We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Pediatrix (MD) Q2 Earnings Meet Estimates, Revenues Up Y/Y
Read MoreHide Full Article
Pediatrix Medical Group, Inc. (MD - Free Report) reported second-quarter 2023 adjusted earnings per share (EPS) of 39 cents, meeting the Zacks Consensus Estimate. However, the bottom line declined 17% year over year.
MD’s net revenues of $500.6 million rose 3% from the year-ago figure. The top line beat the consensus mark by 1.2%.
Pediatrix’s quarterly results benefited from strong patient volumes, cash flow generation and lower general and administrative (G&A) costs. However, escalating practice salaries and benefits and net borrowings partially offset the positives.
Pediatrix Medical Group, Inc. Price, Consensus and EPS Surprise
Overall same-unit revenues rose 3.2% year over year in the quarter under review thanks to increased patient volumes, partially offset by net non-same unit activity impact. Same-unit revenues attributable to patient volume inched up 0.6% year over year.
Total operating expenses increased 3.7% year over year to $452.1 million, higher than our estimate of $442.5 million, due to an escalation in practice salaries and benefits, and supplies and other operating expenses. G&A expenses of $58.1 million dropped from $61.2 million, courtesy of cost savings resulting from net staffing reductions. However, the metric surpassed our estimate of $56.2 million.
Interest expenses increased to $11.2 million from $8.4 million a year ago, attributable to higher interest rates on the company’s borrowings. The metric was higher than our estimate of $10.1 million.
Adjusted EBITDA of $59.1 million tumbled from $65.6 million a year ago, primarily due to funds received in the year-ago period from the provider relief fund. The metric surpassed our estimate of $58.7 million.
At the second-quarter end, the company had $4.7 million remaining funds for share buybacks.
Financial Update (as of Jun 30, 2023)
Pediatrix exited the second quarter with cash and cash equivalents of $5.8 million, which declined from the 2022-end figure of $9.8 million.
Total assets of nearly $2,305.5 million decreased from $2,347.9 million at 2022-end.
Total debt, net, amounted to $681.2 million, up from $651.3 million at 2022-end.
Total equity of $942.4 million increased from $891.6 million at 2022-end.
In the second quarter, net cash used in operating activities increased to $92.6 million from $81.6 million a year ago.
2023 View Reaffirmed
For 2023, management reiterated adjusted EBITDA guidance in the range of $235-$245 million compared with $241 million in 2022. Also, it still expects depreciation and amortization expenses to be $38 million, while interest expenses are projected to be in the range of $40-$42.2 million.
Of the Medical sector players that have reported second-quarter 2023 results so far, the bottom-line results of Acadia Healthcare Company, Inc. (ACHC - Free Report) , Centene Corporation (CNC - Free Report) and HCA Healthcare, Inc. (HCA - Free Report) beat the Zacks Consensus Estimate.
Acadia Healthcare reported second-quarter 2023 adjusted EPS of 92 cents, which beat the Zacks Consensus Estimate by 10.8%. The bottom line improved 9.5% year over year. Total revenues amounted to $731.3 million, which advanced 12.2% year over year in the quarter under review. The top line outpaced the consensus mark by 3.4%. Total U.S. same-facility revenues of ACHC rose 11.4% year over year to $721.3 million in the second quarter. The growth came on the back of 6.1% improvement in revenue per patient day and 4.9% growth in patient days. Admissions increased 4.3% year over year. Adjusted EBITDA of $174.5 million advanced 10.9% year over year.
Centene reported second-quarter 2023 adjusted EPS of $2.10, which beat the Zacks Consensus Estimate by 2.4%. The bottom line advanced 18.6% year over year. Revenues of CNC amounted to $37,608 million, which improved 4.6% year over year. The top line outpaced the consensus mark by 3.4%. Premiums improved 7% year over year to $33,713 million, beating our estimate by 3.3%. The total membership of CNC came in at 28.4 million as of Jun 30, 2023, which increased 7.5% year over year. It reported adjusted net earnings of $1,155 million in the quarter under review, which increased 10.8% year over year.
HCA Healthcare reported second-quarter 2023 adjusted EPS of $4.29, which surpassed the Zacks Consensus Estimate by 0.2%. Also, the bottom line climbed 1.9% year over year. HCA’s revenues advanced 7% year over year to $15.9 billion. The top line beat the consensus mark by 1.8%. While same-facility equivalent admissions rose 3.7% year over year in the second quarter, same-facility admissions improved 2.2% year over year. Same-facility revenue per equivalent admission rose 2.4% year over year in the quarter under review. Adjusted EBITDA of $3.1 billion grew 0.5% year over year in the second quarter.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report predicting the 7 stocks that will soar highest in the coming month.
