Pediatrix Medical Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Pediatrix Medical Group, Inc. has filed its 2023 10-K report, detailing financial performance and key disclosures.</b>

AI Summary

Pediatrix Medical Group, Inc. (MD) filed a Annual Report (10-K) with the SEC on February 20, 2024. Pediatrix Medical Group, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing includes financial data for the periods ending December 31, 2023, 2022, and 2021. Key financial items such as retained earnings, accumulated other comprehensive income, and additional paid-in capital are detailed for these periods. Information regarding senior unsecured notes due 2030 and 2027 is present, with fair value disclosures. The company's business address is located at 1301 Concord Terrace, Sunrise, FL 33323.

Why It Matters

For investors and stakeholders tracking Pediatrix Medical Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Pediatrix Medical Group's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial statements and disclosures within the report are essential for understanding the company's revenue streams, debt obligations, and equity structure, informing investment decisions.

Risk Assessment

Risk Level: medium — Pediatrix Medical Group, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure. However, the company's specific financial performance and any disclosed risks will determine the overall risk level.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to assess the company's performance and potential risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-02-20 — Filing Date (Date the report was filed)
• 2022-12-31 — Prior Year End (Comparative financial period)
• 2021-12-31 — Prior Year End (Comparative financial period)

Key Players & Entities

• Pediatrix Medical Group, Inc. (company) — Filer and subject of the report
• MEDNAX, INC. (company) — Former company name
• PEDIATRIX MEDICAL GROUP INC (company) — Former company name
• 1301 CONCORD TERRACE (location) — Business and mailing address
• SUNRISE (location) — City of business and mailing address
• FL (location) — State of incorporation and business/mailing address
• 33323 (location) — ZIP code of business and mailing address
• 9543840175 (phone_number) — Business phone number

FAQ

Industry Context

Pediatrix Medical Group operates within the healthcare services sector, specifically focusing on physician services. This sector is characterized by regulatory oversight and evolving reimbursement models.

Regulatory Implications

As a healthcare provider, Pediatrix Medical Group is subject to extensive regulation by federal and state agencies, including Medicare and Medicaid, impacting its operations and revenue.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-20: Filing Date — Date the 10-K was officially submitted to the SEC

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, representing the company's annual disclosure. Previous filings would include quarterly reports (10-Q) and potentially prior annual reports (10-K).

Key Financial Figures

• $14.21 — quarter, was $ 1,176,563,587 based on a $14.21 closing price per share as reported on

Filing Documents

• md-20231231.htm (10-K) — 2739KB
• md-ex10_15.htm (EX-10.15) — 198KB
• md-ex10_17.htm (EX-10.17) — 201KB
• md-ex21_1.htm (EX-21.1) — 10KB
• md-ex23_1.htm (EX-23.1) — 4KB
• md-ex31_1.htm (EX-31.1) — 17KB
• md-ex31_2.htm (EX-31.2) — 17KB
• md-ex32.htm (EX-32) — 10KB
• md-ex97_1.htm (EX-97.1) — 33KB
• img259372340_0.jpg (GRAPHIC) — 177KB
• 0000950170-24-016794.txt (&nbsp;) — 12365KB
• md-20231231.xsd (EX-101.SCH) — 1715KB
• md-20231231_htm.xml (XML) — 1933KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 27 Item 1B. Unresolved Staff Comments 49 Item 1C. Cybersecurity 49 Item 2.

Properties

Properties 51 Item 3.

Legal Proceedings

Legal Proceedings 51 Item 4. Mine Safety Disclosures 51 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52 Item 6. Reserved 54 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 55 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 68 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 69 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 96 Item 9A.

Controls and Procedures

Controls and Procedures 96 Item 9B. Other Information 96 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 96 PART III Item 10. Directors, Executive Officers and Corporate Governance 97 Item 11.

Executive Compensation

Executive Compensation 97 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 97 Item 13. Certain Relationships and Related Transactions, and Director Independence 97 Item 14. Principal Accountant Fees and Services 97 PART IV Item 15. Exhibits, Financial Statement Schedule 99 Item 16. Form 10-K Summary 104 3

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain information included or incorporated by reference in this Form 10-K may be deemed to be "forward-looking statements" which 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. 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 our 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 Form 10-K are made as of the date hereof, and we undertake 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 this Form 10-K, including the risks set forth under "Risk Factors" in Item 1A. As used in this Form 10-K, unless the context otherwise requires, the terms "Pediatrix," the "Company," "we," "us," and "our" refer to the parent company, Pediatrix Medical Group, Inc., a Florida corporation, and the consolidated subsidiaries through which its businesses are actually conducted (collectively, "PMG"), together with PMG's affiliated business corporations or professional associations, professional corporations, limited liability companies and partnerships ("affiliated professional contractors"). Ce

BUSINESS

ITEM 1. BUSINESS OVERVIEW Pediatrix (formerly known as Mednax, Inc.) is a leading provider of physician services including newborn, maternal-fetal, pediatric cardiology and other pediatric subspecialty care. Our national network is comprised of affiliated physicians who provide clinical care in 37 states. We ceased providing services in Puerto Rico on December 31, 2022. At December 31, 2023, our national network comprised approximately 2,620 affiliated physicians, including 1,330 physicians who provide neonatal clinical care, primarily within hospital-based neonatal intensive care units ("NICUs"), to babies born prematurely or with medical complications. We have over 580 affiliated physicians who provide maternal-fetal and obstetrical medical care to expectant mothers experiencing complicated pregnancies primarily in areas where our affiliated neonatal physicians practice. Our network also includes other pediatric subspecialists, including over 230 physicians providing pediatric intensive care, 90 physicians providing pediatric cardiology care, 255 physicians providing hospital-based pediatric care, 65 physicians providing pediatric surgical care and urology services, 55 physicians providing pediatric urgent care, 10 physicians providing pediatric ear, nose and throat services, and three physicians providing pediatric ophthalmology care. Pediatrix Medical Group, Inc. was incorporated in Florida in 2007 and is the successor to PMG Services, Inc., which was formerly known as Pediatrix Medical Group, Inc. and was incorporated in Florida in 1979. Our principal executive offices are located at 1301 Concord Terrace, Sunrise, Florida 33323 and our telephone number is (954) 384-0175. OUR PHYSICIAN SPECIALTIES AND SERVICES The following discussion describes our physician specialties and the care that we provide, either directly or through our affiliated professional contractors: Neonatal Care We provide clinical care to babies born prematurely or with complicat

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