Pediatrix Acquires Cleveland Neonatal Physician Group
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 21, 2003--Pediatrix Medical Group, Inc., (NYSE:PDX) has entered the Cleveland market with the acquisition of a neonatal physician group practice that provides services at two hospitals there.
The physician group staffs neonatal intensive care units (NICUs) that have historical annual patient volume in excess of 6,000 NICU patient days. Pediatrix physicians staff NICUs in the Dayton area.
Pediatrix paid cash as consideration for the purchase of the physician group practice and the transaction is expected to be immediately accretive to earnings per share. Other terms were not disclosed.
Pediatrix continues to build its national group of physicians focused on maternal-fetal, newborn and pediatric subspecialty care. This year, Pediatrix has expanded its NICU services into three new markets, Knoxville, TN, Corpus Christi, TX, and Cleveland, OH, through a combination of acquisition and internal growth. In addition, Pediatrix has acquired a Chicago-area pediatric intensive care physician group, and a pediatric cardiology physician group based in West Palm Beach, FL, during 2003. Earlier this year Pediatrix acquired the nation's largest independent laboratory specializing in newborn metabolic screening.
Pediatrix was founded in 1979. 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 635 physicians in 30 states and Puerto Rico. Additional information is available on the Internet at www.pediatrix.com.
Matters discussed in this release may include forward-looking statements within the meaning of the securities laws. All statements, other than statements of historical facts, that address activities, events or developments that Pediatrix intends, expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements 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 relevant. Any forward-looking statement is not a guarantee of future performance and is subject to various risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statement. Such risks and uncertainties include, among others: pending and future billing and other investigations by government authorities; Pediatrix's ability to comply with laws and regulations applicable to the healthcare industry; limitations of, reductions in or retroactive adjustments to reimbursement amounts or rates by government-sponsored healthcare programs; whether physicians appropriately record the services they provide; Pediatrix's ability to find suitable acquisition candidates and to successfully integrate future or recent acquisitions; laws protecting the privacy of patient healthcare information; federal and state healthcare reform or changes in government-sponsored healthcare programs; Pediatrix's ability to successfully recruit and retain qualified physicians; malpractice and other lawsuits; the value of Pediatrix's intangible assets, such as goodwill; Pediatrix's ability to manage growth; fluctuations in quarterly results; and competition in the healthcare industry.
Pediatrix more fully describes these and other risk factors in its Annual Report on Form 10-K for the year ended December 31, 2002, filed with the Securities and Exchange Commission. Any forward-looking statements in this press release are made as of the date hereof based on management's current beliefs and expectations and Pediatrix has no obligation to update and revise any such statements, whether as a result of new developments, information or otherwise.
CONTACT: Pediatrix Medical Group, Inc.
Bob Kneeley, 954-384-0175, x-5300
(Director, Investor Relations)
SOURCE: Pediatrix Medical Group, Inc.