MD - Why Mednax Stock Is Plunging Today
Healthcare services provider Mednax (NYSE: MD) reported its fourth-quarter and full-year financial results before the market opened on Thursday, and investors were not pleased with the company's update. Mednax's shares are tumbling today as a result and were down by 24.6% as of 12:01 p.m. EST.
Last year, the pandemic had a significant impact on Mednax's business as stay-at-home orders led to a decrease in patient volume. The effect of the outbreak on the company's financial results was evident in its fourth quarter that ended on Dec. 31. Mednax's net revenue for the quarter was $417 million, representing a decrease of a little more than 9% year over year. The company's top line also came up short of the $459.5 million investors were expecting on average.
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Why Mednax Stock Is Plunging Today