Improving Health, Health Care and Quality of Life

DaVita 4th Quarter 2008 Results
PRNewswire-FirstCall
EL SEGUNDO, Calif.

DaVita Inc. today announced results for the quarter and year ended December 31, 2008. Net income for the three months ended December 31, 2008 was $98.4 million, or $0.94 per share, as compared to $85.7 million, or $0.79 per share, for the same period of 2007.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020729/DAVITALOGO)

Net income for the year ended December 31, 2008 was $374.2 million, or $3.53 per share, as compared to $340.3 million, or $3.17 per share, for the same period of 2007, excluding after-tax gains from insurance settlements, after-tax gains on the sale of investment securities and the valuation gain on the Company's alliance and product supply agreement with Gambro Renal Products. Net income for the year ended December 31, 2007 including these items was $381.8 million, or $3.55 per share.

Financial and operating highlights include:

-- Cash Flow: For the year ended December 31, 2008 operating cash flow was $556 million and free cash flow was $451 million. For the three months ended December 31, 2008 operating cash flow was $184 million and free cash flow was $145 million.

-- Operating Income: Operating income for the three months ended December 31, 2008 was $212 million as compared to $195 million for 2007. Operating income for the year ended December 31, 2008 was $822 million, as compared to $800 million for the same period of 2007, excluding pre-tax gains from insurance settlements of $6.8 million and the pre-tax valuation gain on the Company's product supply agreement with Gambro Renal Products of $55 million. Operating income for the year ended December 31, 2007 including these items was $862 million.

-- Volume: Total treatments for the fourth quarter of 2008 were 4,172,468, or 52,484 treatments per day, representing a per day increase of 4.9% over the fourth quarter of 2007. Non-acquired treatment growth in the quarter was 4.0% over the prior year's fourth quarter.

-- Effective Tax Rate: The effective tax rate was 37.7% and 38.6% for the three and twelve months ended December 31, 2008, respectively. The 2008 effective tax rate included certain one time benefits. We are projecting our 2009 effective tax rate to be in a range of 39.5% to 40.5%.

-- Share Repurchases: During the fourth quarter of 2008, and for the year ended December 31, 2008, we repurchased a total of 1,327,528 and 4,788,881 shares, respectively, of our common stock for $63.0 million and $232.7 million, or an average price of $47.49 and $48.59 per share, respectively, pursuant to previously announced Board authorizations. We have not repurchased any additional shares of our common stock subsequent to December 31, 2008.

-- Center Activity: As of December 31, 2008, we operated or provided administrative services at 1,449 outpatient dialysis centers serving approximately 112,000 patients, of which 1,426 centers are consolidated in our financial statements. During the fourth quarter of 2008, we acquired 4 centers, opened 26 new centers, merged 3 centers, closed 3 centers, ceased operations at 1 joint venture in which we owned a minority interest, and provided management and administrative services to 1 additional center.

Outlook

Our operating income guidance for 2009 remains unchanged at a range of $820-$880 million. These projections and the underlying assumptions involve significant risks and uncertainties, including those described below and actual results may vary significantly from these current projections.

DaVita will be holding a conference call to discuss its results for the fourth quarter and year ended December 31, 2008 on February 11, 2009 at 9:30 a.m. Eastern Time. The dial in number is (800) 399-4406. A replay of the conference call will be available on DaVita's official web page, http://www.davita.com/, for the following 30 days.

This release contains forward-looking statements, including statements related to our 2009 operating results and our 2009 expected effective tax rate. Factors which could impact future results include the uncertainties associated with governmental regulations, general economic and other market conditions, competition, accounting estimates and the risk factors set forth in the Company's SEC filings, including its Form 10-Q for the quarter ended September 30, 2008. The forward-looking statements should be considered in light of these risks and uncertainties.

  These risks and uncertainties include those relating to:
  --  the concentration of profits generated from commercial payor plans,
  --  continued downward pressure on average realized payment rates from
      commercial payors, which may result in the loss of revenue or
      patients,
  --  a  reduction in the number of patients under higher-paying commercial
      plans,
  --  a reduction in government payment rates or the structure of payments
      under the Medicare ESRD Program which result in lower reimbursement
      for services we provide to Medicare patients,
  --  changes in pharmaceutical or anemia management practice patterns,
      payment policies, or pharmaceutical pricing,
  --  our ability to maintain contracts with physician medical directors,
  --  legal compliance risks, including our continued compliance with
      complex government regulations and compliance with the corporate
      integrity agreement applicable to the dialysis centers acquired from
      Gambro Healthcare and assumed in connection with such acquisition, and
  --  the resolution of ongoing investigations by various federal and state
      governmental agencies.


