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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 $1.37 per share for the three months ended June 30, 2013 that was the result of strong revenue growth, primarily from recent acquisitions.
“Our consistently strong operating results reflect the solid progress we are making in strategically building our national anesthesia group practice platform while successfully and methodically executing on a proven growth strategy that attracts physicians to our national group practice and delivers ongoing value and efficiencies,” said Roger J. Medel, M.D., Chief Executive Officer of MEDNAX. “We continue to manage a very full and robust acquisition pipeline, and are confident in our ability to continue growing through acquisitions across all of our physician specialties.”
MEDNAX also announced today that its Board of Directors has authorized the repurchase of shares of the Company’s common stock up to an amount sufficient to offset the dilutive impact from the issuance of shares under the Company’s equity programs. As a result of the share repurchase program, earnings per share for the Company will be positively impacted in future periods. The share repurchase program is effective immediately and permits the Company to make open market purchases from time-to-time based upon general economic and market conditions and trading restrictions.
“The authorization of this share repurchase program reflects our confidence in the national group practice business model and our ongoing commitment to enhance shareholder value,” said Roger J. Medel, M.D., Chief Executive Officer of MEDNAX. “We continue to achieve solid financial results, have a strong balance sheet, and remain very optimistic about our prospects for continued growth. Our primary use of cash will continue to be focused on the pursuit of acquisitions across all of our physician specialties. At the same time, we believe that with the combination of our ongoing cash flow from operations and our available line of credit, we have sufficient access to capital to continue our acquisition growth strategy while moving forward with this share repurchase program.”