Pediatrix Medical Group, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Pediatrix Medical Group, Inc. filed its Q1 2024 10-Q, detailing financial performance and position, including debt and equity components.</b>

AI Summary

Pediatrix Medical Group, Inc. (MD) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Pediatrix Medical Group, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes financial data for the first quarter of 2024. Key financial statement items such as Retained Earnings, Accumulated Other Comprehensive Income, and Additional Paid-In Capital are detailed. Information regarding long-term debt, including a 5.375% Unsecured Senior Notes due 2030, is presented. The company's financial position includes details on Revolving Credit Facility and various investments like US Treasury Securities and Certificates of Deposit.

Why It Matters

For investors and stakeholders tracking Pediatrix Medical Group, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and balance sheet details for Pediatrix Medical Group, Inc. Understanding the company's debt structure, equity components, and cash equivalents is crucial for assessing its financial health and investment potential.

Risk Assessment

Risk Level: — Pediatrix Medical Group, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report, but the complexity of healthcare services and potential regulatory changes in the sector introduce inherent risks.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-Q to understand Pediatrix Medical Group's current financial health and operational landscape.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q Filing)
• 2024-05-07 — Filing Date (10-Q Filing)
• 5.375% — Senior Notes Interest Rate (Five Point Three Seven Five Percent Unsecured Senior Notes Due Two Thousand Thirty)
• 2030 — Senior Notes Maturity Year (Five Point Three Seven Five Percent Unsecured Senior Notes Due Two Thousand Thirty)

Key Players & Entities

• Pediatrix Medical Group, Inc. (company) — Filer
• MEDNAX, INC. (company) — Former company name
• PEDIATRIX MEDICAL GROUP INC (company) — Former company name
• Sunrise, FL (location) — Business and Mail Address

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported in the 10-Q pertains to this date.
• 2024-05-07: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance and position during the quarter.)

Retained Earnings

The cumulative earnings of a company that have not been distributed to shareholders as dividends. (Indicates the company's profitability over time and its ability to reinvest earnings.)

Accumulated Other Comprehensive Income

Represents unrealized gains and losses that are not included in net income but affect equity. (Provides a broader view of changes in shareholder equity beyond net income.)

Revolving Credit Facility

A type of credit facility that allows a company to borrow, repay, and re-borrow funds. (Shows the company's access to short-term financing and its liquidity management.)

Additional Paid-In Capital

The amount of money a company receives from selling stock above its par value. (Reflects capital raised from equity issuance.)

Filing Documents

• md-20240331.htm (10-Q) — 973KB
• md-ex31_1.htm (EX-31.1) — 14KB
• md-ex31_2.htm (EX-31.2) — 14KB
• md-ex32_1.htm (EX-32.1) — 8KB
• img260267031_0.jpg (GRAPHIC) — 309KB
• 0000950170-24-053922.txt (&nbsp;) — 5137KB
• md-20240331.xsd (EX-101.SCH) — 827KB
• md-20240331_htm.xml (XML) — 475KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (Unaudited) 3 Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 5. Other Information 20 Item 6. Exhibits 21

SIGNATURES

SIGNATURES 22 2 P e diatrix Medical Group, Inc. Consolidated Balance Sheets (in thousands, except share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 7,998 $ 73,258 Short-term investments 107,473 104,485 Accounts receivable, net 283,749 272,313 Prepaid expenses 12,532 13,525 Income taxes receivable 5,193 7,565 Other current assets 9,578 12,308 Total current assets 426,523 483,454 Property and equipment, net 74,340 75,639 Goodwill 1,393,249 1,384,166 Intangible assets, net 18,759 21,240 Operating and finance lease right-of-use assets 70,278 70,294 Deferred income tax assets 101,942 102,852 Other assets 83,074 82,165 Total assets $ 2,168,165 $ 2,219,810 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 207,035 $ 350,798 Current portion of debt and finance lease liabilities, net 16,409 14,913 Current portion of operating lease liabilities 21,034 21,076 Income taxes payable 2,804 2,159 Total current liabilities 247,282 388,946 Line of credit 80,000 — Long-term debt and finance lease liabilities, net 613,347 618,421 Long-term operating lease liabilities 47,873 47,238 Long-term professional liabilities 255,870 251,284 Deferred income tax liabilities 34,105 34,308 Other liabilities 33,492 30,552 Total liabilities 1,311,969 1,370,749 Commitments and contingencies Shareholders' equity: Preferred stock; $ .01 par value; 1,000 shares authorized; none issued — — Common stock; $ .01 par value; 200,000 shares authorized; 84,008,436 and 84,018,023 shares issued and outstanding, respectively 840 840 Additional paid-in capital 1,002,946 999,906 Accumulated other comprehensive loss ( 2,154 ) ( 2,214 ) Retained deficit ( 145,436 ) ( 149,471 ) Total sh

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements March 31, 2024 (Unaudited) 1. Basis of Presentation: The accompanying unaudited Consolidated Financial Statements of the Company and the notes thereto presented in this Form 10-Q have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to interim financial statements, and do not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. In the opinion of management, these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results of interim periods. The financial statements include all the accounts of Pediatrix Medical Group, Inc. and its consolidated subsidiaries (collectively, "PMG") together with the accounts of PMG's affiliated business corporations or professional associations, professional corporations, limited liability companies and partnerships (the "affiliated professional contractors"). Certain subsidiaries of PMG have contractual management arrangements with its affiliated professional contractors, which are separate legal entities that provide physician services in certain states. The Compan y is a party to a joint venture in which it owns a 37.5 % economic interest. The Company accounts for this joint venture under the equity method of accounting because the Company exercises significant influence over, but does not control, this entity. The consolidated results of operations for the interim periods presented are not necessarily indicative of the results to be experienced for the entire fiscal year. In addition, the accompanying unaudited Consolidated Financial Statements and the notes thereto should be read in conjunction with the Consolidated Financial Statements and the notes thereto included in the Company's most recent Annual Report on Form 10-K (the "Fo

View Full Filing

View this 10-Q filing on SEC EDGAR