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MEDNAX's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stock quotes in this article: MD

Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the company's most recent annual report on Form 10-K and its quarterly reports on Form 10-Q, including the sections entitled Risk Factors. At this time, I'd like to turn the call over to Dr. Roger Medel, our CEO.

Roger J. Medel

Thank you, Dave. Good morning, everyone, and thanks for joining our call today. Our reported results from operations for the 2012 first quarter reflect an organization that continues to grow, while at the same time, pursuing a unique, durable and proven growth strategy that attracts physicians and delivers ongoing value. We're encouraged by the continued interest of physician groups that want to practice as part of our national medical group and we're excited about the progress that we're making to build our national group practice through acquisitions across all of our physician specialties. As we reported in this morning's press release, our revenue grew by approximately 11% for the 2012 first quarter. Our revenue growth was driven largely by contributions from acquisitions since last year, as well as same-unit growth. We've continued to successfully acquire and integrate physician practices within our specialties, and we've added 4 pediatrics groups during the 2012 first quarter and an anesthesia group at the beginning of the second quarter. In late March, we've completed the acquisition of 3 practices that were formerly part of Children's Specialists Medical Group based in Sacramento, California. These long-standing practices brought 19 physicians, including 9 neonatologist, 4 maternal-fetal medicine specialists and 6 pediatric critical care physicians, who have been serving their communities since 1995 through our Pediatrix Division. These are outstanding private practices affiliated with the Sutter system and represent our first presence in the Sacramento area. Their annual NICU patient volume now exceeds 22,000 patient days.

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