We undertake no obligation to update or revise any forward-looking statements, whether as a result of changes in underlying factors, new information, future events or otherwise.

This release contains non-GAAP financial measures. For reconciliations of these non-GAAP financial measures to their most comparable measure calculated and presented in accordance with GAAP, see the attached reconciliation schedules.

                               DAVITA INC.
                    CONSOLIDATED STATEMENTS OF INCOME
                               (unaudited)
              (dollars in thousands, except per share data)

                               Three months ended          Year ended
                                  December 31,             December 31,
                                2008        2007        2008        2007

  Net operating revenues  $1,461,010   $1,354,869   $5,660,173   $5,264,151
  Operating expenses and
   charges:
    Patient care costs     1,011,344      927,503    3,920,487    3,590,344
    General and
     administrative          133,659      134,987      508,240      491,236
    Depreciation and
     amortization             56,244       51,392      216,917      193,470
    Provision for
     uncollectible
     accounts                 36,796       34,996      146,229      136,682
    Minority interests
     and equity income,
     net                      11,367       10,728       46,535       45,485
    Valuation gain on
     alliance and product
     supply agreement             --           --           --      (55,275)
      Total operating
       expenses and
       charges             1,249,410    1,159,606    4,838,408    4,401,942
  Operating income           211,600      195,263      821,765      862,209
  Debt expense               (55,825)     (62,651)    (224,716)    (257,147)
  Other income                 2,080        5,329       12,411       22,460
  Income before income
   taxes                     157,855      137,941      609,460      627,522
  Income tax expense          59,490       52,224      235,300      245,744
  Net income                 $98,365      $85,717     $374,160     $381,778
  Earnings per share:
    Basic earnings per
     share                     $0.95        $0.80        $3.56        $3.61
    Diluted earnings per
     share                     $0.94        $0.79        $3.53        $3.55
    Weighted average
     shares for earnings
     per share:
      Basic              103,897,138  106,885,553  105,149,448  105,893,052
      Diluted            104,530,333  108,250,536  105,939,725  107,418,240



                               DAVITA INC.
                  CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (unaudited)
                          (dollars in thousands)

                                                           Year ended
                                                          December 31,
                                                       2008          2007
  Cash flows from operating activities:
  Net income                                         $374,160      $381,778
  Adjustments to reconcile net income to cash
   provided by operating activities:
    Depreciation and amortization                     216,917       193,470
    Valuation gain on alliance and product supply
     agreement                                             --       (55,275)
    Stock-based compensation expense                   41,235        34,149
    Tax benefits from stock award exercises            13,988        32,788
    Excess tax benefits from stock award exercises     (8,013)      (25,541)
    Deferred income taxes                              94,912        18,601
    Minority interests in income of consolidated
     subsidiaries                                      47,331        46,702
    Distributions to minority interests               (57,770)      (48,029)
    Equity investment income                             (796)       (1,217)
    Loss (gain) on disposal of assets                  15,216        (2,825)
    Non-cash debt and non-cash rent charges            11,794        12,713
  Changes in operating assets and liabilities,
   other than from acquisitions and divestitures:
    Accounts receivable                              (149,939)       15,911
    Inventories                                        (2,715)       11,271
    Other receivables and other current assets        (40,960)      (61,049)
    Other long-term assets                            (11,929)      (14,528)
    Accounts payable                                   57,422        (9,216)
    Accrued compensation and benefits                 (31,602)        9,691
    Other current liabilities                           8,871           657
    Income taxes                                      (30,258)      (12,779)
    Other long-term liabilities                         8,067         5,764
      Net cash provided by operating activities       555,931       533,036
  Cash flows from investing activities:
    Additions of property and equipment, net         (317,962)     (272,212)
    Acquisitions and purchases of other ownership
     interests                                       (126,368)     (127,094)
    Proceeds from asset sales                             530        12,289
    Purchase of investments available for sale         (2,009)      (52,085)
    Purchase of investments held-to-maturity          (21,048)      (23,061)
    Proceeds from sale of investments available for
     sale                                              21,291        32,274
    Proceeds from maturities of investments
     held-to-maturity                                  21,355         4,795
    Purchase of a non-controlling ownership interest
     in an unconsolidated joint venture                    --       (17,550)
    Contributions from minority owners                 30,316        18,463
    Purchase of intangible assets                         (65)       (2,291)
      Net cash used in investing activities          (393,960)     (426,472)
  Cash flows from financing activities:
    Borrowings                                     17,089,018    13,113,640
    Payments on long-term debt                    (17,102,569)  (13,160,942)
    Deferred financing costs                             (130)       (4,511)
    Purchase of treasury stock                       (232,715)       (6,350)
    Excess tax benefits from stock award exercises      8,013        25,541
    Stock award exercises and other share
     issuances, net                                    40,247        62,902
      Net cash (used in) provided by financing
       activities                                    (198,136)       30,280
  Net (decrease) increase in cash and cash
   equivalents                                        (36,165)      136,844
  Cash and cash equivalents at beginning of period    447,046       310,202
  Cash and cash equivalents at end of period         $410,881      $447,046



