We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
MEDNAX's (MD) Earnings Beat Estimates in Q2, Improve Y/Y
Read MoreHide Full Article
MEDNAX, Inc. (MD - Free Report) reported second-quarter 2021 adjusted earnings of 41 cents per share, which beat the Zacks Consensus Estimate of 33 centsby 24.2%. Moreover, the bottom line improved 28.1% year over year.
The quarter witnessed strong patient volume trends in the quarter under review.
The company generated revenues of $473 million, which beat the Zacks Consensus Estimate by 3.7% on the back of solid patient volumes. The top line fell 7.1% from the year-ago period’s level.
Same-unit revenues were up 13.4% year over year owing to net acquisition activity while same-unit revenues attributable to patient volume were up 9.5%.
General and administrative expenses increased 17.4% year over year to $71 million due to higher costs related to information-technology initiatives, reductions in salary expense, etc.
Total operating expenses rose 11% year over year to $422 million due to higher practice salaries and benefits, practise supplies and other operating expenses, and general and administrative expenses.
Interest expense of the company declined 40.3% on the back of its redemption of $750-million outstanding principle amount of 5.25% senior notes due 2023.
In the quarter under review, adjusted EBITDA totalled $65.5 million, up 17.6% year over year.
Business Update
The company completed the sale of a secondary corporate office building in the second quarter.
Financial Update (as of Jun 30, 2021)
The company had cash and cash equivalents of $338.1 million, which decreased 70% from the level as of Dec 31, 2020.
The company’s total debt, net of $998 million, was down 42.7% from the level at 2020 end while total assets worth $2.55 billion dropped 23.7% from the last-year end.
Cash flow used in operating activities was $70.4 million in the quarter under review compared with $97.5 million in second-quarter 2020.
The company left the second quarter with no outstanding borrowings under its $1.2-billion revolving credit facility.
Among other players from the medical space that have reported second-quarter earnings so far, the bottom-line results of UnitedHealth Group Incorporated (UNH - Free Report) , Tenet Healthcare Corporation (THC - Free Report) and HCA Healthcare, Inc. (HCA - Free Report) beat estimates.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Shutterstock
MEDNAX's (MD) Earnings Beat Estimates in Q2, Improve Y/Y
MEDNAX, Inc. (MD - Free Report) reported second-quarter 2021 adjusted earnings of 41 cents per share, which beat the Zacks Consensus Estimate of 33 centsby 24.2%. Moreover, the bottom line improved 28.1% year over year.
The quarter witnessed strong patient volume trends in the quarter under review.
MEDNAX, Inc. Price, Consensus and EPS Surprise
MEDNAX, Inc. price-consensus-eps-surprise-chart | MEDNAX, Inc. Quote
Quarterly Details
The company generated revenues of $473 million, which beat the Zacks Consensus Estimate by 3.7% on the back of solid patient volumes. The top line fell 7.1% from the year-ago period’s level.
Same-unit revenues were up 13.4% year over year owing to net acquisition activity while same-unit revenues attributable to patient volume were up 9.5%.
General and administrative expenses increased 17.4% year over year to $71 million due to higher costs related to information-technology initiatives, reductions in salary expense, etc.
Total operating expenses rose 11% year over year to $422 million due to higher practice salaries and benefits, practise supplies and other operating expenses, and general and administrative expenses.
Interest expense of the company declined 40.3% on the back of its redemption of $750-million outstanding principle amount of 5.25% senior notes due 2023.
In the quarter under review, adjusted EBITDA totalled $65.5 million, up 17.6% year over year.
Business Update
The company completed the sale of a secondary corporate office building in the second quarter.
Financial Update (as of Jun 30, 2021)
The company had cash and cash equivalents of $338.1 million, which decreased 70% from the level as of Dec 31, 2020.
The company’s total debt, net of $998 million, was down 42.7% from the level at 2020 end while total assets worth $2.55 billion dropped 23.7% from the last-year end.
Cash flow used in operating activities was $70.4 million in the quarter under review compared with $97.5 million in second-quarter 2020.
The company left the second quarter with no outstanding borrowings under its $1.2-billion revolving credit facility.
Zacks Rank
MEDNAX currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Medical Sector Releases
Among other players from the medical space that have reported second-quarter earnings so far, the bottom-line results of UnitedHealth Group Incorporated (UNH - Free Report) , Tenet Healthcare Corporation (THC - Free Report) and HCA Healthcare, Inc. (HCA - Free Report) beat estimates.