Intrinsic value of Mednax - MD

Previous Close

$43.45

  Intrinsic Value

$88.25

stock screener

  Rating & Target

str. buy

+103%

Previous close

$43.45

 
Intrinsic value

$88.25

 
Up/down potential

+103%

 
Rating

str. buy

We calculate the intrinsic value of MD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
Revenue, $m
  3,755
  4,065
  4,387
  4,721
  5,069
  5,430
  5,805
  6,195
  6,601
  7,023
  7,463
  7,920
  8,397
  8,893
  9,411
  9,951
  10,515
  11,104
  11,720
  12,363
  13,035
  13,738
  14,473
  15,243
  16,049
  16,893
  17,777
  18,703
  19,674
  20,691
Variable operating expenses, $m
  3,037
  3,247
  3,465
  3,691
  3,927
  4,172
  4,426
  4,690
  4,965
  5,251
  5,057
  5,367
  5,690
  6,026
  6,377
  6,743
  7,125
  7,524
  7,941
  8,377
  8,832
  9,309
  9,807
  10,329
  10,875
  11,447
  12,046
  12,673
  13,331
  14,020
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,037
  3,247
  3,465
  3,691
  3,927
  4,172
  4,426
  4,690
  4,965
  5,251
  5,057
  5,367
  5,690
  6,026
  6,377
  6,743
  7,125
  7,524
  7,941
  8,377
  8,832
  9,309
  9,807
  10,329
  10,875
  11,447
  12,046
  12,673
  13,331
  14,020
Operating income, $m
  718
  818
  922
  1,030
  1,142
  1,258
  1,379
  1,505
  1,636
  1,772
  2,406
  2,553
  2,707
  2,867
  3,034
  3,208
  3,390
  3,580
  3,778
  3,986
  4,202
  4,429
  4,666
  4,914
  5,174
  5,446
  5,731
  6,030
  6,343
  6,671
EBITDA, $m
  1,735
  1,878
  2,027
  2,182
  2,342
  2,509
  2,683
  2,863
  3,050
  3,245
  3,448
  3,660
  3,880
  4,110
  4,349
  4,599
  4,859
  5,131
  5,416
  5,713
  6,023
  6,348
  6,688
  7,044
  7,416
  7,806
  8,215
  8,643
  9,091
  9,561
Interest expense (income), $m
  60
  100
  113
  127
  141
  155
  170
  186
  203
  220
  237
  256
  275
  295
  316
  338
  360
  384
  409
  434
  461
  489
  519
  550
  582
  615
  651
  688
  726
  767
  809
Earnings before tax, $m
  618
  705
  795
  889
  986
  1,088
  1,193
  1,302
  1,416
  1,534
  2,150
  2,278
  2,412
  2,551
  2,696
  2,848
  3,006
  3,171
  3,344
  3,524
  3,713
  3,910
  4,117
  4,333
  4,559
  4,796
  5,044
  5,304
  5,576
  5,861
Tax expense, $m
  167
  190
  215
  240
  266
  294
  322
  352
  382
  414
  580
  615
  651
  689
  728
  769
  812
  856
  903
  952
  1,002
  1,056
  1,111
  1,170
  1,231
  1,295
  1,362
  1,432
  1,506
  1,583
Net income, $m
  451
  515
  581
  649
  720
  794
  871
  951
  1,034
  1,120
  1,569
  1,663
  1,761
  1,862
  1,968
  2,079
  2,194
  2,315
  2,441
  2,573
  2,710
  2,854
  3,005
  3,163
  3,328
  3,501
  3,682
  3,872
  4,070
  4,279

