Indianapolis-based Apria Inc. (Nasdaq: APR) is reporting second quarter net income of $20.6 million, up 153.1% from $8.1 million during the same period last year. Chief Executive Officer Dan Starck said the results were ahead of the company’s expectations in three key metrics.
“On July 30, we signed a definitive agreement to acquire Airway Breathing Co., a provider of respiratory care services, sleep equipment and supplies, and durable medical equipment,” said Starck. “This acquisition enhances our presence in some attractive markets in Virginia and strengthens our relationships with the local health care systems. We continue to have a robust active pipeline and we expect to see more strategic M&A opportunities throughout the remainder of the year.”
“As most of you are aware, in mid-June, Philips/Respironics issued a product recall for a large portion of their CPAPs, BiPaps and ventilators,” Starck continued. “The recall has created significant disruption in the industry, and when coupled with the component shortages being experienced by other manufacturers, the availability of equipment to support newly diagnosed sleep and ventilation patients may be limited. The Apria team has done an excellent job managing the complexities of the recall, and our entire organization continues to execute at a high level to help deliver the highest quality of care and service to our patients which positions us well to drive future growth.”
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