Pediatrix Therapeutics (Hangzhou) Ltd.

November is Prematurity Awareness Month, Announcement Comes in Celebration of World Prematurity Day on Friday, Nov. 17 LONG BEACH, Calif., Nov. 16, 2023 /PRNewswire/ -- MemorialCare Miller Children's & Women's Hospital Long Beach, along with Pediatrix Medical Group, who has been a long-standing neonatology partner with MemorialCare, have come together to create the Miller Children's & Women's Neonatal Network. This new relationship enables coordinated delivery of provider services to the neonatal intensive care unit (NICU) network establishing a forum for improved communication, financial transparency, and shared program and provider planning. The Neonatal Network will have shared governance between Miller Children's & Women's and Pediatrix, with the neonatologists remaining employees of Pediatrix. Continue Reading Dr. Antoine Soliman, Regional Medical Director of the Miller Children’s & Women’s Network and Yair Katz, chief executive, Miller Children’s & Women’s Miller Children's & Women's features a level IV NICU, the highest designation in California, signifying it can care for the sickest and smallest babies. In addition, it has an extremely low birth weight program – caring for babies less than 2 pounds at birth – and has a transport program that allows Miller Children's & Women's the ability to support area community hospitals with smaller and lower acuity maternity and neonatal care. "Expanding Miller Children's & Women's Hospital Long Beach as a regional destination for neonatal and pediatric care is an important part of our mission in caring for the most premature and sickest babies, as well as their families," says Yair Katz, chief executive, Miller Children's & Women's. "With all that we are seeing going on in the world today in children's health, we were deeply committed to seeing this through so we can do our part to ensure all babies and their families have access to the highest level of care possible regardless of socioeconomic status." To successfully execute this strategic initiative, Miller Children's & Women's has appointed Dr. Antoine Soliman as the Regional Medical Director of the Miller Children's & Women's Network. In this administrative capacity, Dr. Soliman will oversee the performance and quality of the network, lead the onboarding of new sites and serve on the joint operating committee. Dr. Soliman will remain a practicing neonatologist in a limited capacity in Miller Children's NICU, to maintain his direct patient care provider experience. In addition, Dr. Soliman will continue to serve as medical director of the Miller Children's NICU and oversee the recruitment of his replacement for this role. "I'm deeply honored and humbled to accept the regional directorship of the Miller Children's & Women's Neonatal Network," says Dr. Soliman. "Miller Children's & Women's has made great advances in neonatal care the last few years, graduating healthier babies born quite ill and extremely premature. Our team is remarkable and expanding our capabilities further into the community is paramount to us. I can't think of a better time to announce and launch this partnership, as we celebrate Prematurity Awareness Month and World Prematurity Day later this week." Miller Children's & Women's, one of eight free standing children's hospitals in California, is unique in that it has a full-service maternity and high-risk program licensed under the children's hospital. This expanded neonatal network will also support regional care by laying the groundwork for recruitment of top talent and bringing access to high-risk maternal and neonatal care into bordering communities' backyards – delivering the highest level of care possible. About MemorialCare Miller Children's & Women's Hospital Long Beach: MemorialCare Miller Children's & Women's Hospital Long Beach is a member of MemorialCare, a not-for-profit, integrated health care system. Miller Children's & Women's is one of only eight free-standing children's hospitals in California, is recognized by U.S. News & World Report as a 'Best Children's Hospital' for pediatric pulmonology and lung surgery — treating more than 14,000 children each year — and has become a regional pediatric destination for more than 65,000 children, who need specialized care in outpatient specialty and satellite centers. With maternal-fetal medicine specialists and neonatologists available 24/7, Miller Children's & Women's cares for women with high-risk pregnancies and premature infants under one roof. About Pediatrix Medical Group Pediatrix® Medical Group, Inc. (NYSE:MD) is the nation's leading provider of physician services. Pediatrix-affiliated clinicians are committed to providing coordinated, compassionate and clinically excellent services to women, babies and children across the continuum of care, both in hospital settings and office-based practices. Specialties include obstetrics, maternal-fetal medicine and neonatology complemented by more than 20 pediatric subspecialties, as well as pediatric primary and urgent care clinics. The group's high-quality, evidence-based care is bolstered by significant investments in research, education, quality-improvement and safety initiatives. The physician-led company was founded in 1979 as a single neonatology practice and today provides its highly specialized and often critical care services through more than 5,000 affiliated physicians and other clinicians in 37 states. To learn more about Pediatrix, visit or follow us on Facebook, Instagram, LinkedIn, Twitter and the Pediatrix blog. Investment information can be found at . SOURCE MemorialCare Miller Children’s & Women’s Hospital Long Beach

