Apria calls acquisitions â€˜unprecedented’
LAKE FOREST, Calif. - Apria spent $67 million in the second quarter to acquire an “unprecedented” 14 companies, according to CEO Lawrence Higby.
In the first quarter, Apria acquired seven companies for $42 million.
“We’re well on our way to achieving our revised full year target of $130 million (in acquisitions),” Higby stated in the company’s second quarter financial report. “For 2004, we expect revenue to grow in the 5-6 percent range do to the expansion of our respiratory business and recent acquisitions.”
Apria’s DSO in the second quarter rose to 53 days, one day more than the same period a year ago. The company attributed the minor jump to its recent acquisition activity and delays incurred integrating the new businesses.