In brief: Lincare earns, Dynamic Energy sells

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Sunday, February 17, 2008

In brief: Lincare earns, Dynamic Energy sells
CLEARWATER, Fla. - Lincare reported last week revenues of $412.3 million for the fourth quarter ended Dec. 31, 2007, a 12% increase over revenues of $368.1 million for the same period in 2006. The increase was comprised of 12.5% internal growth and 2.1% acquisition growth, partially offset by Medicare price changes that took effect in 2007. Net income was $57.6 million for the fourth quarter, compared to $57 million for the same period in 2006. Revenues for the year ended Dec. 31, 2007, were $1.60 billion, a 13.2% increase over revenues of $1.41 billion for 2006. The increase was comprised of about 11.3% internal growth and 3.5% acquisition growth, partially offset by Medicare price changes that took effect in 2007. Net income was $226.1 million for 2007 compared to $213 million for 2006.

Gentiva boosts profits
MELVILLE, N.Y. - Gentiva Health Services reported last week revenues of $313.4 million for the fourth quarter ended Dec. 31, 2007, a 7% increase over revenues for the same period in 2006. Net income was $8.8 million for the fourth quarter of 2007, a 60% increase over income for the same period in 2006. Gentiva boosted earnings by expanding its core home health business, launching specialty programs and obtaining "positive results" from its CareCentrix unit, company officials stated in a release. CareCentrix includes home medical equipment services. Revenues for the unit rose 12% for the fourth quarter in 2007 compared to the same period in 2006.

RiverRock acquires Dynamic Energy Systems
DALLAS - RiverRock Holdings, a privately held acquisition firm, announced last week that it has acquired Dynamic Energy Systems (DES), a medical billing software provider for the HME industry. The acquisition provides DES with an infusion of capital to fuel future growth, RiverRock stated in a release. RiverRock will take an active management role to help DES create new products and efficiencies, it stated. Geoff Kearney, a partner at RiverRock, will step into the role of DES CEO. MedAct, DES's flagship product, is a HIPAA-compliant business solution for HME providers that serves a variety of functions, including electronic claims processing, automated claims, patient record keeping, accounts receivable and inventory tracking.

Invacare Supply changes location
MILFORD, Mass. - Invacare Supply Group recently moved into a 30,000-square-foot space in Milton, Mass. Previously, it was located in Holliston, Mass. "We probably outgrew (that space) about three years ago," General Manager Doug Harper told a local newspaper. "We finally found the right space." Invacare Supply Group inked an eight-year sublease for the space, tying up about one-third of the two-story, 90,000-square-foot building.

G-F, NSM join forces
ATLANTA and FRANKLIN, Tenn. - Graham-Field and National Seating & Mobility have joined forces to bring G-F's mobility aids, bathroom safety devices and other products to NSM's customers.

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