10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number: 001-12111

Pediatrix Medical Group, Inc.

(Exact name of registrant as specified in its charter)


Florida		26-3667538
(State or other jurisdiction of Incorporation or organization)		(I.R.S. Employer Identification No.)

1301 Concord Terrace Sunrise, Florida		33323
(Address of principal executive offices)		(Zip Code)

(954) 384-0175

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $.01 per share	MD	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

On May 1, 2026, the registrant had outstanding 82,121,911 shares of Common Stock, par value $.01 per share.

Pediatrix Medical Group, Inc.

INDEX


		Page
PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements	3

	Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (Unaudited)	3

	Consolidated Statements of Income and Comprehensive Income for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	4

	Consolidated Statements of Shareholders' Equity for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	5

	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)	6

	Notes to Consolidated Financial Statements (Unaudited)	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	19

Item 4.	Controls and Procedures	19

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	20

Item 1A.	Risk Factors	20

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	20

Item 5.	Other Information	20

Item 6.	Exhibits	22

SIGNATURES		23

Pediatrix Medical Group, Inc.

Consolidated Balance Sheets

(in thousands, except share data)

(Unaudited)


	March 31, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	205,780		$	375,241
Short-term investments		123,194			124,482
Accounts receivable, net		224,801			229,665
Prepaid expenses		12,866			12,606
Income taxes receivable		12,188			12,641
Other current assets		8,205			8,879
Total current assets		587,034			763,514
Property and equipment, net		41,094			39,180
Goodwill		1,268,248			1,260,732
Intangible assets, net		15,937			16,862
Operating and finance lease right-of-use assets		36,871			34,330
Deferred income tax assets		65,708			73,922
Other assets		55,403			58,156
Total assets	$	2,070,295		$	2,246,696
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	236,930		$	419,530
Current portion of debt and finance lease liabilities, net		192,421			26,806
Current portion of operating lease liabilities		11,885			11,591
Income taxes payable		1,402			984
Total current liabilities		442,638			458,911
Long-term debt and finance lease liabilities, net		398,348			570,532
Long-term operating lease liabilities		27,061			25,686
Long-term professional liabilities		236,949			238,353
Deferred income tax liabilities		57,002			57,024
Other liabilities		29,721			30,336
Total liabilities		1,191,719			1,380,842
Commitments and contingencies
Shareholders’ equity:
Preferred stock; $.01 par value; 1,000,000 shares authorized; none issued		—			—
Common stock; $.01 par value; 200,000,000 shares authorized; 82,061,119 and 82,976,110 shares issued and outstanding, respectively		821			830
Additional paid-in capital		931,258			947,566
Accumulated other comprehensive income		77			610
Retained deficit		(53,580	)		(83,152	)
Total shareholders’ equity		878,576			865,854
Total liabilities and shareholders’ equity	$	2,070,295		$	2,246,696

The accompanying notes are an integral part of these Consolidated Financial Statements.

Pediatrix Medical Group, Inc.

Consolidated Statements of Income and Comprehensive Income

(in thousands, except per share data)

(Unaudited)


	Three Months Ended March 31,
	2026			2025
Net revenue	$	476,196		$	458,359
Operating expenses:
Practice salaries and benefits		345,744			337,031
Practice supplies and other operating expenses		17,488			18,686
General and administrative expenses		60,266			58,604
Depreciation and amortization		6,119			5,332
Transformational and restructuring related expenses		4,922			6,605
Total operating expenses		434,539			426,258
Income from operations		41,657			32,101
Investment and other income		4,760			4,737
Interest expense		(8,265	)		(9,154	)
Equity in earnings of unconsolidated affiliate		692			406
Total non-operating expenses		(2,813	)		(4,011	)
Income before income taxes		38,844			28,090
Income tax provision		(9,272	)		(7,353	)
Net income	$	29,572		$	20,737
Other comprehensive income, net of tax
Unrealized holding (loss) gain on investments, net of tax of $152 and $255		(533	)		779
Total comprehensive income	$	29,039		$	21,516
Per common and common equivalent share data:
Net income:
Basic	$	0.37		$	0.25

Consolidated Statements of Income and Comprehensive Income for the Three Months

Quantitative and Qualitative Disclosures About Market Risk

Controls and Procedures

PART II - OTHER INFORMATION

Legal Proceedings

Risk Factors

SIGNATURES

SEC Form 10-Q filed by Pediatrix Medical Group Inc.