Lincare Holdings has experienced a drop in earnings during the second quarter.

The company, which provides oxygen and other respiratory therapy services to patients in their homes, blames the fall on a drop in Medicare reimbursements.

Net income fell to $50.1 million, or 48 cents per share, from $67.4 million, or 64 cents per share, a year earlier. Revenue was flat at $315.2 million. Lincare said the Medicare price changes reduced revenue by $49.6 million.

Analysts had expected the company to post revenue of $300.7 million.

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