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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (date of earliest event reported): November 2, 2006
PEDIATRIX MEDICAL GROUP, INC.
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(Exact Name of Registrant as Specified in Its Charter)
Florida 001-12111 65-0271219
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
1301 Concord Terrace
Sunrise, Florida 33323
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(Address of principal executive office)
Registrant's telephone number, including area code (954) 384-0175
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c
Item 2.02. Results of Operations and Financial Conditions.
On November 2, 2006, Pediatrix Medical Group, Inc. (the "Company") issued a
press release announcing revenues and other selected unaudited financial
information for the three and nine months ended September 30, 2006 (the
"Release"). A copy of the Release is attached hereto as Exhibit 99.1 and is
hereby incorporated in this Current Report by reference. The information
contained in this Item 2.02, including Exhibit 99.1, shall not be deemed "filed"
with the Securities and Exchange Commission nor incorporated by reference in any
registration statement or other document filed by the Company under the
Securities Act of 1933, as amended, except as shall be expressly set forth by
specific reference in such filing.
Item 8.01. Other Events.
The Audit Committee of Pediatrix's Board of Directors is continuing its review
of the Company's practices relating to its historical stock option grants. At
this time, Pediatrix does not anticipate that this review will be completed in
time for the filing deadline for its 2006 third quarter Form 10-Q.
ITEM 9.01 Financial Statements and Exhibits
(a) Financial Statements of Business Acquired.
Not applicable
(b) Pro Forma Financial Information.
Not applicable
(c) Exhibits
99.1 - Press Release dated November 2, 2006
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PEDIATRIX MEDICAL GROUP, INC.
Date: November 2, 2006 By: /s/ Karl B. Wagner
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Name: Karl B. Wagner
Title: Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release dated November 2, 2006
Exhibit 99.1
Pediatrix Reports Revenues for 2006 Third Quarter,
Same-Unit Growth of 15.6 Percent
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Nov. 2, 2006--Pediatrix Medical
Group, Inc. (NYSE:PDX) today reported revenues for the three months and nine
months ended September 30, 2006. Additional financial results will be issued
upon completion of a review of the Company's historic stock option practices
that was announced in August 2006.
For the three months ended September 30, 2006, Pediatrix reported net
patient service revenue of $215.8 million, up 21 percent from $178.1 million for
the same period of 2005.
The increased revenue was the result of same-unit revenue growth of 15.6
percent, as well as contributions from acquisitions. Same-unit revenue growth
included the favorable impact of a new billing code for neonatal physician
services introduced this year, improved reimbursement from commercial payors,
and increased patient service volume from neonatal, maternal-fetal medicine and
pediatric cardiology physician subspecialty practices. Patient volume at
neonatal intensive care units staffed by Pediatrix physicians increased by 3.2
percent for the 2006 third quarter when compared to the 2005 third quarter.
For the nine months ended September 30, 2006, Pediatrix had net patient
service revenue of $607.2 million, up 18 percent from the prior-year period.
At September 30, 2006, Pediatrix had cash and equivalents of $62.5 million,
and net accounts receivable of $119.9 million. The Company's cash position
reflects the payment of $25.1 million to settle the previously announced
Medicaid and TRICARE investigation. Pediatrix had no amounts outstanding under
its $225 million revolving credit facility at the end of the 2006 third quarter.
Pediatrix has invested $90.8 million of its cash to acquire eight physician
group practices during 2006 year to date.
Option Grant Practices Review
The Audit Committee of Pediatrix's Board of Directors is continuing its
review of the Company's practices relating to its historical stock option
grants. At this time, Pediatrix does not anticipate that this review will be
completed in time for the filing deadline for its 2006 third quarter Form 10-Q.
Earnings Conference Call
Pediatrix Medical Group, Inc. will host an investor conference call to
discuss the quarterly revenue results at 10 a.m. (ET) today. The conference call
Webcast may be accessed from the Company's Website, www.pediatrix.com. A
telephone replay of the conference call will be available from 1 p.m. (ET) today
through midnight (ET) November 15, 2006 by dialing 800-475-6701, access code
845653. The replay will also be available at www.pediatrix.com.
About Pediatrix
Pediatrix Medical Group, Inc. 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 890 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
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". Additional factors include, but are not limited to, uncertainties
related to: the time needed to complete an Audit Committee inquiry into historic
stock option grant practices; whether or not the Audit Committee's inquiry would
lead to the discovery of accounting errors or other adverse facts and possible
regulatory action or litigation.
CONTACT: Pediatrix Medical Group, Inc., Fort Lauderdale
Bob Kneeley, Director, Investor Relations
954-384-0175, x-5300
bob_kneeley@pediatrix.com