IPC The Hospitalist Company Inc. said Tuesday it went from a loss to a profit in the third quarter as revenue grewfrom both existing and recently acquired hospital-based physician practices. The results exceeded Wall Street expectations, although the company is tempering expectations for the full year.

The North Hollywood-based IPC reported after Tuesday’s market close net income of $3.2 million (20 cents per share), compared with a net loss of $7.3 million (-65 cents) a year ago. The year-ago quarter included $8.7 million loss due to a change in the fair value of some preferred stock warrant liabilities. Net revenue grew 32 percent to $63.2 million.

Analysts surveyed by Thomson First Call on average were expecting per-share earnings of 19 cents on revenue of $63.14 million.

During the third quarter, IPC entered the Southeast Florida market with its acquisition of Hospitalists of America, and in the current quarter added practices in existing markets of Dallas, Texas, Ocala, Florida and Phoenix, Ariz. “Our acquisition pipeline remains robust in this highly fragmented industry, and we will continue to look for opportunities across the hospitalist sector,” said Chief Executive Adam Singer in a statement.

The company now expects 2008 revenues and earnings to at the low end of its earlier announced range of $254 million to $257 million in revenues and per-share earnings of 85 to 88 cents.

Prior to the earnings release, IPC shares closed down 13 cents, less than 1 percent, to $19.70 in Nasdaq trading.