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Pediatrix Medical Group, Inc., (NYSE: PDX), today announced it has
acquired a large pediatric cardiology practice with principal offices in
Tampa and St. Petersburg, Florida, that provides services to patients in
communities in western and central Florida.
Pediatric Cardiology Associates consists of 11 pediatric cardiologists
and more than 70 clinical and non-clinical support staff who practice
under a comprehensive care model that includes diagnosis and treatment
of congenital heart conditions of patients from the fetus to the adult,
and provides them with tertiary services such as interventional
cardiology, transplant cardiology and electrophysiology. In addition,
the practice includes a perinatal cardiology program.
The group was founded in 1977 and has grown to become one of the largest
private pediatric cardiology groups in the nation. With the acquisition
of Pediatric Cardiology Associates, Pediatrix’s
national group of pediatric cardiologists is now comprised of more than
85 physicians practicing in more than 15 metropolitan areas across the
country.
“We’re looking
forward to collaborating with other Pediatrix pediatric cardiologists in
research and clinical quality programs,” said
Jorge McCormack, M.D., who has served as chief executive officer of
Pediatric Cardiology Associates. “In addition,
as our practice continues to grow we will now have the clinical and
administrative support, including an electronic medical record system
that will allow us to focus on our core competency of caring for the
patient.”
The acquisition was completed with cash, and the practice is expected to
contribute to Pediatrix’s earnings per share
immediately.
Pediatrix has completed five physician group practice acquisitions
during 2008, including a neonatology group based in Rockville, Maryland,
a maternal-fetal medicine practice in Atlanta, GA, and pediatric
cardiology group practices based in El Paso, Texas, South Florida, and
St. Petersburg, Florida.
About Pediatrix
Pediatrix Medical Group, Inc. is the nation’s
leading provider of neonatal, maternal-fetal and pediatric physician
subspecialty services and recently expanded to include anesthesiology
services. Pediatrix physicians and advanced practitioners are reshaping
the delivery of care within the maternal-fetal, neonatal intensive care
and pediatric cardiology subspecialties, using evidence-based tools,
continuous quality initiatives and clinical research to enhance patient
outcomes and provide high-quality, cost-effective care. Founded in 1979,
its neonatal physicians provide services at more than 250 neonatal
intensive care units, and in many markets they collaborate with
affiliated maternal-fetal medicine, pediatric cardiology physician
subspecialists and pediatric intensivists to provide a clinical care
continuum. Combined, Pediatrix and its affiliated professional
corporations employ more than 1,100 physicians in 32 states and Puerto
Rico. Pediatrix is also the nation’s largest
provider of newborn hearing screens. 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”.