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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File No. 0-20260
Commission File No. 1-11440
INTEGRAMED AMERICA, INC.
(Exact name of Registrant as specified in its charter)
Delaware 06-1150326
(State or other jurisdiction (I.R.S. employer identification no.)
of incorporation or organization)
One Manhattanville Road
Purchase, New York 10577
(Address of principal executive offices) (Zip code)
(914) 253-8000
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes [X] No [ ]
The aggregate number of shares of the Registrant's Common Stock, $.01
par value, outstanding on November 1, 2000 was 3,813,557.
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INTEGRAMED AMERICA, INC.
FORM 10-Q
TABLE OF CONTENTS
PAGE
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets at September 30, 2000 (unaudited)
and December 31, 1999........................................ 3
Consolidated Statements of Operations for the three and
nine-month periods ended September 30, 2000 and
1999 (unaudited)............................................. 4
Consolidated Statements of Cash Flows for the nine-month
periods ended September 30, 2000 and 1999 (unaudited)........ 5
Notes to Consolidated Financial Statements (unaudited)....... 6-7
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations....................................... 8-11
Item 3. Quantitative and Qualitative Disclosures About Market Risk........11
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.................................................12
Item 2. Changes in Securities.............................................12
Item 3. Defaults upon Senior Securities...................................12
Item 4. Submission of Matters to a Vote of Security Holders...............12
Item 5. Other Information.................................................12
Item 6. Exhibits and Reports on Form 8-K..................................12
SIGNATURES ..................................................................13
INDEX TO EXHIBITS ............................................................14
-2-
PART I -- FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
INTEGRAMED AMERICA, INC.
CONSOLIDATED BALANCE SHEETS
(all dollars in thousands, except per share amounts)
ASSETS
September 30, December 31,
------------- ------------
2000 1999
------------- ------------
(unaudited)
Current assets:
Cash and cash equivalents .................................................................... $ 4,182 $ 3,650
Patient accounts receivable, less allowance for doubtful accounts of $1,117 and $851
in 2000 and 1999, respectively.............................................................. 10,445 10,460
Business Service fees receivable, less allowance for doubtful accounts of $150 and $0
in 2000 and 1999, respectively.............................................................. 591 890
Other current assets ......................................................................... 1,357 1,162
------- -------
Total current assets...................................................................... 16,575 16,162
Fixed assets, net ............................................................................ 5,067 5,965
Intangible assets, net........................................................................ 17,990 18,163
Other assets.................................................................................. 358 525
------- -------
Total assets.............................................................................. $39,990 $40,815
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable.............................................................................. $ 1,731 $ 1,080
Accrued liabilities........................................................................... 3,102 2,948
Due to Medical Practices...................................................................... 3,063 1,768
Current portion of long-term notes payable and other obligations.............................. 1,132 1,691
Patient deposits.............................................................................. 2,846 2,970
------- -------
Total current liabilities................................................................. 11,874 10,457
------- -------
Long-term notes payable and other obligations................................................... 2,719 3,719
------- -------
Shareholders' equity:
Preferred Stock, $1.00 par value - 3,165,644 shares authorized in 2000 and
1999, 2,500,000 undesignated; 665,644 shares designated as Series A
Cumulative Convertible of which 165,644 shares were issued and outstanding
in 2000 and
1999, respectively.......................................................................... 166 166
Common Stock, $.01 par value - 50,000,000 shares authorized in 2000 and 1999;
and 5,413,571 and 5,368,960 shares issued in 2000 and 1999, respectively................... 54 54
Capital in excess of par ..................................................................... 54,182 54,140
Accumulated deficit .......................................................................... (24,131) (25,230)
Treasury Stock, at cost - 1,499,113 and 746,863 shares in 2000 and 1999, respectively......... (4,874) (2,491)
------- -------
Total shareholders' equity ............................................................... 25,397 26,639
------- -------
Total liabilities and shareholders' equity................................................ $39,990 $40,815
======= =======
See accompanying notes to the consolidated financial statements.
