anesthesiologists

anesthesiologists

Mednax said its revenue grew 24 percent in the first quarter, year-over-year, and it implemented two management changes that it hopes will expand its physician practice company.

The Sunrise-based company (NYSE: MD) reported net income of $34.1 million on net patient service revenue of $303.9 million in the first quarter. In the same quarter of 2008, Mednax earned $55.8 million on revenue of $245.6 million.

However, the company’s results in the first quarter of 2008 included $23.7 million in net income from discontinued operations from a metabolic screening lab that it sold. Factoring that out, Mednax’s income from continuing operations in the first quarter of 2009 was up 6 percent compared to the prior-year period.

Mednax, formerly known as Pediatrix, runs the nation’s largest network of neonatal, maternal-fetal and pediatric physician subspecialty services, and last year started buying anesthesia practices nationwide.

The company spent $11.5 million on new and previously completed acquisitions in the first quarter.

Even discounting the contribution from its acquisitions over the past year, Mednax’s existing operations realized a 4 percent revenue increase and a 2 percent patient volume increase, year-over-year.

“We continue to grow our business, despite a challenging economic environment, because of our consistent execution of a proven strategy that adds value principally to physicians attracted to practice as part of our national group, but also to our patients, referring physicians, hospital partners and third-party payors,” Mednax CEO Roger J. Medel said in a news release. “We remain committed to growing our business, and our results reflect the ongoing progress that we are making in expanding our national group practice.”

Mednax also announced two management changes as part of a transition plan. It promoted CFO Karl B. Wagner to the newly created position of president of its American Anesthesiology operating group. The company has more than 450 anesthesiologists, and plans to continue growing this business.

Mednax said it expects to invest $70 million to $75 million in physician practice acquisitions in 2009.

Stepping in for Wagner as the new Mednax CFO is Vivian LopezBlanco, the company’s treasurer. She joined Mednax in May 2008 after working as the CFO of Carrols Corp.’s restaurant division, which includes Pollo Tropical and Taco Cabana.

Mednax is bullish on the second quarter, projecting net income of 84 cents to 90 cents a share. The company’s net income of $34.1 million in the first quarter equated to 74 cents a share.

Shares shot up $5.03 to close at $42.85. The 52-week high was $69.80 on May 7, 2008. The 52-week low was $23.36 on Nov. 21.