Pediatrix Acquires Louisiana Neonatal Physician Group
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--April 30, 2004--Pediatrix Medical Group, Inc. (NYSE: PDX) has expanded its national group practice into Louisiana with the acquisition of a growing neonatal physician group practice that serves patients at two hospitals in Lafayette.
A total of three physicians currently staff the neonatal intensive care units (NICUs) at Women's and Children's Hospital and Lafayette General Medical Center, which have combined volume of more than 14,000 annual patient days. Women's and Children's, a Level III Regional NICU center, is expanding its capacity from 35 to 50 beds during the second quarter of 2004 and two physicians are expected to be added to the practice.
"We made our decision to join Pediatrix for a number of reasons, including their ability to support our growing practice, including the need for advanced systems to improve the delivery of care to patients here," said Jim Adams, D.O., medical director for the Lafayette practice. "We'll gain access to Pediatrix's patient database, and the clinical education, research activities and administrative support will benefit every member of our practice."
Pediatrix paid cash for the practice and the transaction is expected to be accretive to 2004 earnings per share. Specific terms were not disclosed. During 2004, Pediatrix has completed three physician group practice acquisitions, including the Lafayette group practice, a group based in Tallahassee, Florida, that provides neonatal and pediatric intensive care, and a pediatric cardiology group based in Denver, Colorado.
Pediatrix was founded in 1979. Pediatrix physicians 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 700 physicians in 31 states and Puerto Rico. Pediatrix is also the nation's largest provider of newborn hearing screens and the largest private provider of newborn metabolic screening. Additional information is available at 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".
Pediatrix Medical Group, Inc.
Bob Kneeley, 954-384-0175 ext. 5300
SOURCE: Pediatrix Medical Group, Inc.