Lincare revenue up, costs steady

Revenues at Lincare Holdings were up $40 million in the first quarter of this year, while costs stayed relatively flat for the Clearwater-based health services provider.

Revenues increased 10.3%, from $371.7 million in the first quarter of 2009 to $410 million in the first three months of this year. Net income also rose, up from $26 million to $43.6 million over the same timeframe, a 67.9% increase.

The comparison between the two quarters may be inflated by changes to Medicare that began in January 2009. In its last earnings statement, Lincare announced that annual revenues for 2009 were down 7% compared to 2008, the combined result of 10% growth and what the company called “a 17% negative impact from Medicare reimbursement reductions.”