Profit doubles at Pediatrix, but shares tank
Posted on Thu, May. 08, 2008
BY JOHN DORSCHNER
Pediatrix, the Sunrise company offering neonatal and other healthcare services, reported revenue of $245.6 million for the first quarter, up from $211 million for the same period last year.
Net income was $55.8 million, more than double the $25.6 million reported for the first quarter in 2007. Part of the difference was due to $23.2 million as a net gain from the sale of its metabolic screening laboratory.
Same-unit revenue increased by 7.8 percent, the company said in a news release, ``driven largerly by improved reimbursement from third-party payers.''
Net income per share was $1.14 for the quarter, up from $0.51 in 2007.
Also during the first quarter, the company finished a $100 million stock repurchase program.
But the stock price cratered, falling 13 percent to $8.72 in Thursday midmorning trading, as the company said it may not meet a previous profit forecast.
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