10-Q 1 md-20230930.htm 10-Q 10-Q
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t

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number: 001-12111

 

img259349275_0.jpg 

Pediatrix Medical Group, Inc.

(Exact name of registrant as specified in its charter)

 

 

Florida

 

26-3667538

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

1301 Concord Terrace

Sunrise, Florida

 

33323

(Address of principal executive offices)

 

(Zip Code)

(954) 384-0175

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, par value $.01 per share

 

MD

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 


 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

On October 27, 2023, the registrant had outstanding 84,023,916 shares of Common Stock, par value $.01 per share.

 

 

 


 

Pediatrix Medical Group, Inc.

 

INDEX

 

 

Page

PART I - FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

3

 

 

 

 

Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 (Unaudited)

3

 

 

 

 

Consolidated Statements of Income and Comprehensive Income for the Three and Nine Months

Ended September 30, 2023 and 2022 (Unaudited)

4

 

 

 

 

Consolidated Statements of Equity for the Three and Nine Months Ended

September 30, 2023 and 2022 (Unaudited)

5

 

 

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended

September 30, 2023 and 2022 (Unaudited)

6

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

7

 

 

 

Item 2.

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

13

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

21

 

 

 

Item 4.

Controls and Procedures

21

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

22

 

 

 

Item 1A.

Risk Factors

22

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

22

 

 

 

Item 5.

Other Information

23

 

 

 

Item 6.

Exhibits

24

 

 

 

SIGNATURES

25

 

2


 

Pediatrix Medical Group, Inc.

Consolidated Balance Sheets

(in thousands)

(Unaudited)

 

 

 

September 30, 2023

 

 

December 31, 2022

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

21,179

 

 

$

9,824

 

Short-term investments

 

 

103,541

 

 

 

93,239

 

Accounts receivable, net

 

 

277,352

 

 

 

296,787

 

Prepaid expenses

 

 

10,586

 

 

 

14,878

 

Other current assets

 

 

7,866

 

 

 

13,261

 

Total current assets

 

 

420,524

 

 

 

427,989

 

Property and equipment, net

 

 

75,146

 

 

 

73,290

 

Goodwill

 

 

1,532,092

 

 

 

1,532,092

 

Intangible assets, net

 

 

15,486

 

 

 

18,491

 

Operating and finance lease right-of-use assets

 

 

72,443

 

 

 

66,924

 

Deferred income tax assets

 

 

102,638

 

 

 

105,925

 

Other assets

 

 

108,010

 

 

 

123,176

 

Total assets

 

$

2,326,339

 

 

$

2,347,887

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

302,583

 

 

$

374,225

 

Current portion of debt and finance lease liabilities, net

 

 

14,929

 

 

 

14,898

 

Current portion of operating lease liabilities

 

 

21,814

 

 

 

21,589

 

Income taxes payable

 

 

11,118

 

 

 

16,271

 

Total current liabilities

 

 

350,444

 

 

 

426,983

 

Line of credit

 

 

 

 

 

4,000

 

Long-term debt and finance lease liabilities, net

 

 

621,691

 

 

 

632,381

 

Long-term operating lease liabilities

 

 

48,489

 

 

 

44,213

 

Long-term professional liabilities

 

 

265,523

 

 

 

275,629

 

Deferred income tax liabilities

 

 

41,018

 

 

 

33,638

 

Other liabilities

 

 

31,189

 

 

 

39,411

 

Total liabilities

 

 

1,358,354

 

 

 

1,456,255

 

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; 83,929 and 82,947 shares
   issued and outstanding, respectively

 

 

839

 

 

 

829

 

Additional paid-in capital

 

 

995,847

 

 

 

983,601

 

Accumulated other comprehensive loss

 

 

(3,517

)

 

 

(3,735

)

Retained deficit

 

 

(25,184

)

 

 

(89,063

)

Total shareholders’ equity

 

 

967,985

 

 

 

891,632

 

Total liabilities and shareholders' equity

 

$

2,326,339

 

 

$

2,347,887

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

3


 

Pediatrix Medical Group, Inc.

