<SEC-DOCUMENT>0001157523-12-002461.txt : 20120503
<SEC-HEADER>0001157523-12-002461.hdr.sgml : 20120503
<ACCEPTANCE-DATETIME>20120503080103
ACCESSION NUMBER:		0001157523-12-002461
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120503
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120503
DATE AS OF CHANGE:		20120503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEDNAX, INC.
		CENTRAL INDEX KEY:			0000893949
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HOSPITALS [8060]
		IRS NUMBER:				650271219
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12111
		FILM NUMBER:		12807412

	BUSINESS ADDRESS:	
		STREET 1:		1301 CONCORD TERRACE
		CITY:			SUNRISE
		STATE:			FL
		ZIP:			33323
		BUSINESS PHONE:		9543840175

	MAIL ADDRESS:	
		STREET 1:		1301 CONCORD TERRACE
		CITY:			SUNRISE
		STATE:			FL
		ZIP:			33323

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PEDIATRIX MEDICAL GROUP INC
		DATE OF NAME CHANGE:	19950801
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50263365.htm
<DESCRIPTION>MEDNAX, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2012 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 11pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-family: Times New Roman; font-size: 11pt"><b>Washington,
      D.C. 20549</b></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-family: Times New Roman; font-size: 11pt"><b>FORM
      8-K</b></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-family: Times New Roman; font-size: 11pt"><b>CURRENT
      REPORT</b></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-family: Times New Roman; font-size: 11pt"><b>
      Pursuant to Section 13 or 15(d) of the</b></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-family: Times New Roman; font-size: 11pt"><b>Securities
      Exchange Act of 1934</b></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-family: Times New Roman; font-size: 11pt"><b>Date
      of Report (date of earliest event reported): May 3, 2012</b></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><u><font style="font-family: Times New Roman; font-size: 11pt"><b>MEDNAX,
      INC.</b></font></u><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-family: Times New Roman; font-size: 11pt"><b>(Exact
      Name of Registrant as Specified in Its Charter)</b></font><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 32%; border-bottom: solid black 1.0pt; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Florida</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 32%; border-bottom: solid black 1.0pt; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>001-12111</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 32%; border-bottom: solid black 1.0pt; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>26-3667538</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 32%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(State or Other Jurisdiction of</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Incorporation)</b>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 32%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Commission File</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Number)</b>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 32%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(IRS Employer Identification No.)</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td style="width: 25%">
          &#160;
        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 50%; border-bottom: solid black 1.0pt; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>1301 Concord Terrace</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sunrise, Florida 33323</b>
          </p>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; width: 25%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 25%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 50%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>(Address
            of principal executive office) (zip code)</b></font>
          </p>
        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 25%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Registrant&#8217;s
      telephone number, including area code </b></font><b><u>(954) 384-0175</u></b><br>
    </p>
    <hr style="color: #000000; width: 100%; height: 1.0 pt; text-align: center">
    <hr style="color: #000000; width: 100%; height: 1.0 pt; text-align: center">


    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p>
      On May 3, 2012, MEDNAX, Inc., a Florida corporation (the &#8220;Company&#8221;),
      issued a press release announcing the results of its operations for the
      three months ended March 31, 2012 (the &#8220;First Quarter Release&#8221;).&#160;&#160;A copy
      of the First Quarter Release is attached hereto as Exhibit 99.1 and is
      hereby incorporated in this Current Report by reference.&#160;&#160;The
      information contained in this Item 2.02, including Exhibit 99.1, shall
      not be deemed &#8220;filed&#8221; with the Securities and Exchange Commission nor
      incorporated by reference in any registration statement or other
      document filed by the Company under the Securities Act of 1933, as
      amended, except as shall be expressly set forth by specific reference in
      such filing.&#160;&#160;
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p style="text-indent: 30.0px; white-space: nowrap">
      <b>(d)&#160;&#160;&#160;&#160;&#160;Exhibits.</b><br>
    </p>
    <p style="text-indent: 60.0px; white-space: nowrap">
      99.1&#8212;Press Release of MEDNAX, Inc. dated May 3, 2012.<br>
    </p>
    <p>

