MEDNAX Announces Completion of $250 Million Accelerated Share Repurchase Program
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Dec 14, 2018--MEDNAX, Inc. (NYSE: MD), the national medical group specializing in neonatology, anesthesiology, radiology, maternal-fetal medicine, other pediatric physician services, and management services, today announced that it has completed the $250 million accelerated share repurchase (ASR) program previously announced on September 4, 2018. Under the terms of the ASR, the Company repurchased approximately 5.9 million shares of its common stock at an average price of $42.47 per share.
The ASR program was completed as part of the previously announced authorization by MEDNAX’s Board of Directors to repurchase up to $500 million of the Company’s common stock. As of December 13, 2018, approximately $250 million was remaining under the authorization. The Company intends to utilize various methods to effect any future share repurchases, including, among others, open market purchases and ASR programs. The amount and timing of future repurchases will depend upon several factors, including general economic and market conditions and trading restrictions.
MEDNAX, Inc. is a national health solutions partner comprised of the nation’s leading providers of physician 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, clinical research and telemedicine to enhance patient outcomes and provide high-quality, cost-effective care. The Company was founded in 1979, and today, through its affiliated professional corporations, MEDNAX provides services through a network of more than 4,225 physicians in all 50 states and Puerto Rico. In addition to its national physician network, MEDNAX provides services to healthcare facilities and physicians in over 40 states through two complementary businesses, consisting of a management services company and a consulting services company. 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 MEDNAX’s 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.
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CONTACT: Charles Lynch
Vice President, Strategy and Investor Relations
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA
INDUSTRY KEYWORD: PRACTICE MANAGEMENT HEALTH
SOURCE: MEDNAX, Inc.
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PUB: 12/14/2018 06:45 AM/DISC: 12/14/2018 06:45 AM