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IPC The Hospitalist Company Reports Record Fourth Quarter and Full Year 2008 Results
Date:3/2/2009

NORTH HOLLYWOOD, Calif., March 2 /PRNewswire-FirstCall/ -- IPC The Hospitalist Company, Inc. (Nasdaq: IPCM), a leading national hospitalist physician group practice, today announced financial results for the fourth quarter and full year ended December 31, 2008.

Fourth Quarter 2008 Highlights:

  • Net revenue increased 30% to $68.3 million for the fourth quarter, with same-market area net revenue growth of 19%
  • Patient encounters increased 27% quarter-over-quarter to 754,000
  • Income from operations rose 69% quarter-over-quarter to $6.9 million
  • Net income increased to $4.6 million, or $0.28 per pro-forma diluted share for the quarter

Full Year 2008 Highlights:

  • Net revenue increased 32% to $251.2 million for the year, with same-market net revenue growth of 20%
  • Patient encounters increased 30% year-over-year to 2.8 million
  • Income from operations rose 63% year-over-year to $22.5 million, as operating margin increased to 9.0% from 7.3%
  • Net income increased to $13.6 million, or $0.88 per pro-forma diluted share for the year
  • Percentage of self-pay patient encounters decreased to 7% in 2008 from 10% in the prior year

Adam D. Singer, M.D., Chief Executive Officer, stated, "We ended our first year as a public company continuing to generate strong revenue and earnings growth. Revenues grew at least 30% in each quarter of 2008 over the comparable prior year quarter and 32% for the full 2008 year over 2007. Our operating earnings increased 69% for the fourth quarter and 63% for the full year. With less than 5% of our encounters coming from elective in-patient stays and the decrease in our self-pay patient encounte
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SOURCE IPC The Hospitalist Company, Inc.
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