MDMEDIUM SIGNALOPERATIONAL10-K

MEDNAX shows mixed operational trends with a slight decline in affiliated physicians and hearing screening volumes despite strong cash generation and improved liquidity.

The company's physician network contracted modestly from 2,335 to 2,295 affiliated physicians, while neonatal screening volumes declined from 805,000 to 793,000 babies, suggesting potential headwinds in core service delivery capacity. However, the company appears to be strengthening its focus on clinical research and quality initiatives, emphasizing evidence-based medicine and expanded educational programs for both internal and external clinicians.

Comparing 2026-02-19 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

MEDNAX demonstrated strong financial performance with substantially higher cash generation, as operating cash flow grew 31.2% to $271.1M and cash & equivalents surged 63.2% to $375.2M, significantly strengthening the company's liquidity position. Current assets expanded 19.4% and stockholders' equity increased 13.2%, while accounts receivable declined 11.7%, suggesting improved collection efficiency. The overall financial picture signals robust cash generation capabilities and enhanced balance sheet strength despite modest operational volume declines.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+63.2%
$229.9M$375.2M

Cash position surged 63.2% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
+31.2%
$206.6M$271.1M

Operating cash flow surged 31.2% — exceptional cash generation, highest quality earnings signal.

Current Assets
Balance Sheet
+19.4%
$639.6M$763.5M

Current assets grew 19.4% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
+13.2%
$764.9M$865.9M

Equity base grew 13.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Accounts Receivable
Balance Sheet
-11.7%
$260.0M$229.7M

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-20
ADDED
At December 31, 2025, our national network comprised approximately 2,295 affiliated physicians, including 1,350 physicians who provide neonatal clinical care, primarily within hospital-based neonatal intensive care units ( NICUs ), to babies born prematurely or with medical complications.
In 2025, we screened over 793,000 babies for potential hearing loss at 340 hospitals across the nation.
Clinical Research, Education, Quality and Safety As part of our ongoing commitment to improving patient care through evidence-based medicine, we also conduct clinical research, monitor clinical outcomes and implement clinical quality initiatives with a view to improving patient outcomes, shortening the length of hospital stays and reducing long-term health system costs with a focus on women's and children's services that we believe is unrivaled.
Our physician-led approach to clinical research and continuous quality improvement has consistently demonstrated improvements in clinical outcomes, while reducing the costs of care associated with complications as well as variability in care processes.
We provide extensive continuing medical and nursing education to our affiliated clinicians in an effort to ensure that they have access to current treatment methodologies, national best practices and evidence-based guidelines and also provide continuing medical education to external clinicians.
There are approximately 7,200 board-certified neonatologists in the United States.
There are approximately 3,100 board-certified maternal-fetal medicine subspecialists in the United States.
There are approximately 3,400 board-certified pediatric intensivists in the United States.
During 2025, we added one maternal-fetal medicine practice and acquired several neonatology, maternal-fetal medicine and OB hospitalist practices in one transaction.
Our goal is to discover, understand and teach healthcare practices that enhance the abilities of our clinicians to deliver the highest quality care, thereby contributing to better patient outcomes, a better patient experience and reduced long-term health care costs.
REMOVED
At December 31, 2024, our national network comprised approximately 2,335 affiliated physicians, including 1,335 physicians who provide neonatal clinical care, primarily within hospital-based neonatal intensive care units ( NICUs ), to babies born prematurely or with medical complications.
In 2024, we screened over 805,000 babies for potential hearing loss at 340 hospitals across the nation.
Clinical Research, Education, Quality and Safety As part of our ongoing commitment to improving patient care through evidence-based medicine, we also conduct clinical research, monitor clinical outcomes and implement clinical quality initiatives with a view to improving patient outcomes, shortening the length of hospital stays and reducing long-term health system costs.
Our physician-centric approach to clinical research and continuous quality improvement has demonstrated improvements in clinical outcomes, while reducing the costs of care associated with complications as well as variability in protocols.
We provide extensive continuing medical and nursing education to our affiliated clinicians in an effort to ensure that they have access to current treatment methodologies, national best practices and evidence-based guidelines.
There are approximately 7,300 board-certified neonatologists in the United States.
There are approximately 3,000 board-certified maternal-fetal medicine subspecialists in the United States.
There are approximately 3,100 board-certified pediatric intensivists in the United States.
8 We also believe one of the greatest predictors of success in our partnerships at the hospital and health system level is a high degree of strategic alignment between our clinical leaders and our partners.
This requires our clinicians to hone a skill set beyond just the practice of medicine.
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