MEDNAX Announces Acquisition of Anesthesiology Practice in Michigan

FORT LAUDERDALE, Fla.--()--MEDNAX, Inc., (NYSE: MD) today announced the acquisition of Great Lakes Anesthesia Associates, P.C., a private practice physician group based in Grand Blanc, Mich. The practice, which was founded in 1993, will become part of MEDNAX’s American Anesthesiology division and is the second Michigan-based anesthesia practice to join the division.

At closing, 56 full-time anesthesia providers (14 anesthesiologists and 42 anesthetists) will join American Anesthesiology. The practice will provide anesthesia services across a wide spectrum of subspecialty areas at Genesys Regional Medical Center in Grand Blanc and three surgery centers throughout the greater Flint metropolitan area. The practice’s anesthesia services include, but are not limited to, general surgery; ear, nose and throat; orthopedic; neurosurgery (including spine); obstetric; gynecological; cardiac; and acute and post-operative pain management.

“American Anesthesiology will ensure that patient care remains our highest priority by managing our office infrastructure, offering nationwide collaborative efforts and allowing us to focus on advanced research, education and quality initiatives,” said Gregg Brent, M.D., who will serve as medical director for the practice. “We are pleased to have new opportunities to grow our business as well as to focus on the level of service we provide to our hospital and surgery centers, which is crucial as we enter this new era of healthcare reform.”

MEDNAX’s American Anesthesiology division consists of more than 1,925 anesthesia providers, including more than 825 physicians and 1,100 anesthetists practicing in Florida, Georgia, Maryland, Michigan, New Jersey, New York, North Carolina, Tennessee, Texas, and Virginia.

This was a cash transaction, and it is expected to be immediately accretive to earnings. No additional terms of the transaction were disclosed.

ABOUT MEDNAX

MEDNAX, Inc. is a national medical group comprised of the nation's leading providers of neonatal, anesthesia, maternal-fetal and pediatric physician subspecialty services. Physicians and advanced practitioners practicing as part of MEDNAX are reshaping the delivery of care within their specialties and subspecialties, using evidence-based tools, continuous quality initiatives and clinical research to enhance patient outcomes and provide high-quality, cost-effective care. Pediatrix Medical Group, a unit of MEDNAX, was founded in 1979 and now includes neonatal physicians who provide services at more than 360 neonatal intensive care units, who collaborate with affiliated maternal-fetal medicine, pediatric cardiology and pediatric critical care physician subspecialists to provide a clinical care continuum. Pediatrix is also the nation's largest provider of newborn hearing screens. In 2007, MEDNAX expanded into anesthesia services. Today, American Anesthesiology includes more than 1,925 anesthesiologists and advanced practitioners who provide anesthesia care to patients in connection with surgical and other procedures as well as pain management. MEDNAX, through its affiliated professional corporations, employs more than 2,350 physicians in 34 states and Puerto Rico. Additional information is available at www.mednax.com.

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, 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 our 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 MEDNAX’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 MEDNAX 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 MEDNAX’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 MEDNAX’s current reports on Form 8-K, filed with the Securities and Exchange Commission.

Contacts

MEDNAX, Inc.
Vivian Lopez-Blanco, 954-384-0175, x 5020
Chief Financial Officer/Treasurer
vivian_lopezblanco@mednax.com

Release Summary

MEDNAX, Inc. today announced the acquisition of Great Lakes Anesthesia Associates, P.C., a private practice physician group based in Grand Blanc, Mich.

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Contacts

MEDNAX, Inc.
Vivian Lopez-Blanco, 954-384-0175, x 5020
Chief Financial Officer/Treasurer
vivian_lopezblanco@mednax.com