Earnings: Rotech up slightly, Liberator soars
ORLANDO, Fla. - Rotech Healthcare's first quarter 2010 revenues rose about 9% compared to first quarter 2009, the company reported May 10.
Excluding nebulizer medications, net revenues were $110.6 million--an increase of $9.3 million--for the quarter ended March 31.
The company also reported that:
* Net revenues from non-Medicare payers increased to 59% from 56.5% in first quarter 2009
* Adjusted EBITDA increased to $25.2 million from $21.2 million in first quarter 2009
* The company had cash and cash equivalents of $58.7 million at March 31, 2010
* Core oxygen and CPAP patients grew 8% over first quarter 2009
"First quarter results demonstrated solid growth in net revenues and patient counts," said Philip Carter, President and CEO in a statement. "Our success in 2009 in reducing SG&A by more than $45 million compared to 2008 has positioned us in 2010 to better address our upcoming debt maturities. We intend to refinance part or all of our debt prior to maturity, subject, of course, to continued favorable performance and market conditions."
As of March 31, Rotech had approximately $514.6 million in long-term debt, consisting of $225.8 in its senior credit facility which matures in September 2011, and $287.0 million in senior subordinated notes which mature in April 2012.
Liberator Medical sees huge increase over previous year
STUART, Fla. - Despite "seasonal challenges," Liberator Medical's revenues for the second quarter 2010 soared 67% over the same period last year, the company reported May 12.
For the three months ended March 31, 2010, the company had net revenues of $9.65 million and net income of $256,000, a 169% increase over the same quarter in 2009.
"The second fiscal quarter is typically the most seasonally challenging quarter due to the annual renewal of our customers' insurance coverage and calendar year deductibles that must be met at the beginning of each calendar year," stated company founder and CEO Mark Libratore in a release.
The company has also expanded its infrastructure, adding 80 new employees over the last six months, he said.