Consolidated Statements of Income and Comprehensive Income

(in thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net revenue

 

$

506,612

 

 

$

489,915

 

 

$

1,498,197

 

 

$

1,458,177

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Practice salaries and benefits

 

 

368,404

 

 

 

342,850

 

 

 

1,084,671

 

 

 

1,016,762

 

Practice supplies and other operating expenses

 

 

31,319

 

 

 

31,857

 

 

 

93,128

 

 

 

90,189

 

General and administrative expenses

 

 

57,406

 

 

 

57,888

 

 

 

174,478

 

 

 

180,340

 

Depreciation and amortization

 

 

9,211

 

 

 

8,956

 

 

 

27,109

 

 

 

26,500

 

Transformational and restructuring related expenses

 

 

 

 

 

977

 

 

 

 

 

 

7,736

 

Total operating expenses

 

 

466,340

 

 

 

442,528

 

 

 

1,379,386

 

 

 

1,321,527

 

Income from operations

 

 

40,272

 

 

 

47,387

 

 

 

118,811

 

 

 

136,650

 

Investment and other income

 

 

273

 

 

 

617

 

 

 

2,096

 

 

 

2,336

 

Interest expense

 

 

(10,374

)

 

 

(9,516

)

 

 

(31,994

)

 

 

(29,743

)

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

(57,016

)

Equity in earnings of unconsolidated affiliate

 

 

661

 

 

 

371

 

 

 

1,578

 

 

 

1,319

 

Total non-operating expenses

 

 

(9,440

)

 

 

(8,528

)

 

 

(28,320

)

 

 

(83,104

)

Income from continuing operations before income taxes

 

 

30,832

 

 

 

38,859

 

 

 

90,491

 

 

 

53,546

 

Income tax provision

 

 

(9,441

)

 

 

(10,051

)

 

 

(26,612

)

 

 

(14,982

)

Income from continuing operations

 

 

21,391

 

 

 

28,808

 

 

 

63,879

 

 

 

38,564

 

Income (loss) from discontinued operations, net of tax

 

 

 

 

 

1,920

 

 

 

 

 

 

(1,892

)

Net income

 

 

21,391

 

 

 

30,728

 

 

 

63,879

 

 

 

36,672

 

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

4

 

Net income attributable to Pediatrix Medical Group, Inc.

 

$

21,391

 

 

$

30,728

 

 

$

63,879

 

 

$

36,676

 

Other comprehensive income (loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gain (loss) on investments, net of tax of $ -, $508, $100 and $1,816

 

 

1

 

 

 

(1,515

)

 

 

218

 

 

 

(5,417

)

Total comprehensive income attributable to Pediatrix Medical
     Group, Inc.

 

$

21,392

 

 

$

29,213

 

 

$

64,097

 

 

$

31,259

 

Per common and common equivalent share data:

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Pediatrix Medical Group, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.26

 

 

$

0.37

 

 

$

0.78

 

 

$

0.44

 

Diluted

 

$

0.26

 

 

$

0.37

 

 

$

0.77

 

 

$

0.43

 

Weighted average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

82,543

 

 

 

82,126

 

 

 

82,127

 

 

 

84,122

 

Diluted

 

 

82,950

 

 

 

82,776

 

 

 

82,492

 

 

 

84,821

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

4


 

Pediatrix Medical Group, Inc.

Consolidated Statements of Shareholders' Equity

(in thousands)

(Unaudited)

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

 

 

 

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

Retained

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Deficit

 

 

Equity

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2023

 

 

82,947

 

 

$

829

 

 

$

983,601

 

 

$

(3,735

)

 

$

(89,063

)

 

$

891,632

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,206

 

 

 

14,206

 

Unrealized holding gain on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

604

 

 

 

 

 

 

604

 

Common stock issued under employee stock option,
   employee stock purchase plan and stock purchase plan

 

 

86

 

 

 

 

 

 

1,095

 

 

 

 

 

 

 

 

 

1,095

 

Issuance of restricted stock

 

 

871

 

 

 

9

 

 

 

(9

)

 

 

 

 

 

 

 

 

 

Forfeitures of restricted stock

 

 

(221

)

 

 

(2

)

 

 

2

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

3,009

 

 

 

 

 

 

 

 

 

3,009

 

