MD Pediatrix Medical Group Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 01, 2024

 

 

 

 

 

 

 

 

Pediatrix Medical Group, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Florida			001-12111	26-3667538
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
1301 Concord Terrace
Sunrise, Florida				33323
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 954 384-0175

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $.01 per share		MD		The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On August 6, 2024, Pediatrix Medical Group, Inc., a Florida corporation (the “Company”), issued a press release announcing the results of its operations for the three months and six months ended June 30, 2024 (the “Second Quarter Release”). A copy of the Second Quarter Release is attached hereto as Exhibit 99.1 and is hereby incorporated in this Current Report by reference. The information contained in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement or other document filed by the Company under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Chief Financial Officer Transition

On August 6, 2024, the Company announced that its board of directors (the “Board”) has appointed Ms. Kasandra Rossi, who currently serves as the Company’s Senior Vice President, Financial Reporting and Assistant Treasurer, to succeed Mr. C. Marc Richards as Executive Vice President, Chief Financial Officer (“CFO”) and Treasurer of the Company.

The transition will be effective on or about October 1, 2024, following the anticipated completion of the next phase of the Company’s previously announced transition of its outsourced enterprise revenue cycle management services and the advancement of the Company’s planned portfolio management activities.

Ms. Rossi, 51, joined the Company in December 2009 and has served in various senior-level accounting, finance and treasury roles. She was appointed to her current role as Senior Vice President, Financial Reporting and Assistant Treasurer in November 2021.

In recognition of her appointment as CFO, Ms. Rossi will receive an increase in her annual base salary to $425,000 and an increase in her annual bonus opportunity to 75% of her annual base salary.

There are no arrangements or understandings between Ms. Rossi and any other person pursuant to which she was appointed as CFO of the Company and no family relationships between Ms. Rossi and any director or executive officer of the Company. Other than as described in this Current Report on Form 8-K, since the beginning of the Company’s last fiscal year, the Company has not engaged in any transactions, and there are no proposed transactions, or series of similar transactions, in which the Company was or is to be a participant and in which Ms. Rossi had a direct or indirect material interest in which the amount involved exceeds or exceeded $120,000.

Mr. Richards’ transition from his role as Executive Vice President, CFO and Treasurer is a termination without “Cause” pursuant to that certain Amended and Restated Employment Agreement, dated April 26, 2023, by and between Mr. Richards and a wholly-owned subsidiary of the Company, and Mr. Richards will receive the benefits thereunder following the execution of a general release of claims in favor of the Company.

Chief Administrative Officer Appointment

The Company also announced that the Board has appointed Ms. Mary Ann E. Moore to serve as the Company’s Chief Administrative Officer, in addition to her existing roles as the Company’s Executive Vice President, General Counsel and Secretary, effective as of August 1, 2024.

In addition, the Company announced that Curtis B. Pickert, M.D. has transitioned from his role as the Company’s Executive Vice President, Chief Operating Officer and will now serve as Pediatrix’s Executive Vice President, Chief Physician Executive, effective as of August 1, 2024. As a result of this transition, Dr. Pickert will no longer serve as an executive officer of the Company.

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

Exhibit Index

99.1— Press Release of Pediatrix Medical Group, Inc. dated August 6, 2024.

104 — Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Pediatrix Medical Group, Inc.
Date:	August 6, 2024	By:	/s/ C. Marc Richards
			C. Marc Richards Chief Financial Officer

 

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FOR MORE INFORMATION:

Charles Lynch

Senior Vice President, Finance and Strategy

954-384-0175, x 5692

charles.lynch@pediatrix.com

 

FOR IMMEDIATE RELEASE

 

Pediatrix Medical Group Reports Second Quarter Results

FORT LAUDERDALE, Fla., August 6, 2024 - Pediatrix Medical Group, Inc. (NYSE: MD), a leading provider of physician services, today reported a loss of $1.84 per share for the three months ended June 30, 2024. On a non-GAAP basis, Pediatrix reported Adjusted EPS of $0.34.

