FORT LAUDERDALE, Fla. (AP) - Health care services company Pediatrix Medical
Group Inc. said Wednesday profit rose 30 percent in the fourth quarter, as
better reimbursement rates drove revenue.
For the quarter ended Dec. 31, the company earned $41.3 million, or 84 cents
per share, compared with $32.4 million, or 65 cents per share, a year ago.
Pediatrix recorded a 2 cent-per-share gain from a reduction in tax-related
reserves in the fourth quarter.
Excluding the income tax provision, income from continuing operations was 82
cents per share.
Revenue rose 20 percent to $250.4 million from $207.9 million, helped by
better reimbursement rates from third-party payers.
The results beat the forecast of analysts polled by Thomson Financial. The
consensus called for profit of 80 cents per share and revenue of $240.4 million.
For the full year, Pediatrix's net income was $142.7 million, or $2.86 per
share, compared with $124.5 million, or $2.52 per share, at the end of 2006.
Revenue rose to $917.6 million from $804.7 million.
In December, Pediatrix agreed to sell its metabolic screening laboratory to
Perkin-Elmer Inc. The company's results reflect contributions of that lab as
income from discontinued operations of 2 cents per share in the recent quarter.
Looking ahead, the company reaffirmed its 2008 earnings guidance of $3.35 to
$3.45 per share.
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