Pharmacy News EU

CLEARWATER, Fla. Lincare Holdings Inc. on Monday said its fourth-quarter profit fell, due in part to cuts in Medicare reimbursement.
The company reported income of $40.6 million, or 61 cents per share, compared with $55.6 million, or 76 cents per share, in the same quarter of the prior year.
Revenue fell to $405.8 million from $415.1 million.
Analysts polled by Thomson Reuters expected income of 55 cents per share on revenue of $404.3 million for the quarter.
Lincare said changes to Medicare took effect in 2009 that dramatically reduced payments for its key products, such as oxygen, which took a toll on its results.
For the full year, the company earned $136.1 million, or $1.99 per share, compared with $227.3 million, or $3.04 per share, in the prior year.
Revenue fell to $1.55 billion from $1.67 billion.
The company said Medicare reimbursement is expected to fall further in the coming year, leading to an estimated $9 million hit to its revenue in 2010.
Lincare provides respiratory therapy services to the home health care market. Its shares added 45 cents to close at $38.18.
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