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Lincare Holdings Inc. Announces Third Quarter and First Nine Months 2008 Financial Results
Date:10/20/2008

drugs by customers concerned about the potential loss of Medicare coverage of these drugs. In April of this year, the Durable Medical Equipment Medicare Administrative Contractors ("DME MACs") issued a revision of the Nebulizer Local Coverage Determination ("LCD") that would have effectively eliminated Medicare reimbursement and patient access to these medications as of July 1, 2008. In response to this potential loss of access, a significant number of the Company's customers placed orders in June to receive a 90-day shipment of these drugs rather than a 30-day shipment. The net effect of this change in ordering patterns was to accelerate approximately $18.9 million of revenues in the second quarter that would otherwise have been expected to occur in the third quarter. The DME MACs subsequently announced a delay in the implementation of the LCD until November 1, 2008.

Lincare added 10 new operating centers during the third quarter derived from internal development. During the first nine months of 2008, Lincare opened 30 new locations, expanding the total number of locations to 1,049 at September 30, 2008. Lincare also completed acquisitions of two small pharmacy operations during the third quarter.

John P. Byrnes, Lincare's Chief Executive Officer, said, "We are pleased with Lincare's operating and financial performance in the first nine months of 2008. We continue to demonstrate the ability to expand our market share and drive strong operating results despite Medicare price cuts of more than $55 million so far this year. We have been consistently able to generate internal revenue gains of about twice the underlying growth in the market for our services while containing the growth of our operating and overhead expenses. Our financial position and liquidity remain strong and we achieved significant operating cash flows in the first nine months of 2008."

Lincare generated $322.1 million of cash from operating activities during the first nine mont
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SOURCE Lincare Holdings Inc.
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