Good morning, my name is Alisha and I will be your conference operator today. At this time I would like to welcome everyone to the IntegraMed first quarter 2010 conference call. (Operator Instructions). Thank you. Mr. Hlywak, you may begin your conference.

Thank you. Good morning. This is John Hlywak, Executive Vice President and CFO of IntegraMed. Thank you for participating in today's call. Due to an unexpected family emergency Jay Higham, IntegraMed’s President and CEO will not be able to participate on today’s call. In Jay’s absence I will provide both the corporate and financial overviews of IntegraMed’s performance. After that we will open the call for questions. Jay will return to the office next week and will be able – be available to those of you who have any follow up questions. Before we begin, I'd like to caution that comments made during this conference call may contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of IntegraMed. I encourage you to review the company's filings with the Securities and Exchange Commission, including without limitation, the company's Form 10-K and Form 10-Qs, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. The content of this conference call contains time-sensitive information that is accurate only as of today, April 27, 2010. IntegraMed undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call. With those announcements out of the way let me turn to the topic of this call. Overall, IntegraMed achieved great topline growth across all of our businesses has leveraged through 9% over Q109 to $57 million. The net income increased 22% to $1.1 million compared to last year as we were better able to leverage the revenue growth to the bottom line. Despite an 18% increase in diluted shares as a result of $2.8 million share offering in mid-February, our Q1 2010 EPS rose a $0.01 to $0.11 over the prior…

(Operator Instructions). Your first question comes from the line of Mark Arnold [ph].

Good morning John.

Good morning.

May be just to start with, you have mentioned the weather as you said – obviously given the company size here you are may be unfortunately weighted towards some of those mid-Atlantic states particularly the DC market. Can you give us a sense or just how much of an impact weather might have had on your Q1 results?

Well, it was – it definitely slowed the fertility group somewhat. Even though our offices never shut down, When patients need services they were there, but it did impact some in-patient visits somewhat which made the March a little bit slower, it also impacted our vein center since we have a significant presence very much there. And then you basically have the weather in the Midwest, it definitely has an issue or two, but for the most part, we were there but the patients can’t get to us.

Okay, so it is hard to quantify that you definitely had any impact?

Yeah.

On the Attain IVF, beside – you know applications and enrollments were really strong here in the quarter, can you just remind me how long it takes before you start to see those numbers significantly impacting your reported revenues?

Once you have the enrollment, it may take anywhere from 30 to 60 days to get them into service, starting their procedures and then. You know it takes a lot for them to go through the process and for us, remember we only recognize revenue when there is a pregnancy, so we could be 90 to 150 days from seeing the revenue from that.

Great. And then I guess the other question there on Attain IVF, you know, how much or can you – can you give us some sense as to how much of the new enrollments and applications were driven by the multi-cycle program versus I mean, your traditional Attain IVF services?

Actually a bigger portion of the increase was multi-cycle program. And what’s interesting there and most important is that there has not only any significant cannibalization of the refund programs. The process for us is when a patient applies we tell them the program that they are qualified for. And many will have qualifications for the refund program and also the multi-cycle program and when given that choice, technically the patients go for the refund program. So the increase has been mostly, as I said, in the multi-cycle, but still the refund program is doing well.

One more question on the fertility side. You mentioned pregnancy success rates. Can you give us what that number was in the quarter?

We haven’t gotten into that detail in the past, Mark. But let me see here, we – it dropped about 12% from year ago.

Okay. And then just a couple of questions on the vein side. I guess first, when does the two centers, or the two clinics that opened in Q1, kind of, when during the quarter did they open?

One about mid-quarter and the other, we had a little bit difficulty starting that one – opening that one, so that one was right at the end of the quarter.

Okay. And then do you currently expect any clinic – vein clinics to open in Q2?

We may have some in towards the end.

So, little contribution from new clinics in the quarter but you will see some improvement on the two that opened?

Right.

And then –

And then also those that have opened over the last few years, they continue to grow and we are seeing significant growth on our Washington DC market.

Okay. I just have one last question that is kind of a numb question, but can you give me the total vein clinic procedures in the quarter?

