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

pared to $16.8 million for the same period of 2008. Days sales outstanding (DSO) decreased to 56 DSO at the end of the period, compared to 60 DSO as of December 31, 2008. During the six month period, the Company expended $7.9 million for physician practices acquired in 2009 and earn-out payments attributable to practices acquired in 2007 and 2008. In addition, in late June 2009, the Company paid off all remaining debt of $7.3 million under its Term Loan and equipment financing loans.

Recent Developments

Yesterday, IPC announced that it acquired Synergy Medical Group, Inc. in Tampa, Florida, building on IPC's established presence in the greater Tampa Bay market. Synergy is a hospitalist group serving three acute care hospitals, two long-term acute care hospitals and seventeen skilled nursing facilities in the Tampa Bay area. Both IPC and Synergy have provided services in this large and growing market for a number of years, although in different facilities. IPC expects to add approximately 51,000 patient encounters annually from this acquisition.

Guidance Update

The Company is updating its guidance for the full year 2009 and now expects revenue to be in the range of $303 million to $308 million and earnings per diluted share to be in the range of $1.05 to $1.12. The Company has provided this outlook based on the following assumptions: (i) an estimated 4.6% increase in the weighted average reimbursement rates for services provided to Medicare patients; (ii) continued growth in same-market areas whether from new hires or in-market acquisitions; (iii) a 40% effective tax rate; and (iv) 16.3 million weighted average diluted shares outstanding for the year. Not included in the assumptions are (i) new market acquisitions; (ii) increased general and administrative expenses as a result of the requirement of FASB Statement 141(R) to expense external costs associated with acquisitions that close subsequent to
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SOURCE IPC The Hospitalist Company, Inc.
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