Sunrise-based Mednax, a medical group that has been rapidly acquiring specialty physician practices nationwide, reported double-digit increases in revenue and profits for the third quarter.
Mednax on Thursday reported net income of $86 million, or 86 cents a share, a 12 percent increase over $76.96 million, or 76 cents a share, in the third quarter last year. Revenues were $627 million, up 12.9 percent from $554.7 million in the third quarter 2013.
Chief executive Dr. Roger Medel said the strong results reflect the company’s “active growth strategy.”
Mednax has made nine acquisitions this year, adding to its neonatal and pediatric physician practices as well as its anesthesiology. It also purchased a data company.
The company used about $213.3 million of its cash during the third quarter to make acquisitions and payments for previously completed acquisitions.
During the quarter, revenue growth attributable to recently acquired practices was 7.9 percent while overall same-unit revenue grew by 5 percent over the prior-year period, Mednax said.
Mednax has 45 physician practices in Florida and provides services to 34 hospitals in Broward, Palm Beach and Miami-Dade counties. In Sunrise, the company employs more than 600 people. Nationwide, Mednax has about 10,000 employees, including 2,500 physicians, 800 nurse practitioners and 1,250 anesthetists.
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