Pediatrix Acquires Pediatric Cardiology Practice in Northern Virginia
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Oct. 24, 2005--Pediatrix Medical Group, Inc. (NYSE:PDX) has expanded its pediatric cardiology services with the acquisition of an eight-physician group practice based in Fairfax, Virginia.
Child Cardiology Associates (CCA) provides comprehensive cardiology services to fetal, pediatric and adult patients with congenital and acquired heart disease. In addition to their principal locations in Fairfax, Virginia and Rockville, Maryland, the group operates 13 pediatric cardiology offices serving communities in Virginia and Maryland.
CCA's expertise includes diagnostic and therapeutic cardiac catheterizations, and echocardiographic and electrocardiographic services. The physicians also offer pacemaker therapies, sports medicine evaluations and one of the nation's only cardiac rehabilitation programs for children diagnosed with congenital heart disease.
"We strive to offer our patients the latest innovations in cardiac medicine and clinical therapies; Pediatrix's extensive clinical and business resources will help us continue developing programs that improve patient care," said Frank M. Galioto, Jr. M.D., one of CCA's founders and medical director. "Pediatrix's presence in pediatric cardiology will create exciting opportunities for clinical research and collaboration with other pediatric cardiologists."
The group has launched a preventive cardiology initiative to reduce heart disease through proactive evaluation and patient education. Physicians assess patients' primary risk factors for cholesterol, blood pressure and level of physical inactivity and counsel families about lifestyle modifications to reduce their risk of future heart disease. In addition, CCA created an adult congenital heart disease program to meet the life-long needs of patients born with congenital heart disease.
With the completion of this transaction, Pediatrix provides pediatric cardiology services in several locations across the nation including Miami, Fort Lauderdale and West Palm Beach, Florida; Dallas and Austin, Texas; Phoenix and Tucson, Arizona; Denver, Colorado; Fairfax, Virginia; and Rockville, Maryland. More than 45 pediatric cardiologists currently practice as part of Pediatrix.
Including this transaction, Pediatrix has completed 13 physician group practice acquisitions during 2005. Pediatrix paid cash for the practice and the transaction is expected to be accretive to earnings.
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 800 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 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.