Lake Forest-based home healthcare provider Apria Healthcare Group Inc. saw fourth-quarter profits flat from a year earlier after taking out one time tax and other gains.
Apria earned $19.8 million in the quarter, versus $19.5 million a year earlier. With onetime tax benefits, Apria’s net income was $21.1 million.
Medicare reimbursement cuts ate into revenue and net income growth. Apria provides breathing and other treatments to patients in their homes.
Revenue for the quarter was $391 million, up 9% from a year earlier.
For the year, Apria said it projects revenue growth of about 5%. Net income could come in at $77 million to $78.6 million, ahead of Wall Street expectations.
“We leveraged our cost structure to lessen the effects of the Medicare reductions,” Chief Executive Larry Higby said.
