IPC The Hospitalist Co. beat analyst expectations for the fourth quarter as it reported double-digit growth in its doctors network for the year.
The North Hollywood company, which owns doctors groups that attend to inpatients and those recently released from hospitals, reported net income of $8.4 million (50 cents a share) compared to $8.6 million (51 cents) in the same period the previous year. Revenue increased 17 percent to $138 million.
Analysts on average had expected earnings of 48 cents a share, according to Thomson Financial Network.
For the full year, the company reported net income of $32.6 million ($1.92 a share) compared to $29 million ($1.74) the previous year. Revenue grew 14 percent to $523 million.
Chief Executive Dr. Adam Singer credited IPC’s performance to its growing number of doctors. The company ended the year on Dec. 31with 1,410 providers, an increase of 18 percent for the year.
“We continue to execute on our strategy of organic hiring and acquisition growth,” Singer said in a statement. “We completed 15 acquisitions in 2012, and our acquisition pipeline remains healthy.”
Shares lost 45 cents, or less than 1 percent, to close at $43.28 on the Nasdaq. The company announced its results after markets closed Thursday.