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The content of today’s conference call contains time sensitive information that is accurate only as of today, February 16, 2012. IntegraMed undertakes no obligation to revise or update any statements to reflect events or circumstances occurring after the date of this conference call.I will now like to turn the call over to Jay Higham, President & CEO. Jay? Jay Higham Thank you, Norberto, and good morning everyone. Thank you for joining us today. After the great deal of effort invested in strengthening our human resources, balance sheet, and overall operations over the past few years, it is gratifying to share with you our Q4 and full year 2011 results. With record revenue across Q4 and the full-year, it is clear that our model to invest in both organic and new business growth is working, and that our strategy for the future of IntegraMed is sound. The investments that we have made in both our fertility and vein clinics divisions are beginning to pay off, contributing not just to top line growth, but also to cash flow and earnings per share. As a shareholder, I know the last few quarters have been frustrating as the market has seemed to ignore the expected benefits of our growth initiatives, so I thank you for your patience and confidence in our vision. With the results we have been able to achieve in the third and fourth quarter of 2011, and what we see going forward, I can tell you that I have never been more confident about the opportunity we have in front of us to build both our fertility and our vein clinic businesses in the coming years. This optimism is further supported by the substantial liquidity we have in our balance sheet to fund growth initiatives, using operating cash flow, net cash and even our $35 million bank facility.
So let us run through the drivers behind the results so we can get to your questions. Starting with our Attain fertility centers, this segment had strong performance with revenues growing 8.5% to $50.9 million in the quarter, and by 9.6% to $200 million on a full-year basis. While the overall economy is still exhibiting some challenges, the value proposition we bring to our partners and our affiliate centers has never been more relevant and valuable, as we help drive improvements in patient care, patient traffic and operational efficiency, all of which help create increased profitability at the fertility center level, and at the company level.Over the last few years, we have made significant investments that have helped support both the operations of the business, as well as our ability to drive additional patient traffic, and reduce the total cost of operations across the business. Investments such as the deployment of a state-of-the-art patient relationship management system, or our recently opened shared services center in Florida helps us drive added efficiency and value. In addition, we are continuing to investing in building our already industry-leading online presence in order to reach a broader potential patient population. Online patient outreach initiatives are playing an increasingly important role in our business. For example, we now have 14,000 followers on our Attain fertility Facebook page. In our wall of hope, a key component of our social media outreach, has become a very popular feature, allowing those who are considering and/or undergoing fertility treatment to exchange information, thoughts and feelings making them feel empowered, and connected to others experiencing infertility. Importantly, our target audience of women between the ages of 25 and 45 is one that is very comfortable in using the Internet. Our fertility planner is another successful online features that allows women to take greater control of managing their fertility schedule, and due to patient demand, we are in the process of launching an App version of this feature shortly. I encourage you all to visit attainffertility.com to see for yourselves why we have over 100,000 visitors per month and growing. Read the rest of this transcript for free on seekingalpha.com