Lincare Reports 33 Percent Profit Jump

CLEARWATER, Fla. — Lincare reported this week that net
revenues for the quarter ended Dec. 31 were $422.1 million, a 4
percent increase over $405.8 million for the fourth quarter of
2009. Net income rose 13.4 percent in the quarter to $46.1 million,
compared to $40.6 million in the prior year.

Revenue for 2010 came in at $1.67 billion, a 7.7 percent
increase over $1.55 billion in 2009. The company said the increase
came from 9.9 percent internal and acquisition growth offset by a
2.2 percent negative impact from $34.9 million of Medicare payment
changes. Net income for the year was $181.6 million, a 33.4 percent
increase over $136.1 million in 2009.

Analysts reported that Lincare’s market share has continued to
grow against the backdrop of reduced Medicare reimbursements, and
CEO John Byrnes said in a release the company is “committed to
increasing our market leading positions in our core respiratory
product lines and investing in the expansion of our service
offerings through organic investment and selective
acquisitions.

“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 throughout the progression of their disease,” Byrnes said.
“As a home-based provider of cost-efficient health care services to
our nation’s seniors delivered through our national network of
local distribution and sales centers, we offer an attractive and
preferred alternative that can avoid or delay higher-cost acute and
facility-based care.”

The company currently has 1,090 branches in 48 states with more
than 750,000 customers. Lincare holds two Round 1 contracts for
oxygen in the Miami and Charlotte competitive bidding
areas.