Pediatrix Acquires Tampa Bay Pediatric Cardiology Practice
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--June 9, 2008--Pediatrix Medical Group, Inc., (NYSE: PDX), today announced it has acquired a large pediatric cardiology practice with principal offices in Tampa and St. Petersburg, Florida, that provides services to patients in communities in western and central Florida.
Pediatric Cardiology Associates consists of 11 pediatric cardiologists and more than 70 clinical and non-clinical support staff who practice under a comprehensive care model that includes diagnosis and treatment of congenital heart conditions of patients from the fetus to the adult, and provides them with tertiary services such as interventional cardiology, transplant cardiology and electrophysiology. In addition, the practice includes a perinatal cardiology program.
The group was founded in 1977 and has grown to become one of the largest private pediatric cardiology groups in the nation. With the acquisition of Pediatric Cardiology Associates, Pediatrix's national group of pediatric cardiologists is now comprised of more than 85 physicians practicing in more than 15 metropolitan areas across the country.
"We're looking forward to collaborating with other Pediatrix pediatric cardiologists in research and clinical quality programs," said Jorge McCormack, M.D., who has served as chief executive officer of Pediatric Cardiology Associates. "In addition, as our practice continues to grow we will now have the clinical and administrative support, including an electronic medical record system that will allow us to focus on our core competency of caring for the patient."
The acquisition was completed with cash, and the practice is expected to contribute to Pediatrix's earnings per share immediately.
Pediatrix has completed five physician group practice acquisitions during 2008, including a neonatology group based in Rockville, Maryland, a maternal-fetal medicine practice in Atlanta, GA, and pediatric cardiology group practices based in El Paso, Texas, South Florida, and St. Petersburg, Florida.
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 250 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 1,100 physicians in 32 states and Puerto Rico. Pediatrix is also the nation's largest provider of newborn hearing screens. 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".
CONTACT: Pediatrix Medical Group, Inc. Bob Kneeley, 954-384-0175, ext. 5300 Director, Investor Relations email@example.com SOURCE: Pediatrix Medical Group, Inc.