Physicians Group IPC the Hospitalist Beats Estimate for Q1Wednesday, April 24, 2013
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.