Attached files
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| 8-K - FORM 8K DATED AUGUST 4, 2011 - INTEGRAMED AMERICA INC | form8k08042011.htm |
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Conference Call:
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Today, Thursday, August 4, 2011 at 10:00 a.m. EST
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Dial-in Numbers:
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866-395-2657 or 706-902-0717 (International)
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Webcast / Replay URL:
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www.integramed.com or www.earnings.com
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Phone Replay:
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800-642-1687 or 706-645-9291 through August 11, 2011
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Conference ID #:
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82027062
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IntegraMed® Q2 Revenue Rose 12% to $69.1M; Normalized EPS of $0.12, Legal Settlement Expense of $1.65M Reduced GAAP EPS to $0.03
PURCHASE, NEW YORK — August 4, 2011 -- IntegraMed America, Inc. (NASDAQ: INMD), the leader in developing, marketing and managing specialty healthcare facilities in the fertility and vein care markets, announced today results for the second quarter and the six months ended June 30, 2011. IntegraMed’s Q2 ’11 and six-month results include a $1.65 million pre-tax provision (approximately $1.0 million after tax) for the settlement of a medical malpractice law suit involving one of its Partner fertility centers. Excluding this charge, the Company would have reported Normalized Earnings of $0.12 per share.
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Summary Financial Results
(in thousands, except per share data)
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||||||||||||||||||||||||
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Three Months Ended 6/30/11
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Three Months Ended 6/30/10
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%
Change
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Six Months Ended 6/30/11
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Six Months Ended 6/30/10
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%
Change
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|||||||||||||||||||
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Revenue:
Attain Fertility Centers
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$ | 49,653 | $ | 45,580 | 8.9 | % | $ | 98,251 | $ | 89,624 | 9.6 | % | ||||||||||||
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Vein Clinics
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19,398 | 16,188 | 19.8 | % | 35,059 | 29,168 | 20.2 | % | ||||||||||||||||
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Total Revenue
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$ | 69,051 | $ | 61,768 | 11.8 | % | $ | 133,310 | $ | 118,792 | 12.2 | % | ||||||||||||
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Contribution:
Attain Fertility Centers
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4,172 | 4,389 | (4.9 | %) | 8,606 | 8,833 | (2.6 | %) | ||||||||||||||||
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Vein Clinics
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1,192 | 1,956 | (39.1 | %) | 1,441 | 2,823 | (49.0 | %) | ||||||||||||||||
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Total contribution
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$ | 5,364 | $ | 6,345 | (15.5 | %) | $ | 10,047 | $ | 11,656 | (13.8 | %) | ||||||||||||
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G&A Costs
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$ | 3,001 | $ | 3,246 | (7.5 | %) | $ | 6,042 | $ | 6,442 | (6.2 | %) | ||||||||||||
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Legal Settlement (1)
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$ | 1,650 | - |
na
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$ | 1,650 | - |
na
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||||||||||||||||
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Interest Expense
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131 | 266 | (50.8 | %) | 273 | 543 | (49.7 | %) | ||||||||||||||||
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Income before Inc. Taxes
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630 | 2,880 | (78.1 | %) | 2,178 | 4,791 | (54.5 | %) | ||||||||||||||||
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Income Taxes
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282 | 1,264 | (77.7 | %) | 872 | 2,055 | (57.6 | %) | ||||||||||||||||
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Net income
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$ | 348 | $ | 1,616 | (78.5 | %) | $ | 1,306 | $ | 2,736 | (52.3 | %) | ||||||||||||
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Diluted EPS
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$ | 0.03 | $ | 0.14 | (78.6 | %) | $ | 0.11 | $ | 0.25 | (56.0 | %) | ||||||||||||
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Diluted Shares
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11,878 | 11,758 | 1.0 | % | 11,873 | 11,005 | 7.9 | % | ||||||||||||||||
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Adjusted EBITDA
(as defined below) (2)
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$ | 3,211 | $ | 5,203 | (38.3 | %) | $ | 7,166 | $ | 9,450 | (24.2 | %) | ||||||||||||
(1) IntegraMed’s Q2 ’11 results include a $1.65 million pre-tax provision for the settlement of a medical malpractice suit brought against a physician, our Partner fertility center in Chicago, and the Company. The provision is IntegraMed’s portion of the settlement, net of insurance coverage and Partner physician contributions.
