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MEDNAX Earns $1.32 Per Share For 2012 Third Quarter

Same-unit growth from net reimbursement-related factors was 0.6 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, the flow through of revenue from modest price increases, 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.

The percentage of services reimbursed under government programs shifted by approximately 80 basis points toward a higher percentage of services reimbursed under government programs for the 2012 third quarter when compared with the prior-year period.

For the 2012 third quarter, operating income was $107.4 million, up 13 percent from $95.0 million for the prior-year period. Operating margin decreased to 22.7 percent for the 2012 third quarter, from 23.3 percent for the prior-year period, primarily as a result of an increase in operating expenses during the 2012 third quarter as compared to the 2011 third quarter and the variability in margins due to the mix of practices acquired since July 2011.

General and administrative expenses were 10.2 percent of revenue for the 2012 third quarter, an improvement of 36 basis points from 10.6 percent for the prior-year period.

MEDNAX generated net income of $65.9 million for the 2012 third quarter, or $1.32 per share based on a weighted average 49.8 million shares outstanding. This compares with net income of $58.2 million, or $1.19 per share for the 2011 third quarter, based on a weighted average 48.9 million shares outstanding.

For the nine months ended September 30, 2012, MEDNAX has generated revenue of $1.35 billion, up 13.7 percent from $1.18 billion for the prior-year period. Operating income for the first nine months of 2012 grew by 8.6 percent to $286.5 million, up from $263.9 million for the first nine months of 2011. MEDNAX earned net income of $174.8 million, or $3.53 per share through September 30, 2012, based on a weighted average 49.6 million shares outstanding, which compares to net income of $159.6 million, or $3.28 per share based on a weighted average 48.7 million shares outstanding for the first nine months of 2011.

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