Lincare Holdings
A United States provider of home respiratory therapy, oxygen equipment, and related durable medical equipment.
Last updated August 26, 2026
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Overview
Lincare Holdings is a United States respiratory healthcare company headquartered in Clearwater, Florida. It supplies home-based respiratory care and durable medical equipment to patients who receive treatment outside hospitals and other institutional settings. Its offerings include oxygen therapy equipment, nebulizers, sleep-apnea products, ventilators, home international normalized ratio testing, enteral therapy, and respiratory therapy services. The company also distributes equipment such as wheelchairs, walkers, and hospital beds. Lincare developed from the United States homecare activities associated with Linde Air Products and Union Carbide. Linde's American business was established in 1907, and a homecare medical-systems unit existed within Union Carbide's industrial-gases operations by 1972. After Union Carbide began divesting assets during a period of financial pressure in the 1980s, the homecare business became Lincare Inc. in 1987. In 1990, Union Carbide sold its remaining equity interest to investors and Lincare executives, after which the company adopted the Lincare Holdings name. Lincare became a public company on NASDAQ in 1992 under the symbol LNCR. The initial public offering raised $50 million. Over the following years, the company expanded its respiratory-therapy and home-medical-equipment operations across the United States. It ultimately became one of the country's largest distributors of home oxygen equipment and respiratory homecare services. The company has been described as serving approximately 1.8 million patients through more than 700 locations in 49 states, with a workforce of approximately 10,000 people, including about 1,300 licensed clinicians. Linde reacquired Lincare in July 2012 for approximately $4.6 billion. The transaction returned Lincare to private ownership as part of Linde's broader North American gases business and was reported to have materially increased that division's sales. Lincare continues to operate as a Linde subsidiary focused on respiratory and homecare services in the United States. The company has also faced recurring scrutiny over Medicare billing, compliance controls, and alleged fraud. Government actions and reporting have described repeated violations of corporate-integrity-agreement requirements, allegations involving anti-kickback rules, billing for services or equipment associated with deceased or no-longer-using patients, and concerns about ventilator billing. These issues are a significant part of Lincare's public record and distinguish its regulatory history from its operating role as a major home respiratory-care provider.
History
Lincare's corporate lineage reaches back to the American operations of Linde. Carl von Linde established the Gesellschaft für Linde's Eismaschinen in Wiesbaden in 1879 to commercialize mechanical refrigeration for industries including brewing and food production. In 1907, he traveled to the United States and established Linde Air Products in Buffalo, New York, as a Linde subsidiary. The First World War changed the ownership history of the American business. In 1917, Linde lost its United States subsidiary through wartime expropriation, and Union Carbide Corporation acquired the American Linde operations. Linde Air Products subsequently became part of Union Carbide's business structure. By 1972, a precursor to Lincare operated as Linde Homecare Medical Systems within Union Carbide's industrial-gases division, connecting the later healthcare company to an industrial-gases enterprise rather than to a hospital system. Union Carbide's financial position deteriorated in the 1980s amid major legal and corporate pressures, including liabilities associated with the Bhopal disaster and a takeover contest involving GAF Corporation. The company repurchased a substantial portion of its stock and incurred significant debt, then began selling assets. During this restructuring, Linde Homecare Medical Systems was separated and transitioned into Lincare Inc. in 1987. In 1990, Union Carbide sold its remaining 50 percent interest in Lincare to investors and Lincare executives. The business adopted the Lincare Holdings name. Its owners then completed an initial public offering on NASDAQ in 1992 under the ticker LNCR, raising $50 million. Over the next approximately two decades, Lincare expanded its national respiratory-care network and became a major United States provider of home oxygen, respiratory therapy, and durable medical equipment. It was reported to serve more than 800,000 patients in 48 states during this period. Lincare's ownership changed again in July 2012, when Linde plc acquired the company for approximately $4.6 billion. The acquisition ended Lincare's independent public-company status and made it a Linde subsidiary. Linde described the transaction as strategically important to its North American gases activities, with Lincare's addition substantially increasing divisional sales. The company's later history includes repeated compliance and enforcement concerns. In 2006, the United States Department of Health and Human Services placed Lincare on a five-year probation list after finding that it had defrauded Medicare and violated the conditions of a corporate integrity agreement. In 2018, the company was again placed on a five-year HHS probation list after another alleged violation. That year, Lincare also faced allegations involving anti-kickback rules and continued Medicare billing for a patient who had died; the matter was settled in court. HHS placed the company on its probation list again in 2023. In 2024, ProPublica reported on the company's long-running Medicare-related conduct and stated that Lincare billed Medicare for ventilators it knew customers were no longer using. These events form an important part of the public record concerning Lincare's governance, billing practices, and regulatory controls.
- 2024
ProPublica reports on Medicare billing practices
[1]ProPublica reported on alleged decades-long Medicare fraud and stated that Lincare billed Medicare for ventilators it knew customers were no longer using.
