Apria, Invacare, ResMed report earnings

LAKE FOREST, Calif. - Apria Healthcare reported revenues of $396.1 million for the quarter ended Sept. 30, 2007, a 3.6% increase compared to the same quarter in 2006. Net income was $21.3 million this year compared to $19.3 million last year over the same period. Apria experienced "solid revenue increases" in respiratory (5.3%) and infusion (5.7%) therapy. Between Jan. 1 and Sept. 30, Apria reported revenues of $1.18 billion, a 4.7% increase compared to 2006. Net income was $61.2 million this year compared to $53.9 million last year over the same period. Days sales outstanding were 47 days at Sept. 30, 2007, down from 52 days at Sept. 30, 2006. Administrative expenses were 53.3% of revenues for the quarter ended Sept. 30, up slightly from 53% for the same quarter last year. "While we still have work to do with respect to overall sales growth, certain key products have shown improvements reflecting our sales initiatives outlined earlier in the year," stated CEO Larry Higby in a release. Apria officials affirmed their previous estimates for revenue growth of 4% to 5% for 2007. Invacare ELYRIA, Ohio - Invacare turned in an optimistic third-quarter performance that sets the stage for "solid earnings improvement in 2008," the company stated in a financial statement released Oct. 30. Since January, the company has saved $25 million through restructuring and expects another $12 million in savings by year's end. Third quarter results include: - Net sales for the quarter increased 7.3% to $407.3 million vs. $379.5 million last year. - North American HME net sales declined 0.4% to $167.6 million. - Asia/Pacific net sales increased 30.7% to $22.6 million - European net sales increased 16.5% to $132.7 million. ResMed SAN DIEGO, Calif. - ResMed boosted its revenue for the quarter ended Sept. 30 by 14% to $185.7 million compared to the same period last year, the company reported last week. Chairman and CEO Peter C. Farrell commented: "In the first quarter of fiscal 2008, overall Americas sales increased by 9%, or 11% if sales from our motor division are excluded. Sales outside of the Americas totaled $88.1 million, an encouraging 19% increase over last year. Operating cash flow for the September quarter was a robust $28.1 million." Inventory, at $167.1 million, increased by $9.9 million compared to June 2007. Accounts receivable days sales outstanding, at 79 days, increased from the June 2007 quarter of 77 days.