2004 results: Lincare grows and grows

Sunday, February 13, 2005

February 14, 2005

CLEARWATER, Fla. - Lincare added 77 new operating centers in 2004, bringing its total number of locations to 804. The company added 25 new operating centers through the acquisition of 26 companies with annual revenues of approximately $49 million. It added 52 locations through internal expansion, the company reported last week in its year-end financial statement. 
Revenues for the year ended December 31, 2004 were $1.269 billion, an 11% increase over revenues of $1.147 billion for the comparable period in 2003. The 11% increase in revenues was comprised of 7% internal growth and 4% acquisition growth.  The Medicare reimbursement reductions for respiratory medications that were effective on January 1, 2004 reduced total revenues in the year by $54.2 million.  Net income for the year ended December 31, 2004, was $273.4 million compared to net income of $232.1 million for the prior year.
CEO John P. Byrnes stated, "Our financial position is strong and we are well positioned to absorb the significant Medicare reimbursement reductions. Lincare generated $418.9 million of cash from operating activities during 2004 and investments of cash included $83 million in business acquisition expenditures.”