NORTH HOLLYWOOD, Calif., April 24, 2013 (GLOBE NEWSWIRE) -- IPC The Hospitalist Company, Inc. (Nasdaq:IPCM), a leading national hospitalist physician group practice, today announced financial results for the first quarter ended March 31, 2013. Income from operations, net income and diluted earnings per share have all been adjusted to exclude the change in fair market value of contingent consideration.
First Quarter 2013 Highlights (comparisons are to first quarter 2012):
- Net revenue increased 18% to $153.1 million
- Patient encounters increased to an all-time high of 1,576,000, a 16% increase
- Adjusted income from operations increased 17% to $16.0 million
- Adjusted net income increased 15% to $9.8 million, or $0.57 adjusted diluted earnings per share
Adam D. Singer, M.D., Chief Executive Officer of IPC The Hospitalist Company, stated, "We achieved strong results for the quarter, including net revenue growth of 18%, same-market net revenue growth of 14%, and a corresponding growth in adjusted diluted earnings per share of 13%. We benefited from the acquisitions we completed in the second half of 2012, as well as the continued growth in both our acute and post-acute lines of business. As of quarter-end, we had 1,456 providers, an increase of 15% since the first quarter of the prior year."Dr. Singer added, "Our most recent results reflect a durable and proven growth strategy that attracts physicians and delivers ongoing value. We remain focused on continuing to implement our growth plan in 2013." 2013 First Quarter Patient encounters for the three months ended March 31, 2013 increased by 221,000, or 16.3%, to 1,576,000, compared with 1,355,000 for the same period in the prior year. Net revenue for the three months ended March 31, 2013 was $153.1 million, an increase of $23.3 million, or 18.0%, from $129.8 million for the same period in the prior year. Of this $23.3 million increase, 77% was attributable to same-market area growth, including tuck-in acquisitions and new hires, and 23% was attributable to revenue generated from operations in new markets. Same-market revenue increased 13.9%, same-market encounters increased 12.1% and same market patient revenue per encounter increased 1.9%. The 1.9% increase is largely due to a combination of Medicare fee schedule rate increases and Medicaid parity. Medicaid parity represents an increase in Medicaid payments up to Medicare reimbursement levels for 2013 and 2014 in accordance with the Patient Protection and Affordable Care Act of 2010, as amended.