MEDNAX (MD) Tops Q2 EPS by 1c, Revenues Beat

MEDNAX (NYSE: MD) reported Q2 EPS of $1.07, $0.01 better than the analyst estimate of $1.06. Revenue for the quarter came in at $916 million versus the consensus estimate of $912.36 million.

For the 2018 second quarter, MEDNAX reported the following results:

• Net revenue of $916 million;
• Net income of $79 million; and
• EBITDA of $158 million.

“Our operating results for the second quarter were at the high end of our expectations and reflect further execution of our corporate initiatives,” said Roger J. Medel, M.D., Chief Executive Officer of MEDNAX. “We began implementing these initiatives during 2017, and through the first half of this year have realized $12 million in improvements to our general and administrative expenses, as well as $13 million in improvements through operational plans. Based on our progress in these initiatives, today we are expanding our goals of financial improvements to include both $40 million in annualized improvement in our general and administrative expense and $80 million in annualized improvements via our operational plans. We intend to realize a portion of these annualized targets during 2018, including our previously announced goal of $25 million in improvement in our general and administrative expense in addition to $35 million in improvements through our operational plans. Additionally, we intend to realize the full amount of these targeted improvements by the end of 2019.

“These initiatives will be complemented by our continued plans to invest in the growth of our organization, through both organic and acquisitive efforts, which we intend to be focused, targeted and strategic,” continued Dr. Medel. “We believe that taken as a whole, our execution of these strategic plans will position us well to deliver a differentiated value proposition and to remain committed to taking great care of our patients.”

For earnings history and earnings-related data on MEDNAX (MD) click here.

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