(2) IntegraMed uses the term "Adjusted EBITDA" when reporting financial results in accordance with SEC rules regarding the use of financial measures not calculated in accordance with generally accepted accounting principles (GAAP). Adjusted EBITDA is used as a management tool to measure and monitor financial performance, and certain of covenants in the Company’s credit facility are tied to Adjusted EBITDA. While providing useful information, Adjusted EBITDA should not be considered in isolation as a measure of financial performance under GAAP. Investors should be aware that Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies and comparisons could be misleading unless all companies and analysts calculate this measure in the same fashion. A reconciliation to Adjusted EBITDA is provided below.
IntegraMed CEO, Jay Higham, commented, “Once again, IntegraMed achieved solid volume-driven revenue growth in both business segments, reflecting our success in patient recruitment as well as on-going healthy patient demand. Year-over-year contribution comparisons were affected by the expected level of start-up losses related to our vein clinic expansion activity, some minor vein clinic ‘growing pains’ that are being addressed, and the re-allocation of certain expenses into Attain Fertility Centers which were previously absorbed at the corporate level.
“Despite the revenue increases, Q2 net income and EBITDA fell below year-ago levels, principally as a result of a $1.65 million pre-tax provision for the settlement of a medical malpractice suit involving our partner center in Chicago, one of its physicians, and the Company. While IntegraMed is not licensed to practice medicine, and we do not employ physicians, the Company and two of our nurses at the partner center were named in the suit. We do not anticipate that this case, with its variety of unique circumstances, will become an adverse legal precedent for the Company. However, as a precautionary measure, we have added an additional layer of insurance to further insulate us from this type of event in the future.
“Our expansion goals remain in place, and we are on track to meet our goal of opening 5 additional vein clinics in the second half of 2011, and expect to open approximately 10 additional clinics during 2012. On the fertility partner front, we continue to seek ways to expand our footprint through the acquisition of new partner contracts. To facilitate these efforts, we are evaluating alternative structures and varying deal sizes to address the needs of physicians in both average and large-sized fertility centers.”
Attain Fertility Centers
| Q2 2011 | Q2 2010 |
Change
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% Change
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Revenue:
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$ | 49.7M | $ | 45.6M | $ | 4.1M | 8.9 | % | ||||||||
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Contribution:
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$ | 4.2M | $ | 4.4M |
$ (0.2M)
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(4.9 | %) | |||||||||
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Fertility Partner Data:
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New Patient Visits:
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7,458 | 7,161 | 297 | 4.2 | % | |||||||||||
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IVF Cycles:
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3,886 | 3,558 | 328 | 9.2 | % | |||||||||||
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IUI Cycles:
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6,410 | 6,259 | 151 | 2.4 | % | |||||||||||
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Attain IVF Program Data:
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Applications:
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719 | 799 | (80 | ) | (10.0 | %) | ||||||||||
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Enrollments:
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457 | 433 | 24 | 5.5 | % | |||||||||||
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Pregnancies:
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269 | 262 | 7 | 2.7 | % | |||||||||||
Attain Fertility Centers division revenue grew 8.9% in Q2, reflecting an increase in treatment volume. Fertility partners experienced solid growth in demand for IVF, with solid growth in IVF cycle volumes, modest growth in lower priced, IUI cycles, and continued growth in overall new patient visits. Growth is coming primarily from the Company’s demonstrated ability to take share in a market that is generally experiencing flat to low single digit growth in procedures.
The Attain IVF program has continued to expand driven by growing patient demand for the Company’s Attain IVF Refund and Attain Multi-cycle fertility treatment programs. This program is benefitting from the physician and nurse training the Company is providing to help better identify patient profiles that are likely to meet the program’s requirements. These efforts are helping to improve the efficiency of the application process and increasing patient enrollments from a smaller applicant pool. Reflecting this progress, Q2 ’11 enrollments represented approximately 64% of applications, versus approximately 54% in Q2 ’10.
