DaVita Down 15% After Supreme Court Ruling -- Update
22 June 2022 - 5:34AM
Dow Jones News
By Josh Beckerman
DaVita Inc. shares were down 15% at $75.84 after an unfavorable
U.S. Supreme Court decision.
The stock opened at $90.36, up from Friday's close of $89.48,
and was briefly paused due to volatility Tuesday morning.
The dialysis services company sued Marietta Memorial Hospital
Employee Health Benefit Plan, arguing that the plan's limited
coverage for outpatient dialysis violated the Medicare Secondary
Payer statute.
The decision said, "we agree with petitioner Marietta" that it
didn't violate the statute. The court reversed the judgment of the
U.S. Court of Appeals for the Sixth Circuit and remanded the case
for further proceedings.
DaVita Chief Executive Javier Rodriguez said in a statement that
"alongside the kidney care community, we are deeply disappointed by
today's Supreme Court decision to upend an important protection for
Americans with chronic kidney failure." He added that "dialysis
patients deserve better, and we'll continue to advocate for patient
choice in care and coverage."
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
June 21, 2022 15:19 ET (19:19 GMT)
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