Lincare, Respironics report earnings
CLEARWATER, Fla. - Lincare reported revenues of $408.2 million for the quarter ended Sept. 30, 2007, a 14% increase compared to the same quarter in 2006. Net income was $58.6 million this year compared to $56.2 million last year over the same period.
The increase in third quarter revenues was due to internal growth (12%) and acquisition growth (3%).
Between Jan. 1 and Sept. 30, Lincare reported revenues of $1.184 billion, a 14% increase compared to 2006. Net income during this period was $168.5 million this year compared to $156 million last year over the same period.
Lincare added 10 operating centers for the quarter ended Sept. 30 and 31 centers from Jan. 1 until Sept. 30, all through internal development. It now has more than 1,009 locations.
"We are experiencing strong customer growth and expanding market share in our core business," stated CEO John Byrnes in a release. "We remain committed to our strategy to be the market leader in the provision of home-based therapies and equipment."
In other news, Lincare announced Oct. 24 that it plans to offer up to $500 million in debt securities. The company plans to use about $150 million of the proceeds from the offering to repurchase company stock and the remainder to "fund selective business acquisitions and general corporate purposes, including the repayment of debt and other obligations," according to the release.
MURRYSVILLE, Pa. - Respironics reported net sales of $311.6 million for the quarter ended Sept. 30, 2007, a 17% increase compared to the same quarter in 2006. Domestic revenues were $209 million, a 15% increase; international revenues were $102.7 million, a 21% increase. Net income was $27.5 million, a 22% increase.
Recent acquisitions added about $3.4 million in revenues for the quarter and "favorable changes in foreign currency rates" added about $900,000.
Domestically, Respironics experienced 18% growth in sleep products, driven by the M Series line; internationally, the company experienced 24% growth in sleep products.
Respironics plans to release several new patient interfaces during fiscal year 2008.
As a result of its strong financial performance for the quarter, Respironics raised revenues guidance for the remainder of fiscal year 2008 to $1.36 billion to $1.38 billion.