IntegraMed continues to seek the addition of new centers to expand the reach of its Attain IVF financing program. The Company is also finalizing the structure of a unique fertility drug financing program that will continue to expand the scope of the program. IntegraMed looks to roll-out this new offering in the second half of 2011. While the addition of the drug benefit could attract additional patients as well as new fertility centers to the Attain program, the more significant anticipated benefit is the potential to expand the revenue opportunity from each enrolling patient. IntegraMed also remains committed to the expansion of its fertility partner network and to exploring new ways to accelerate the pace of such transactions.
Vein Clinics (VCA)
| Q2 2011 | Q2 2010 |
Change
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% Change
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Revenue Mature Clinics (1)
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$ | 15.4M | $ | 15.7M |
$ (0.3M)
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(1.7 | %) | |||||||||
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Revenue New Clinics (2)
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$ | 4.0M | $ | 0.5M | $ | 3.5M | 716.3 | % | ||||||||
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Total Vein Clinics Revenue:
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$ | 19.4M | $ | 16.2M | $ | 3.2M | 19.8 | % | ||||||||
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Contribution Mature Clinics
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$ | 3.3M | $ | 3.6M | $ | (0.3M | ) | (5.8 | %) | |||||||
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Contribution New Clinics
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$ | (0.4M | ) | $ | (0.1M | ) | $ | (0.3M | ) | (149.0 | %) | |||||
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Division Overhead Expenses
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$ | (1.7M | ) | $ | (1.5M | ) | $ | (0.2M | ) | 13.3 | % | |||||
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Total Vein Clinics Contribution:
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$ | 1.2M | $ | 2.0M | $ | (0.8M | ) | (39.1 | %) | |||||||
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Inquiries:
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8,912 | 7,347 | 1,565 | 21.3 | % | |||||||||||
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New Consultations:
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5,604 | 4,541 | 1,063 | 23.4 | % | |||||||||||
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First Leg Starts:
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2,759 | 2,307 | 452 | 19.6 | % | |||||||||||
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Total Clinics (net):
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44 | 35 | 9 | 25.7 | % | |||||||||||
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(1)
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Defined as clinics opened prior to January 1, 2010.
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(2)
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Defined as clinics opened after January 1, 2010.
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Q2 ‘11 Vein Clinic revenue growth was principally the result of revenues from new clinics opened in the past year. Revenue from mature clinics declined slightly in the period as IntegraMed adjusted its operations and staffing model at certain mature clinics. The adjustments were in response to the impact of initiatives the Company had recently undertaken to expand the capacity of certain mature clinics with additional treatment equipment, particularly lasers and ultrasound machines that enable increased treatment volume. While the equipment was instrumental in driving continued growth in same-clinic revenue, the changes stressed the staffing model and led to unacceptably high personnel turnover that affected recent results. During Q2 ’11 IntegraMed redesigned the patient flow and staffing model, reducing near-term patient capacity and causing some treatments to be pushed into Q3.
IntegraMed is now working to add ultrasound technicians, nurses and front office staff to enable increased patient volumes at select clinics. Where possible, the Company is also seeking to expand clinic footprints from 2,500 square feet up to 3,500 square feet, to provide space for additional treatment rooms and added capacity. Once fully implemented, these personnel and space modifications should enable the continued expansion of mature clinic productivity.
Vein clinic contribution declined 39% in Q2 ‘11, reflecting the impact of decreased revenue from mature clinics as well as approximately $0.4 million in net new clinic start-up losses as compared to approximately $1.2 million of such losses in Q1 ’11. Start-up losses for the group of clinics which opened in the last 12 months are now largely behind us, as those clinics have reached breakeven on a consolidated basis. IntegraMed does anticipate quarterly start up losses for the balance of the year from new clinics brought on line in the second half of the year. Those start-up losses are expected to approximate the start up losses incurred in Q2 ’11.
IntegraMed has opened four new vein clinics so far this year, bringing the total number of clinics opened during the last twelve months to ten and remaining on track with the Company’s goal to open nine new clinics during 2011. Approximately seven of the clinics opened this year and last will offer an expanded base of higher priced treatments built around enhanced Interventional Radiology (IR) capabilities. IntegraMed’s strategy is to use a ‘hub and spoke’ approach for our IR clinics, enabling neighboring conventional vein clinics to refer procedures to the regional IR hub.
