Team Health Holdings Inc. (NYSE: TMH), a clinical outsourcing provider in healthcare, reported first-quarter net revenue rose 35.1% to $1.14 billion. Team Health operates healthcare staffing firm D&Y among its other business operations.

TeamHealth acquired IPC Healthcare Inc., a national acute hospitalist and post-acute provider organization, in the fourth quarter of 2015 for approximately $1.6 billion.

Contributing to the first-quarter year-over-year growth: IPC contributed 22.9%, same contract revenue contributed 5.9%, legacy (non-IPC) acquisitions contributed 5.2%, and net new growth contributed 1.1%. Within the legacy acquisitions category, new hospital contracting opportunities that were initially developed by TeamHealth’s sales and marketing process contributed 1.6% of overall net revenue growth between quarters. 

Team Health in the first quarter agreed to appoint members of investment firm JANA Partners to its board of directors. JANA owns approximately 8.0% of the company's common stock.

“We are pleased with our financial results in the first quarter with double digit growth in both net revenue and Adjusted EBITDA and a significant improvement in operating cash flow,” said President and CEO Mike Snow. “We benefited from solid performance in our core operations in addition to benefiting from the growth associated with the IPC transaction.”

Net earnings attributable to Team Health were $688,000 — $46.5 million after adjustments — compared to $28.1 million in the prior year’s first quarter year prior.

Shares in Team Health rose 2.94% in early afternoon trading today to $45.46. The company had a market cap of $3.35 billion, according to Yahoo!