                               DAVITA INC.
                       CONSOLIDATED BALANCE SHEETS
                               (unaudited)
              (dollars in thousands, except per share data)


                                                        December   December
                      ASSETS                            31, 2008   31, 2007

  Cash and cash equivalents                            $410,881    $447,046
  Short-term investments                                 35,532      40,278
  Accounts receivable, less allowance of $211,222
   and $195,953                                       1,075,457     927,949
  Inventories                                            84,174      80,173
  Other receivables                                     239,165     198,744
  Other current assets                                   33,761      34,482
  Income tax receivable                                  32,138          --
  Deferred income taxes                                 217,196     247,578
      Total current assets                            2,128,304   1,976,250
  Property and equipment, net                         1,048,075     939,326
  Amortizable intangibles, net                          160,521     183,042
  Investments in third-party dialysis businesses         19,274      19,446
  Long-term investments                                   5,656      22,562
  Other long-term assets                                 47,330      35,401
  Goodwill                                            3,876,931   3,767,933
                                                     $7,286,091  $6,943,960
        LIABILITIES AND SHAREHOLDERS' EQUITY
  Accounts payable                                     $282,883    $225,461
  Other liabilities                                     495,239     486,151
  Accrued compensation and benefits                     312,216     334,961
  Current portion of long-term debt                      72,725      23,431
  Income taxes payable                                       --      16,492
      Total current liabilities                       1,163,063   1,086,496
  Long-term debt                                      3,622,421   3,683,887
  Other long-term liabilities                           101,442      83,448
  Alliance and product supply agreement, net             35,977      41,307
  Deferred income taxes                                 244,884     166,055
  Minority interests (fair value subject to
   potential put obligations . $291,000 and
   $330,000)                                            165,846     150,517
  Commitments and contingencies
  Shareholders' equity:
    Preferred stock ($0.001 par value, 5,000,000
     shares authorized; none issued)
    Common stock ($0.001 par value, 450,000,000
     shares authorized; 134,862,283 shares issued;
     103,753,673 and 107,130,127 shares outstanding)        135         135
    Additional paid-in capital                          769,069     707,080
    Retained earnings                                 1,889,450   1,515,290
    Treasury stock, at cost (31,108,610 and
     27,732,156 shares)                                (691,857)   (487,744)
    Accumulated other comprehensive loss                (14,339)     (2,511)
      Total shareholders' equity                      1,952,458   1,732,250
                                                     $7,286,091  $6,943,960



                               DAVITA INC.
                       SUPPLEMENTAL FINANCIAL DATA
                               (unaudited)
    (dollars in millions, except for per share and per treatment data)

                                                                      Year
                                          Three months ended         ended
                                     December  September  December  December
                                     31, 2008   30, 2008  31, 2007  31, 2008

