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IPC The Hospitalist Company Reports Third Quarter 2009 Results
Date:11/2/2009

NORTH HOLLYWOOD, Calif., Nov. 2 /PRNewswire-FirstCall/ -- IPC The Hospitalist Company, Inc. (Nasdaq: IPCM), a leading national hospitalist physician group practice, today announced financial results for the third quarter ended September 30, 2009.

Third Quarter 2009 Highlights (comparisons are to third quarter 2008):

  • Net revenue increased 23% to $77.5 million, with same-market area net revenue growth of 20%
  • Patient encounters increased 19% to 823,000
  • Income from operations rose 38% to $7.4 million
  • Operating margin improved 110 basis points to 9.6%
  • Net income increased 47% to $4.6 million, or $0.28 per diluted share

Nine Months Ended September 30, 2009 Highlights (comparisons are to the nine months ended September 30, 2008)

  • Net revenue increased 25% to $228.4 million, with same-market area net revenue growth of 20%
  • Patient encounters increased 19% to 2,429,000
  • Income from operations rose 41% to $22.0 million
  • Operating margin improved 110 basis points to 9.6%
  • Net income increased 49% to $13.3 million, or $0.81 per diluted share

Adam D. Singer, M.D., Chief Executive Officer of IPC The Hospitalist Company, stated, "Our strong third quarter year over year revenue growth of 23%, driven by a 20% increase in same-market revenue, clearly demonstrates the continued expansion potential within our existing markets. Strong revenue growth from our new market acquisitions in New Jersey and Southeast Florida also contributed to our overall top-line growth."

Dr. Singer added, "In line with our growth strategy, we have completed six acquisitions to date in 2009. We believe there is a significant opportunity for consolidation in this highly fragmented industry. Our acquisition pipeline remains robust and w
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SOURCE IPC The Hospitalist Company, Inc.
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