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.
