Lincare positions itself as 'attractive alternative' in earnings report
CLEARWATER, Fla. – Lincare this week reported net revenues of $422.1 million for the fourth quarter ended Dec. 31, 2010, a 4% increase over net revenues of $405.8 million for the same period in 2009. Net income was $46.1 million vs. $40.6 million, a 13.4% increase.
For the quarter, Lincare credited the increase to 8% internal and acquisition growth offset by about 4% negative impact from $16 million of Medicare payment changes.
Lincare reported net revenues of $1.669 billion for the year ended Dec. 31, 2011, a 7.7% increase over net revenues of $1.55 billion in 2009. Net income was $181.6 million vs. $136.1 million, a 33.4% increase.
For the year, Lincare credited the increase to 9.9% internal and acquisition growth offset by about 2.2% negative impact from $34.9 million of Medicare payment changes in 2010.
Lincare remains committed to increasing its market share in its core respiratory product lines and expanding through organic investment and selective acquisitions, CEO John Byrnes stated in a release.
“As the nation’s leading provider of chronic respiratory disease management therapies in the home setting, we serve a growing population of chronically ill seniors that require our continuous support through the progression of their disease,” he stated. “As a home-based provider of cost-efficient health care services to our nation’s seniors delivered through our national network of local distributions and sales centers, we offer an attractive and preferred alternative that can avoid or delay high-cost acute and facility-based care.”