The initial enthusiasm of investors for the latest business figures from Fresenius Medical Care (FMC) quickly dissipated on Tuesday, as the dialysis specialist's share price took a nosedive despite objectives slightly exceeding market expectations. Although the stock initially rose and reached €41.62, the highest level in several months, these gains eroded quicker than anticipated. The operating margin, which at first seemed satisfactory, was called into question upon closer examination by analysts and traders due to significant one-off effects that complicated a realistic valuation. During the afternoon, FMC's share price plummeted by 6.9 percent to €36.75, exacerbating losses in the MDax to more than three percent and turning the paper into the worst-performing stock in the index of mid-sized companies. The shares of the majority shareholder Fresenius, which are also listed in the leading Dax index, lost 2.5 percent of their value. The disparity between the robust results for 2023 and expectations for the coming year became particularly apparent during the conference call with management. It was emphasized that the first quarter was likely to be weaker, which dampened hopes for a positive trend throughout the rest of the year. Likewise, management was unable to commit to specific growth targets, leading to additional irritation among investors. This uncertainty, together with the favorable comparative figures of U.S. rival Davita, which had already forecasted growth numbers for 2024, intensified skepticism and caused further unrest in the market. Despite recording adjusted treatment growth at the previous year's level in the fourth quarter and uncertain prospects for 2024, analysts rated FMC overall with a neutral outlook. This supports the assessment that the communicated annual targets are largely in line with average analyst estimates.