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

revenue, compared to $133.0 million, or 72.7% of net revenue, for the nine months ended September 30, 2008.

General and administrative expenses increased $5.2 million, or 15.9%, to $37.9 million, or 16.6% of net revenue, for the nine months ended September 30, 2009, as compared to $32.7 million, or 17.9% of net revenue, for the nine months ended September 30, 2008.

Income from operations increased $6.4 million, or 41.0%, to $22.0 million, as compared to $15.6 million for the same period in the prior year. The operating margin increased to 9.6% for the nine months ended September 30, 2009, compared to 8.5% for the nine months ended September 30, 2008.

The effective tax rate for the nine months ended September 30, 2009 was 39.2%, compared to 42.0% for the nine months ended September 30, 2008.

Net income increased to $13.3 million for the nine months ended September 30, 2009, as compared to $8.9 million for the nine months ended September 30, 2008, and the net income margin increased to 5.8% from 4.9% for the same period in the prior year.

Net cash provided by operating activities for the nine months ended September 30, 2009 increased to $24.2 million, compared to $17.6 million for the same period of 2008. Days sales outstanding (DSO) decreased to 55 DSO at the end of the period, compared to 60 DSO as of December 31, 2008. During the first nine months of 2009, $14.4 million was used for physician practice acquisitions and earn-out payments attributable to prior acquisitions, compared to $16.3 million in the same period of the prior year. 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.

2009 Guidance Update

The Company is updating its guidance for the full year 2009 and expects revenue to be in the range of $308 million to $310 million and earnings per diluted share to be in the range of $1.09
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SOURCE IPC The Hospitalist Company, Inc.
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