Pediatrix Acquires Atlanta-Area Neonatal Physician Group
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Jan. 24, 2005--Pediatrix Medical Group Inc. (NYSE:PDX) today announced that it has completed the acquisition of a neonatal physician group practice serving patients in the neonatal intensive care unit (NICU) at Atlanta's Southern Regional Medical Center in Riverdale, GA.
The practice consists of two physicians and annual NICU volume exceeds 8,000 patient days.
"I want to practice medicine, and Pediatrix brings a host of administrative tools that reduce the complexities associated with managing a practice, making it easier for us to take care of fragile newborns," said Francisco Velez, M.D., who will serve as Pediatrix's medical director at Southern Regional. "Pediatrix has built a community of physicians dedicated to improving the care of sick newborns. Their educational program is directed by people who are recognized leaders in the field, and the group is comprised of excellent clinical professionals across the nation. We look forward to employing these resources to help us to improve care for patients at Southern Regional."
Pediatrix paid cash for the transaction, which is expected to be immediately accretive to earnings. Specific terms were not disclosed.
Pediatrix has completed three neonatal physician group practice acquisitions since the beginning of 2005. Last year, Pediatrix added 12 physician group practices, including eight neonatal physician groups, two pediatric cardiology practices as well as a maternal-fetal medicine and pediatric intensive care practices.
Pediatrix was founded in 1979. Pediatrix physicians and advanced nurse practitioners are reshaping the delivery of maternal-fetal and newborn care, identifying best demonstrated processes and participating in clinical research to enhance patient outcomes and provide high-quality, cost-effective care. Its neonatal physicians provide services at more than 200 NICUs, and through Obstetrix, its perinatal physicians provide services in many markets where Pediatrix's neonatal physicians practice. Combined, Pediatrix and its affiliated professional corporations employ more than 775 physicians in 31 states and Puerto Rico. Pediatrix is also the nation's largest provider of newborn hearing screens and newborn metabolic screening. Additional information is available at http://www.pediatrix.com.
Certain statements and information in this press release may be deemed to be "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, and all statements (other than statements of historical facts) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. These statements are often characterized by terminology such as "believe", "hope", "may", "anticipate", "should", "intend", "plan", "will", "expect", "estimate", "project", "positioned", "strategy" and similar expressions, and are based on assumptions and assessments made by Pediatrix's management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this press release are made as of the date hereof, and Pediatrix undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in Pediatrix's most recent Annual Report on Form 10-K, including the section entitled "Risk Factors".
CONTACT: Pediatrix Medical Group Inc., Fort Lauderdale
Bob Kneeley, 954-384-0175, x-5300
SOURCE: Pediatrix Medical Group Inc.