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IPC The Hospitalist Company Reports Second Quarter 2009 Results
Date:8/6/2009

NORTH HOLLYWOOD, Calif., Aug. 6 /PRNewswire-FirstCall/ -- IPC The Hospitalist Company, Inc. (Nasdaq: IPCM), a leading national hospitalist physician group practice, today announced financial results for the second quarter ended June 30, 2009.

Second Quarter 2009 Highlights (comparisons are to second quarter 2008):

  • Net revenue increased 26% to $74.8 million, with same-market area net revenue growth of 20%
  • Patient encounters increased 21% to 796,000
  • Income from operations rose 46% to $7.0 million
  • Operating margin improved 130 basis points to 9.4%
  • Net income increased 50% to $4.1 million, or $0.25 per diluted share, for the quarter

Six Months Ended June 30, 2009 Highlights (comparisons are to the six months ended June 30, 2008)

  • Net revenue increased 26% to $150.8 million, with same-market area net revenue growth of 20%
  • Patient encounters increased 20% to 1,606,000
  • Income from operations rose 43% to $14.6 million
  • Operating margin improved 120 basis points to 9.7%
  • Net income increased 50% to $8.6 million or $0.53 per diluted share, for the six month period

Adam D. Singer, M.D., Chief Executive Officer of IPC The Hospitalist Company, stated, "We are very pleased with our continued ability to deliver strong revenue growth and operating margin expansion. Our second quarter and year-to-date revenue growth of 26% was driven by increased staffing in our same-market areas, both through hiring and in-market acquisitions, as well as the contribution from our newest markets -- Southeast Florida, entered into during the latter part of 2008, and New Jersey, entered into during the second qua
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SOURCE IPC The Hospitalist Company, Inc.
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