Apria Healthcare Group Inc., a quality, cost-efficient provider of home healthcare products and services in the United States, today announced its financial results for the quarter and year ended December 31, 2010.
2010 Fourth Quarter Highlights
Net revenues decreased $8.4 million, or 1.6%, to $527.7 million in the three months ended December 31, 2010 from $536.1 million in the three months ended December 31, 2009. The decrease in revenue was due primarily to the non-renewal or termination of, or changes to, certain payor contracts, partially offset by an increase in home infusion therapy revenue. We expect to continue to strategically evaluate our payor contracts.
Net loss for the three months ended December 31, 2010 was $19.9 million.
EBITDA1 for the three months ended December 31, 2010 was $32.9 million.
Adjusted EBITDA before projected cost savings items1 for the three months ended December 31, 2010 was $49.8 million.
Full Year 2010 Highlights
Net revenues in the year ended December 31, 2010 were $2.08 billion compared to $2.09 billion in the year ended December 31, 2009. Revenue for the year ended December 31, 2010 decreased primarily due to the non-renewal or termination of, or changes to, certain payor contracts, partially offset by an increase in home infusion therapy revenue. We expect to continue to strategically evaluate our payor contracts. In addition, revenue in the year ended December 31, 2009 was positively impacted by the recognition of monthly rental revenue previously deferred for services that were initiated prior to certain 2009 Medicare reimbursement reductions.
Net loss for the year ended December 31, 2010 was $17.4 million.
EBITDA for the year ended December 31, 2010 was $233.2 million.
Adjusted EBITDA before projected cost savings items for the year ended December 31, 2010 was $307.3 million.
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