Cash Flow and Balance Sheet
IntegraMed’s cash and cash equivalents rose to $53.9 million, versus $45.5 million at March 31, 2011 and $50.2 million at year-end 2010, principally reflecting operating cash flow as well as the timing of physician compensation. Cash flow from operating activities was over $14.1 million for first half of 2011, compared to $15.4 million for the first half of 2010.
IntegraMed Interim CFO, Tim Sheehan, added, “The continued strength of the Company’s balance sheet is a reflection of the underlying health of our businesses. This financial strength puts IntegraMed in excellent position to fund growth opportunities as they are identified, while also providing us with ample comfort to address any temporary setbacks such as our litigation settlement.”
INTEGRAMED AMERICA, INC.
SUPPLEMENTARY DATA
(all amounts in thousands)
(unaudited)
Adjusted EBITDA Reconciliation
Adjusted EBITDA represents net income plus interest, taxes, depreciation, amortization and amortization of deferred compensation. The Company believes that the most directly comparable financial measure to Adjusted EBITDA in accordance with GAAP is net income. The following table provides a reconciliation of Adjusted EBITDA to net income for the periods presented:
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Three months ended,
June 30,
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Six months ended,
June 30,
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2011
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2010
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2011
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2010
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Net Income
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$ | 348 | $ | 1,616 | $ | 1,306 | $ | 2,736 | ||||||||
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Adjustments:
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Interest Expense
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131 | 266 | 273 | 543 | ||||||||||||
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Income Tax Expense
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282 | 1,264 | 872 | 2,055 | ||||||||||||
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Depreciation & Amortization
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2,023 | 1,691 | 3,935 | 3,384 | ||||||||||||
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Amortization of Deferred Compensation
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427 | 366 | 780 | 732 | ||||||||||||
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Adjusted EBITDA
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$ | 3,211 | $ | 5,203 | $ | 7,166 | $ | 9,450 | ||||||||
Normalized Earnings Reconciliation
Normalized Earnings represents Income before taxes plus the add back of expenses related to a legal settlement, net of tax, which the Company believes is representative of the performance of the on going business. The Company believes that the most directly comparable financial measure to Normalized Earnings in accordance with GAAP is Income before taxes. The following table provides a reconciliation of Normalized Earnings to Income before taxes for the periods presented:
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Three months ended,
June 30,
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Six months ended,
June 30,
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2011
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2010
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2011
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2010
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Income before income taxes
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$ | 630 | $ | 2,880 | $ | 2,178 | $ | 4,791 | ||||||||
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Adjustments:
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Legal Settlement
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1,650 | - | 1,650 | - | ||||||||||||
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Adjusted income before taxes
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2,280 | 2,880 | 3,828 | 4,791 | ||||||||||||
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Less estimated taxes
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(912 | ) | (1,264 | ) | (1,531 | ) | (2,055 | ) | ||||||||
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Normalized Earnings
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$ | 1,368 | $ | 1,616 | $ | 2,297 | $ | 2,736 | ||||||||
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Diluted Shares
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11,878 | 11,758 | 11,873 | 11,005 | ||||||||||||
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Normalized Diluted EPS
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$ | 0.12 | $ | 0.14 | $ | 0.19 | $ | 0.25 | ||||||||
About IntegraMed America, Inc.
IntegraMed is a leader in developing, marketing and managing specialty outpatient healthcare facilities, with a current focus on the fertility and vein care markets. IntegraMed supports its provider networks with clinical and business information systems, marketing and sales, facilities and operations management, finance and accounting, human resources, legal, risk management, quality assurance, and fertility treatment financing programs.
Attain Fertility Centers, an IntegraMed Specialty, is the nation’s largest fertility center network, with 14 company-managed partner centers and 25 affiliate centers, comprising over 130 locations across 34 states and the District of Columbia. Nearly one of every four IVF procedures in the U.S. is performed in an Attain Fertility Centers network practice.
Vein Clinics of America, an IntegraMed Specialty, is the leading provider of specialty vein care services in the U.S. The IntegraMed Vein Clinic network operates 44 centers across 14 states, principally in the Midwest and Southeast.
For more information about IntegraMed please visit: www.integramed.com for investor background, www.attainfertility.com for fertility, or www.veinclinics.com for vein care.