-3-
INTEGRAMED AMERICA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(all amounts in thousands, except per share amounts)
For the For the
three-month period nine-month period
ended September 30, ended September 30,
-------------------- --------------------
2000 1999 2000 1999
-------- --------- --------- ---------
(unaudited) (unaudited)
Revenues, net ............................................ $14,810 $11,862 $41,945 $33,255
Cost of services incurred:
Employee compensation and related expenses............. 5,441 4,620 15,908 12,883
Direct materials....................................... 3,267 1,785 8,428 4,091
Occupancy costs........................................ 827 766 2,487 2,674
Depreciation........................................... 307 402 986 1,011
Other expenses......................................... 2,536 1,899 7,655 5,373
------- ------- ------- -------
Total cost of services rendered...................... 12,378 9,472 35,464 26,032
------- ------- ------- -------
Contribution.............................................. 2,432 2,390 6,481 7,223
General and administrative expenses....................... 1,642 1,611 4,381 4,504
Amortization of intangible assets......................... 216 274 650 779
Interest income........................................... (56) (46) (141) (88)
Interest expense.......................................... 109 121 328 382
------- ------- ------- -------
Total other expenses................................... 1,911 1,960 5,218 5,577
Income before income taxes................................ 521 430 1,263 1,646
Provision for income taxes................................ 81 45 165 217
------- ------- ------- -------
Net income................................................ 440 385 1,098 1,429
Less: Dividends paid and/or accrued on Preferred Stock.... 33 33 99 99
------- ------- ------- -------
Net income applicable to Common Stock..................... $ 407 $ 352 $ 999 $ 1,330
======= ======= ======= =======
Basic earnings per share of Common Stock.................. $ 0.10 $ 0.07 $ 0.24 $ 0.27
======= ======= ======= =======
Diluted earnings per share of Common Stock................ $ 0.10 $ 0.07 $ 0.23 $ 0.27
======= ======= ======= =======
Weighted average shares - basic........................... 4,059 4,863 4,199 4,910
======= ======= ======= =======
Weighted average shares - diluted......................... 4,119 4,981 4,261 5,002
======= ======= ======= =======
See accompanying notes to the consolidated financial statements.
-4-
INTEGRAMED AMERICA, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(all amounts in thousands)
For the
nine-month period
ended September 30,
-------------------
2000 1999
------- ------
(unaudited)
Cash flows from operating activities:
Net income ....................................................................... $1,098 $1,429
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization.................................................. 1,985 2,035
Change in assets and liabilities--
Decrease (increase) in assets:
Patient accounts receivable.................................................. 15 277
Business Services fees receivable............................................ 299 352
Other current assets......................................................... (54) 567
Other assets................................................................. 167 81
Increase (decrease) in liabilities:
Accounts payable............................................................ 651 (96)
Accrued liabilities......................................................... 427 (131)
Due to Medical Practices.................................................... 1,295 (492)
Patient deposits............................................................ (124) 350
------ ------
Net cash provided by operating activities............................................ 5,759 4,372
------ ------
Cash flows used in investing activities:
Purchase of fixed assets and leasehold improvements............................. (720) (2,005)
Proceeds from sale of fixed assets and leasehold improvements................... 10 --
Payment for exclusive Business Service rights................................... (476) (213)
------ ------
Net cash used in investing activities................................................ (1,186) (2,218)
------ ------
Cash flows used in financing activities:
Proceeds from issuance of notes payable......................................... -- 150
Principal repayments on debt.................................................... (1,462) (1,780)
Principal repayments under capital lease obligations............................ (97) (51)
Repurchase of Common Stock...................................................... (2,383) (733)
Dividends paid on Convertible Preferred Stock................................... (99) (99)
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Net cash used in financing activities................................................ (4,041) (2,513)
------ ------
Net increase (decrease) in cash and cash equivalents................................. 532 (359)
Cash and cash equivalents at beginning of period..................................... 3,650 4,241
------ ------
Cash and cash equivalents at end of period........................................... $4,182 $3,882
====== ======
See accompanying notes to the consolidated financial statements.
