Life is good at Lincare
CLEARWATER, Fla. - Lincare yesterday reported net income of $43.6 million for the first quarter ended March 31, 2010, compared to $26 million for the same period last year, a nearly 68% increase.
The provider also reported net revenues of $410 million vs. $371.7 million, a 10.3% increase.
That's quite the turnaround. Lincare reported net income of $136.1 million for 2009 compared to $227.3 million for 2008, a 40% drop. Net revenues were $1.55 billion vs. $1.665 billion, a 7% drop.
Lincare took a hit in 2009 due to various Medicare reimbursement cuts, including a 9.5% cut for oxygen therapy and other HME that went into effect Jan. 1, 2009.
During the first quarter, the provider generated $87.9 million of cash from operating activities, and invested $24.1 million in net capital expenditures and $11.1 million in business acquisitions.
Lincare's stocks rose to $48.10 yesterday compared to $21.36 for the same time last year.
"As the year progresses, we look forward to building on our market share gains and driving earnings growth through organic expansion, selective acquisitions and other strategic opportunities," stated CEO John Byrnes. "We remain confident and passionate that the services we provide are an integral part of the solution to rising healthcare costs."