Statements contained in this press release that are not based on historical fact, including statements concerning future results, performance, expectations and expansion of IntegraMed are forward-looking statements that may involve a number of risks and uncertainties. Actual results may differ materially from the statements made as a result of various factors, including, but not limited to, the risks associated with IntegraMed's ability to identify, consummate and finance future growth, changes in insurance coverage, government laws and regulations regarding health care or managed care contracting; and other risks, including those identified in the company's most recent Form 10-K and in other documents filed by IntegraMed with the U.S. Securities and Exchange Commission. All information in this press release is as of August 4, 2011 and IntegraMed undertakes no duty to update this information.
CONTACT:
Media/Investors:
Norberto Aja, David Collins
Jaffoni & Collins Incorporated
inmd@jcir.com
212-835-8500
(tables follow)
IntegraMed America, Inc.
Consolidated Statement of Operations
(All amounts in thousands, except per share amounts)
(unaudited)
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For the
Three-month period
Ended June 30,
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For the
Six-month period
Ended June 30,
|
|||||||||||||||
|
2011
|
2010
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2011
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2010
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Revenue
|
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Attain Fertility Centers
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$ | 49,653 | $ | 45,580 | $ | 98,251 | $ | 89,624 | ||||||||
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Vein Clinics
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19,398 | 16,188 | 35,059 | 29,168 | ||||||||||||
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Total Revenues
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69,051 | 61,768 | 133,310 | 118,792 | ||||||||||||
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Costs of services and sales
|
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Attain Fertility Centers
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45,481 | 41,191 | 89,645 | 80,791 | ||||||||||||
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Vein Clinics
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18,206 | 14,232 | 33,618 | 26,345 | ||||||||||||
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Total Cost of Services and Sales
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63,687 | 55,423 | 123,263 | 107,136 | ||||||||||||
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Contribution
|
||||||||||||||||
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Attain Fertility Centers
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4,172 | 4,389 | 8,606 | 8,833 | ||||||||||||
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Vein Clinics
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1,192 | 1,956 | 1,441 | 2,823 | ||||||||||||
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Total Contribution
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5,364 | 6,345 | 10,047 | 11,656 | ||||||||||||
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General and administrative expenses
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3,001 | 3,246 | 6,042 | 6,442 | ||||||||||||
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Legal Settlement
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1,650 | - | 1,650 | - | ||||||||||||
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Interest income
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(48 | ) | (47 | ) | (96 | ) | (120 | ) | ||||||||
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Interest expense
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131 | 266 | 273 | 543 | ||||||||||||
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Total other expenses
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4,734 | 3,465 | 7,869 | 6,865 | ||||||||||||
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Income before income taxes
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630 | 2,880 | 2,178 | 4,791 | ||||||||||||
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Income tax provision
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282 | 1,264 | 872 | 2,055 | ||||||||||||
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Net income
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$ | 348 | $ | 1,616 | $ | 1,306 | $ | 2,736 | ||||||||
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Basic and diluted earnings per share of Common Stock:
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Basic earnings per share
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$ | 0.03 | $ | 0.14 | $ | 0.11 | $ | 0.25 | ||||||||
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Diluted earnings per share
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$ | 0.03 | $ | 0.14 | $ | 0.11 | $ | 0.25 | ||||||||
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Weighted average shares – basic
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11,836 | 11,711 | 11,825 | 10,956 | ||||||||||||
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Weighted average shares – diluted
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11,878 | 11,758 | 11,873 | 11,005 | ||||||||||||
(more)
IntegraMed America, Inc.