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,376
  6,901
  7,448
  8,015
  8,605
  9,219
  9,856
  10,518
  11,207
  11,924
  12,670
  13,447
  14,256
  15,099
  15,978
  16,896
  17,853
  18,853
  19,897
  20,989
  22,130
  23,324
  24,573
  25,880
  27,248
  28,681
  30,182
  31,754
  33,402
  35,128
Adjusted assets (=assets-cash), $m
  6,376
  6,901
  7,448
  8,015
  8,605
  9,219
  9,856
  10,518
  11,207
  11,924
  12,670
  13,447
  14,256
  15,099
  15,978
  16,896
  17,853
  18,853
  19,897
  20,989
  22,130
  23,324
  24,573
  25,880
  27,248
  28,681
  30,182
  31,754
  33,402
  35,128
Revenue / Adjusted assets
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
Average production assets, $m
  5,246
  5,679
  6,128
  6,595
  7,081
  7,585
  8,110
  8,655
  9,222
  9,812
  10,425
  11,064
  11,730
  12,424
  13,147
  13,902
  14,690
  15,513
  16,372
  17,270
  18,210
  19,192
  20,219
  21,295
  22,421
  23,600
  24,835
  26,128
  27,484
  28,905
Working capital, $m
  -477
  -516
  -557
  -600
  -644
  -690
  -737
  -787
  -838
  -892
  -948
  -1,006
  -1,066
  -1,129
  -1,195
  -1,264
  -1,335
  -1,410
  -1,488
  -1,570
  -1,655
  -1,745
  -1,838
  -1,936
  -2,038
  -2,145
  -2,258
  -2,375
  -2,499
  -2,628
Total debt, $m
  2,093
  2,343
  2,604
  2,875
  3,156
  3,449
  3,753
  4,069
  4,397
  4,739
  5,095
  5,466
  5,851
  6,254
  6,673
  7,111
  7,567
  8,044
  8,543
  9,063
  9,608
  10,177
  10,773
  11,396
  12,049
  12,732
  13,448
  14,198
  14,984
  15,808
Total liabilities, $m
  3,041
  3,292
  3,552
  3,823
  4,105
  4,397
  4,701
  5,017
  5,346
  5,688
  6,044
  6,414
  6,800
  7,202
  7,622
  8,059
  8,516
  8,993
  9,491
  10,012
  10,556
  11,126
  11,721
  12,345
  12,997
  13,681
  14,397
  15,147
  15,933
  16,756
Total equity, $m
  3,335
  3,609
  3,895
  4,192
  4,501
  4,821
  5,155
  5,501
  5,861
  6,236
  6,626
  7,033
  7,456
  7,897
  8,357
  8,836
  9,337
  9,860
  10,406
  10,977
  11,574
  12,198
  12,852
  13,535
  14,251
  15,000
  15,785
  16,607
  17,469
  18,372
Total liabilities and equity, $m
  6,376
  6,901
  7,447
  8,015
  8,606
  9,218
  9,856
  10,518
  11,207
  11,924
  12,670
  13,447
  14,256
  15,099
  15,979
  16,895
  17,853
  18,853
  19,897
  20,989
  22,130
  23,324
  24,573
  25,880
  27,248
  28,681
  30,182
  31,754
  33,402
  35,128
Debt-to-equity ratio
  0.630
  0.650
  0.670
  0.690
  0.700
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.780
  0.790
  0.800
  0.800
  0.810
  0.820
  0.820
  0.830
  0.830
  0.830
  0.840
  0.840
  0.850
  0.850
  0.850
  0.850
  0.860
  0.860
Adjusted equity ratio
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  451
  515
  581
  649
  720
  794
  871
  951
  1,034
  1,120
  1,569
  1,663
  1,761
  1,862
  1,968
  2,079
  2,194
  2,315
  2,441
  2,573
  2,710
  2,854
  3,005
  3,163
  3,328
  3,501
  3,682
  3,872
  4,070
  4,279
Depreciation, amort., depletion, $m
  1,017
  1,060
  1,105
  1,152
  1,200
  1,251
  1,303
  1,358
  1,415
  1,474
  1,043
  1,106
  1,173
  1,242
  1,315
  1,390
  1,469
  1,551
  1,637
  1,727
  1,821
  1,919
  2,022
  2,129
  2,242
  2,360
  2,483
  2,613
  2,748
  2,890
Funds from operations, $m
  1,468
  1,575
  1,686
  1,801
  1,921
  2,045
  2,174
  2,309
  2,448
  2,594
  2,612
  2,770
  2,934
  3,105
  3,283
  3,469
  3,663
  3,866
  4,078
  4,300
  4,531
  4,774
  5,027
  5,292
  5,570
  5,861
  6,165
  6,484
  6,819
  7,169
Change in working capital, $m
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -118
  -123
  -129
Cash from operations, $m
  1,506
  1,614
  1,727
  1,843
  1,965
  2,091
  2,222
  2,358
  2,500
  2,647
  2,668
  2,828
  2,994
  3,168
  3,349
  3,538
  3,735
  3,941
  4,156
  4,381
  4,617
  4,863
  5,120
  5,390
  5,672
  5,968
  6,278
  6,602
  6,942
  7,298
Maintenance CAPEX, $m
  -483
  -525
  -568
  -613
  -660
  -708
  -759
  -811
  -865
  -922
  -981
  -1,043
  -1,106
  -1,173
  -1,242
  -1,315
  -1,390
  -1,469
  -1,551
  -1,637
  -1,727
  -1,821
  -1,919
  -2,022
  -2,129
  -2,242
  -2,360
  -2,483
  -2,613
  -2,748
New CAPEX, $m
  -414
  -432
  -450
  -467
  -486
  -505
  -524
  -545
  -567
  -590
  -614
  -639
  -666
  -694
  -724
  -755
  -788
  -823
  -859
  -898
  -939
  -982
  -1,028
  -1,075
  -1,126
  -1,179
  -1,235
  -1,294
  -1,356
  -1,421
Cash from investing activities, $m
  -897
  -957
  -1,018
  -1,080
  -1,146
  -1,213
  -1,283
  -1,356
  -1,432
  -1,512
  -1,595
  -1,682
  -1,772
  -1,867
  -1,966
  -2,070
  -2,178
  -2,292
  -2,410
  -2,535
  -2,666
  -2,803
  -2,947
  -3,097
  -3,255
  -3,421
  -3,595
  -3,777
  -3,969
  -4,169
Free cash flow, $m
  609
  657
  709
  763
  820
  878
  939
  1,002
  1,067
  1,135
  1,073
  1,146
  1,222
  1,301
  1,383
  1,468
  1,557
  1,649
  1,746
  1,846
  1,951
  2,060
  2,174
  2,293
  2,417
  2,547
  2,683
  2,825
  2,974
  3,129
Issuance/(repayment) of debt, $m
  240
  251
  261
  271
  281
  292
  304
  316
  329
  342
  356
  370
  386
  402
  419
  438
  457
  477
  498
  521
  544
  569
  596
  623
  653
  683
  716
  750
  786
  824
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  240
  251
  261
  271
  281
  292
  304
  316
  329
  342
  356
  370
  386
  402
  419
  438
  457
  477
  498
  521
  544
  569
  596
  623
  653
  683
  716
  750
  786
  824
Total cash flow (excl. dividends), $m
  849
  908
  970
  1,034
  1,101
  1,171
  1,243
  1,318
  1,396
  1,477
  1,429
  1,517
  1,608
  1,703
  1,802
  1,906
  2,014
  2,126
  2,244
  2,367
  2,495
  2,629
  2,769
  2,916
  3,070
  3,230
  3,399
  3,575
  3,759
  3,953
Retained Cash Flow (-), $m
  -269
  -275
  -286
  -297
  -309
  -321
  -333
  -346
  -360
  -375
  -390
  -406
  -423
  -441
  -460
  -480
  -501
  -523
  -546
  -571
  -597
  -624
  -653
  -684
  -716
  -749
  -785
  -822
  -862
  -903
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  31
  34
  37
  39
  42
  46
  49
  52
  56
  59
  63
  67
  71
  76
  80
  85
  90
  95
  100
  105
  111
  117
  124
  130
  137
  144
  152
  160
  168
  177
Cash available for distribution, $m
  580
  633
  684
  737
  793
  850
  910
  972
  1,036
  1,102
  1,039
  1,110
  1,185
  1,262
  1,343
  1,426
  1,513
  1,603
  1,698
  1,796
  1,898
  2,005
  2,116
  2,233
  2,354
  2,481
  2,614
  2,753
  2,898
  3,050
Discount rate, %
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
  548
  561
  566
  566
  561
  550
  534
  513
  488
  459
  379
  350
  320
  288
  256
  224
  193
  164
  136
  111
  90
  70
  54
  41
  30
  22
  15
  10
  7
  4
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

