U.S. Oncology, Houston, said it rebounded to profitability in 2003, even as it warned 2005 earnings would fall because of recent changes in Medicare reimbursement for cancer care. The company earned $70.7 million, or 77 cents per share, in 2003, compared with a loss of $46 million, or 47 cents per share, in 2002. Annual net operating revenue rose 17.6% to $2.5 billion. Fourth-quarter net income rose to $18.9 million, or 21 cents per share, from a loss of $5.4 million, or 6 cents per share, in the year-ago quarter. Quarterly net operating revenue rose 18.6% to $657.3 million. U.S. Oncology said it expects 2004 net income to rise 15% to 20% before weakening in 2005. The company provides various practice-management services to a network of 875 affiliated physicians in 32 states. -- by Julie Piotrowski
U.S. Oncology reports good 2003 but weak outlook
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