Helen Giza said: “In the second quarter, we further improved our financial performance while executing against our strategic plan and the company transformation.

“This quarter is another important proof point for the operational turnaround as we remain focused to deliver on our targets.”

For the full year, Fresenius expects its revenue to increase in the low-to-mid single digit range against the previous year, while its operating income is anticipated to grow by a mid to high-teen percent rate.