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CLEARWATER — Lincare Holdings Inc. (symbol: LNCR), the Clearwater-based provider of respiratory therapy services, earned $46.1 million in profits on $422.1 million in net revenues, up 13.4% and 4.0% respectively.
Internal and acquisition growth would have led to an 8% increase in revenues, but a $16 million decrease in Medicare payments created the net effect of 4% revenue growth, the company said.
For the year, Lincare earned $181.6 million in net income on $1.67 billion in revenues. Those numbers are up 33.4% and 7.7% respectively from 2009.
CEO John Byrnes says the company plans to maintain its current course in the next year, “investing in the expansion of our service offerings through organic investment and selective acquisitions.”
Lincare serves 750,000 customers in 48 states through 1,090 regional facilities.
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