Pediatrix Medical Group, the nation’s leading provider of maternal-fetal, newborn and pediatric subspecialty physician services, announced cut of its second-quarter and full-year expectations that resulted in sharp decrease of its stock.
Pediatrix shares dropped $5.64, or more than 10 percent, to $49.79, in morning trading.
The company reported that first six weeks of the second quarter showed tangible decline of neonatal intensive-care unit patients.
As a result it predicts second-quarter earnings of between 77 and 80 cents per share, in comparison to previous expectations of 85 to 87 cents per share. The company highlighted that it may miss full-year profit estimates of between $3.35 and $3.45 per share.
Pediatrix focuses on improving patient care and participate in ongoing research and quality improvement programs to enhance outcomes nationwide. Pediatrix is also one of the nation's largest providers of newborn hearing and metabolic screens.