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MEDNAX Exceeds Second Quarter Earnings Guidance, Earns $1.22 Per Share For 2012 Second Quarter

The percentage of services reimbursed under government programs shifted by approximately 130 basis points toward a higher percentage of services reimbursed under government programs for the 2012 second quarter, when compared with the prior-year period. Sequentially, however, our same-unit payor mix has remained relatively stable since the third quarter of 2011.

Operating income for the 2012 second quarter was $99.7 million, up 7.1 percent from $93.1 million for the prior-year period. Operating margin decreased to 22.2 percent for the 2012 second quarter, from 23.7 percent for the prior-year period, primarily as a result of an increase in operating expenses during the 2012 second quarter as compared to the 2011 second quarter and the variability in margins due to the mix of practices acquired since April 2011.

General and administrative expenses were 10.7 percent of revenue for the 2012 second quarter, an improvement of 13 basis points from 10.9 percent for the prior-year period.

MEDNAX generated net income of $60.5 million for the 2012 second quarter, or $1.22 per share based on a weighted average 49.5 million shares outstanding. This compares with net income of $55.9 million, or $1.15 per share for the 2011 second quarter, based on a weighted average 48.7 million shares outstanding.

Through the first half of 2012, MEDNAX has generated revenue of $872.1 million, up 12.4 percent from $775.7 million for the prior-year period. Operating income for the six months ended June 30, 2012, grew by 6.1 percent to $179.1 million, up from $168.8 million for the first half of 2011. MEDNAX earned net income of $108.9 million, or $2.20 per share through June 30, 2012, based on a weighted average 49.5 million shares outstanding, which compares to net income of $101.4 million, or $2.09 per share based on a weighted average 48.5 million shares outstanding for the first half of 2011.

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