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NORTH HOLLYWOOD, Calif., Feb. 21, 2013 (GLOBE NEWSWIRE) -- IPC The Hospitalist Company, Inc. (Nasdaq:IPCM), a leading national hospitalist physician group practice, today announced financial results for the fourth quarter and full year ended December 31, 2012.
Fourth Quarter 2012 Highlights (comparisons are to fourth quarter 2011):
Net revenue increased 17% to $137.6 million
Patient encounters increased to an all-time high of 1,447,000, an 18% increase
Income from operations increased 16% to $13.8 million, excluding the net change in fair value of contingent consideration
Net income increased 11% to $8.3 million, or $0.49 diluted earnings per share, excluding the net change in fair value of contingent consideration
Twelve Months Ended December 31, 2012 Highlights (comparisons are to twelve months ended December 31, 2011):
Net revenue increased 14% to $523.5 million
Patient encounters increased to an all-time high of 5,496,000, a 15% increase
Income from operations increased 15% to $53.0 million, excluding the net change in fair value of contingent consideration
Net income increased 15% to $32.8 million, or $1.93 diluted earnings per share, excluding the net change in fair value of contingent consideration
Adam D. Singer, M.D., Chief Executive Officer of IPC The Hospitalist Company, stated, "We are pleased to report that we once again reached a new milestone in the fourth quarter, with more than 1.4 million patient encounters generating $137.6 million in net revenue, for a 17% increase in net revenue for the quarter. Growth came from both acquisitions and new hires as we continue to build out our platform to meet the growing demand for our services. As of year-end, we had more than 1,410 providers, an increase of 217 since year-end 2011."
Dr. Singer added, "We continue to execute on our strategy of organic hiring and acquisition growth, as demonstrated by the significant number of providers we added during 2012. We completed 15 acquisitions in 2012, and our acquisition pipeline remains healthy, with a significant number of physician practices in both the acute and post-acute areas. In addition, we continue to evaluate opportunities to add to our practices through hospital contracting. We remain confident in our ability to continue to execute our multi-pronged growth plan in 2013 and beyond."