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Mednax's CEO Discusses Q4 2011 Results - Earnings Call Transcript

In addition, during this call, we will discuss certain non-GAAP items. This morning’s press release contains a detailed GAAP reconciliation and that’s available on the Investors page on our website, www.mednax.com.

With that, I would like to turn the call over to our CEO, Dr. Roger Medel.

Roger J. Medel

Thanks, David. Good morning, everyone, and thanks for joining our call this morning. We reported solid results from operations for MEDNAX during the 2011 fourth quarter and full year, results that continue to be driven largely by the successful execution of our long-term growth strategy. As our results demonstrate, MEDNAX is a company that continues to grow.

We’re a company that has the financial strength and flexibility to fund future growth through internal cash generation on our recently expanded revolving credit facility, while at the same time building upon the solid foundation we’ve established to manage our existing operations.

While our focus on over the next few minutes is the progress that we continue to make as we execute this proven long-term growth strategy. On the acquisition front, we had a solid year in 2011 with a total of 10 group practices deciding that they would place themselves in a better position by practicing as part of MEDNAX without complement of clinical and administrative infrastructure rather than continuing to try to manage a full-time clinical load and manage the business and administrative side of their practice. We invested more than a $160 million to acquire these practices, as well as to make contingent purchase price payments on previous acquisitions.

Of the 10 groups, seven of them were on the pediatric side. We acquired three Maternal-Fetal Medicine groups, one neonatology group, one pediatric cardiology group, one other pediatric subspecialty group, and most recently in the fourth quarter, our first move into pediatric surgery, which we have previously discussed.

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