Good morning everyone and thank you for participating in IntegraMed America Inc. First Quarter Conference Call. I am joined today by Jay Higham, President and CEO and Sheehan Senior Vice President and CFO. Before we begin I would like to caution that some of the comments made on this call may refer to certain measures such as adjusted EBITDA which are not calculated in accordance with generally accepted accounting principles or GAAP. Management believes these results are representative of the performance of the ongoing business of the company. For a reconciliation of adjusted EBITDA to GAAP results in accordance with Regulation G under the Securities Exchange Act please see IntegraMed Q1 press release which was filed today with the SEC on Form 8K and maybe found under the news tab of the company’s website. The content of this conference call may contain time sensitive information that is accurate only as of today May 3, 2012, IntegraMed undertakes no obligation to revise or update any statements to reflect events or circumstances occurring after the date of this conference call. I will now turn the call over to Jay Higham, President & CEO, Jay?

Thank you everybody and good morning. We appreciate you joining us on the call today. As our Q1 results demonstrate we have had a strong start to 2012 and are optimistic regarding our prospects for the balance of the year. I would like to review some of our business progress and then Tim Sheehan will provide some added color on our financial performance. Starting with our Attain Fertility Centers division during Q1 we entered into an agreement to manage the fertility clinic within the University of North Carolina Healthcare Systems. UNCs fertility practice consistent of four respected reproductive endocrinologist, a lab director and staff. We like to support the clinics growth and success by providing them with a full array of IntegraMed support services and infrastructure that will enable the physicians to focus more patient care and to support the practices growth through sales and marketing, operations and revenue cycle management. To position the clinic to better serve the significant patient population in the region we will relocate the clinic to the research triangle park area a process that is targeted to the second half of 2012. We also expanded our presence in the Florida market by completing in end market merger of the Palmetto Fertility Center in Miami Lakes, Florida with our IVF Florida operations. The Palmetto Center has expanded our leadership in South Florida with the addition of two well-regarded physicians, a lab director and office staff and a state of the art laboratory. The transition IVF Florida operations to include nine physicians across six centers primarily in Miami, Dade and Broward Counties. We are very pleased with these transactions and we will remain focused on building our fertility network and growing the Attain IVF Program enrollment. We are also encouraged by the ongoing business development activity across…

Thank you Jay. Solid growth in both our Attain Fertility and bank finance divisions enable total first quarter revenues of 70.8 million, a better than 10% increase over the first quarter of last year. A key driver in the first quarter was a 25% increase in bank clinic revenue, a solid mature clinic growth 14.6% was augmented by new clinic contributions. Additionally, Q1 revenue benefited from a solid performance in our Attain Fertility Centers division. Total operating income rose 9.3% to 5.1 million benefiting from a 0.5 million increase in contribution from our vein clinic division. The Attain Fertility Centers operating income declined slightly in the quarter due to performance in 2011 exceeded historical trends for the first quarter of the same IVF program where as 2012 reverted back to historical seasonal trend. Corporate G&A expenses were down slightly from year-ago based on few open positions at the corporate level and lower incentive compensation. In line with our expectations of approximately 40% tax rate this year, our Q1 tax rate was 39.8, a modest increase over 38.1% experienced in the first quarter of last year. Leveraged to the bottom line has enabled us to issue a net income of 1.3 million, a 36.5% increase, diluted earnings per share grew 37.5% to $0.11 per share. We are particularly proud of our bottom line performance as it demonstrates that we have been able to balance investment and growth with bottom line performance. Turning to adjusted EBITDA which we view as a metric for measuring our performance. Given our significant non-cash depreciation, amortization and deferred compensation expenses. We issued a 17.8% increase to 4.7. Moving to the balance sheet, we maintained a strong cash position despite ongoing investments to both of our division of approximately 4 million in the quarter as well as further (inaudible) reduced in the balance of a long-term debt. This liability moves from long term to current status in the (inaudible) as we have now less than one year until its full maturity. We are already working with our lenders on this matter to determine the best path forward, given our various dollars balance sheet and cash position; we expect this to be a non-event but want to point out as we get in place. From revenue cycle management standpoint, (inaudible) consolidated day sales outstanding decreased to 25.4 days as compared to 31.9 days a year ago. This decrease was fueled primarily on the strength of the VCA revenue cycle team. In summary, in entitlement operations are performing well, and we are very well positioned to fund our growth initiatives across the business. We are pleased with the progress that are being on the expansion program and are optimistic there with strong start by adding capacity to our facility operation and maybe a good indicator for the balance of the year. With that operator, we will now open it up for questions. Operator?

