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IPC The Hospitalist Company Reports 2013 Second Quarter Results

Stocks in this article: IPCM

NORTH HOLLYWOOD, Calif., July 25, 2013 (GLOBE NEWSWIRE) -- IPC The Hospitalist Company, Inc. (Nasdaq:IPCM), a leading national hospitalist physician group practice, today announced financial results for the second quarter ended June 30, 2013. All operating results referred to as "adjusted" exclude the change in fair market value of contingent consideration ("net change in fair value"). See "Reconciliation of Non-GAAP Financial Measures" below for explanations of these non-GAAP financial measures and reconciliation to GAAP financial measures.

Second Quarter 2013 Highlights (comparisons are to second quarter 2012):

  • Net revenue increased 14% to $145.8 million.  
  • Patient encounters increased to 1,513,000, a 13% increase.  
  • Adjusted income from operations increased 13% to $14.8 million. GAAP income from operations increased 59% to $20.0 million.  
  • Adjusted net income increased 12% to $9.1 million, or $0.53 adjusted diluted earnings per share. GAAP net income increased 57% to $12.3 million, or $0.71 diluted earnings per share.

Six Months Ended June 30, 2013 Highlights (comparisons are to six months ended June 30, 2012):

  • Net revenue increased 16% to $298.8 million.  
  • Patient encounters increased to an all-time high of 3,089,000, a 14% increase.  
  • Adjusted income from operations increased 15% to $30.8 million. GAAP income from operations increased 41% to $37.2 million.  
  • Adjusted net income increased 13% to $18.9 million, or $1.10 adjusted diluted earnings per share. GAAP net income increased 40% to $22.8 million, or $1.33 diluted earnings per share.

Adam D. Singer, M.D., Chief Executive Officer of IPC The Hospitalist Company, stated, "Our continued double digit growth in patient encounters, revenues and adjusted operating income affirms the long-term viability of the IPC model, which offers physicians an environment to focus on patient care and improved patient outcomes. We are confident in our ability to execute on our proven growth strategies in both our acute and post-acute lines of business."

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