MD - Mednax stock falls 8% despite Q1 earnings beat
Mednax (NYSE:MD) stock declined April 28 following the company's Q1 results. The Sunrise, Fla.-based company, which provides neonatal care services, saw non-GAAP EPS rise by +37.5% Y/Y to $0.33, which beat analysts' estimates. Q1 revenue rose +7.94% Y/Y to $482.23M. The company said the growth was driven by net acquisition activity, complemented by an overall same-unit revenue increase of 1.3%. The company said same-unit revenue attributable to patient volume increased by +3.2% Y/Y. However, same-unit revenue from net reimbursement-related factors declined by -1.9% Y/Y. Adjusted EBITDA from continuing operations was $50.7M, compared to $45.5M in Q1 2021. Mednax had cash and cash equivalents of $7M at March 31, compared to $387M on Dec. 31, 2021. During Q1, the company used cash on hand, plus new debt, to redeem its $1B of 6.25% senior notes due 2027 and pay related fees. At March 31, Mednax (MD) had total debt outstanding of $799M. MD
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Mednax stock falls 8% despite Q1 earnings beat