-5-
INTEGRAMED AMERICA, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
NOTE 1 -- INTERIM RESULTS:
The accompanying unaudited consolidated financial statements have been
prepared in accordance with the instructions to Form 10-Q and, accordingly, do
not include all of the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, the accompanying unaudited interim financial statements contain all
adjustments (consisting only of normal recurring accruals) necessary to present
fairly the financial position at September 30, 2000 and the results of
operations and cash flows for the interim period presented. Operating results
for the interim period are not necessarily indicative of results that may be
expected for the year ending December 31, 2000. These financial statements
should be read in conjunction with the financial statements and notes thereto
included in the Company's Annual Report on Form 10-K for the year ended December
31, 1999.
Certain prior year amounts have been reclassified to conform with the
current year presentation.
NOTE 2 -- EARNINGS PER SHARE:
The reconciliation of the numerators and denominators of the basic and
diluted EPS computations for the three-month and nine-month periods ended
September 30, 2000 and 1999 is as follows (000's omitted, except for per share
amounts):
For the For the
three-month period nine-month period
ended September 30, ended September 30,
------------------- -------------------
2000 1999 2000 1999
-------- -------- -------- --------
(unaudited) (unaudited)
Numerator
Net Income ....................................................... $ 440 $ 385 $1,098 $1,429
Less: Preferred Stock dividends paid.............................. (33) (33) (99) (99)
----- ----- ------ ------
Net income available to common shareholders....................... $ 407 $ 352 $ 999 $1,330
===== ===== ====== ======
Denominator
Weighted average shares basic..................................... 4,059 4,863 4,199 4,910
Effect of dilutive options and warrants........................... 60 118 62 92
----- ----- ------ -----
Weighted average shares and dilutive potential
common shares................................................. 4,119 4,981 4,261 5,002
===== ===== ====== =====
Basic EPS......................................................... $0.10 $0.07 $ 0.24 $ 0.27
Diluted EPS....................................................... $0.10 $0.07 $ 0.23 $ 0.27
For the three and nine-month periods ended September 30, 2000, options to
purchase approximately 607,000 and 532,000 shares of Common Stock, respectively,
at exercise prices ranging from $2.50 to $5.00 per share and from $3.36 to $5.00
per share, respectively, were excluded in computing the diluted earnings per
share amount because the exercise prices of the options were greater than the
average market price of the shares of Common Stock, therefore, causing these
options to be antidilutive. For both the three and nine-month periods ended
September 30, 2000, the effect of the assumed exercise of warrants to purchase
approximately 103,000 shares of Common Stock at exercise prices ranging from
$4.12 to $8.54 per share were excluded in computing the diluted earnings per
share amount because the exercise prices of the warrants were greater than the
average market price of the shares of Common Stock, therefore, causing these
warrants to be antidilutive.
-6-
INTEGRAMED AMERICA, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
For the three and nine-month periods ended September 30, 1999, options to
purchase approximately 403,000 and 429,000 shares of Common Stock, respectively,
at exercise prices ranging from $4.00 to $5.00 per share were excluded in
computing the diluted earnings per share amount because the exercise prices of
the options where greater than the average market price of the shares of Common
Stock, therefore, causing these options to be antidilutive. For both the three
and nine-month periods ended September 30, 1999, the effect of the assumed
exercise of warrants to purchase approximately 75,000 shares of Common Stock at
exercise prices ranging from $4.94 to $8.54 per share were excluded in computing
the diluted earnings per share amount because the exercise prices of the
warrants were greater than the average market price of the shares of Common
Stock, therefore, causing these warrants to be antidilutive.
-7-
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
The following discussion and analysis should be read in conjunction with
the consolidated financial statements and notes thereto included in this
quarterly report and with the Company's Annual Report on Form 10-K for the year
ended December 31, 1999.