FORT LAUDERDALE, Fla.--( BUSINESS WIRE )--Pediatrix Medical Group, Inc. (NYSE: MD), the nation’s leading provider of highly specialized health care for women, children and babies, today announced that its board of directors has appointed Sylvia Young, a recognized leader in healthcare and long-term healthcare executive, as an independent director, effective May 12, 2023. Ms. Young, a veteran of hospital administration since 1985, most recently served as President and CEO of the HCA Continental Division, a multi-state regional healthcare system that is part of Hospital Corporation of America (HCA). Prior to her appointment to the Denver-based Division headquarters, Ms. Young served as President of HCA’s Sunrise Health System, including Sunrise Hospital and Medical Center, Sunrise Children’s Hospital, MountainView Hospital and Southern Hills Hospital, as well as four ambulatory surgery centers in Las Vegas, NV. Ms. Young retired from HCA in March 2023. “Sylvia’s comprehensive knowledge of the healthcare landscape and her commitment to women and children’s services will allow her to provide valuable counsel to both our board of directors and the entire Pediatrix organization,” said Dr. Jim Swift, Chief Executive Officer. “Sylvia will be a great addition to our board. Her background, skills and deep knowledge of our company and what we do will be very beneficial to Pediatrix,” said Mark S. Ordan, Executive Chair, and Guy Sansone, Lead Independent Director, of the Pediatrix Board of Directors. “We are excited to welcome a true leader in our sector as we continue to focus on delivering long-term value for our stakeholders and taking great care of our patients.” "I've had the pleasure, while in my former role at HCA, of seeing first-hand the exceptional care that Pediatrix provides and how they bring the company’s mission to life every day," said Sylvia Young. "I am humbled and honored to join the Pediatrix board." In 2022, Ms. Young was named one of “2022 Top Women to Watch in Healthcare” by Modern Healthcare Magazine. She currently serves as an independent director on the board of Lincoln Educational Services Corporation. ABOUT PEDIATRIX MEDICAL GROUP Pediatrix® Medical Group, Inc. (NYSE:MD) is the nation’s leading provider of physician services. Pediatrix-affiliated clinicians are committed to providing coordinated, compassionate and clinically excellent services to women, babies and children across the continuum of care, both in hospital settings and office-based practices. Specialties include obstetrics, maternal-fetal medicine and neonatology complemented by more than 20 pediatric subspecialties, as well as pediatric primary and urgent care clinics. The group’s high-quality, evidence-based care is bolstered by significant investments in research, education, quality-improvement and safety initiatives. The physician-led company was founded in 1979 as a single neonatology practice and today provides its highly specialized and often critical care services through more than 5,000 affiliated physicians and other clinicians in 37 states. To learn more about Pediatrix, visit www.pediatrix.com or follow us on Facebook , Instagram , LinkedIn , Twitter and the Pediatrix blog . Investment information can be found at www.pediatrix.com/investors . Certain statements and information in this press release may be deemed to contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may include, but are not limited to, statements relating to the Company’s objectives, plans and strategies, and all statements, other than statements of historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy” and similar expressions, and are based on assumptions and assessments made by the Company’s management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this press release are made as of the date hereof, and the Company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in the Company’s most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, including the sections entitled “Risk Factors”, as well the Company’s current reports on Form 8-K, filed with the Securities and Exchange Commission, and include the impact of the Company’s transition to a third-party revenue cycle management provider; the impact of surprise billing legislation; the effects of economic conditions on the Company’s business; the effects of the Affordable Care Act and potential healthcare reform; the Company’s relationships with government-sponsored or funded healthcare programs, including Medicare and Medicaid, and with managed care organizations and commercial health insurance payors; the Company’s ability to comply with the terms of its debt financing arrangements; the impact of the COVID-19 pandemic on the Company and its financial condition and results of operations; the impact of the divestiture of the Company’s anesthesiology and radiology medical groups; the impact of management transitions; the timing and contribution of future acquisitions or organic growth initiatives; the effects of share repurchases; and the effects of the Company’s transformation initiatives, including its reorientation on, and growth strategy for, its pediatrics and obstetrics business.

