Lincare Holdings Inc. Announces First Quarter 2008 Financi... (ng was$828.2 million cash and short-term...)

Lincare Holdings Inc. Announces First Quarter 2008 Financial Results

Date:4/21/2008

ng was $828.2 million, cash and short-term investments were $104.2 million and long-term investments were $98.1 million. During the first quarter of 2008, the Company reclassified $98.1 million of auction rate securities from short-term to long-term investments at fair value due to recent liquidity disruptions in the auction markets for such securities.

As a result of recent developments affecting Medicare reimbursement for certain respiratory drugs, the Company is revising its previous guidance for the expected impact on the Company's revenues from Medicare price reductions taking effect in 2008. The Company now estimates that revenues in 2008 will be negatively impacted by approximately $100 million compared with its previous guidance of $65 million to $70 million of Medicare price reductions.

On April 10, 2008, the Durable Medical Equipment Medicare Administrative Contractors (DME MACs) issued a revision of the Nebulizer Local Coverage Determination (LCD) that effectively eliminates coverage for certain respiratory drugs dispensed by the Company's pharmacies to its customers. The effective date of the revised coverage policy is July 1, 2008. The Company's previous guidance took into account anticipated reductions in payment amounts for respiratory drugs arising from continued fluctuations in average sales price data used by the Centers for Medicare and Medicaid Services to establish quarterly payment rates and from mandated adjustments to the calculation methodology used to price such drugs effective April 1, 2008, the continuing effect of changes in the payment methodology for items of durable medical equipment in the capped rental payment category which began to take effect in 2007, the impact from the commencement of a competitive acquisition program in ten large metropolitan markets beginning on July 1, 2008 and a 0.4% increase in the monthly payment amount for stationary oxygen equipment which took effect on January 1, 2008. Based on the expect
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SOURCE Lincare Holdings Inc.
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Lincare Holdings Inc. Announces First Quarter 2008 Financi...(ng was$828.2 million cash and short-term...),Health