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Sunday, Feb 25, 2024

Briefs: IPC, Capstone Turbine

IPC The Hospitalist Company Inc. announced Thursday that it has acquired GeriCare LLC, a post-acute medical group practice with operations throughout Connecticut. The geriatric practice with bring some 42,500 patient visits annually to the North Hollywood based operator of physician practices based in hospitals and nursing homes. GeriCare was co-founded by Dr. Joseph Brenes, its chief clinical officer, who will continue to lead the practice. “GeriCare has a well-established presence in Connecticut and a reputation of promoting health to the geriatric and sub-acute populations,” said IPC Chief Operating Officer R. Jeffrey Taylor. IPC has been expanding its footprint nationally with a series of acquisitions stretching back to last decade. In May, it acquired a New York doctors group specializing in psychological medicine. Shares closed up $1.06, or nearly 3 percent, to $42.39 on the Nasdaq. Delayed delivery and installation of its microturbines to project sites contributed to poor first quarter earnings by Capstone Turbine Corp. The Chatsworth company reported on Thursday a net loss of $6.8 million (-2 cents a share) for the quarter ending June 30, unchanged compared to the same period a year earlier. Revenue fell 5 percent to $23.3 million Analysts on average expected net loss of 1 cent a share on revenue of $32.8 million, according to Thomson Financial Network. Chief Executive Darren Jamison said the delays in delivering and installing microturbines were not the result of any particular customer issue. “The timing fluctuations were not the result of any pattern of project cancellations or postponements by customers, but instead reflect the inconsistent nature of our business on a quarter-to-quarter basis,” Jamison said in a prepared statement. Shares closed up 4 cents, or 3 percent, to $1.42 on the Nasdaq.

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