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MEDNAX CEO Discusses Q3 2011 Results - Earnings Call Transcript

In addition, during this call we will discuss certain non-GAAP items for the three and nine months periods ended September 30, 2010. This morning’s press release contains a detailed GAAP reconciliation table and that is available on the Investors page of our website, www.mednax.com. Joining me on the call today are Roger Medel, our Chief Executive Officer and Vivian Lopez-Blanco, our Chief Financial Officer.

With that, I would like to turn the call over to Roger.

Roger Medel

Thank you, David and good morning and thanks for joining our conference call this morning. As we take a look at our third quarter and year-to-date results I am going to focus my comments on two key areas that demonstrate the strength and efficiency of our model and our resources as we strive to take great care of our patients. These areas are growth and operating momentum.

With our third quarter results we have demonstrated strong growth and the continuation of our positive operating momentum. Our revenue was up over 16% year-over-year largely as a result of acquisitions completed in the past year and also reflects same unit revenue growth. We also continued to expand operating margins as we successfully integrate new group practices into our existing operations and as we look for ways to improve the efficiency of our National Medical Group.

Supporting our growth efforts, we recently announced that we have expanded our credit facility by $150 million to $500 million and extended it for five years to 2016. This was done for two main reasons; first, we believe this was a good opportunity to access the credit markets to expand our availability of capital and more importantly this highlights the confidence that we have in our ability to invest that capital by continuing to make accretive acquisitions.

This morning we announced the acquisition of Bexar Pediatric Surgery Associates in San Antonio, Texas. This practice consists of five pediatric surgeons and one pediatric plastic surgeon. This is the first pediatric surgery practice that we have acquired and while this is a relatively small sub-specialty we believe it is a welcome addition to our Pediatrix division. Pediatric surgeons provide specialized care for patients ranging from new born to adolescents for all problems or conditions affecting children that require surgical intervention and also have particular expertise in the areas of neonatal and prenatal surgery. From a continuum of care perspective pediatric surgeons typically work closely with neonatologists and pediatric cardiologists.

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