IPC reports lower Q4 net income, provides outlook for 2013
Mar 11, 2013 (Datamonitor via COMTEX) --
IPC The Hospitalist Company, Inc., a provider of hospitalist services, has reported that net income for the fourth quarter ended December 31, 2012 was $8.45 million, or $0.50 per diluted share, compared to $8.56 million, or $0.51 per diluted share, for the same quarter ended December 31, 2011. The company expects revenue in the range of $597 million to $607 million for 2013.
Net revenues for the fourth quarter of 2012 were $137.57 million, compared to $117.86 million for the same quarter of 2011.
Net income for the year ended December 31, 2012 was $32.59 million, or $1.92 per diluted share, compared to $29.27 million, or $1.74 per diluted share, for the year ended December 31, 2011.
Net revenues for the year ended December 31, 2012 were $523.48 million, compared to $457.47 million for the year ended December 31, 2011.
Adam Singer, M.D., CEO 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."
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