In-home oxygen provider Lincare Holdings Inc. (Nasdaq: LNCR) reported flat earnings following a 16% increase in revenues in the quarter ended March 31. Net income for the quarter was $46.4 million, representing no change from $46.4 million in earnings during the first quarter of 2011.
The Clearwater, Florida-based company provides oxygen and other respiratory equipment and services to more than 800,000 in-home patients nationwide. Despite a reduction in Medicare payments, the company has increased sales over the past two years.
“We are pleased with Lincare’s operating and financial performance during the first quarter of 2012,” said John Byrnes, Lincare CEO in an earnings statement. “We remain focused on building market share in our core respiratory and other ancillary businesses and driving earnings growth through organic expansion, selective acquisitions and other strategic opportunities.”
For the first quarter, net revenues were $500.9 million, up from $431.6 million from the first quarter of 2011. The company attributes the growth to internal and acquisition growth offset by a 1% negative impact from the $2.2 million cuts in Medicare payments in early 2012.
Written by Elizabeth Ecker