Mednax posts higher 4Q profit on new doc revenue
FORT LAUDERDALE, Fla. (AP) — Mednax posted a 13 percent jump in profit during the fourth quarter as the national physician group benefited from new revenue from recently acquired medical practices.
Mednax, based in Fort Lauderdale, Fla., specializes in neonatal, pediatric cardiology and anesthesia services. Its combined practices employ more than 1,900 physicians.
In 2012 the company added 16 new physician practices. In the last quarter patient services revenue increased 16.4 percent to $471.3 million.
For the quarter that ended Dec. 31, the company earned $66 million, or $1.32 per share, up from $58 million, or $1.19 per share.
Analysts polled by Factset expected earnings of $1.30 per share on revenue of $473.5 million.
For the first quarter of 2013, Mednax expects earnings to be in a range of $1.05 to $1.10 per share. Analysts had expected $1.14 per share.
Company shares fell 60 cents to $84.79 in midday trading.