(Operator Instructions). And your first question comes from the line of Frank DiLorenzo.

I had a question on the vein clinics side. It looked like the numbers were pretty good. Considering if I recall, you didn’t open any new clinics in the fourth quarter of 2011 and my question's actually around you opening a couple of clinics in Q1, 2012 in April of 2012 you opened it up I believe a few more clinics. So could we expect somewhat of a ramp on the revenue side with regards to then clinic segment through the second quarter here.

Yes, second quarter is typically our strongest quarter in that business. This is a business that has a lot of seasonality to it and we're timing the opening of our new clinic to take advantage of that seasonality where people come back into the market starting in the first quarter where we start to get especially the latter half of the first quarter where we start to get a lot of inquiries coming in and new patients starting to come in and then there is a process of getting patients from the initial consultation into treatment and so we do expect as has been consistent in past years, that we will begin to see that treatment revenue coming through in the second quarter and even the third and fourth quarters.

(Operator Instructions). Seems we have a follow-up question from Frank DiLorenzo.

Just one other question, this time related to the fertility side of the business. You worked on doing a couple of those deals recently. I was wondering when you might see some critical mass if you will on those deals as far as starting at the top line of your businesses. It's going to take a little contractual efforts. Can you give us a progress report on how that's been going?

Yes, that's a great question Frank. Mostly and usually when we do these deals on the fertility center side, they are immediately accretive because they are established operations that have track record of critical mass of business already. So we start to get the benefit of that immediately. In this case that's not as true. The University of North Carolina particularly is a situation where we're helping them to develop a new facility to move the operations out of the hospital in Chaplin Hill over the triangle park area, a new facility. And so the revenue from that, it's not going to really start to materialize until the second half of the year and then as we grow that business. So this is a situation where we won't really begin to perceive the benefits from a financial point of view until at least the second half of the year and then it will grow from there.

Are you confident that the new location is more optimal compared to where they were set up?

Absolutely, I mean we see this all the time, particularly academic medical centers. These fertility operations are very different from most other medical subspecialties. There's a lot of resource requirement, a lot of space requirement and hospitals are even more so academic medical centers don't really have the right sort of commercial approach to providing those resources. It’s a more resource intensive business. And it's just very difficult for them to know how to manage those businesses and provide those resources in the most effective way. You really need to get it out of the hustle and bustle of a large academic medical center into its own dedicated space. We saw this when we took the University of Washington Fertility Center in Seattle out of that facility and put it into a free standing location. It's now I think four time the size it was when it first started. So we're expecting some considerable growth from helping them do this transition.

And your next question is from the line of Quentin Matthew.

Could you give a further detail into the potential margin expansion that you guys see in the vein business moving forward as you ramp up more clinics?

We on average would have our June 1st, 20% margin of the contribution margin from each established mature clinic. Though we will have very minor increases in division overhead over time, the combination of a continued ramp of new clinics and much slower growth in division overhead will contribute to that margin expansion. We just don't need to have that may buyers to support each new clinic status of the network.

And what about the corporate side. Do you guys see as you grow that you've got the ability to scale up without really increasing your corporate costs as well?

We do, I mean there will be additional bodies around the margin and new additions at this time but our corporate functions are all established and relatively fully staffed outside of one or two openings that we had experienced in a quarter that hasn’t been dealt.

(Operator Instructions). And again we have a follow-up question from Frank DiLorenzo.

Walls around your cash, if you go back to Q1 of 2011, decent popup overall in your cash levels on the balance sheet. I missed the early part of the call but have you been considering what you may want to do with that cash going forward just strategically whatever may be another acquisition or investments, buybacks etcetera?

Yes, we are not really planning a buyback at this point Frank. The float is somewhat limited for based on the fact of a company. I'm not sure that would really help with maintaining stock price. The best use is to make investments in the business. We look for the right acquisitions to do that and that's our focus at the moment.

(Operator Instructions). And there are no further questions from the line.

Okay. Thank you operator. In closing I would like to thank our physicians and the entire IntegraMed team for their efforts. That's what forms the foundation of our company. I also thank our patients who put their trust in their providers as well as to shareholders for their continued support. We plan another active year of investor relation outreach and exposure to gain more visibility for the success of the business. I hope to see many of you at various conferences and marketing trips throughout the year. Should you have questions or wish to speak to management, please contact our investor relations representative David Collins of Catalyst Global and the phone number there is 212-924-9800. Thank you for your continued interest in IntegraMed and your participation in today's call and that concludes our prepared remarks.

And this concludes today's conference call. You may now disconnect.