 

For the 2024 second quarter, Pediatrix reported the following results:

 

“Our second quarter operating results exceeded our expectations and reflected stable patient volumes, improved payor mix, and operating efficiencies,” said James D. Swift, M.D., Chief Executive Officer of Pediatrix Medical Group. “Our previously discussed portfolio management plans are well underway and we expect to complete these plans by the end of 2024. We believe that these operating plans, our strengthening financial position, and our focus on hospital-based care and maternal-fetal medicine will benefit all of our stakeholders.”

Operating Results– Three Months Ended June 30, 2024

Pediatrix’s net revenue for the three months ended June 30, 2024 was $504.3 million, compared to $500.6 million for the prior-year period. This increase reflected growth in same-unit revenue of 2.8 percent, partially offset by the impact of non-same unit activity, primarily practice dispositions.

 

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Same-unit revenue from net reimbursement-related factors increased by 2.4 percent for the 2024 second quarter as compared to the prior-year period. This increase primarily reflects improved payor mix and modest improvements in hospital contract administrative fees. The percentage of services reimbursed by commercial and other non-government payors increased by approximately 230 basis points compared to the prior year period.

Same-unit revenue attributable to patient volume increased by 0.4 percent for the 2024 second 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 and six months ended June 30, 2024. (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 June 30, 2024		Six Months Ended June 30, 2024
Hospital-based patient services		1.0%		1.7%
Office-based patient services		(1.2)%		0.7%
Neonatology services (within hospital-based services):
Neonatal intensive care unit (NICU) days		(0.8)%		0.9%

For the 2024 second quarter, practice salaries and benefits expense was $357.8 million, compared to $354.0 million for the prior-year period. This comparison primarily reflects increases in same-unit clinical compensation costs, partially offset by the impact of non-same unit activity, primarily practice dispositions.

For the 2024 second quarter, general and administrative expenses were $56.6 million, as compared to $58.0 million for the prior-year period. This decline primarily reflects net staffing reductions that more than offset increased internal staffing as part of the Company’s ongoing development of its hybrid revenue cycle management structure.

For 2024 second quarter, transformational and restructuring related expenses totaled $13.6 million. These expenses related primarily to practice dispositions and revenue cycle management transition activities.

Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization, transformational and restructuring related expenses, and loss on disposal of businesses and impairment losses, was $57.9 million for the 2024 second quarter, compared to $59.1 million for the prior-year period.

Depreciation and amortization expense was $8.8 million for the second quarter of 2024, compared to $8.9 million for the prior-year period.

Interest expense was $10.3 million for the second quarter of 2024, compared to $11.2 million for the second quarter of 2023, reflecting lower outstanding borrowings.

 

During the second quarter of 2024, the Company recorded an aggregate non-cash impairment loss of $192.9 million related to goodwill and long-lived assets related to the Company’s portfolio management plan.

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Pediatrix generated a net loss of $153.0 million, or $1.84 per diluted share, for the 2024 second quarter, based on a weighted average 83.3 million shares outstanding. This compares with net income of $28.3 million, or $0.34 per diluted share, for the 2023 second quarter, based on a weighted average 82.7 million shares outstanding.

For the second quarter of 2024, Pediatrix reported Adjusted EPS of $0.34, compared to $0.39 for the second quarter of 2023. For these periods, Adjusted EPS is defined as diluted income per common and common equivalent share excluding non-cash amortization expense, stock-based compensation expense, transformational and restructuring related expenses, loss on disposal of businesses and impairment losses, and discrete tax events.

Operating Results – Six Months Ended June 30, 2024

For the six months ended June 30, 2024, Pediatrix generated revenue of $999.4 million, compared to $991.6 million for the prior-year period. Pediatrix generated a net loss of $149.0 million, or $1.79 per share, for the six months ended June 30, 2024, based on a weighted average 83.1 million shares outstanding, which compares to income of $42.5 million, or $0.52 per share, based on a weighted average 82.4 million shares outstanding for the first six months of 2023. Adjusted EBITDA for the six months ended June 30, 2024 was $95.1 million, compared to $99.2 million for the prior year. For the six months ended June 30, 2024, Pediatrix reported Adjusted EPS of $0.54, compared to $0.62 in the same period of 2023.

