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

June 30, 2009 increased 19.5% to 1,606,000, compared to 1,344,000 for the same period last year. Net revenue for the six months ended June 30, 2009 was $150.8 million, an increase of $31.1 million, or 26.0%, from $119.7 million for the six months ended June 30, 2008. Of this $31.1 million increase, $23.5 million, or 75.6%, was attributable to same-market area growth and $7.6 million was attributable to revenue generated from new market acquisitions. The change in same-market area net revenue was primarily the result of a 13.0% increase in patient encounters and a 4.7% increase in patient revenue per encounter.

Physician practice salaries, benefits and other expenses for the six months ended June 30, 2009 were $109.9 million or 72.9% of net revenue, compared to $87.2 million, or 72.8% of net revenue for the six months ended June 30, 2008.

General and administrative expenses were 16.7% of net revenue for the six months ended June 30, 2009, compared to 17.8% of net revenue for the six months ended June 30, 2008.

Income from operations increased $4.4 million, or 42.6%, to $14.6 million, compared to $10.2 million for the same period in the prior year. The operating margin increased to 9.7% for the six months ended June 30, 2009 from 8.5% for the six months ended June 30, 2008.

The effective tax rate for the six months ended June 30, 2009 was 40.0%, compared to 42.0% for the six 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 $8.6 million for the six months ended June 30, 2009, compared to $5.8 million for the six months ended June 30, 2008, and the net income margin increased to 5.7% from 4.8% for the same period in the prior year.

Cash flow from operations for the year-to-date 2009 period was $17.3 million, com
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SOURCE IPC The Hospitalist Company, Inc.
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