IPC The Hospitalist Company Inc. beat analyst estimates on revenue and earnings per share for the first quarter.
The North Hollywood-based physician group practice reported net income of $10.5 million ($0.61 a share) in the first quarter compared with $8.5 million ($0.50) in the same period a year earlier. Revenue increased by 18 percent to $153.1 million.
Analyst forecasts had IPC reporting revenue of $149 million on $0.55 per share, according to data from Thomson/First Call.
The company benefited during the first quarter from acquisitions made in late 2012 and continued growth in the acute and post-acute lines of business, said Chief Executive Dr. Adam Singer.
"Our most recent results reflect a durable and proven growth strategy that attracts physicians and delivers ongoing value,” Singer said in a statement.
Shares of IPC closed down 86 cents, or 2.1 percent, to $39.82 on the Nasdaq.