    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>MEDNAX, INC.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; width: 5%; text-align: left">
          Date:
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; width: 45%; text-align: left">
          May 3, 2012
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; width: 4%; text-align: left">
          By:
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 46%; border-bottom: solid black 1.0pt; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Vivian Lopez-Blanco
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 46%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Vivian Lopez-Blanco
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 46%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b>
    </p>
    <p style="text-align: left">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 12%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td valign="top" style="padding-left: 25.0px; width: 88%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Description</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 88%; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; width: 12%; text-align: left">
          99.1
        </td>
        <td valign="top" style="padding-left: 5.0px; width: 88%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release of MEDNAX, Inc. dated May 3, 2012.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
</html>
<!--<!DOCTYPE html
     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50263365ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2012 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>MEDNAX
      Reports 2012 First Quarter EPS of 98 Cents</b></font>
    </p>
    <p>
      FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--May 3, 2012--MEDNAX, Inc. (NYSE:
      MD), the national medical group specializing in neonatal,
      maternal-fetal, pediatric cardiology, other pediatric subspecialties and
      anesthesia physician services, today reported earnings of 98 cents per
      share for the three months ended March 31, 2012.
    </p>
    <p>
      &#8220;Our most recent results reflect an organization that continues to grow,
      while at the same time, they represent a Company that continues to
      execute on a durable and proven growth strategy that attracts physicians
      and delivers ongoing value,&#8221; said Roger J. Medel, M.D., Chief Executive
      Officer of MEDNAX. &#8220;We are encouraged by the continued interest of
      physician groups that want to practice as part of our national medical
      group, and are excited about the progress we&#8217;re making to expand our
      national anesthesia group practice, as well as our ability to grow
      through acquisitions across each of our physician specialties.&#8221;
    </p>
    <p>
      MEDNAX&#8217;s net patient service revenue for the three months ended March
      31, 2012, increased by 10.6 percent, to $422.6 million, from $382.3
      million for the comparable prior-year period, largely driven by
      contributions from acquisitions completed since January 2011.
    </p>
    <p>
      Overall same-unit revenue growth for the 2012 first quarter was 2.4
      percent. Same-unit growth attributable to patient volume grew by 1.8
      percent for the 2012 first quarter when compared to the prior-year
      period, driven by growth across all our specialties. For the 2012 first
      quarter, same-unit neonatal intensive care unit (NICU) patient days
      increased by 1.2 percent when compared to the prior-year period.
    </p>
    <p>
      Same-unit growth from net reimbursement-related factors was 0.6 percent.
      This was principally due to continued modest improvements in
      reimbursements received from third-party commercial payors as a result
      of the Company&#8217;s ongoing contract renewal processes, and an increase in
      the administrative fees received from our hospital partners due to the
      expansion of our services as a result of internal growth initiatives,
      offset by a shift in payor mix to government payors, from commercial
      payors, year-over-year.
    </p>
    <p>
      The percentage of services reimbursed under government programs shifted
      by 90 basis points toward a higher percentage of services reimbursed
      under government programs for the 2012 first quarter, when compared with
      the prior-year period. On a sequential basis, same-unit payor mix
      remained unchanged as compared to the 2011 fourth quarter.
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Operating income for the 2012 first quarter was $79.4 million, up 4.8
      percent from $75.7 million for the prior-year period. Operating margin
      decreased to 18.8 percent for the 2012 first quarter, from 19.8 percent
      for the prior-year period, primarily as a result of the variability in
      margins due to the mix of practices acquired since January 2011 and a
      slight increase in operating expenses during the 2012 first quarter as
      compared to the 2011 first quarter. For the 2012 first quarter, general
      and administrative expenses increased by 12.1 percent to $46.9 million,
      as compared to $41.8 million the prior-year period.
    </p>
    <p>
      MEDNAX generated net income of $48.4 million for the 2012 first quarter,
      or 98 cents per share based on a weighted average 49.4 million shares
      outstanding. This compares with net income of $45.5 million, or 94 cents
      per share for the 2011 first quarter, based on a weighted average 48.4
      million shares outstanding.
    </p>
    <p>
      MEDNAX had cash and cash equivalents of $22.4 million at March 31, 2012,
      and net accounts receivable were $236.7 million. At the end of the 2012
      first quarter, the Company had $83.5 million outstanding on its $500
      million revolving credit facility.
    </p>
    <p>
      During the 2012 first quarter, MEDNAX used $32.1 million of its cash to
      fund operations, which compares with $14.5 million of cash used to fund
      operations for the 2011 first quarter. MEDNAX typically uses cash during
      the first quarter of each year as it pays incentive compensation,
      principally to physicians, and employee benefit plan matching
      contributions that had accrued during the prior year.
    </p>
    <p>
      MEDNAX also used $28.5 million of its cash during the 2012 first quarter
      to fund four physician group practice acquisitions and to make
      contingent purchase price payments for previously completed
      acquisitions. During the 2012 first quarter, MEDNAX acquired one
      neonatology practice, one maternal-fetal medicine practice, and one
      pediatric critical care practice, all located in Sacramento, California,
      as well as a pediatric cardiology practice based in Orange, California.
    </p>
    <p>
      Since the end of the 2012 first quarter, MEDNAX has announced the
      acquisition of one anesthesia physician group practice in Burlington,
      North Carolina.
    </p>
    <p>
      2012 Second Quarter Outlook
    </p>
    <p>
      For the 2012 second quarter, MEDNAX expects earnings will be in a range
      of $1.15 to $1.21 per share. This outlook assumes that total same-unit
      revenue for the three months ended June 30, 2012 will grow by 1.5
      percent to 3.5 percent from the prior-year period. This same-unit growth
      forecast is expected to be divided between one-third patient volume
      growth across all MEDNAX physician specialties and two-thirds net
      reimbursement growth, including improvements from commercial contract
      rates as well as variability in the mix of services reimbursed under
      commercial and government payor programs.
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Earnings conference call
    </p>
    <p>
      MEDNAX, Inc., will host an investor conference call to discuss the
      quarterly results at 10 a.m., E.D.T. today. The conference call Webcast
      may be accessed from the Company&#8217;s Website, <u>www.mednax.com</u>.
      A telephone replay of the conference call will be available from noon
      Eastern Time today through midnight E.D.T. May 17, 2012 by dialing
      1.800.475.6701, access code 243657. The replay will also be available at <u>www.mednax.com</u>.
    </p>
    <p>
      <b>ABOUT MEDNAX</b>
    </p>
    <p>
      MEDNAX, Inc., is a national medical group that comprises the nation's
      leading provider of neonatal, maternal-fetal and pediatric physician
      subspecialty services as well as anesthesia 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 300 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 900
      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 1,800 physicians in 34 states and Puerto
      Rico. Additional information is available at <u>www.mednax.com</u>.
    </p>
    <p>
      <i>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.</i> <i>Forward-looking statements</i> <i>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 &#8220;believe&#8221;, &#8220;hope&#8221;, &#8220;may&#8221;, &#8220;anticipate&#8221;, &#8220;should&#8221;, &#8220;intend&#8221;, &#8220;plan&#8221;,
      &#8220;will&#8221;, &#8220;expect&#8221;, &#8220;estimate&#8221;, &#8220;project&#8221;, &#8220;positioned&#8221;, &#8220;strategy&#8221; and
      similar expressions, and are based on assumptions and assessments made
      by MEDNAX&#8217;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</i> <i>cause
      actual results, developments, and business decisions to differ
      materially from forward-looking statements are described in MEDNAX&#8217;s
      most recent Annual Report on Form 10-K and its Quarterly Reports on Form
      10-Q, including the sections entitled &#8220;Risk Factors&#8221;, as well MEDNAX&#8217;s
      current reports on Form 8-K,</i> <i>filed with the Securities and
      Exchange Commission.</i>
    </p>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="9">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>MEDNAX, INC.</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Condensed Consolidated Statements of Income</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(in thousands, except per share data)</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Unaudited)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" colspan="7">
          <b>Three Months Ended</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>March 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" colspan="3">
          <b>2012</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" colspan="3">
          <b>2011</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Net patient service revenue
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          422,616
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          382,283
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Operating expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Practice salaries and benefits
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          272,261
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          243,894
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Practice supplies and other operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          16,985
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          15,090
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          46,869
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          41,798
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          7,113
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          5,781
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          343,228
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          306,563
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          79,388
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          75,720
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Investment income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          428
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          325
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Interest expense
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (554
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          (911
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 15.0px; text-align: left">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          79,262
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          75,134
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Income tax provision
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          30,912
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          29,678
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 15.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          48,350
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          45,456
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Net income per common and common

