Pediatrix Medical Group Inc
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 1, 2024
MD$31.29-1.7%Stored close · as of Nov 6, 2026
Contents
Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited)
Consolidated Balance Sheets
(in thousands, except share data)
| 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 | 732,492 | 849,061 |
| Total liabilities and shareholders' equity | $2,076,873 | $2,219,810 |
Consolidated Statements of Income and Comprehensive Income
(in thousands, except per share data)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net revenue | $511,158 | $506,612 | $1,510,555 | $1,498,197 |
| Operating expenses: | ||||
| Practice salaries and benefits | 364,888 | 368,404 | 1,091,834 | 1,084,671 |
| Practice supplies and other operating expenses | 29,449 | 31,319 | 92,903 | 93,128 |
| General and administrative expenses | 58,121 | 57,406 | 174,884 | 174,478 |
| Depreciation and amortization | 6,254 | 9,211 | 25,353 | 27,109 |
| Transformational and restructuring related expenses | 18,560 | — | 40,619 | — |
| Goodwill impairment | — | — | 154,243 | — |
| Fixed assets impairments | — | — | 20,112 | — |
| Intangible assets impairments | — | — | 7,679 | — |
| Loss on disposal of businesses | 59 | — | 10,932 | — |
| Total operating expenses | 477,331 | 466,340 | 1,618,559 | 1,379,386 |
| Income (loss) from operations | 33,827 | 40,272 | (108,004) | 118,811 |
| Investment and other income | 1,089 | 273 | 2,941 | 2,096 |
| Interest expense | (10,126) | (10,374) | (31,033) | (31,994) |
| Equity in earnings of unconsolidated affiliate | 445 | 661 | 1,427 | 1,578 |
| Total non-operating expenses | (8,592) | (9,440) | (26,665) | (28,320) |
| Income (loss) before income taxes | 25,235 | 30,832 | (134,669) | 90,491 |
| Income tax (provision) benefit | (5,794) | (9,441) | 5,120 | (26,612) |
| Net income (loss) | $19,441 | $21,391 | $(129,549) | $63,879 |
| Other comprehensive income (loss), net of tax | ||||
| Unrealized holding gain on investments, net of tax of $571, $-, $657 and $100 | 1,745 | 1 | 2,005 | 218 |
| Total comprehensive income (loss) | $21,186 | $21,392 | $(127,544) | $64,097 |
| Per common and common equivalent share data: | ||||
| Net income (loss): | ||||
| Basic | $0.23 | $0.26 | $(1.56) | $0.78 |
| Diluted | $0.23 | $0.26 | $(1.56) | $0.77 |
| Weighted average common shares: | ||||
| Basic | 83,891 | 82,543 | 83,223 | 82,127 |
| Diluted | 84,523 | 82,950 | 83,223 | 82,492 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.