FORT LAUDERDALE, Fla.--( BUSINESS WIRE )--Pediatrix Medical Group, Inc. (NYSE: MD), the nation’s leading provider of highly specialized health care for women, children and babies, today reported earnings from continuing operations of $0.17 per share for the three months ended March 31, 2023. On a non-GAAP basis, Pediatrix reported Adjusted EPS from continuing operations of $0.23. For the 2023 first quarter, Pediatrix reported the following results from continuing operations: Net revenue of $491 million; Income from continuing operations of $14 million; and Adjusted EBITDA of $40 million. “Our first quarter operating results were in line with our expectations and reflected modest improvements in revenue cycle management operations,” said James D. Swift, M.D., Chief Executive Officer of Pediatrix Medical Group. “We believe the combination of our continued focus on improved service to our affiliated physicians, our hospital and health system relationships, and our financial strength will position Pediatrix to drive strong results for all of our stakeholders.” Operating Results from Continuing Operations – Three Months Ended March 31, 2023 Pediatrix’s net revenue for the three months ended March 31, 2023 was $491.0 million, compared to $482.2 million for the prior-year period. Pediatrix’s overall same-unit revenue increased by 2.0 percent, slightly offset by the impact of net acquisition activity. Same-unit revenue attributable to patient volume increased by 1.6 percent for the 2023 first quarter as compared to the prior-year period. Shown below are year-over-year percentage changes in certain same-unit volume statistics for the three months ended March 31, 2023. (Note: figures in the below table reflect contributions only to net patient service revenue and exclude other contributions to total same-unit revenue, including contract and administrative fees.) Three Months Ended March 31, 2023 Hospital-based patient services 1.1% Office-based patient services 4.0% Neonatology services (within hospital-based services): Total births (2.0)% Neonatal intensive care unit (NICU) days (0.4)% Same-unit revenue from net reimbursement-related factors increased by 0.4 percent for the 2023 first quarter as compared to the prior-year period. This primarily reflects improved collections related to revenue cycle management activities, partially offset by a decrease in Coronavirus Aid, Relief, and Economic Security (“CARES”) Act relief recorded and a decrease in the percentage of our patients being enrolled in commercial insurance programs. During the first quarter of 2023, the Company recorded no miscellaneous revenue from funds received under the CARES Act, compared to $10.4 million in the prior year period, which decreased the Company’s same-unit revenue from net reimbursement-related factors by 2.2 percent for the three months ended March 31, 2023. The percentage of services reimbursed by commercial and other non-government payors declined by approximately 70 basis points compared to the prior-year period. For the 2023 first quarter, practice salaries and benefits expense was $362.2 million, compared to $343.2 million for the prior-year period. This increase primarily reflects same-unit clinical compensation increases and salary increases related to acquisitions completed over the past year, partially offset by a decrease in incentive compensation. For the 2023 first quarter, general and administrative expenses were $59.1 million, as compared to $61.3 million for the prior-year period. This net decrease is primarily related to cost reductions from net staffing reductions completed over the past year. For the first quarter of 2023, the Company recorded no transformational and restructuring related expenses, compared to $1.4 million for the first quarter of 2022. Adjusted EBITDA from continuing operations, which is defined as earnings from continuing operations before interest, taxes, depreciation and amortization, and transformational and restructuring related expenses, was $40.1 million for the 2023 first quarter, compared to $50.7 million for the prior-year period. Funds received from the provider relief fund established by the CARES Act favorably impacted Adjusted EBITDA by approximately $6.2 million for the first quarter of 2022. Depreciation and amortization expense was $9.0 million for the first quarter of 2023 compared to $8.8 million for the first quarter of 2022. Investment and other income was $0.6 million for the first quarter of 2023, compared to $0.9 million for the first quarter of 2022. Interest expense was $10.4 million for the first quarter of 2023 compared to $11.8 million for the first quarter of 2022. This decrease primarily reflects lower total debt from the Company’s previously-disclosed refinancing transactions completed during the first quarter of 2022. Pediatrix generated net income from continuing operations of $14.2 million, or $0.17 per diluted share, for the 2023 first quarter, based on a weighted average 82.3 million shares outstanding. This compares with a net loss from continuing operations of $21.2 million, or $0.25 per diluted share, for the 2022 first quarter, based on a weighted average 85.4 million shares outstanding. The decrease in weighted average shares outstanding is related to share repurchases completed during 2022. For the first quarter