Results of Operations
The following table shows the percentage of revenues represented by various
expense and other income items reflected in the Company's Consolidated
Statements of Operations.
For the For the
three-month period nine-month period
ended September 30, ended September 30,
------------------- -------------------
2000 1999 2000 1999
------- ------- ------- ------
(unaudited) (unaudited)
Revenues, net...................................... 100.0% 100.0% 100.0% 100.0%
Costs of services incurred:
Employee compensation and related expenses.... 36.7 39.0 37.9 38.8
Direct materials.............................. 22.1 15.0 20.1 12.3
Occupancy costs............................... 5.6 6.5 5.9 8.0
Depreciation.................................. 2.1 3.4 2.4 3.0
Other expenses................................ 17.1 16.0 18.3 16.2
----- ----- ----- -----
Total costs of services....................... 83.6 79.9 84.6 78.3
Contribution....................................... 16.4 20.1 15.4 21.7
General and administrative expenses................ 11.1 13.6 10.4 13.7
Amortization of intangible assets.................. 1.5 2.3 1.5 2.3
Interest income.................................... (0.4) (0.4) (0.3) (0.3)
Interest expense................................... 0.7 1.0 0.8 1.1
----- ----- ----- -----
Total other expenses.......................... 12.9 16.5 12.4 16.8
----- ----- ----- -----
Income before income taxes......................... 3.5 3.6 3.0 4.9
Provision for income taxes......................... 0.5 0.4 0.4 0.6
----- ----- ----- -----
Net income......................................... 3.0% 3.2% 2.6% 4.3%
===== ===== ===== =====
Three Months Ended September 30, 2000 Compared to Three Months Ended
September 30, 1999
Revenues for the quarter ended September 30, 2000 were approximately $14.8
million as compared to approximately $11.9 million for the quarter ended
September 30, 1999, an increase of 24.9%. Approximately 38.7% of the increase is
attributable to same market growth in reimbursed costs and Business Services
fees in the Reproductive Science Centers, offset by the elimination of
terminated Business Services contracts. Approximately 61.3% of the increase is
attributable to new businesses started subsequent to the third quarter of 1999.
Same market growth in revenues was principally attributable to increases in
patient volume. The same market increase in revenues was comprised of the
following: (i) an approximate $1,260,000 increase in reimbursed costs of
services associated with the increased patient volume; (ii) an increase of
$411,000 in the Company's Business Services fees derived from the Reproductive
Science Centers' net revenue and/or earnings; (iii) $2.1 million from
pharmaceutical sales; (iv) offset by the net effect of the elimination of the
Walter Reed Medical Center service agreement and the decline in revenue from our
single remaining hospital contract of $830,000.
Total costs of services as a percentage of revenues were 83.6% in the third
quarter of 2000, compared to 79.9% in the third quarter of 1999. Direct
materials and other expenses increased as a percentage of revenues, primarily
due to the cost of products sold and administrative costs at IntegraMed
Pharmaceutical Services.
-8-
Contribution was approximately $2.4 million in the third quarter of 2000,
approximately the same as in the third quarter of 1999. While same period
revenues grew significantly, contribution remained at the same dollar level and
declined as a percentage of revenues due to the decline in higher margin revenue
from the single remaining hospital contract and the growth of the lower margin
pharmaceutical revenue.
General and administrative expenses were approximately $1.6 million in the
third quarter of 2000, approximately the same as in the third quarter of 1999.
As a percentage of revenue, general and administrative expenses decreased to
11.1% from 13.6% due to planned decreases in staffing at the Company's corporate
headquarters.
Amortization of intangible assets was $216,000 in the third quarter of 2000
as compared to $274,000 in the third quarter of 1999. This decrease is
attributable to the termination of single physician practices during the 1999
calendar year.
