IPC The Hospitalist Co. Inc. gave analysts exactly what they expected on Thursday with its third-quarter earnings, and then announced yet more acquisitions.
The North Hollywood company, which manages hospital-based doctors groups, reported net income of $9 million (52 cents a share) compared to $7.8 (46 cents) in the same quarter last year. Revenues increased 17 percent to $149 million.
Analysts on average expected earnings of 52 cents, according to Thomson Financial Network.
Chief Executive Dr. Adam Singer, said acquisitions have given the company 21 percent more doctors than it had one year ago.
“In line with our proven growth strategy, we have completed 13 acquisitions to date in 2013,” said Singer, in the statement.
In a separate announcement, the company said it has signed an agreement to buy four new doctors groups in White Plains, N.Y., a new market for IPC. The four related doctors groups are: Park Avenue Health Care Management LLC, Park Avenue Medical Associates PC, Park Avenue Medical Associates LLC and Geriatric Services PC.
Shares closed down 19 cents, or a fraction of a percent, to $51.54 on the Nasdaq.