Net Income Rises 38% for Expanding Caremark

Caremark said net income for its fiscal first quarter ended Sept. 30 rose 38% to $2.07 million from $1.5 million, a gain it attributed to expansion and increased demand for its home health care services.

The Newport Beach-based company said revenue for the period was a record $24.4 million, up 64% from $14.9 million for the same period a year earlier.

“Companies focused on the out-of-hospital care are really benefiting from continued pressure to contain health care costs,” said Larry Watts, a spokesman for the company. “Our business increases when hospital censuses decrease.”

In addition to home health services, Caremark provides prescription drugs by mail and health care management systems to insurance carriers and large employers.

The company said it expects to continue expansion because of increased demand, particularly for its home health services.