Image: Bigstock
Pediatrix (MD) Q2 Earnings Meet Estimates, Revenues Up Y/Y
Pediatrix Medical Group, Inc. (MD - Free Report) reported second-quarter 2023 adjusted earnings per share (EPS) of 39 cents, meeting the Zacks Consensus Estimate. However, the bottom line declined 17% year over year.
MD’s net revenues of $500.6 million rose 3% from the year-ago figure. The top line beat the consensus mark by 1.2%.
Pediatrix’s quarterly results benefited from strong patient volumes, cash flow generation and lower general and administrative (G&A) costs. However, escalating practice salaries and benefits and net borrowings partially offset the positives.
Pediatrix Medical Group, Inc. Price, Consensus and EPS Surprise
Pediatrix Medical Group, Inc. price-consensus-eps-surprise-chart | Pediatrix Medical Group, Inc. Quote
Q2 Update
Overall same-unit revenues rose 3.2% year over year in the quarter under review thanks to increased patient volumes, partially offset by net non-same unit activity impact. Same-unit revenues attributable to patient volume inched up 0.6% year over year.
Total operating expenses increased 3.7% year over year to $452.1 million, higher than our estimate of $442.5 million, due to an escalation in practice salaries and benefits, and supplies and other operating expenses. G&A expenses of $58.1 million dropped from $61.2 million, courtesy of cost savings resulting from net staffing reductions. However, the metric surpassed our estimate of $56.2 million.
Interest expenses increased to $11.2 million from $8.4 million a year ago, attributable to higher interest rates on the company’s borrowings. The metric was higher than our estimate of $10.1 million.
Adjusted EBITDA of $59.1 million tumbled from $65.6 million a year ago, primarily due to funds received in the year-ago period from the provider relief fund. The metric surpassed our estimate of $58.7 million.
At the second-quarter end, the company had $4.7 million remaining funds for share buybacks.
Financial Update (as of Jun 30, 2023)
Pediatrix exited the second quarter with cash and cash equivalents of $5.8 million, which declined from the 2022-end figure of $9.8 million.
Total assets of nearly $2,305.5 million decreased from $2,347.9 million at 2022-end.
Total debt, net, amounted to $681.2 million, up from $651.3 million at 2022-end.
Total equity of $942.4 million increased from $891.6 million at 2022-end.
In the second quarter, net cash used in operating activities increased to $92.6 million from $81.6 million a year ago.
2023 View Reaffirmed
For 2023, management reiterated adjusted EBITDA guidance in the range of $235-$245 million compared with $241 million in 2022. Also, it still expects depreciation and amortization expenses to be $38 million, while interest expenses are projected to be in the range of $40-$42.2 million.
Zacks Rank
Pediatrix currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Medical Sector Releases
Of the Medical sector players that have reported second-quarter 2023 results so far, the bottom-line results of Acadia Healthcare Company, Inc. (ACHC - Free Report) , Centene Corporation (CNC - Free Report) and HCA Healthcare, Inc. (HCA - Free Report) beat the Zacks Consensus Estimate.
Acadia Healthcare reported second-quarter 2023 adjusted EPS of 92 cents, which beat the Zacks Consensus Estimate by 10.8%. The bottom line improved 9.5% year over year. Total revenues amounted to $731.3 million, which advanced 12.2% year over year in the quarter under review. The top line outpaced the consensus mark by 3.4%. Total U.S. same-facility revenues of ACHC rose 11.4% year over year to $721.3 million in the second quarter. The growth came on the back of 6.1% improvement in revenue per patient day and 4.9% growth in patient days. Admissions increased 4.3% year over year. Adjusted EBITDA of $174.5 million advanced 10.9% year over year.
Centene reported second-quarter 2023 adjusted EPS of $2.10, which beat the Zacks Consensus Estimate by 2.4%. The bottom line advanced 18.6% year over year. Revenues of CNC amounted to $37,608 million, which improved 4.6% year over year. The top line outpaced the consensus mark by 3.4%. Premiums improved 7% year over year to $33,713 million, beating our estimate by 3.3%. The total membership of CNC came in at 28.4 million as of Jun 30, 2023, which increased 7.5% year over year. It reported adjusted net earnings of $1,155 million in the quarter under review, which increased 10.8% year over year.
HCA Healthcare reported second-quarter 2023 adjusted EPS of $4.29, which surpassed the Zacks Consensus Estimate by 0.2%. Also, the bottom line climbed 1.9% year over year. HCA’s revenues advanced 7% year over year to $15.9 billion. The top line beat the consensus mark by 1.8%. While same-facility equivalent admissions rose 3.7% year over year in the second quarter, same-facility admissions improved 2.2% year over year. Same-facility revenue per equivalent admission rose 2.4% year over year in the quarter under review. Adjusted EBITDA of $3.1 billion grew 0.5% year over year in the second quarter.