Pediatrix Acquires Neonatal Practice in Southern California
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 31, 2006--Pediatrix Medical Group, Inc. (NYSE: PDX), the nation's leading provider of neonatal, maternal-fetal and pediatric subspecialty physician services, today announced the acquisition of a neonatal physician group practice based in Lancaster, California, located in northeastern Los Angeles County.
The physician group provides neonatal services at Antelope Valley Hospital's neonatal intensive care unit (NICU). The three-physician practice has annual patient volume in excess of 7,000 NICU patient days and more than 5,000 newborn nursery patient days.
"Joining Pediatrix will broaden my ability to work with colleagues in this subspecialty while enhancing my focus on patients and the clinical autonomy that has made the practice a trusted provider of neonatal services," said Murugesa M. Thangavel, M.D., who will serve as Pediatrix's Medical Director for the practice. "I look forward to working with a group that treats a high number of premature infants across the country and is actively researching ways to improve outcomes."
Later this summer, Antelope Valley Hospital (AVH) will open a new Women and Infants Pavilion, which includes an expanded NICU. For the fifth consecutive year, AVH has received HealthGrades "Five Star" rating, indicating it has scored in the top 15 percent in the nation for clinical excellence in maternity care. The hospital also received the HealthGrades 2006/2007 Maternity Care Excellence Award(TM).
Pediatrix paid cash for the practice and the transaction is expected to be immediately accretive to earnings.
Pediatrix Medical Group, Inc., is the nation's leading provider of newborn, maternal-fetal and pediatric physician subspecialty services. Pediatrix physicians and advanced nurse practitioners are reshaping the delivery of maternal-fetal and newborn care by identifying best demonstrated processes and participating in clinical research to enhance patient outcomes and provide high-quality, cost-effective care. Founded in 1979, its neonatal physicians provide services at more than 240 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 860 physicians in 32 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 www.pediatrix.com.
About Antelope Valley Hospital
Celebrating 50 years of caring for the community, Antelope Valley Hospital is a 379-bed district, not-for-profit hospital that was founded in 1955. The hospital is dedicated to providing quality care and services to everyone in the Antelope Valley. AV Hospital is located at 1600 West Avenue J in Lancaster, California. For further information, please visit www.avhospital.org or call 661-949-5000.
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.
Director, Investor Relations
Bob Kneeley, 954-384-0175, x-5300
SOURCE: Pediatrix Medical Group, Inc.