Repurchased common stock

 

 

(49

)

 

 

 

 

 

(775

)

 

 

 

 

 

 

 

 

(775

)

Balance at March 31, 2023

 

 

83,634

 

 

$

836

 

 

$

986,923

 

 

$

(3,131

)

 

$

(74,857

)

 

$

909,771

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,282

 

 

 

28,282

 

Unrealized holding loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

(387

)

 

 

 

 

 

(387

)

Common stock issued under employee stock option,
   employee stock purchase plan and stock purchase plan

 

 

126

 

 

 

1

 

 

 

1,593

 

 

 

 

 

 

 

 

 

1,594

 

Issuance of restricted stock

 

 

93

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Forfeitures of restricted stock

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

3,126

 

 

 

 

 

 

 

 

 

3,126

 

Repurchased common stock

 

 

(1

)

 

 

 

 

 

(11

)

 

 

 

 

 

 

 

 

(11

)

Balance at June 30, 2023

 

 

83,841

 

 

$

838

 

 

$

991,630

 

 

$

(3,518

)

 

$

(46,575

)

 

$

942,375

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,391

 

 

 

21,391

 

Unrealized holding gain on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Common stock issued under employee stock option,
   employee stock purchase plan and stock purchase plan

 

 

100

 

 

 

1

 

 

 

1,186

 

 

 

 

 

 

 

 

 

1,187

 

Issuance of restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeitures of restricted stock

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

3,164

 

 

 

 

 

 

 

 

 

3,164

 

Repurchased common stock

 

 

(11

)

 

 

 

 

 

(133

)

 

 

 

 

 

 

 

 

(133

)

Balance at September 30, 2023

 

 

83,929

 

 

$

839

 

 

$

995,847

 

 

$

(3,517

)

 

$

(25,184

)

 

$

967,985

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2022

 

 

86,423

 

 

$

864

 

 

$

1,049,696

 

 

$

1,317

 

 

$

(155,185

)

 

$

896,692

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(21,188

)

 

 

(21,188

)

Dissolution of and net loss attributable to noncontrolling interest (1)

 

 

 

 

 

 

 

 

10

 

 

 

 

 

 

(213

)

 

 

(203

)

Unrealized holding loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

(2,668

)

 

 

 

 

 

(2,668

)

Common stock issued under employee stock option,
   employee stock purchase plan and stock purchase plan

 

 

50

 

 

 

 

 

 

1,174

 

 

 

 

 

 

 

 

 

1,174

 

Issuance of restricted stock

 

 

766

 

 

 

8

 

 

 

(8

)

 

 

 

 

 

 

 

 

 

Forfeitures of restricted stock

 

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

4,435

 

 

 

 

 

 

 

 

 

4,435

 

Repurchased common stock

 

 

(50

)

 

 

 

 

 

(1,166

)

 

 

 

 

 

 

 

 

(1,166

)

Balance at March 31, 2022

 

 

87,184

 

 

$

872

 

 

$

1,054,141

 

 

$

(1,351

)

 

$

(176,586

)

 

$

877,076

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,136

 

 

 

27,136

 

Unrealized holding loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

(1,234

)

 

 

 

 

 

(1,234

)

Common stock issued under employee stock option,
   employee stock purchase plan and stock purchase plan

 

 

82

 

 

 

1

 

 

 

1,663

 

 

 

 

 

 

 

 

 

1,664

 

Issuance of restricted stock

 

 

74

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Forfeitures of restricted stock

 

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

5,186

 

 

 

 

 

 

 

 

 

5,186

 

Repurchased common stock

 

 

(3,275

)

 

 

(33

)

 

 

(64,365

)

 

 

 

 

 

 

 

 

(64,398

)

Balance at June 30, 2022

 

 

84,060

 

 

$

841

 

 

$

996,624

 

 

$

(2,585

)

 

$

(149,450

)

 

$

845,430

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,728

 

 

 

30,728

 

Unrealized holding loss on investments, net of tax

 

 

 

 

 

 

 

 

 

 

 

(1,515

)

 

 

 

 

 

(1,515

)

Common stock issued under employee stock option,
   employee stock purchase plan and stock purchase plan