  1. Consolidated Financial Results:
       Revenues                       $1,461    $1,447     $1,355    $5,660
       Operating income               $211.6    $207.9     $195.3    $821.8
         Operating income margin        14.5%     14.4%      14.4%     14.5%
       Net income                      $98.4     $93.9      $85.7    $374.2
       Diluted earnings per share      $0.94     $0.89      $0.79     $3.53


  2. Consolidated Business Metrics:
       Expenses
         Patient care costs as a
          percent of consolidated
          revenue (3)                   69.2%     69.5%      68.5%     69.3%
         General and administrative
          expenses as a percent of
          consolidated revenue (3)       9.1%      8.9%      10.0%      9.0%
         Bad debt expense as a percent
          of consolidated revenue        2.5%      2.6%       2.6%      2.6%
         Consolidated effective tax
          rate                          37.7%     39.8%      37.9%     38.6%

  3. Segment Financial Results:
      (dollar amounts rounded to
      nearest million)
       Dialysis and related lab
        services
         Revenues                     $1,389    $1,378     $1,310    $5,415
         Direct operating expenses     1,148     1,142      1,079     4,472
           Dialysis segment margin      $241      $236       $231      $943
       Other - Ancillary services
        and strategic initiatives
         Revenues                        $72       $69        $45      $245
         Direct operating expenses        79        74         61       279
           Ancillary segment loss        $(7)      $(5)      $(16)     $(34)
       Total segment margin             $234      $231       $215      $910
         Reconciling items:
         Stock-based compensation        (11)      (11)        (9)      (41)
         Minority interests and
          equity income, net             (11)      (13)       (11)      (47)
           Consolidated operating
            income                      $212      $208       $195      $822



                               DAVITA INC.
                 SUPPLEMENTAL FINANCIAL DATA -- continued
                               (unaudited)
    (dollars in millions, except for per share and per treatment data)

                                                                    Year
                                      Three months ended           ended
                                December   September  December    December
                                31, 2008   30, 2008   31, 2007    31, 2008

  4. Segment Business Metrics:
      Dialysis and related lab
      services:
       Volume
         Treatments             4,172,468  4,091,099  3,983,542  16,217,107
         Number of treatment
          days                       79.5       79.0       79.6       313.9
         Treatments per day        52,484     51,786     50,045      51,663
         Per day year over
          year increase               4.9%       5.1%       5.6%        5.6%
         Non-acquired growth
          year over year              4.0%       3.8%       4.6%        4.3%

       Revenue
         Dialysis and related
          lab services
          revenue per
          treatment               $332.61    $336.42    $328.11     $333.52
         Per treatment
          (decrease) increase
          from previous
          quarter                    (1.1%)      0.1%      (1.6%)        --
         Per treatment
          increase (decrease)
          from previous year          1.4%       0.9%      (1.9%)     (0.2%)
         Percent of
          consolidated revenue       95.1%      95.2%      96.7%       95.7%

      Expenses
        Patient care costs
          Percent of segment
           revenue                   68.6%      69.0%      67.9%       68.7%
          Per treatment           $228.29    $232.50    $223.10     $229.50
          Per treatment (decrease)
           increase from previous
           quarter                   (1.8%)       0.7%     (0.3%)        --
          Per treatment increase
           (decrease) from previous
           year                       2.3%        3.9%     (2.3%)       1.2%

        General and administrative
         expenses
          Percent of segment
           revenue                    7.6%        7.3%      8.2%        7.4%
          Per treatment            $25.36      $24.68    $26.87      $24.56
          Per treatment increase
           from previous quarter      2.8%        0.2%      7.0%         --
          Per treatment (decrease)
           from previous year        (5.6%)      (1.8%)    (6.4%)     (5.3%)

  5. Cash  Flow
       Operating cash flow         $184.2      $146.2    $223.3      $555.9
       Operating cash flow, last
        twelve months              $555.9      $595.1    $533.0
       Free cash flow(1)           $144.8      $119.0    $184.6      $450.7
       Free cash flow, last
        twelve months(1)           $450.7      $491.2    $421.4
       Capital expenditures:
         Development and
          relocations               $54.7       $51.6     $60.4      $212.7
         Routine maintenance/IT
          other                     $39.4       $27.2     $39.7      $105.2
         Acquisition expenditures   $25.2       $31.5     $45.3      $126.4