CONSOLIDATED BALANCE SHEETS
(All amounts in thousands)
(unaudited)
|
June 30,
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December 31,
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|||||||
|
2011
|
2010
|
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ASSETS
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Current assets:
|
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Cash and cash equivalents
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$ | 53,875 | $ | 50,183 | ||||
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Patient and other receivables, net
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8,277 | 7,350 | ||||||
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Deferred taxes
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2,510 | 2,510 | ||||||
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Other current assets
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10,374 | 9,611 | ||||||
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Total current assets
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75,036 | 69,654 | ||||||
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Fixed assets, net
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22,189 | 19,264 | ||||||
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Intangible assets, Business Service Rights, net
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24,662 | 22,915 | ||||||
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Goodwill
|
30,334 | 30,334 | ||||||
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Trademarks
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4,442 | 4,442 | ||||||
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Other assets
|
2,220 | 2,046 | ||||||
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Total assets
|
$ | 158,883 | $ | 148,655 | ||||
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LIABILITIES AND SHAREHOLDERS' EQUITY
|
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Current liabilities:
|
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Accounts payable
|
$ | 2,299 | $ | 3,626 | ||||
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Accrued liabilities
|
23,282 | 17,265 | ||||||
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Current portion of long-term notes payable & other obligations
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3,870 | 3,784 | ||||||
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Due to Fertility Medical Practices, net
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14,157 | 11,246 | ||||||
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Attain IVF Refund Program and other patient deposits
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18,177 | 15,852 | ||||||
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Total current liabilities
|
61,785 | 51,773 | ||||||
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Deferred tax liabilities
|
2,571 | 2,454 | ||||||
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Long-term notes payable and other obligations
|
8,993 | 10,908 | ||||||
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Total long-term liabilities
|
73,349 | 65,135 | ||||||
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Commitments and Contingencies
|
||||||||
|
Shareholders' equity:
|
||||||||
|
Common stock
|
119 | 117 | ||||||
|
Capital in excess of par
|
77,458 | 76,483 | ||||||
|
Other comprehensive (loss)
|
(58 | ) | (55 | ) | ||||
|
Treasury stock
|
(330 | ) | (64 | ) | ||||
|
Retained Earnings
|
8,345 | 7,039 | ||||||
|
Total shareholders' equity
|
85,534 | 83,520 | ||||||
|
Total liabilities and shareholders' equity
|
$ | 158,883 | $ | 148,655 | ||||
(more)
INTEGRAMED AMERICA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in thousands)
(Unaudited)
|
For the
Six-month period
Ended June 30,
|
||||||||
|
2011
|
2010
|
|||||||
|
Cash flows from operating activities:
|
||||||||
|
Net income
|
$ | 1,306 | $ | 2,736 | ||||
|
Adjustments to reconcile net income to net cash
provided by operating activities:
|
||||||||
|
Depreciation and amortization
|
3,935 | 3,384 | ||||||
|
Deferred income tax provision
|
223 | (141 | ) | |||||
|
Deferred stock based compensation
|
780 | 732 | ||||||
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Changes in assets and liabilities
|
||||||||
|
(Decrease) increase in assets:
|
||||||||
|
Patient and other accounts receivable
|
(927 | ) | (1,275 | ) | ||||
|
Other current assets
|
(763 | ) | (563 | ) | ||||
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Other assets
|
(174 | ) | 373 | |||||
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(Decrease) increase in liabilities:
|
||||||||
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Accounts payable
|
(1,327 | ) | (637 | ) | ||||
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Accrued liabilities
|
5,752 | 2,916 | ||||||
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Due to medical practices
|
2,911 | 5,487 | ||||||
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Attain IVF Refund patient deposits
|
2,325 | 2,386 | ||||||
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Net cash provided by (used in) operating activities
|
14,041 | 15,398 | ||||||
|
Cash flows used in investing activities:
|
||||||||
|
Purchase of business service rights
|
(2,395 | ) | - | |||||
|
Purchase of fixed assets and leasehold improvements
|
(6,212 | ) | (3,153 | ) | ||||
|
Net cash used in investing activities
|
(8,607 | ) | (3,153 | ) | ||||
|
Cash flows used in financing activities:
|
||||||||
|
Principle repayments on debt
|
(1,834 | ) | (9,634 | ) | ||||
|
Common stock transactions, net
|
- | 19,013 | ||||||
|
Proceeds from stock option exercises
|
92 | - | ||||||
|
Net cash provided by (used in) financing activities
|
(1,742 | ) | 9,379 | |||||
|
Net increase (decrease) in cash
|
3,692 | 21,624 | ||||||
|
Cash and cash equivalents at beginning of period
|
50,183 | 28,865 | ||||||
|
Cash and cash equivalents at end of period
|
$ | 53,875 | $ | 50,489 | ||||
|
Supplemental Information:
|
||||||||
|
Interest paid
|
$ | 285 | $ | 536 | ||||
|
Income taxes paid
|
$ | 211 | $ | 1,045 | ||||
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