MD - Mednax shares rise on strong Q1 readout

Mednax (MD) shares closed up nearly 20% after the company posted first-quarter results that beat Wall Street estimates.The company's strong quarterly performance was helped in part by funds received under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and the modest improvements in managed care contracting.The company's topline was also helped by an about 110 basis point increase in the percentage of services reimbursed by commercial and other non-government payors.Quarterly revenue increased more than 1% to $446.7M, beating analysts' average estimate by $19.7M.Mednax generated income from continuing operations of $5.4M, or $0.06 per share, for the 2021 first quarter, compared with a loss from continuing operations of $18.5M, or $0.22 per share, last year.The company had cash and cash equivalents of $270M at March 31, 2021, compared to $1.12B on December 31, 2020, and net accounts receivable were $246M.Adjusted profit in the quarter was $0.24, which beat analysts' estimate by 10 cents.Shares

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Mednax shares rise on strong Q1 readout