Profits jump 23 percent at IntegraMed America
IntegraMed America Inc., a Purchase-based operator of vein clinics and fertility centers, said that its profits rose 23 percent in the second quarter as patient demand for its services rose, despite the lackluster U.S. economy.
Net income of $1.1 million, or 13 cents a share, rose from $904,000, or 10 cents a share, a year earlier. Revenues surged 13 percent to $56.1 million.
“Looking across the business, we remain bullish on our prospects and committed to expanding our fertility business via acquisitions and growing our vein clinics business via new clinic openings,” Chief Executive Officer Jay Higham said.
The company’s vein clinics showed the fastest growth among the company’s divisions, with revenues increasing 37 percent. IntegraMed said that the growth was driven by patient marketing programs, strong patient demand, improving clinic performance and two new clinic openings during the past year. IntegraMed, which operates 34 vein clinics nationally, said the clinic procedures allow patients to be back on their feet the same day since no hospitalization or surgery is involved.
IntegraMed’s 57 fertility centers in 13 major markets grew revenues by 6 percent during the quarter. That growth was driven by more new patients visiting the centers and increased sales at two new centers.
The growth rate was faster than the industry average, but “did reflect some moderation in demand growth that is attributable to the prolonged recession,” IntegraMed said in a statement.
IntegraMed America recently ranked as one of the nation’s 100 fastest-growing small public companies in a report by Fortune Small Business.