Despite a 34 percent jump in quarterly profit, shares of IPC the Hospitalist Co. Inc. fell 10 percent Tuesday morning after the company provided a 2010 revenue outlook that was lower than Wall Street expected.

Late Monday, the North Hollywood physician practice management company, whose doctors practice mainly in hospitals, reported net income of $5.36 million (32 cents per share), compared with $4.6 million (28 cents a year earlier).

The quarter was affected by $750,000 professional liability settlement beyond what was covered by insurance. After charges, net income was up 26 percent to $5.8 million (35 cents). Analysts surveyed by Thomson Reuters on average expected the company to report adjusted per-share profit of 32 cents.

Adjusted 2009 net income rose 41 percent to $19.1 million ($1.17), with net revenues up 24 percent to more than $310 million.

The company expects 2010 revenue of between $352 million and $361 million, with earnings per share of $1.34 to $1.43. The average analyst revenue estimate was a higher $374 million, though their per-share profit expectations of $1.40 are within the company’s range.

“The stocks are falling on their revenue guidance, which reflects about a 15 percent year-on-year growth,” Deutsche Bank analyst Sudeep Singh told Reuters. “For a company like IPC that is a relatively slower growth forecast because they have earlier grown at 20 percent.”

After earlier falling 13 percent, IPC shares closed down $3.31, or 9 percent, to $33.39 on the Nasdaq.