On this page of StockholderLetter.com we present the latest annual shareholder letter from Pediatrix Medical Group, Inc. — ticker symbol MD. Reading current and past MD letters to shareholders can bring important insights into the investment thesis.

 •  3/28/2025 Letter Continued (Full PDF)
 •  3/31/2023 MD Stockholder Letter
 •  3/28/2024 MD Stockholder Letter
 •  More "Diagnostics" Category Stockholder Letters
 •  MD Benford's Law Stock Score = 34

MD Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT
Take great care of the patient,
every day and in every way.   

Corporate Profile:
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 approximately 4,400 affiliated physicians and other clinicians. To
learn more about Pediatrix, visit www.pediatrix.com or follow us on Facebook, Instagram, LinkedIn, and
the Pediatrix blog. Investment information can be found at www.pediatrix.com/investors.

To Our Shareholders:
The following annual report details the activities and results of Pediatrix Medical Group, Inc. for
2024.
During 2024, the Pediatrix team executed our portfolio restructuring plan, which resulted in a
refocused organization consisting of core hospital-based services, including neonatology, pediatric
intensive care, and a number of other inpatient pediatric services, as well as our maternal-fetal
medicine practices. We also completed our transition to a hybrid revenue-cycle management structure,
with a fully staffed and strong internal team supported by a new vendor.
We now have a smaller footprint that is designed to enable a stronger core and a more efficient
organization.
As we have done since our founding, we will first and foremost prioritize patient-centric care by
providing optimal support to our clinicians and our practices. In 2025, we will also focus on
strengthening our hospital and health system relationships; and we will be good stewards of our
improved financial position and cash flow.
These efforts and our key priorities underscore our mission to Take great care of the patient, every
day and in every way TM and I join my fellow Pediatrix Directors and executives in thanking all of our
affiliated clinicians and non-clinical associates for their dedication and hard work.
Thank you for your continued support of our efforts.
Mark S. Ordan
Chair of the Board and Chief Executive Officer

Selected Highlights
(in thousands, except per share and other
operating data)
2024
2023
2022
$2,012,919
$1,994,640
$1,972,021
Consolidated Income Statement Data:
Net revenue
(Loss) income from continuing operations
(99,069)
(60,408)
62,564
Adjusted earnings before interest, taxes and depreciation and amortization from
continuing operations (   Adjusted EBITDA   )1
224,022
200,418
241,033
Diluted (loss) income from continuing operations per share (   EPS   )

Adjusted diluted income from continuing operations per share (   Adjusted EPS   )1

(1.19) $
1.51
(0.73) $

1.26

0.74
1.66
Consolidated Balance Sheet Data:
Total assets
$2,152,700
$2,219,810
$2,347,887
1,387,762
1,370,749
1,456,255
764,938
849,061
891,632
2,335
2,621
2,597
Number of births
752,394
767,214
798,552
NICU admissions
109,324
109,442
113,702
1,994,418
2,003,917
2,039,662
Total liabilities
Total equity
Other Operating Data:
Number of physicians at end of year
NICU patient days
Net Revenue
   22
$1,972
   23
$1,995
   24
$2,013
Adjusted EBITDA1
   22
$241
   23
$200
   24
$224
2,100
$300
$2,500
$250
$2,000
NICU Patient
Days
   22
2,040
   23
2,004
   24
1,994
2,050
$241
2,040
$224
$1,972 $1,995 $2,013
2,004
2,000
$200
1,994
$200
1,950
$1,500
$150
1,900
$1,000
$100
1,850
$500
$50
1,750
$0
$0
'22
'23
'24
Net Revenue
1
1,800
'22
'23
'24
Adjusted EBITDA
'22
'23
'24
NICU Patient Days
Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures. For a description of the rationale for our
presentation of Adjusted EBITDA and Adjusted EPS and a reconciliation of Adjusted EBITDA and Adjusted EPS to the most
directly comparable GAAP measures for the years ended December 31, 2024, 2023, and 2022, please see the disclosure
under the caption    Non-GAAP Measures    on Pages 62 and 63 of this Annual Report on Form 10-K.



 3/28/2025 Letter Continued (Full PDF)