Financial Position and Cash Flow – Continuing Operations

Pediatrix had cash and cash equivalents of $19.4 million at June 30, 2024, compared to $73.3 million on December 31, 2023, and net accounts receivable were $274.2 million.

For the second quarter of 2024, Pediatrix generated cash from continuing operations of $109.3 million, compared to $92.6 million during the second quarter of 2023. During the second quarter of 2024, the Company used $7.0 million to fund capital expenditures.

At June 30, 2024, Pediatrix had total debt outstanding of $622 million, consisting of its $400 million in 5.375% Senior Notes due 2030 and $222 million in borrowings under its Term A Loan. At June 30, 2024, the Company had no outstanding borrowings under its $450 million revolving line of credit.

 

Portfolio Management Update

As previously disclosed, during the second quarter of 2024, Pediatrix formalized its practice portfolio management plans, resulting in a decision to exit almost all of its affiliated office-based practices, other than maternal-fetal medicine. The Company expects to complete these exits prior to the end of 2024. In addition, Pediatrix previously disclosed its intent to exit its primary and urgent care service line. During and subsequent to the end of the 2024 second quarter, the Company completed the exit of its primary and urgent care service line through two separate transactions.

 

In aggregate, the office-based practices that the Company intends to exit and the primary and urgent care clinics that have been divested contributed net revenue of approximately $200 million in 2023. As previously disclosed, Pediatrix expects that the annualized favorable impact

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to Adjusted EBITDA resulting from its portfolio management plans to be approximately $30 million.

 

Leadership Transitions

Chief Financial Officer Transition

Pediatrix announced today that its board of directors has appointed Ms. Kasandra Rossi, who currently serves as the Company’s Senior Vice President, Financial Reporting and Assistant Treasurer, to succeed Mr. C. Marc Richards as Executive Vice President, Chief Financial Officer and Treasurer of the Company. The transition will be effective on or about October 1, 2024, following the anticipated completion of the next phase of the Company’s previously announced transition of its outsourced enterprise revenue cycle management services and the advancement of the Company’s planned portfolio management activities.

Chief Administrative Officer Appointment

The Company also announced today that its board of directors has appointed Ms. Mary Ann E. Moore to serve as the Company’s Chief Administrative Officer, in addition to her existing roles as the Company’s Executive Vice President, General Counsel and Secretary, effective as of August 1, 2024.

In addition, Pediatrix announced that Curtis B. Pickert, M.D. has transitioned from his role as the Company’s Executive Vice President, Chief Operating Officer and will now serve as Pediatrix’s Executive Vice President, Chief Physician Executive, effective as of August 1, 2024.

 

2024 Outlook

As previously disclosed, Pediatrix anticipates that its 2024 Adjusted EBITDA, as defined below, will be in a range of $200 million to $220 million.

 

Non-GAAP Measures

A reconciliation of Adjusted EBITDA and Adjusted EPS to the most directly comparable GAAP measures for the three and six months ended June 30, 2024 and 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 August 20, 2024 by dialing 1-866-207-1041, access code 7909485. The replay will also be available at www.pediatrix.com.

 

ABOUT PEDIATRIX MEDICAL GROUP

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Pediatrix® Medical Group, Inc. (NYSE:MD) is a 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 multiple pediatric subspecialties. 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. 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 practice portfolio management plans and whether the Company is able to achieve the expected favorable impact to Adjusted EBITDA therefrom; the impact of the Company’s termination of its then third-party revenue cycle management provider and transition to a hybrid revenue cycle management model with one or more new third-party service providers, including any transition costs associated therewith; 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.

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Pediatrix Medical Group, Inc.

