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855-859-2056 or 404-537-3406, #71361215, through May 10, 2012
IntegraMed America, Inc. (NASDAQ: INMD), the leader in developing, marketing and managing specialty healthcare facilities in the
vein care markets, today announced results for the first quarter (Q1) ended March 31, 2012.
Summary Financial Results (in thousands, except per share data)(Unaudited)
Three Months Ended
Attain Fertility Centers
Attain Fertility Centers
Vein Clinics 1
Total Operating Income
Corporate G&A Costs
Net Interest Expense
Income Before Income Taxes
Adjusted EBITDA 2
(1)Vein Clinics operating income reflects the impact of new vein clinic pre-tax start-up costs of approximately $0.9 million in Q1 ’12 versus comparable expense of $1.4 million in Q1 ‘11.New vein clinics typically reach break even within nine months of opening.(2)IntegraMed uses the term "Adjusted EBITDA" when reporting financial results in accordance with SEC rules regarding the use of financial measures not calculated in accordance with generally accepted accounting principles (GAAP). The Company uses Adjusted EBITDA as a management tool to measure and monitor financial performance. The definition of Adjusted EBITDA contained herein corresponds to the definition of Adjusted EBITDA contained in the Company’s credit facility; certain of the covenants contained therein are tied to Adjusted EBITDA. While providing useful information, Adjusted EBITDA should not be considered in isolation as a measure of financial performance under GAAP. Investors should be aware that Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies and comparisons could be misleading unless all companies and analysts calculate this measure in the same fashion. A reconciliation to Adjusted EBITDA is provided as supplemental data for this release.
Jay Higham, President and CEO of IntegraMed, commented, "Our Q1 performance continued to highlight the strength of our business model and its ability to drive growth to the bottom line. We are excited to be off to such a strong start in 2012 and are optimistic regarding our potential to achieve improved net income and EPS for the full year. We completed two acquisitions in our Attain Fertility® Centers Division (AFC) during the first quarter and are already starting to see operational benefits from the physicians we have added. Our Vein Clinics division continues its new clinic development on schedule, opening two clinics in the first quarter and two more so far in Q2. We also closed a clinic in the first quarter that had been underperforming for some time.”