          <p style="margin-bottom: 0px; margin-top: 0px">
            equivalent share (diluted)
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          0.98
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          0.94
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Weighted average shares used in computing
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            net income per common and common
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            equivalent share (diluted)
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          49,399
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          48,361
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="7">
          <b>Balance Sheet Highlights</b>

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(in thousands)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="7">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="2">
          <b>As of</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="2">
          <b>As of</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" colspan="2">
          <b>March 31, 2012</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" colspan="2">
          <b>December 31, 2011</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Assets:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          22,388
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          18,596
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Short-term investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          3,938
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          4,139
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          236,717
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          230,388
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          98,222
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          84,150
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Goodwill, other assets, property and equipment
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          1,963,772
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          1,935,375
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          2,325,037
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          2,272,648
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Liabilities and shareholders&#8217; equity:</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Accounts payable &amp; accrued expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          122,960
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          234,535
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          83,927
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          29,470
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          320,337
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          277,627
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          527,224
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right">
          541,632
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Shareholders' equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          1,797,813
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: right">
          1,731,016
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Total liabilities and shareholders' equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          2,325,037
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: right">
          2,272,648
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p>
      CONTACT:<br>MEDNAX, Inc.<br>David T. Parker, 954-384-0175, x-5300<br>Vice
      President, Investor Relations &amp; Corporate Communications<br><u>david_parker@mednax.com</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