Interest income for the third quarter of 2000 increased to $56,000 from
$46,000 for the third quarter of 1999, due to higher cash balances and interest
earned on advances made to certain Reproductive Science Centers for office
expansions. Interest expense for the third quarter of 2000 decreased to $109,000
from $121,000 in the third quarter of 1999, due to a decrease in notes payable
to the Company's financial institution for its revolving line of credit and a
decrease in notes payable to Medical Providers for exclusive Business Service
rights.
The provision for income taxes increased to $81,000 in the third quarter of
2000 from $45,000 in the third quarter of 1999 due to reduced state net
operating loss carryforwards.
Nine Months Ended September 30, 2000 Compared to Nine Months Ended
September 30, 1999
Revenues for the nine months ended September 30, 2000 were approximately
$41.9 million as compared to approximately $33.3 million for the nine months
ended September 30, 1999, an increase of 26.1%. Approximately 43.0% of the
increase is attributable to same market growth in reimbursed costs and Business
Service fees in the Reproductive Science Centers, offset by the elimination of
terminated Business Services contracts. Approximately 57.0% of the increase is
attributable to new businesses that were started later in 1999. Same market
growth in revenues was principally attributable to increases in patient volume.
The same market growth increase in revenues was comprised of the following: (i)
an approximate $5.3 million increase in reimbursed costs of services; (ii) an
increase of $100,000 in the Company's Business Services fees derived from the
Reproductive Science Centers' net revenue and/or earnings; (iii) $5.9 million
from pharmaceutical sales; (iv) offset by a decrease of $2.6 million from
termination of the Walter Reed Medical Center agreement and the decline in
revenue from the single remaining hospital contract.
Total costs of services as a percentage of revenues were 84.6% during the
first nine months of 2000, compared to 78.3% in the same period of 1999. Direct
materials increased as a percentage of revenues, primarily due to the cost of
products sold at IntegraMed Pharmaceutical Services. This increase was partially
offset by a reduction in expenses associated with the donor egg program related
to the hospital contract.
-9-
Contribution was approximately $6.5 million during the first nine months of
2000 as compared to $7.2 million during the same period of 1999, a decrease of
approximately 10.3%. This decrease is the result of the decline in the higher
margin revenue from the single remaining hospital contract and the growth of
lower margin pharmaceutical revenue.
General and administrative expenses for the first nine months of 2000 were
approximately $4.4 million as compared to approximately $4.5 million for the
first nine months of 1999, a decrease of 2.7%. As a percentage of revenues,
general and administrative expenses decreased to approximately 10.4% for the
first nine months of 2000 from approximately 13.7% during the first nine months
of 1999. The decrease is primarily attributable to planned staffing decreases at
the corporate office.
Amortization of intangible assets was $650,000 for the first nine months of
2000 as compared to $779,000 during the same period of 1999, a decrease of
16.6%. This decrease was attributable to the termination of single physician
practices and the write-off of the related intangible assets during the 1999
calendar year.
Interest income for the first nine months of 2000 increased to $141,000
from $88,000 for the same period of 1999, due to a higher cash balance and
financing proceeds from Reproductive Science Center build-outs. Interest expense
for the first nine months of 2000 decreased to $328,000 from $382,000 during the
same period of 1999, due to a decrease in notes payable to Medical Providers for
exclusive Business Services rights, and scheduled repayments on the Company's
main credit line.
The provision for income taxes decreased to $165,000 for the first nine
months of 2000 from $217,000 for the first nine months of 1999 due to reduced
contribution amounts, as the effective tax rate remained fairly constant.
Liquidity and Capital Resources
Historically, the Company has financed its operations primarily through
sales of equity securities. More recently, the Company has commenced using bank
financing for working capital and acquisition purposes. The Company anticipates
that its acquisition and product development strategy will continue to require
substantial capital investment. Capital is needed not only for additional
acquisitions, but also for the effective integration, operation and expansion of
the Company's existing Reproductive Science Centers as well as the development
of new products and services.
