Lincare reports double-digit increase in net revenues
CLEARWATER, Fla. – Lincare Holdings came out on top in net revenues and net income for the second quarter and first half of 2012, it announced this week.
The provider reported net revenues of $496.2 million for the second quarter compared to $449 million for the same period last year, a 10.5% increase. It reported net income of $47.9 million vs. $42.8 million.
Lincare reported net revenues of $997 million for the first half of this year compared to $880.6 million for the same period last year, a 13.2% increase. It reported net income of $94.3 million vs. $89.1 million.
The provider says increases in net revenues were due to 11% and 13.7% internal and acquisition growth in the second quarter and the first half of this year, respectively. That growth was offset by 0.5% negative impact from Medicare payment reductions for both the second quarter and first half of this year.
Lincare also gave an update on its progress diversifying into anti-coagulation monitoring and other business lines. The provider now has more than 23,000 patients on anti-coagulation monitoring compared to about 10,000 a year ago, a 130% increase.
Additionally, “We now have five pulmonary rehabilitation centers open and operating, with aggressive plans to expand our footprint within and beyond the two states in which we are currently operating,” stated CEO John Byrnes in a press release. “Our specialty pharmacy business is progressing well.”
One of the big reasons Lincare has agreed to be acquired by The Linde Group for $4.6 billion: to speed up growth in these business lines.
Lincare also gave an update on its cost-saving measures: It has consolidated 50 of its operating centers in the first half of this year.