Pediatrix Acquires Pediatric Cardiology Practice
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Dec. 16, 2004--Pediatrix Medical Group, Inc. (NYSE:PDX), the nation's largest provider of newborn and maternal fetal physician services, has expanded its pediatric cardiology services with the acquisition of a physician group practice based in Austin, Texas.
Children's Cardiology Associates is a six-physician group practice that provides comprehensive pediatric cardiology services in Austin and surrounding communities throughout Central Texas including Temple, College Station, San Marcos and Killeen.
"We've been very fortunate in that our focus on clinical activities has allowed our practice to grow, and with that growth we're experiencing increasing demands from the business side of running our practice," said Patrick Finnigan, M.D., one of the founding physicians of Children's Cardiology Associates. "By joining with Pediatrix, we see an opportunity to benefit from advanced business and financial management while doing what we do best, which is to focus on our clinical activities."
Pediatrix began providing pediatric cardiology physician services in South Florida in 1991. During the past two years, Pediatrix has completed the acquisition of four pediatric cardiology physician groups that represent the foundation of a national group practice focused on constantly improving patient outcomes. A total of 28 pediatric cardiology physician subspecialists practicing as part of Pediatrix provide patient care in six metropolitan areas across the U.S.: Fort Lauderdale and West Palm Beach in Florida; Phoenix and Tucson in Arizona; Denver, Colorado; and Austin, Texas.
Pediatric cardiologists provide comprehensive physician services to fetal and pediatric patients with congenital heart disease, including echocardiography and diagnostic, interventional cardiac catheterizations and pacemaker therapies.
Pediatrix paid cash for Children's Cardiology Associates and the transaction is expected to be immediately accretive to earnings. Specific terms were not disclosed.
During 2004, Pediatrix has used its cash and revolving credit facility to complete 12 physician group practice acquisitions in four physician subspecialties - neonatology, 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 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, x-5300
SOURCE: Pediatrix Medical Group, Inc.