Denver-based Davita HealthCare Partners reported a net loss of $110.6 million for the first quarter of fiscal 2015, down from a net income of $183.3 million a year ago.
The company reported revenue of $3.3 billion for the first quarter, a 10 percent increase over its revenue for the same period of 2014. However, DaVita's operating expenses increased 29 percent in the first quarter of fiscal 2015 compared to the same period of the year prior.
DaVita's first-quarter expenses include a tentative $495 million settlement of a lawsuit brought against the company in 2009 and unsealed by the government in 2011. The lawsuit, which was filed by two physicians who both previously worked for DaVita, alleged the company was wasting medication and then billing Medicare and Medicaid for it, according to The Denver Post. The final terms of that civil settlement have not been finalized, and DaVita said negotiations in the case are ongoing.
The company reported an operating loss of nearly $64.2 million for the first quarter of fiscal 2015 compared with an operating gain of $441.2 million in the same period of 2014.
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