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IntegraMed® Q2 Revenue Grew 10.3% To $76.2M

Stocks in this article: INMD

IntegraMed America, Inc. (NASDAQ: INMD), a leader in developing, marketing and managing specialty healthcare facilities in the fertility and vein care markets, announced today results for the second quarter and the six months ended June 30, 2012. Second quarter and six months 2012 results include pre-tax costs of approximately $1.5 million (approximately $1.1 million after tax) associated with the pending acquisition of IntegraMed by affiliates of Sagard Capital Partners, L.P. Results in the year-ago periods include a pre-tax medical malpractice settlement of $1.65 million (approximately $1.0 million after tax).

 
Summary Financial Results

(in thousands, except per share data)

    Three     Three        

Six

   

Six

   
Months Months %

Months

Months

%
Ended Ended Change Ended Ended Change
      6/30/12     6/30/11           6/30/12     6/30/11      

Revenues:

                                   

Attain Fertility Centers

    $ 53,131    

$ 49,653

    7.0%     $ 104,388    

$ 98,251

    6.3%
Vein Clinics     23,060     19,398     18.9%     42,629     35,059     21.6%
Total Revenues     $ 76,191     $ 69,051     10.3%     $ 147,017     $ 133,310     10.3%

Operating Income:

                                   

Attain Fertility Centers

    4,594    

4,172

    10.1%     8,863    

8,606

    3.0%
Vein Clinics     1,068     1,192     (10.4)%     1,919     1,441     33.2%
Total Operating Income     $ 5,662     $ 5,364     5.6%     $ 10,782     $ 10,047     7.3%
Corporate G&A Costs (1)     $ 4,537     $ 3,001     51.2%     $ 7,422     $ 6,042     22.8%
Legal Settlement (2)     $ 0.0     $ 1,650     nm     $ 0.0     $ 1,650     nm
Net Interest Expense     60     83     (27.7)%     123     177     (30.5)%
Income before Inc. Taxes     1,065     630     69.1%     3,238     2,178     48.7%
Income Taxes     589     282     108.9%     1,454     872     66.7%
Net income     $ 476     $ 348     36.8%     $ 1,784     $ 1,306     36.6%
Diluted EPS     $ 0.04     $ 0.03     33.3%     $ 0.15     $ 0.11     36.4%
Diluted Shares     12,053     11,878     1.5%     12,037     11,873     1.4%
Adjusted EBITDA (3)     $ 3,682     $ 3,211     14.7%     $ 8,337     $ 7,166     16.3%
 

(1) Included in the 2012 Q2 and six months G&A expenses are approximately $1.5 million in pre-tax costs related to the pending acquisition of IntegraMed by affiliates of Sagard Capital Partners, L.P.

(2) Pre-tax provision reflects IntegraMed’s portion of a medical malpractice settlement, net of insurance coverage and Partner physician contributions.

(3) 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). Adjusted EBITDA is used as a management tool to measure and monitor financial performance, and certain of covenants in the Company’s credit facility 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 below.

IntegraMed President and CEO, Jay Higham, commented, “Our Q2 and first half results continue to reflect overall strength across the business on both the top and bottom line. The Q2 revenue improvement was fueled by contributions from both mature and new vein clinics as well as from a solid performance in our Attain Fertility Centers segment, which achieved a modest increase in IVF Cycles volume and a double-digit increase in pregnancies in our Attain IVF Program. Excluding non-recurring acquisition-related costs, we were able to hold corporate G&A expenses roughly in line with the year ago period. Excluding deal and litigation costs in the second quarters of 2012 and 2011, respectively, we achieved solid net income and EPS gains year over year.”

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