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.

 •  3/28/2024 Letter Continued (Full PDF)
 •  3/31/2023 MD Stockholder Letter
 •  More "Diagnostics" Category Stockholder Letters
 •  MD Benford's Law Stock Score = 76

MD Shareholder/Stockholder Letter Transcript:

2023 ANNUAL REPORT
Take great care of the patient, every day in every way.TM

Corporate Profile:
Pediatrix   Medical Group, Inc. (NYSE:MD) is the nation   s 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 more than 20 pediatric subspecialties. The group   s high-quality,
evidence-based care is bolstered by significant investments in research, education, qualityimprovement 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 in 37 states. To learn more about Pediatrix,
visit www.pediatrix.com or follow us on Facebook, Instagram, LinkedIn, X (formerly Twitter) and the
Pediatrix blog. Investment information can be found at www.pediatrix.com/investors.

Selected Highlights
(in thousands, except per share and other
operating data)
2023
2022
2021
$1,994,640
$1,972,021
$1,911,191
Consolidated Income Statement Data:
Net revenue
(Loss) income from continuing operations
(60,408)
62,564
107,987
Adjusted earnings before interest, taxes and depreciation and amortization (   Adjusted
EBITDA   ) from continuing operations1
200,418
241,033
265,476
Diluted (loss) income from continuing operations per share (   EPS   )

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

(0.73) $
1.26

0.74

1.26
1.66

1.63
Consolidated Balance Sheet Data:
Total assets
$2,219,810
$2,347,887
$2,722,546
1,370,749
1,456,255
1,825,854
849,061
891,632
896,692
2,621
2,597
2,444
Number of births
767,214
798,552
796,085
NICU admissions
109,442
113,702
113,564
2,003,917
2,039,662
2,007,484
Total liabilities
Total equity
Other Operating Data:
Number of physicians at end of year
NICU patient days
Net Revenue
   21
$1,911
   22
$1,972
   23
$1,995
Adjusted EBITDA
From Continuing Operations1
   21
$265
   22
$241
   23
$200
NICU Patient
Days
   21
2,007
   22
2,040
   23
2,004
2,100
$300
$265
$2,500
$2,000
$1,911
2,040
2,050
$241
$250
2,007
$1,972 $1,995
$200
2,004
2,000
$200
1,950
$1,500
$150
1,900
$1,000
$100
1,850
$500
$50
1,750
$0
$0
'21
'22
'23
Net Revenue
1
1,800
'21
'22
'23
Adjusted EBITDA
'21
'22
'23
NICU Patient Days
Adjusted earnings before interest, taxes and depreciation and amortization (   Adjusted EBITDA   ) from continuing operations
is a non-GAAP financial measure. For a description of the rationale for our presentation of Adjusted EBITDA and a
reconciliation of Adjusted EBITDA from continuing operations to the most directly comparable GAAP measure, for the years
ended December 31, 2023, 2022, and 2021, please see the disclosure under the caption    Non-GAAP Measures    on Pages
65 and 66 of this Annual Report on Form 10-K.

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To Our Shareholders:
The following 2023 annual report details Pediatrix activities and results for the year.
Through the past year, we took significant steps to enhance our core service lines and strengthen the support
of our affiliated practices and clinicians. Notably, we accelerated our transition to a hybrid revenue-cycle
management structure, with a strong internal team supported by a best-in-class vendor. In addition, we utilized
our strong free cash flow to strengthen our balance sheet and provide ample financial flexibility.
We were also successful in our payor relationships under the No Surprises Act. While Pediatrix has always
strived to be in-network across all of our geographies and services, we entered 2024 with an even higher
in-network profile following successful arbitration processes and, ultimately, negotiations affecting several
important states. Following these negotiations, even more patients and patients    families can access the critical
services provided by our affiliated clinicians.
All of these efforts 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 applauding and thanking all of our affiliated clinicians
and non-clinical associates for their dedication and hard work.
I thank you for your continued support of our efforts.
James D. Swift, M.D.
Chief Executive Officer



 3/28/2024 Letter Continued (Full PDF)