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IPC 2Q net income rises 32 percent on patients

Mon, 07/26/2010 - 1:45pm
The Associated Press

NORTH HOLLYWOOD, Calif. (AP) — IPC The Hospitalist Company Inc., a provider of in-hospital medical services, said Monday its second-quarter net income rose 32 percent on a boost in patients.

Net income in the quarter rose to $5.4 million, or 33 cents per share, compared with $4.1 million, or 25 cents per share, a year ago. Revenue grew 17 percent to $87.6 million from $74.8 million a year ago.

Analysts surveyed by Thomson Reuters expected net income of 32 cents per share on revenue of $86.9 million.

The company said patient encounters in the quarter rose 16 percent to 920,000.

IPC expects full-year net income between $1.34 and $1.43 per share on revenue between $352 million and $361 million. Analysts expect net income of $1.40 per share on $360.2 million in revenue.

Shares of IPC fell 17 cents to $24.52 in after-hours trading after rising 66 cents to close at $24.69 during the regular trading session.

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