  6. Accounts Receivable
       Net receivables             $1,075      $1,057      $928
       DSO                             70          70        66



                               DAVITA INC.
                  SUPPLEMENTAL FINANCIAL DATA-continued
                               (unaudited)
    (dollars in millions, except for per share and per treatment data)

                                                                     Year
                                       Three months ended           ended
                                 December   September  December    December
                                 31, 2008   30, 2008   31, 2007    31, 2008
  7. Debt and Capital Structure
       Total debt(2)              $3,691     $3,704     $3,703
       Net debt, net of cash(2)   $3,281     $3,316     $3,256
       Leverage ratio (see
        Note 1, calculation of
        leverage ratio)            2.88x      2.98x      2.99x
       Overall effective
        weighted average interest
        rate during the quarter    5.77%      5.66%      6.46%
       Overall effective weighted
        average interest rate at
        end of the quarter         5.10%      6.09%      6.37%
       Effective weighted average
        interest rate on the
        Senior Secured Credit
        Facilities at end of the
        quarter                    3.48%      5.39%      5.90%
       Economically fixed interest
        rates as a percentage of
        our total debt               69%        70%        74%
       Share repurchases          $63.0        $--        $--       $232.7

  8. Clinical (quarterly
      averages)
       Dialysis adequacy -%
        of patients with
        Kt/V > 1.2                   95%        94%        94%
       Patients with Hb>=10 <=13
        (90 Day Patients)            87%        87%        --
       Patients with arteriovenous
        fistulas placed              62%        61%        59%

  (1) These are non-GAAP financial measures. For a reconciliation of these
      non-GAAP financial measures to their most comparable measure
      calculated and presented in accordance with GAAP, see attached
      reconciliation schedules.
  (2) This is a non-GAAP financial measure. It excludes $3.8 million, the
      unamortized balance of a debt premium associated with our senior notes
      that is not actually outstanding debt principal.
  (3) Consolidated percentages of revenue and per treatment amounts are
      comprised of the dialysis and related lab services business, other
      ancillary services and strategic initiatives, as well as stock-based
      compensation expenses.



                               DAVITA INC.
                  SUPPLEMENTAL FINANCIAL DATA-continued
                               (unaudited)
                          (dollars in thousands)

  Note 1: Calculation of the Leverage Ratio

Under the Company's current Senior Secured Credit Facilities (Credit Agreement), the leverage ratio is defined as all funded debt plus the face amount of all letters of credit issued, minus cash and cash equivalents, divided by "Consolidated EBITDA". The leverage ratio determines the interest rate margin payable by the Company for its term loan A and revolving line of credit under the Credit Agreement by establishing the margin over the base interest rate (LIBOR) that is applicable. The following leverage ratio was calculated using "Consolidated EBITDA" as defined in the Credit Agreement. The calculation below is based on the last twelve months of "Consolidated EBITDA", pro forma for the routine acquisitions that occurred during the period. The Company's management believes the presentation of "Consolidated EBITDA" is useful to investors to enhance their understanding of the Company's leverage ratio under its Credit Agreement.

                                                               Year ended
                                                           December 31, 2008

  Net income                                                      $374,160
  Income taxes                                                     235,300
  Debt expense                                                     224,716
  Depreciation and amortization                                    216,917

  Minority interests and equity income, net                         46,535

  Other                                                             18,004

  Stock-based compensation expense                                  41,235
      "Consolidated EBITDA"                                     $1,156,867

                                                           December 31, 2008
  Total debt, excluding debt premium of $3.8 million
                                                                $3,691,389

  Letters of credit issued                                          50,901
                                                                 3,742,290
  Less: cash and cash equivalents                                 (410,881)
  Consolidated net debt                                         $3,331,409
  Last twelve months "Consolidated EBITDA"                      $1,156,867
  Leverage ratio                                                     2.88x

In accordance with the Company's Credit Agreement, the Company's leverage ratio cannot exceed 4.50 to 1.0 as of December 31, 2008. At that date the Company's leverage ratio did not exceed 4.50 to 1.0.

