Pediatrix Acquires Palm Springs Neonatal Group Practice
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Nov. 2, 2007--Pediatrix Medical Group, Inc. (NYSE: PDX), the nation's leading provider of neonatal, maternal-fetal and pediatric cardiology physician services, has completed the acquisition of a neonatal physician group practice based in Palm Springs, California.
The three physicians practicing as part of Desert Neonatal Medical Group staff the 30-bed neonatal intensive care unit (NICU) at Desert Regional Medical Center, which has annual patient volume in excess of 9,000 patient days. The physicians serve patients admitted from throughout the growing Coachella Valley area.
"We're joining Pediatrix to have a partner that will help us with practice management and give us the resources to respond to a growing demand for neonatal services within our community," said William J. Phaklides, M.D., who founded the Desert Neonatal practice and will serve as Pediatrix's NICU medical director in Palm Springs. "I've been impressed by Pediatrix's clinical data warehouse, and it will be helpful to know how our clinical practices compare across a national group. We've been committed to improving data collection as a way to improve patient care, and our commitment will continue as part of Pediatrix."
Pediatrix paid cash for Desert Neonatal, and the transaction is expected to be accretive to the Company's earnings per share.
During 2007, Pediatrix has completed eight physician group practice acquisitions including four neonatal physician groups, one maternal-fetal medicine group, an ultrasound radiology group, a pediatric cardiology group and an anesthesia physician group practice.
Pediatrix Medical Group, Inc. is the nation's leading provider of neonatal, maternal-fetal and pediatric physician subspecialty services and recently expanded to include anesthesiology services. Pediatrix physicians and advanced practitioners are reshaping the delivery of care within the maternal-fetal, neonatal intensive care and pediatric cardiology subspecialties, using evidence-based tools, continuous quality initiatives and 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 neonatal intensive care units, and in many markets they collaborate with affiliated maternal-fetal medicine, pediatric cardiology physician subspecialists and pediatric intensivists to provide a clinical care continuum. Combined, Pediatrix and its affiliated professional corporations employ more than 1,000 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.
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". Additional factors include, but are not limited to: the possible discovery of additional facts beyond those reviewed by the Audit Committee; additional litigation related to the matters investigated by the Pediatrix's Audit Committee or the restatements to Pediatrix's financial statements and other historical disclosures; and any regulatory actions of the SEC or the U.S. Attorney related to such matters.
CONTACT: Pediatrix Medical Group, Inc. Bob Kneeley, Director, Investor Relations, 954-384-0175, x-5300 firstname.lastname@example.org SOURCE: Pediatrix Medical Group, Inc.