Companies · MD
Pediatrix
AI-generated · informational only · not investment advice · verify before relying.
Latest analysis
Updated Oct 29, 2026
Pediatrix Q3 2026: $85M EBITDA beats expectations; same-unit revenue up 60bps on volume and pricing balance
Pediatrix delivered Q3 2026 adjusted EBITDA of $85 million, exceeding expectations despite rising costs across clinical and administrative functions. Same-unit revenue growth of 60 basis points was evenly split between volume (up 30bps, led by MFM services) and pricing (up 30bps, driven by payer mix improvement of 70bps, hospital admin fee increases, and higher patient acuity), though the company is now lapping tailwinds from prior-quarter collection improvements that added over 100 basis points. Management narrowed full-year 2026 EBITDA guidance to $290–$300 million and signaled confidence in sustaining payer mix gains and hospital admin fee escalations, while flagging emerging OB hospitalist coding changes in 2027 as a potential but immaterial opportunity requiring further clarity before assessment.
Tone: bullishRevenue
$1.9B
MD 10-K · FY 2025
Employees
2,260
Revenue FY2024
$2B
Founded
1979
Profile
MD 10-K Item 1 · Feb 19, 2026Pediatrix Medical Group is a leading national provider of hospital-based physician services focused on neonatal, maternal-fetal, and other pediatric subspecialty care, operating through a network of approximately 2,295 affiliated physicians across 37 states. The company staffs and manages over 360 NICUs and partners with approximately 400 hospitals to deliver specialized care to premature and critically ill newborns, high-risk expectant mothers, and pediatric patients. Following a 2024 portfolio rationalization, Pediatrix exited nearly all office-based practices except maternal-fetal medicine, refocusing on its core hospital-based model.
Read filing description ↓ Collapse description ↑
Pediatrix is a leading provider of physician services including newborn, maternal-fetal, and other pediatric subspecialty care. Our national network is comprised of affiliated physicians who provide clinical care in 37 states. 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. We have over 475 affiliated physicians who provide maternal-fetal and obstetrical medical care to expectant mothers experiencing complicated pregnancies primarily in areas where our affiliated neonatal physicians practice. Our network also includes other pediatric subspecialists, including over 230 physicians providing pediatric intensive care, 220 physicians providing hospital-based pediatric care, and 20 physicians providing pediatric surgical care. During 2024, we formalized our practice portfolio management plans, resulting in a decision to exit almost all of our affiliated office-based practices, other than maternal-fetal medicine. As of December 31, 2024, these plans were completed. Additionally, we exited our primary and urgent care service line during 2024 based on a review of the cost and time that would be required to build the platform to scale. We have been retained by approximately 400 hospitals to staff and manage clinical activities within specific hospital-based units and other departments. Administrative fees accounted for approximately 14% of our net revenue for 2025. Our operations in Texas accounted for approximately 32% of our net revenue for the same period.
Primary products
- Neonatal care (NICU staffing and management)
- Maternal-fetal care
- Pediatric intensive care
- Pediatric hospitalist care
- Pediatric surgery
- Newborn hearing screening program
End markets
Geographies
Named customers
During 2025, approximately 64% of our net revenue was generated by operations in our five largest states. Our operations in Texas accounted for approximately 32% of our net revenue for the same period.
“Pediatrix is a leading provider of physician services including newborn, maternal-fetal, and other pediatric subspecialty care.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenue declined from $2,012.9 million in 2024 to $1,913.8 million in 2025, primarily reflecting the completed exit of nearly all office-based practices other than maternal-fetal medicine during 2024.
The rest of MD is for subscribers
Analysis, signals, diligence answers, M&A activity and every quote, each citing the filing it came from.