Consolidated Statements of Income and Comprehensive Income

(in thousands, except per share data)

(Unaudited)

 

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Net revenue		$	504,296			$	500,577			$	999,397			$	991,585
Operating expenses:
Practice salaries and benefits			357,808				354,032				726,946				716,267
Practice supplies and other operating expenses			32,369				31,089				63,454				61,809
General and administrative expenses			56,565				58,013				116,763				117,072
Depreciation and amortization			8,791				8,945				19,099				17,898
Transformational and restructuring related expenses			13,579				—				22,059				—
Goodwill impairment			154,243				—				154,243				—
Fixed assets impairments			20,112				—				20,112				—
Intangible assets impairments			7,679				—				7,679				—
Loss on disposal of businesses			10,873				—				10,873				—
Total operating expenses			662,019				452,079				1,141,228				913,046
(Loss) income from operations			(157,723	)			48,498				(141,831	)			78,539
Investment and other (loss) income			(161	)			1,189				1,852				1,823
Interest expense			(10,308	)			(11,230	)			(20,907	)			(21,620	)
Equity in earnings of unconsolidated affiliate			464				490				982				917
Total non-operating expenses			(10,005	)			(9,551	)			(18,073	)			(18,880	)
(Loss) income before income taxes			(167,728	)			38,947				(159,904	)			59,659
Income tax benefit (provision)			14,703				(10,665	)			10,914				(17,171	)
Net (loss) income		$	(153,025	)		$	28,282			$	(148,990	)		$	42,488
Other comprehensive (loss) income, net of tax
Unrealized holding gain (loss) on investments, net of tax of $66, $126, $86 and $353			200				(387	)			260				217
Total comprehensive (loss) income		$	(152,825	)		$	27,895			$	(148,730	)		$	42,705
Per common and common equivalent share data (diluted):
Net (loss) income:		$	(1.84	)		$	0.34			$	(1.79	)		$	0.52
Weighted average common shares			83,332				82,664				83,074				82,377

 

 

 

 

 

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Pediatrix Medical Group, Inc.

Reconciliation of Net (Loss) Income to Adjusted EBITDA

(in thousands)

(Unaudited)

 

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Net (loss) income		$	(153,025	)		$	28,282			$	(148,990	)		$	42,488
Interest expense			10,308				11,230				20,907				21,620
Income tax (benefit) provision			(14,703	)			10,665				(10,914	)			17,171
Depreciation and amortization expense			8,791				8,945				19,099				17,898
Transformational and restructuring related expenses			13,579				—				22,059				—
Goodwill impairment			154,243				—				154,243				—
Fixed assets impairments			20,112				—				20,112				—
Intangible assets impairments			7,679				—				7,679				—
Loss on disposal of businesses			10,873				—				10,873				—
Adjusted EBITDA		$	57,857			$	59,122			$	95,068			$	99,177

 

 

 

 

 

 

 

 

 

 

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Pediatrix Medical Group, Inc.

Reconciliation of Diluted Net Income per Share

to Adjusted (Loss) Income per Diluted Share (“Adjusted EPS”)

(in thousands, except per share data)

(Unaudited)

 

		Three Months Ended June 30,
		2024								2023
Weighted average diluted shares outstanding		83,332								82,664
Net (loss) income and diluted net (loss) income per share		$	(153,025	)		$	(1.84	)		$	28,282			$	0.34
Adjustments (1):
Amortization (net of tax of $533 and $512)			1,599				0.02				1,533				0.02
Stock-based compensation (net of tax of $500 and $782)			1,501				0.02				2,344				0.03
Transformational and restructuring expenses (net of tax of $3,395)			10,184				0.12				—				—
Goodwill impairment (net of tax of $15,490)			138,753				1.67				—				—
Fixed assets impairments (net of tax of $5,028)			15,084				0.18				—				—
Intangible assets impairments (net of tax of $1,920)			5,759				0.07				—				—
Loss on disposal of businesses (net of tax of $2,718)			8,155				0.10				—				—
Net impact from discrete tax events			328				—				150				—
Adjusted income and diluted EPS		$	28,338			$	0.34			$	32,309			$	0.39

 

(1) A blended tax rate of 25% was used to calculate the tax effects of the adjustments for the three months ended June 30, 2024 and 2023, other than for goodwill impairment for the relevant period. Tax effects for the goodwill impairment approximate 10% due to a portion of the expense being non-deductible.

