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 $1.32 per share for the three months ended September 30, 2012.
For the 2012 third quarter compared to the prior year period, MEDNAX reported:
- Revenue growth of 16 percent to $473.1 million;
- Net income growth of 13 percent to $65.9 million; and
- Cash flow from operations of $134.7 million.
“Our strong 2012 third quarter results underscore our continuing ability to effectively grow through the significant contributions we're generating from our ongoing acquisition program,” said Roger J. Medel, M.D., Chief Executive Officer of MEDNAX. “These operating results demonstrate our financial strength, including our solid balance sheet and cash flow from operations, which gives us confidence as we pursue anesthesia as our future growth platform and continue to grow our operations across all our physician specialties. We are managing a very full and deep acquisition pipeline across anesthesia, as well as all of our physician specialties.”
For the three months ended September 30, 2012, MEDNAX’s net patient service revenue increased by 16.1 percent, to $473.1 million, from $407.7 million for the comparable prior-year period.MEDNAX’s revenue growth attributable to contributions from recently acquired practices was 13.6 percent, while same-unit revenue grew by 2.5 percent when compared to the 2011 third quarter. Same-unit growth attributable to patient volume grew by 1.9 percent for the 2012 third quarter when compared to the prior-year period, and includes growth in our hospital-based neonatal and other pediatric physician services, primarily newborn nursery services, as well as anesthesia services, partially offset by declines in our office-based pediatric cardiology and maternal-fetal services. For the 2012 third quarter, same-unit neonatal intensive care unit (NICU) patient days increased by 3.7 percent when compared to the prior-year period.