- 2023
Third reported HHS probation period
[1]HHS again placed Lincare on its five-year probation list for violating corporate-integrity-agreement terms.
- 2018
Renewed compliance action and court settlement
[1]Lincare was again placed on an HHS probation list and faced a court settlement involving allegations related to anti-kickback rules and Medicare billing for a deceased patient.
- 2012
Linde reacquires Lincare
[1]Linde plc acquired Lincare Holdings for approximately $4.6 billion.
- 2006
First reported HHS probation period
[1]HHS placed Lincare on a five-year probation list after Medicare-fraud findings and a violation of its corporate integrity agreement.
- 1992
Initial public offering
[1]Lincare Holdings completed its NASDAQ IPO under the LNCR ticker and raised $50 million.
- 1990
The company adopts the Lincare Holdings name
[1]Union Carbide sold its remaining equity interest to investors and Lincare executives, and the company changed its name to Lincare Holdings.
- 1987
Lincare Inc. is formed
[1]The homecare business was separated during Union Carbide's asset divestitures and became Lincare Inc.
- 1972
Homecare medical-systems predecessor operates within Union Carbide
[1]Linde Homecare Medical Systems, a precursor to Lincare, operated in Union Carbide's industrial-gases division.
- 1917
Union Carbide acquires the American Linde business
[1]Following wartime expropriation of Linde's United States subsidiary, Union Carbide acquired the American business.
Products and positioning
Home respiratory healthcare and durable medical equipment provider
Respiratory care
Home oxygen therapy
Lincare's core business includes the distribution of home oxygen equipment and related oxygen-therapy services. The company has been described as the largest distributor of home oxygen equipment in the United States, supplying patients who require respiratory support outside hospital settings.
Respiratory equipment
Nebulizers
Nebulizers are among Lincare's home respiratory products. These devices support the delivery of inhaled medication and form part of the company's broader equipment and respiratory-therapy offering.
Sleep respiratory care
Sleep-apnea products
Lincare provides products used in the treatment of sleep apnea as part of its home respiratory-care portfolio. The category complements oxygen, ventilatory-support, and clinical respiratory services.
Respiratory equipment
Ventilator products
The company supplies ventilator products for patients requiring assisted breathing at home. Ventilators are part of Lincare's higher-acuity respiratory offering and have also featured in public scrutiny of its Medicare billing practices.
Home diagnostic services
Home INR testing
Lincare's listed services include home international normalized ratio testing, enabling certain patients to monitor blood-coagulation measures outside traditional clinical settings.
Home medical equipment
Durable medical equipment
Beyond respiratory devices, Lincare distributes durable medical equipment including wheelchairs, walkers, and hospital beds. These products extend its role from respiratory supplier to broader homecare-equipment provider.
Controversies
2024
Alleged long-running Medicare fraud and ventilator billing
ProPublica reported that Lincare had a decades-long history of defrauding Medicare and billed the program for ventilators it knew customers were no longer using.
2023
Repeated corporate-integrity-agreement violation
HHS again placed Lincare on its probation list for five years after another reported violation of corporate-integrity-agreement terms.
2018
Anti-kickback and deceased-patient billing allegations
Lincare was accused of violating anti-kickback laws and continuing to bill Medicare for a patient who had died. The matter was settled in court, and the company was again placed on an HHS probation list.
2006
Medicare fraud findings and corporate-integrity-agreement violation
HHS placed Lincare on a five-year probation list after findings that the company had defrauded Medicare and violated the terms of a corporate integrity agreement.
Brand decisions
2012
Reacquisition by Linde plcM&ABackground
Linde sought to expand its North American gases activities and regain ownership of its former homecare-related business.
Action taken
Linde plc acquired Lincare Holdings for approximately $4.6 billion.
Aftermath
Lincare ceased to be an independently listed company and continued as a Linde subsidiary.
Acquisition value. $4.6 billion (July 2012 acquisition)
1992
Complete the NASDAQ initial public offeringOtherBackground
After acquiring independence from Union Carbide, the partner owners sought public financing and a public-market listing.
Action taken
Lincare Holdings listed on NASDAQ under LNCR and raised $50 million.
Aftermath
The company gained public-company access to capital while expanding its national respiratory-care business.
IPO proceeds. $50 million (1992 initial public offering)
1987
Separate the homecare business as Lincare Inc.StrategyBackground
Union Carbide was selling assets while addressing substantial financial and legal pressures.
Action taken
The Linde Homecare Medical Systems business transitioned into Lincare Inc.
Aftermath
The reorganization created the corporate platform that later became Lincare Holdings.
Recent events
- 2012
Linde reacquires Lincare Holdings[1]
M&A
Linde plc acquired Lincare Holdings for approximately $4.6 billion, bringing the respiratory homecare company back into the Linde corporate group and ending its period as a separately listed public company.
Sources1 sources
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