Pediatrix Acquires Miami Pediatric Cardiology Practice
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--April 5, 2005--Pediatrix Medical Group, Inc. (NYSE:PDX) the nation's largest provider of newborn and maternal-fetal physician services today announced it has completed the acquisition of a Miami-based pediatric cardiology practice.
The practice consists of three physicians who provide pediatric cardiology services at several local hospitals, including Miami's Mercy Hospital and Baptist Hospital of Miami. The physicians also conduct outreach to pediatricians and hospitals throughout Miami-Dade County, including Homestead, as well as the Upper Keys areas.
"Joining Pediatrix allows our group to explore new clinical projects that will hopefully lead to improved therapies for patients with congenital heart problems," said Madeleen Mas M.D., pediatric cardiology medical director for the Miami practice. "Pediatrix has a well-deserved reputation because it was founded by physicians who understand medicine and who are actively researching ways to improve clinical outcomes."
Physicians in the Miami pediatric cardiology practice provide comprehensive services to fetal and pediatric patients with congenital heart disease including echocardiography and diagnostic services.
With the completion of this transaction, Pediatrix Medical Group provides pediatric cardiology physician services in several areas, including Miami, Fort Lauderdale and West Palm Beach in Florida; Phoenix and Tucson in Arizona; Denver, Colorado; and Austin, Texas.
Pediatrix paid cash for the practice and the transaction is expected to be immediately accretive to earnings. During 2005, Pediatrix has completed six physician group practice acquisitions.
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 220 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.