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.