Pediatrix Medical Group Files Q3 2024 10-Q

TL;DR

Pediatrix Q3 10-Q is in. Financials look steady.

AI Summary

Pediatrix Medical Group, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and balance sheet information are presented, reflecting the company's financial position.

Why It Matters

This filing provides investors with a detailed look at Pediatrix Medical Group's financial health and performance during the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• Q3 2024 — Reporting Period (The third quarter of 2024 financial performance is detailed.)

Key Players & Entities

• Pediatrix Medical Group, Inc. (company) — Filer of the 10-Q
• MEDNAX, INC. (company) — Former company name
• PEDIATRIX MEDICAL GROUP INC (company) — Former company name
• 20240930 (date) — Conformed period of report
• 20241101 (date) — Filed as of date

FAQ

Filing Documents

• md-20240930.htm (10-Q) — 1480KB
• md-ex10_1.htm (EX-10.1) — 210KB
• md-ex31_1.htm (EX-31.1) — 14KB
• md-ex31_2.htm (EX-31.2) — 14KB
• md-ex32_1.htm (EX-32.1) — 8KB
• img260272796_0.jpg (GRAPHIC) — 309KB
• 0000950170-24-119796.txt ( ) — 6349KB
• md-20240930.xsd (EX-101.SCH) — 831KB
• md-20240930_htm.xml (XML) — 652KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited) 3 Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months Ende d September 30, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 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 21 Item 4.

Controls and Procedures

Controls and Procedures 21

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 5. Other Information 22 Item 6. Exhibits 23

SIGNATURES

SIGNATURES 24 2 P e diatrix Medical Group, Inc. Consolidated Balance Sheets (in thousands, except share data) (Unaudited) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 103,831 $ 73,258 Short-term investments 116,621 104,485 Accounts receivable, net 286,897 272,313 Prepaid expenses 10,188 13,525 Income taxes receivable 1,198 7,565 Other current assets 9,480 12,308 Total current assets 528,215 483,454 Property and equipment, net 41,922 75,639 Goodwill 1,239,007 1,384,166 Intangible assets, net 13,183 21,240 Operating and finance lease right-of-use assets 56,566 70,294 Deferred income tax assets 119,386 102,852 Other assets 78,594 82,165 Total assets $ 2,076,873 $ 2,219,810 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 333,493 $ 350,798 Current portion of debt and finance lease liabilities, net 19,276 14,913 Current portion of operating lease liabilities 16,992 21,076 Income taxes payable 3,319 2,159 Total current liabilities 373,080 388,946 Long-term debt and finance lease liabilities, net 607,445 618,421 Long-term operating lease liabilities 39,940 47,238 Long-term professional liabilities 255,263 251,284 Deferred income tax liabilities 35,618 34,308 Other liabilities 33,035 30,552 Total liabilities 1,344,381 1,370,749 Commitments and contingencies Shareholders' equity: Preferred stock; $ .01 par value; 1,000,000 shares authorized; none issued — — Common stock; $ .01 par value; 200,000,000 shares authorized; 85,865,841 and 84,018,023 shares issued and outstanding, respectively 859 840 Additional paid-in capital 1,010,862 999,906 Accumulated other comprehensive loss ( 209 ) ( 2,214 ) Retained deficit ( 279,020 ) ( 149,471 ) Total shareholders' equity

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements September 30, 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 terms "Pediatrix" and the "Company" refer collectively to Pediatrix Medical Group Inc., its subsidiaries and the affiliated professional contractors. 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

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View this 10-Q filing on SEC EDGAR