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

illion, an increase of $15.6 million, or 26.4%, from $59.2 million for the three months ended June 30, 2008. Of this $15.6 million increase, $11.7 million, or 75.0%, was attributable to same-market area growth and $3.9 million was attributable to revenue generated from new market acquisitions. The change in same-market area net revenue was primarily the result of a 14.1% increase in patient encounters and a 3.4% increase in patient revenue per encounter.

Physician practice salaries, benefits and other expenses for the three months ended June 30, 2009 were $54.5 million or 72.9% of net revenue, compared to $43.2 million or 73.1% of net revenue for the three months ended June 30, 2008.

General and administrative expenses were 17.0% of net revenue for the three months ended June 30, 2009, as compared to 18.0% of net revenue for the three months ended June 30, 2008.

Income from operations increased $2.2 million, or 46.1%, to $7.0 million, compared to $4.8 million for the same period in the prior year. Operating margin increased to 9.4% for the three months ended June 30, 2009 from 8.1% for the three months ended June 30, 2008.

The effective tax rate for the three months ended June 30, 2009 was 40.0% compared to 42.0% for the three months ended June 30, 2008. The decrease in the effective tax rate reflects a new enterprise zone tax credit recorded for the first time in the fourth quarter of 2008.

Net income increased to $4.1 million for the three months ended June 30, 2009, compared to $2.8 million for the three months ended June 30, 2008, and net income margin increased to 5.5% from 4.7% for the same period in the prior year. The net income margin increase to 5.5% is primarily the result of leveraging general and administrative expenses over a larger revenue base.

Six Months Ended June 30, 2009

Patient encounters for the six months ended
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SOURCE IPC The Hospitalist Company, Inc.
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