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IPC The Hospitalist Company Reports Record First Quarter 2009 Results
Date:5/4/2009

NORTH HOLLYWOOD, Calif., May 4 /PRNewswire-FirstCall/ -- IPC The Hospitalist Company, Inc. (Nasdaq: IPCM), a leading national hospitalist physician group practice, today announced financial results for the first quarter ended March 31, 2009.

First Quarter 2009 Highlights (comparisons are to first quarter 2008):

  • Net revenue increased 26% to $76.1 million, with same-market area net revenue growth of 19%

  • Patient encounters increased 18% to 810,000

  • Income from operations rose 39% to $7.6 million

  • Operating margin improved 90 basis points to 9.9%

  • Net income increased 50% to $4.5 million, or $0.28 per diluted share for the quarter

Adam D. Singer, M.D., Chief Executive Officer of IPC The Hospitalist Company, stated, "Our record results for the first quarter of 2009 reflect IPC's continued ability to generate strong revenue growth and expand operating margin. The first quarter revenue growth of 26% was driven by increased penetration of same-market areas, as well as the contribution from IPC's entry into its newest market in Southeast Florida. As we grow our revenue base, we have a significant opportunity to leverage our general and administrative costs, as evidenced by the 90 basis point improvement in our operating margin. We also continued to strengthen our balance sheet by increasing our cash flow and reducing our days sales outstanding, which resulted in an increase in our cash balance."

Dr. Singer added, "In line with our growth strategy, we are aggressively continuing
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SOURCE IPC The Hospitalist Company, Inc.
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