Financials:
Apria Reports Annual Earnings: For the fourth quarter
ended Dec. 31, 2002, Apria Healthcare of Lake Forest, Calif.
reported a net income of $40.0 million, or 72 cents per diluted
share, compared to a net income of $20.0 million, or 36 cents per
diluted share, for the same quarter the previous fiscal year.
Revenue for the quarter rose 10.8 percent to $328.4 million,
compared to revenue of $293.1 million for the same quarter the
previous fiscal year.
Apria's net income for fiscal year 2002 was $115.6 million, or
$2.08 per diluted share, compared to a net income of $71.9 million,
or $1.29 per diluted share, for fiscal year 2001. Revenue for the
fiscal year was $1.3 billion, compared to revenue of $1.1 billion
for fiscal year 2001.
Lincare Releases Fiscal-Year Results: For the fourth
quarter ended Dec. 31, 2002, Clearwater, Fla.-based Lincare
reported a net income of $50.3 million, or 46 cents per diluted
share, compared to a net income of $33.3 million, or 30 cents per
diluted share, for the same quarter the previous fiscal year.
Revenue for the quarter was $253.8 million, compared to revenue of
$215.6 million for the same quarter the previous fiscal year.
Lincare's 2002 net income was $190.4 million, or $1.73 per
diluted share, compared to a net income of $134.9 million, or $1.23
per diluted share, for fiscal year 2001. Revenue for the year was
$960.9 million, compared to revenue of $812.4 million for fiscal
year 2001.
Fraud & Abuse
Florida Attorney General Indicts Seven in $5M Medicare
Scheme: An investigation that involved the Southern District of
Florida, the Federal Bureau of Investigation and the U.S. Office of
Inspector General last month resulted in the indictment of seven
Miami-based home medical equipment providers.
According to the indictment, Chadd Miller, Todd Neff, Carlos
Scott, Eduardo Sanchez, Rolando Sama, Angel Fernandez and Leonardo
Redondo paid kickbacks to Medicare beneficiaries who agreed to
serve as fictitious recipients of power wheelchairs. The men
allegedly then submitted $5 million in false claims and laundered
the resulting profits. They face a maximum penalty of 35 years in
prison.
People & Places
O2 Science Opens Phoenix Pharmacy: O2 Science of Tempe,
Ariz., a regional provider of respiratory therapy services, Feb. 4
announced the opening of a pharmacy, located in the same building
as the company's corporate offices, at 2125 E. 5th Street, Suite
110.
The pharmacy will provide customized specialty compounding of
respiratory medications, and will serve as an “information
hub for patients, physicians and other health care professionals
seeking knowledge about [the company's] respiratory therapy
medications,” O2 said.
NCAMES Elects Officers: The North Carolina Association
for Medical Equipment Services has elected officers for its 2003
year. The new officers are Clark Robichaux, president; Teresa
Gregory, vice-president; Pam Long, treasurer; and Patti Nolan,
secretary.
For breaking news, go to www.homecaremonday.com, the electronic news service
of the home medical equipment industry.
