Pediatrix Acquires Neonatal Physician Group With Volume of 33,000 Annual Patient Days
FORT LAUDERDALE, Fla., Nov 17, 2004 (BUSINESS WIRE) -- Pediatrix Medical Group, Inc. (NYSE:PDX) today announced the acquisition of a neonatal physician group that provides patient care at three hospitals in the McAllen, TX, area.
Six neonatal physicians who staff the neonatal intensive care units (NICUs) and well-baby nurseries at McAllen Medical Center, Rio Grande Regional Hospital and Mission Hospital are now part of Pediatrix as a result of the transaction. Annual combined patient volume is expected to exceed 33,000 patient days, which includes more than 20,000 NICU patient days and 13,000 well-baby patient days per year.
"We're practicing in a rapidly growing region and along with our hospital partners we are committed to delivering high-quality care to our patients and their families," said Ramiro Caballero, M.D., who joined the McAllen practice in 1986 and will serve as Pediatrix's Medical Director. "It has become increasingly evident that Pediatrix delivers a powerful set of clinical and administrative resources that allow us to achieve our goals in an environment that fosters better patient care and constantly improving outcomes."
Pediatrix paid cash for the McAllen practice and it expects the transaction will be immediately accretive to earnings per share. Specific terms were not disclosed.
Pediatrix is the nation's largest provider of newborn and maternal fetal physician services. During 2004 it has grown by acquiring 10 physician group practices across four subspecialties - neonatal intensive care, maternal-fetal medicine, pediatric intensive care and pediatric cardiology.
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 750 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."
SOURCE: Pediatrix Medical Group, Inc.
Pediatrix Medical Group, Inc.
Bob Kneeley, 954-384-0175, x-5300