Providers post earnings
Clearwater, Fla. - Lincare reported revenues of $397.1 million for the quarter ended June 30, 2007, a 13.4% increase from the same quarter last year, the company announced in July. Net income also increased, from $51.9 million for the quarter ended June 30, 2006, to $56 million for the same quarter this year.
The increased revenues comprised about 10.4% internal growth and 4.5% acquired growth.
Lincare opened 21 new locations in the first half of 2007, expanding its total number of locations to 999. Moreover, it added nine new operating centers.
Lake Forest, Calif. - Apria reported revenues of $394 million for the quarter ended June 30, 2007, a 4.8% increase from the same quarter last year, the company announced in July. Net income increased 12.8%, from $18.5 million to $20.8 million.
Days sales outstanding were 48 days for the quarter ended June 30, 2007, compared to 52 days for the same quarter last year.
Apria reaffirmed revenue growth for the year at 4% to 5% and net income per share (diluted) of $1.78 to $1.82.
Brentwood, Tenn. - American Home Patient reported revenues of $73.3 million for the second quarter of 2007 compated to $79.2 million for the same quarter last year, a 7.4% decrease, the company announced in August. Net losses were $6.4 million compared to $2.2 million.
Also in the second quarter, AHP recorded an expense of $6.6 million related to the potential liability of CEO Joseph Furlong leaving the company. In April, an investor acquired more than 35% of the company's common stock.
Southern Home Medical
Spartanburg, S.C. - Southern Home Medical Equipment reported revenues of $599,917 for the second quarter.
Melville, N.Y. -Gentiva Health Services reported revenues of $307.3 million for the second quarter ended July 1, 2007, an 8% increase from the same quarter last year, the company announced Aug. 1. Net income increased 62%, from $5.5 million to $9 million.
Among the highlights for the quarter: Performance for Gentiva's other related services segment, which includes respiratory therapy and home medical equipment, was about even with last year. Operating contribution was affected by continuing investments in infrastructure and capacity necessary for these units to accelerate growth.
Southfield, Mich. - Arcadia recently posted net revenues of $158.4 million for the fiscal year ended 2007, compared to $130.9 million for 2006, a 21% increase. It posted a net loss of $43.8 million for 2007 due to $37 million in non-cash charges, including a $22.9 million in "goodwill and intangible asset impairment," primarily for DME.