Pediatrix Acquires Physician Group Practice Providing Neonatal and Pediatric Critical Care in Atlanta
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Feb. 8, 2006--Pediatrix Medical Group, Inc. (NYSE:PDX) today announced that it has completed the acquisition of Atlanta's Neonatology Associates, P.C., a neonatal and pediatric subspecialty physician group practice with 30 physicians and 17 advanced practitioners.
Combined historical patient volume for the practice includes more than 58,000 annual neonatal intensive care unit (NICU) patient days at four hospitals in the Atlanta metropolitan area. In addition, the physicians provide services in other hospital departments, generating annual volume of 17,000 newborn nursery patient days, 7,000 pediatric intensive care unit (PICU) patient days and 2,000 patient days at a specialized technologically-dependent intensive care unit (TICU).
Neonatology Associates was formed in 1978 and opened the NICU at Atlanta's Northside Hospital, which they have staffed since its inception. The practice has grown both at Northside Hospital and by expanding to other hospitals in the Atlanta metropolitan area. Neonatology physicians also staff the NICU, PICU and TICU at Children's Healthcare of Atlanta at Scottish Rite, and the NICUs at Piedmont Hospital and Henry Medical Center.
"In this rapidly growing area, joining Pediatrix allows our practice to focus on clinical activities including research and quality initiatives to improve patient outcomes," said Wendy A. Troyer, M.D., President of Neonatology Associates, who will serve as a Pediatrix Medical Group Medical Director. "We are actively looking for ways to advance patient care and are very interested in incorporating Pediatrix's innovative clinical research programs to enhance our practice." The group is currently researching therapies to reduce neonatal infection and treatments aimed at reducing respiratory morbidity in infants.
Similar to Pediatrix's continuum of care model, the practice offers a scope of physician services including prenatal consultative services, neonatal care, well-baby care, and pediatric critical care. Four of the group's physicians are board certified in both neonatal and pediatric critical care and two physicians specialize in genetics.
Pediatrix paid cash and specific terms were not disclosed. The practice is expected to be immediately accretive to earnings per share.
Pediatrix Medical Group, Inc. (NYSE:PDX) 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 850 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 results of operations, 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.