At September 30, 2000, the Company had working capital of approximately
$4.7 million, approximately $4.2 million of which consisted of cash and cash
equivalents, compared to working capital of approximately $5.7 million at
December 31, 1999, approximately $3.7 million of which consisted of cash and
cash equivalents. The net decrease in working capital at September 30, 2000 was
principally due to the repurchase of 752,250 shares of the Company's Common
Stock for an aggregate purchase price of $2.4 million.
The Company anticipates that its single remaining hospital contract, which
is with the hospital-based Institute of Reproductive Medicine and Science of
Saint Barnabas Medical Center in New Jersey, will expire and will not be renewed
at the end of 2001, at the latest. Recently, the Company has received
correspondence from counsel to Saint Barnabas Medical Center indicating the
Medical Center's desire to terminate the contract as early as January 1, 2001.
The Company would be entitled to compensation for damages from early
termination, however, the Medical Center has indicated that it believes it has
overpaid the Company by more than $1.1 million since the inception of the
contract. The Company strongly believes it has not been overpaid. It is too
early to determine the ultimate outcome of these events. Annualized revenues and
contribution from that contract approximate $2.85 million and $1.47 million,
respectively.
The Company is coming under increased pressure from the Medical Practices
associated with its Reproductive Science Centers to reduce the Business Services
fees associated with the Reproductive Science Centers' net revenues and/or
earnings. The Company is unable to determine at this time the impact and amount
of such possible reductions in income.
The Company has been unable to add any new Reproductive Science Centers
within the last two years due to changing market conditions. The Company is
adjusting its service and product offerings to what it believes will be accepted
in the market. There is no assurance that the Company's new service and product
offerings will be successful.
The Company expects its cash flows from operating activities to be
sufficient to fund its needs for asset acquisition, product and service
development, debt repayments and Common Stock repurchase program for the next
year.
-10-
Forward Looking Statements
This Form 10-Q and discussions and/or announcements made by or on behalf of
the Company, contain certain forward-looking statements regarding events and/or
anticipated results within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, the attainment of which
involve various risks and uncertainties. Forward-looking statements may be
identified by the use of forward-looking terminology such as, may, will, expect,
believe, estimate, anticipate, continue, or similar terms, variations of those
terms or the negative of those terms. The Company's actual results may differ
materially from those described in these forward-looking statements due to the
following factors: the Company's ability to acquire additional business service
agreements, including the Company's ability to raise additional debt and/or
equity capital to finance future growth, the loss of significant business
service agreement(s), the profitability or lack thereof at Reproductive Science
Centers serviced by the Company, increases in overhead due to expansion, the
exclusion of infertility and ART services from insurance coverage, government
laws and regulations regarding health care, changes in managed care contracting,
the timely development of and acceptance of new infertility, ART and/or genetic
technologies and techniques.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Not applicable.
-11-
Part II - OTHER INFORMATION
Item 1. Legal Proceedings.
None; no material developments in previously reported
matters.
Item 2. Changes in Securities.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Submission of Matters to Vote of Security Holders.
None.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
See Index to Exhibits on page 14.
(b) Reports on Form 8-K
Pursuant to Regulation FD, Registrant's press
release dated November 1, 2000 was filed with the
Securities and Exchange Commission on Form 8-K.
-12-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
INTEGRAMED AMERICA, INC.
(Registrant)
Date: November 13, 2000 By:/s/John W. Hlywak, Jr.
----------------------
John W. Hlywak, Jr.
Senior Vice President and
Chief Financial Officer
(Duly Authorized Officer and
Principal Financial and
Accounting Officer)
-13-
INDEX TO EXHIBITS
Exhibit
Number Exhibit
- ------- -------
10.88 (c) -- Amendment No. 1 dated as of October 1, 2000 to the Management
Agreement dated as of July 1, 1999 by and between IntegraMed
America, Inc. and MPD Medical Associates, P.C.
27 -- Financial Data Schedule
99.1 Registrant's Press Release dated November 1, 2000 (1)
- ---------------------------------------
(1) Filed as Exhibit with identical exhibit number to Registrant's
Report on Form 8-K dated November 1, 2000.
-14-