Pediatrix Acquires Southern California Neonatal Physician Group Practice
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--May 24, 2004--Pediatrix Medical Group, Inc. (NYSE:PDX), today announced that it has completed the acquisition of a neonatal physician group practice based in Torrance, California.
The three physicians in the group practice staff the neonatal intensive care units (NICUs) at two Little Company of Mary hospitals located in Torrance and nearby San Pedro. The hospitals are owned by the not-for-profit Providence Health System. Combined annual patient volume at the two units exceeds 4,000 NICU patient days.
"We practice medicine in a very challenging market, with pressures from a wide range of sources," said Jon Yamamoto, M.D., one of the partners of the Torrance practice who will now serve as Pediatrix's NICU medical director. "We decided to join Pediatrix because they present us with a stable environment, bringing to us the resources that will allow us to better concentrate on patient care."
Pediatrix paid cash for the group practice, and specific terms were not disclosed. During 2004 Pediatrix has acquired six physician group practices in subspecialties that include neonatal intensive care, maternal-fetal medicine, pediatric intensive care and pediatric cardiology.
Pediatrix was founded in 1979. Pediatrix physicians are reshaping the delivery of maternal-fetal, newborn and pediatric subspecialty 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 neonatal intensive care units, and through Obstetrix, its maternal-fetal physicians provide services in many markets where Pediatrix's neonatal physicians practice. Combined, Pediatrix and its affiliated professional corporations employ more than 700 physicians in 31 states and Puerto Rico. Pediatrix is also the nation's largest provider of newborn hearing screens and the largest private provider of 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., Fort Lauderdale
Bob Kneeley, 954-384-0175, ext. 5300
SOURCE: Pediatrix Medical Group, Inc.