Mednax 2Q earnings climb 14 pct to $49.4 million
FORT LAUDERDALE, Fla. (AP) — National physician group Mednax Inc. said Tuesday its second-quarter earnings climbed 14 percent, as contributions from newly acquired doctor practices helped boost revenue.
Mednax earned $49.4 million, or $1.04 per share, in the three months that ended June 30. That compares to earnings of $43.2 million, or 93 cents per share, in the same quarter last year.
Revenue rose 9 percent to $349.1 million.
Analysts polled by Thomson Reuters expected earnings of $1.02 per share on $352.8 million in revenue.
Mednax focuses on neonatal, maternal-fetal and pediatric cardiology services, among other specialties. CEO Dr. Roger J. Medel said the company's performance reflects its strategy of acquiring doctor groups and integrating them into the national medical group.
The company said it completed the acquisitions of three neonatal physician group practices in the quarter and spent $20 million of its cash on acquisitions. A total of seven acquisitions were completed in the first half of 2010.
Mednax said same-unit revenue grew 2.3 percent, but patient volume fell less than a percent.
Company shares climbed $3.59, or 7.6 percent, to $50.89 in Tuesday trading.