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

compared to 8.5% for the three months ended September 30, 2008.

The effective tax rate for the three months ended September 30, 2009 was 37.8%, compared to 42.0% for the three months ended September 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 and benefit from utilization of net operating losses previously subject to a valuation allowance.

Net income increased to $4.6 million for the three months ended September 30, 2009, as compared to $3.2 million for the three months ended September 30, 2008, and the net income margin increased to 6.0% from 5.0% for the same period in the prior year. The net income margin increase to 6.0% is primarily the result of leveraging general and administrative expenses over a larger revenue base as IPC grows its practices and acquires new practices.

Nine Months Ended September 30, 2009

Patient encounters for the nine months ended September 30, 2009 increased 19.3% to 2,429,000, compared to 2,036,000 for the same period last year. Net revenue for the nine months ended September 30, 2009 was $228.4 million, an increase of $45.5 million, or 24.9%, from $182.9 million for the nine months ended September 30, 2008. Of this $45.5 million increase, $35.5 million, or 78.0%, was attributable to same-market area growth and $10.0 million was attributable to revenue generated from new market acquisitions. IPC completed one new market acquisition in the third quarter of 2008 and entered a second new market with two practice acquisitions, one each in the second and third quarters of 2009. The change in same-market area net revenue was primarily the result of a 14.0% increase in patient encounters and a 4.2% increase in patient revenue per encounter.

Physician practice salaries, benefits and other expenses for the nine months ended September 30, 2009 were $166.7 million, or 73.0% of net
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SOURCE IPC The Hospitalist Company, Inc.
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