                  RECONCILIATIONS FOR NON-GAAP MEASURES
                               (unaudited)
                          (dollars in thousands)

1. Net income excluding gains from insurance settlements, gains on the sale of investment securities and the valuation gain on the alliance and product supply agreement (the Product Supply Agreement):

We believe that net income excluding gains from insurance settlements, gains on the sale of investment securities and the valuation gain on the Product Supply Agreement enhances a user's understanding of our normal net income for these periods by providing a measure that is more meaningful because it excludes insurance settlement gains related to insurance proceeds from Hurricane Katrina and from a fire that destroyed one of our centers, as well as non-recurring gains on the sale of investment securities and a non- recurring non-cash item that resulted from the termination of our purchase obligation for dialysis machines from Gambro Renal Products Inc. under the Product Supply Agreement, and accordingly is more comparable to current and prior periods and indicative of consistent net income. This measure is not a measure of financial performance under United States generally accepted accounting principles and should not be considered as an alternative to net income.

                              Three months ended             Year ended
                         December  September  December   December   December
                            31,        30,       31,        31,        31,
                           2008       2008      2007       2008       2007

  Net income              $98,365    $93,910  $85,717   $374,160  $381,778
  Less:  Gains on
          insurance
          settlements          --         --       --         --    (6,779)
         Gains on the sale
          of investment
          securities           --         --       --         --    (5,868)
         Valuation gain        --         --       --         --   (55,275)
  Add:   Related income
          tax                  --         --       --         --    26,422
                          $98,365    $93,910  $85,717   $374,160   340,278

2. Operating income excluding pre-tax gains from insurance settlements and the pre-tax valuation gain on the Product Supply Agreement:

We believe that operating income excluding gains from insurance settlements and the valuation gain on the Product Supply Agreement enhances a user's understanding of our normal operating income for these periods by providing a measure that is more meaningful because it excludes insurance settlements gains related to insurance proceeds from Hurricane Katrina and from a fire that destroyed one of our centers and a non-recurring non-cash item that resulted from the termination of our purchase obligation for dialysis machines from Gambro Renal Products Inc. under the Product Supply Agreement, and accordingly is more comparable to current and prior periods and indicative of consistent operating income items. This measure is not a measure of financial performance under United States generally accepted accounting principles and should not be considered as an alternative to operating income.

                                Three months ended            Year ended
                           December   September  December  December December
                              31,        30,        31,       31,      31,
                             2008       2008       2007      2008     2007
  Operating income         $211,600  $207,884  $195,263  $821,765  $862,209
  Less:  Gains on
          insurance
          settlements            --        --        --        --    (6,779)
         Valuation gain          --        --        --        --   (55,275)
                           $211,600  $207,884  $195,263  $821,765  $800,155



                  RECONCILIATIONS FOR NON-GAAP MEASURES
                               (unaudited)
                          (dollars in thousands)

  3.  Free cash flow

Free cash flow represents net cash provided by operating activities less capital expenditures for routine maintenance and information technology. We believe free cash flow is a useful adjunct to cash flow from operating activities and other measurements under United States generally accepted accounting principles, since free cash flow is a meaningful measure of our ability to fund acquisition and development activities and meet our debt service requirements. Free cash flow is not a measure of financial performance under United States generally accepted accounting principles and should not be considered as an alternative to cash flows from operating, investing or financing activities, as an indicator of cash flows or as a measure of liquidity.

                                       Three months ended        Year ended
                                   December  September  December  December
                                      31,        30,       31,       31,
                                     2008       2008      2007      2008
  Cash provided by operating
  activities                        $184,170  $146,227  $223,326  $555,931
  Less: Expenditures for
   routine maintenance and
   information technology            (39,412)  (27,217)  (38,688) (105,233)
  Free cash flow                    $144,758  $119,010  $184,638  $450,698




                                             Rolling 12-Month Period
                                        December    September     December
                                           31,         30,           31,
                                           2008       2008          2007
  Cash provided by operating activities  $555,931  $595,087       $533,036
  Less: Expenditures for routine
  maintenance and information technology (105,233) (103,885)      (111,663)
  Free cash flow                         $450,698  $491,202       $421,373

First Call Analyst:
FCMN Contact: LeAnne.Zumwalt@davita.com

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SOURCE: DaVita Inc.

CONTACT: LeAnne Zumwalt, Investor Relations of DaVita Inc.,
+1-650-696-8910


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