 

 

		Six Months Ended June 30,
		2024								2023
Weighted average diluted shares outstanding		83,074								82,377
Net (loss) income and diluted net (loss) income per share		$	(148,990	)		$	(1.79	)		$	42,488			$	0.52
Adjustments (1):
Amortization (net of tax of $1,396 and $1,010)			4,188				0.05				3,029				0.04
Stock-based compensation (net of tax of $1,215 and $1,534)			3,647				0.04				4,601				0.06
Transformational and restructuring expenses (net of tax of $5,515)			16,544				0.20				—				—
Goodwill impairment (net of tax of $15,490)			138,753				1.67				—				—
Fixed assets impairments (net of tax of $5,028)			15,084				0.18				—				—
Intangible assets impairments (net of tax of $1,920)			5,759				0.07				—				—
Loss on disposal of businesses (net of tax of $2,718)			8,155				0.10				—				—
Net impact from discrete tax events			2,004				0.02				870				—
Adjusted income and diluted EPS		$	45,144			$	0.54			$	50,988			$	0.62

 

(1) A blended tax rate of 25% was used to calculate the tax effects of the adjustments for the six months ended June 30, 2024 and 2023, other than for goodwill impairment for the relevant period. Tax effects for the goodwill impairment approximate 10% due to a portion of the expense being non-deductible.

 

 

 

 

 

 

 

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Pediatrix Medical Group, Inc.

Balance Sheet Highlights

(in thousands)

(Unaudited)

 

 

		As of June 30, 2024				As of December 31, 2023
Assets:
Cash and cash equivalents		$	19,402			$	73,258
Investments			113,795				104,485
Accounts receivable, net			274,164				272,313
Other current assets			21,851				33,398
Intangible assets, net			10,193				21,240
Operating and finance lease right-of-use assets			65,392				70,294
Goodwill, other assets, property and equipment			1,490,554				1,644,822
Total assets		$	1,995,351			$	2,219,810
Liabilities and shareholders' equity:
Accounts payable and accrued expenses		$	267,333			$	350,798
Total debt, including finance leases, net			630,370				633,334
Operating lease liabilities			67,940				68,314
Other liabilities			323,247				318,303
Total liabilities			1,288,890				1,370,749
Total shareholders' equity			706,461				849,061
Total liabilities and shareholders' equity		$	1,995,351			$	2,219,810

 

 

 

 

 

 

 

 

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Pediatrix Medical Group, Inc.

Reconciliation of Net Loss to Forward-Looking Adjusted EBITDA

(in thousands)

(Unaudited)

 

 

 

		Year Ended December 31, 2024
Net loss		$	(112,507	)		$	(97,907	)
Interest expense			40,020				40,020
Income tax provision			2,580				7,980
Depreciation and amortization expense			37,000				37,000
Transformational and restructuring related expenses			40,000				40,000
Goodwill and long-lived asset impairments			182,034				182,034
Loss on disposal of businesses			10,873				10,873
Adjusted EBITDA		$	200,000			$	220,000

 

 

 

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v3.24.2.u1

Document And Entity Information	Aug. 01, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 01, 2024
Entity Registrant Name	Pediatrix Medical Group, Inc.
Entity Central Index Key	0000893949
Entity Emerging Growth Company	false
Entity File Number	001-12111
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	26-3667538
Entity Address, Address Line One	1301 Concord Terrace
Entity Address, City or Town	Sunrise
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33323
City Area Code	954
Local Phone Number	384-0175
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	MD
Security Exchange Name	NYSE

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