of 2023, Pediatrix reported Adjusted EPS from continuing operations of $0.23, compared to $0.33 for the first quarter of 2022. For these periods, Adjusted EPS from continuing operations is defined as diluted income from continuing operations per common and common equivalent share excluding non-cash amortization expense, stock-based compensation expense, transformational and restructuring related expenses, and discrete tax events. For the first quarter of 2022, Adjusted EPS also excludes loss on early extinguishment of debt. Funds received from the provider relief fund established by the CARES Act favorably impacted Adjusted EPS by $0.07 for the first quarter of 2022. Financial Position and Cash Flow – Continuing Operations Pediatrix had cash and cash equivalents of $6.1 million at March 31, 2023, compared to $9.8 million on December 31, 2022, and net accounts receivable was $278.7 million. For the first quarter of 2023, Pediatrix used cash of $100.6 million to fund continuing operations, compared to a use of $89.9 million during the first quarter of 2022. Pediatrix typically uses cash during the first quarter of each year as it pays incentive compensation, primarily to its affiliated physicians, and employee benefit plan matching contributions that were accrued during the prior year. Additionally, during the first quarter of 2023, the Company used $7.0 million to fund capital expenditures. At March 31, 2023, Pediatrix had total debt outstanding of $752 million, consisting of its $400 million in 5.375% Senior Notes due 2030; $238 million in borrowings under its Term A Loan; and $114 million in borrowings under its revolving line of credit. 2023 Outlook As previously disclosed, Pediatrix anticipates that its 2023 Adjusted EBITDA, as defined below, will be in a range of $235 million to $245 million. Non-GAAP Measures A reconciliation of Adjusted EBITDA from continuing operations and Adjusted EPS from continuing operations to the most directly comparable GAAP measures for the three months ended March 31, 2023 and 2022 and of Adjusted EBITDA from continuing operations to the most directly comparable GAAP measure for the year ending December 31, 2023 is provided in the financial tables of this press release. Earnings Conference Call Pediatrix will host an investor conference call to discuss the quarterly results at 9 a.m., ET today. The conference call Webcast may be accessed from the Company’s Website, www.pediatrix.com . A telephone replay of the conference call will be available from 12:45 p.m. ET today through midnight ET May 9, 2023 by dialing 1-866-207-1041, access Code 4550879. The replay will also be available at www.pediatrix.com . ABOUT PEDIATRIX MEDICAL GROUP Pediatrix® Medical Group, Inc. (NYSE:MD) is the nation’s leading provider of physician services. Pediatrix-affiliated clinicians are committed to providing coordinated, compassionate and clinically excellent services to women, babies and children across the continuum of care, both in hospital settings and office-based practices. Specialties include obstetrics, maternal-fetal medicine and neonatology complemented by more than 20 pediatric subspecialties, as well as pediatric primary and urgent care clinics. The group’s high-quality, evidence-based care is bolstered by significant investments in research, education, quality-improvement and safety initiatives. The physician-led company was founded in 1979 as a single neonatology practice and today provides its highly specialized and often critical care services through more than 5,000 affiliated physicians and other clinicians in 37 states. To learn more about Pediatrix, visit www.pediatrix.com or follow us on Facebook , Instagram , LinkedIn , Twitter and the Pediatrix blog . Investment information can be found at www.pediatrix.com/investors . Certain statements and information in this press release may be deemed to contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may include, but are not limited to, statements relating to the Company’s objectives, plans and strategies, and all statements, other than statements of historical facts, that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. These statements are often characterized by terminology such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy” and similar expressions, and are based on assumptions and assessments made by the Company’s management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements in this press release are made as of the date hereof, and the Company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in the Company’s most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q, including the sections entitled “Risk Factors”, as well the Company’s current reports on Form 8-K, filed with the Securities and Exchange Commission, and include the impact of the Company’s transition to a third-party revenue cycle management provider; the impact of surprise billing legislation; the effects of economic conditions on the Company’s business; the effects of the Affordable Care Act and potential healthcare reform; the Company’s relationships with government-sponsored or funded healthcare programs, including Medicare and Medicaid, and with managed care organizations and commercial health insurance payors; the Company’s ability to comply with the terms of its debt financing