Certainly. Yeah, I can give that. Hang on. I don’t have that right now.

Okay, great. Thank you, John.

I am sorry, I am sorry. I got it, it was about 2,900.

2,900. Thank you.

Your next question comes from the line of Brooks O’Neil [ph]. Brooks O’Neil: Good morning, John. Could you please offer my condolences to Jay and his family and tell him we look forward to catching up with him sometime soon.

Sure will. Brooks O’Neil: Thank you. I am curious, obviously a good strong results this year really across the business. You mentioned the impact of weather. Could you see any impact related to the soft economy in results this quarter or do you think your businesses are really not terribly impacted by that?

I would say we have not seen any deterioration with the soft economy, I know consumer sentiment is growing, we just have not seen the pick up just yet either. So, I think the kind of a turnaround should help us later in the year, but we just didn’t – we did not see any drop. Brooks O’Neil: That’s great. I am assuming you don’t anticipate any major changes in the business related to the recently passed health reform legislation?

Brooks, I think it is little bit too early to talk about that. The regulations are not written yet. But it is just from the top of my head, 30 to 40 million more people having insurance has to be a good thing. Brooks O’Neil: Right. That’s good. Could you talk – I know you mentioned an active pipeline, and particularly in the fertility side of the business, but could you just talk about how the pipe has changed in last year, whether pricing has changed, any – just what the factors are that might influence the timing for some acquisitions on that side of the business?

I guess the major factors haven’t changed. It is a long process for us. As you might talk – maybe anywhere from a year to two year to start quoting some of the – to get the contracts signed. Pricing, well, we are the ones that are pushing the market and we have held pretty firm on the pricing strategy that we have established. Obviously we are looking to increase our returns and as I said in the comments, we are going to go for the deals at the right terms that make sense to us. Brooks O’Neil: But is it fair to say that you have a fairly active pipeline and that there you do see opportunities to make acquisition sometime this year?

We are seeing opportunities, it is a possibility but again, just really can’t predict when something like that will fall. Brooks O’Neil: Sure. Could you just talk a little bit about the addition of interventional radiology to the vein center. Obviously I know you are just starting it, but what is that that makes you believe that that is going to be a valuable addition to the mix and how confident are you that it is really well and profitable volume to existing centers?

Based on our kind of initial analysis and the sessions we have had with the interventional radiologists, it opens up another area for us for practice in the vein centers. We definitely will get into more urological, gynecological procedures, and we just have a number of things that this interventional radiology will bring to us. Of course, cancer patients, and for us it is really too early to say what the revenue impact will be, but it certainly looks good from preliminary indications we have. To build out a facility and they are going to be a little bit bigger and you will have equipment processing here, but I think it is going to have a good return with respect to the long term. Brooks O’Neil: Great. And then maybe just a last little bit of a detailed question. I have to confess I am sometimes confused by the cash on your balance sheet. Could you just tell us what amount is, in your view, truly free cash and what amount is maybe related to the idea of the side of the business?

Well, first of all, there are no encumbrances on any of the cash. We have all that cash that is available to us. But the liability side of the balance sheet there is probably about 10 to $12 million of deposits that sit there for our Attain IVF program. Brooks O’Neil: Okay.

So – yeah, again that number – that continues to replenish itself as we have – even then you just really can’t say that I could take and set aside of that amount of money. So, I think it is available – but again it is being a conservative side. Brooks O’Neil: Right.

So, you know and that changes from time to time, how much I need. Brooks O’Neil: Sure. Okay, great. Thank you very much and again congratulations on a good quarter.

Thank you.

(Operator Instructions). Mr. Hlywak, there are no further questions.

Okay, thank you. Well, let me say thank you for participating today. I certainly appreciate having the opportunity to talk with you. I want to thank all of our – all the people on our IntegraMed family including the physicians and the patients who work with us and especially our employees. We hope to bring additional information to you and of course we will be reporting additional information to you in the coming months, our improvements and our changes. And please be assured that we are really focused on driving shareholder value. So that said, again thank you for participating and we will talk to you in quarter.

This concludes today’s conference, you may now disconnect.