Mednax Q4 Earnings Beat Estimates, Sees FY22 EBITDA Of At Least $270M

Mednax Inc MD reports Q4 adjusted EPS of $0.52, more than double from $0.25 a year ago and beating the consensus of $0.44.

• Q4 revenues reached $498.5 million, compared to $416.6 million for the prior-year period and beating the consensus of $483.83 million.
• Mednax's overall same-unit revenue increased by 17.6%, modestly complemented by net acquisition activity.
• Same-unit revenue from net reimbursement-related factors increased by 11.3%. Same-unit revenue attributable to patient volume increased by 6.3%. 
• The company reported income from continuing operations of $68 million, more than a 100% jump from $32.3 million last year.
• Adjusted EBITDA was $81.0 million compared to $58.3 million for the prior-year period. Funds received from the provider relief fund established by the CARES Act favorably impacted Adjusted EBITDA by approximately $11.8 million for Q4 of 2021.
• Mednax held cash & equivalents of $387 million and generated cash from continuing operations of $75.0 million.
• After Q4 FY21, Mednax issued $400 million in 5.375% senior notes due 2030.
• Together with a new $450 million revolving credit facility, a new $250 million term A loan, and cash on hand, the proceeds were used to redeem its $1.0 billion of 2027 Senior Notes. After reflecting these transactions, the company's total debt outstanding was $750 million.
• Guidance: Mednax anticipates FY22 adjusted EBITDA of at least $270 million. 
• Price Action: MD shares closed higher by 1.26% at $25.74 on Wednesday.