arrangements; the impact of the COVID-19 pandemic on the Company and its financial condition and results of operations; the impact of the divestiture of the Company’s anesthesiology and radiology medical groups; the impact of management transitions; the timing and contribution of future acquisitions or organic growth initiatives; the effects of share repurchases; and the effects of the Company’s transformation initiatives, including its reorientation on, and growth strategy for, its pediatrics and obstetrics business. Pediatrix Medical Group, Inc. Consolidated Statements of Income and Comprehensive Income (in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2023 2022 Net revenue $ 491,008 $ 482,229 Operating expenses: Practice salaries and benefits 362,235 343,155 Practice supplies and other operating expenses 30,720 28,489 General and administrative expenses 59,059 61,287 Depreciation and amortization 8,953 8,769 Transformational and restructuring related expenses — 1,421 Total operating expenses 460,967 443,121 Income from operations 30,041 39,108 Investment and other income 634 875 Interest expense (10,390 ) (11,818 ) Loss on early extinguishment of debt — (57,016 ) Equity in earnings of unconsolidated affiliates 427 505 Total non-operating expenses (9,329 ) (67,454 ) Income (loss) from continuing operations before income taxes 20,712 (28,346 ) Income tax (provision) benefit (6,506 ) 7,401 Income (loss) from continuing operations 14,206 (20,945 ) Loss from discontinued operations, net of tax — (247 ) Net income (loss) 14,206 (21,192 ) Net loss attributable to noncontrolling interest — 4 Net income (loss) attributable to Pediatrix Medical Group, Inc. $ 14,206 $ (21,188 ) Other comprehensive income (loss), net of tax Unrealized holding gain (loss) on investments, net of tax of $227 and $894 604 (2,668 ) Total comprehensive income (loss) attributable to Pediatrix Medical Group, Inc. $ 14,810 $ (23,856 ) Per common and common equivalent share data (diluted): Net income (loss) attributable to Pediatrix Medical Group, Inc.: $ 0.17 $ (0.25 ) Weighted average common shares 82,318 85,405 Pediatrix Medical Group, Inc. Reconciliation of Income (Loss) from Continuing Operations to Adjusted EBITDA from Continuing Operations Attributable to Pediatrix Medical Group, Inc. (in thousands) (Unaudited) Three Months Ended March 31, 2023 2022 Income (loss) from continuing operations attributable to Pediatrix Medical Group, Inc. $ 14,206 $ (20,941 ) Interest expense 10,390 11,818 Loss on early extinguishment of debt — 57,016 Income tax provision (benefit) 6,506 (7,401 ) Depreciation and amortization expense 8,953 8,769 Transformational and restructuring related expenses — 1,421 Adjusted EBITDA from continuing operations attributable to Pediatrix Medical Group, Inc. $ 40,055 $ 50,682 Pediatrix Medical Group, Inc. Reconciliation of Diluted Income (Loss) from Continuing Operations per Share to Adjusted Income from Continuing Operations per Diluted Share (“Adjusted EPS”) (in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2023 2022 Weighted average diluted shares outstanding 82,318 85,405 Income (loss) from continuing operations and diluted income from continuing operations per share attributable to Pediatrix Medical Group, Inc. $ 14,206 $ 0.17 $ (20,941 ) $ (0.25 ) Adjustments (1) : Amortization (net of tax of $499 and $541) 1,496 0.02 1,621 0.02 Stock-based compensation (net of tax of $752 and $1,109) 2,257 0.03 3,326 0.04 Transformational and restructuring expenses (net of tax of $355) — — 1,066 0.01 Loss on early extinguishment of debt (net of tax of $14,254) — — 42,762 0.50 Net impact from discrete tax events 720 0.01 492 0.01 Adjusted income and diluted EPS from continuing operations attributable to Pediatrix Medical Group, Inc. $ 18,679 $ 0.23 $ 28,326 $ 0.33 (1) A blended tax rate of 25% was used to calculate the tax effects of the adjustments for the three months ended March 31, 2023 and 2022. Pediatrix Medical Group, Inc. Balance Sheet Highlights (in thousands) (Unaudited) As of March 31, 2023 As of December 31, 2022 Assets: Cash and cash equivalents $ 6,124 $ 9,824 Investments 96,709 93,239 Accounts receivable, net 278,739 296,787 Other current assets 27,020 28,139 Intangible assets, net 17,487 18,491 Operating and finance lease right-of-use assets 66,793 66,924 Goodwill, other assets, property and equipment 1,827,179 1,834,483 Total assets $ 2,320,051 $ 2,347,887 Liabilities and shareholders' equity:  Accounts payable and accrued expenses $ 226,675 $ 374,225 Total debt, net 757,728 651,279 Operating lease liabilities 65,035 65,802 Other liabilities 360,842 364,949 Total liabilities 1,410,280 1,456,255 Total shareholders' equity 909,771 891,632 Total liabilities and shareholders' equity $ 2,320,051 $ 2,347,887 Pediatrix Medical Group, Inc. Reconciliation of Income from Continuing Operations to Forward-Looking Adjusted EBITDA from Continuing Operations Attributable to Pediatrix Medical Group, Inc. (in thousands) (Unaudited) Year Ended December 31, 2023 Income from continuing operations attributable to Pediatrix Medical Group, Inc. $ 110,000 $ 120,000 Interest expense 42,200 40,000 Income tax provision 44,800 47,000 Depreciation and amortization expense 38,000 38,000 Adjusted EBITDA from continuing operations attributable to Pediatrix Medical Group, Inc. $ 235,000 $ 245,000