MEDNAX, Inc. (NYSE:MD), the national medical group specializing in neonatal, maternal-fetal, pediatric cardiology, other pediatric subspecialties and anesthesia physician services, today reported earnings of $1.22 per share for the three months ended June 30, 2012.
“We are especially pleased with our results for the quarter, including the same unit growth of nearly 4 percent that contributed to our 2012 second quarter results exceeding our guidance,” said Roger J. Medel, M.D., Chief Executive Officer of MEDNAX. “On the acquisition front, we continue to make solid progress in building our national anesthesia group practice, are managing a very full and robust pipeline, and are confident in our ability to continue growing through acquisitions across all of our physician specialties.”
MEDNAX’s net patient service revenue for the three months ended June 30, 2012, increased by 14.3 percent, to $449.5 million, from $393.4 million for the comparable prior-year period.
MEDNAX’s revenue growth attributable to contributions from recently acquired practices was 10.4 percent, while same-unit revenue grew by 3.9 percent for the 2012 second quarter when compared to the 2011 second quarter.Same-unit growth from net reimbursement-related factors was 2.4 percent. This was principally due to continued modest improvements in reimbursements received from third-party commercial payors as a result of the Company’s ongoing contract renewal processes, and an increase in the administrative fees received from our hospital partners due to the expansion of our services as a result of internal growth initiatives, partially offset by a shift in payor mix to government payors, from commercial payors, year-over-year. Same-unit growth attributable to patient volume grew by 1.5 percent for the 2012 second quarter when compared to the prior-year period, and includes growth in our hospital-based neonatal and anesthesia services as well as other pediatric physician services, primarily newborn nursery services, partially offset by slight declines in our office-based maternal-fetal and pediatric cardiology services. For the 2012 second quarter, same-unit neonatal intensive care unit (NICU) patient days increased by 1.4 percent when compared to the prior-year period.