MEDNAX, Inc. is a provider of physician services, including newborn, anesthesia, maternal-fetal, teleradiology, pediatric cardiology and other pediatric subspecialty care. As of December 31, 2016, the Company's national network consisted of over 3,600 affiliated physicians, including over 1,130 physicians providing neonatal clinical care, in 35 states and Puerto Rico, primarily within hospital-based neonatal intensive care units (NICUs), to babies born prematurely or with medical complications. As of December 31, 2016, the Company had over 1,390 affiliated physicians providing anesthesia care to patients in connection with surgical and other procedures, as well as pain management. As of December 31, 2016, the Company had 270 affiliated physicians providing maternal-fetal and obstetrical medical care to expectant mothers experiencing complicated pregnancies primarily in areas where its affiliated neonatal physicians practice.

FINANCIAL RATIOS  of  Mednax (MD)

Valuation Ratios
P/E Ratio 12.5
Price to Sales 1.3
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 10.1
Growth Rates
Sales Growth Rate 14.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 44.4%
Cap. Spend. - 3 Yr. Gr. Rate 19.5%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 61%
Total Debt to Equity 61.8%
Interest Coverage 10
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 8.5%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 12.5%
Return On Equity - 3 Yr. Avg. 13.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 20.8%
EBITDA Margin - 3 Yr. Avg. 22.1%
Operating Margin 18%
Oper. Margin - 3 Yr. Avg. 19.7%
Pre-Tax Margin 16.1%
Pre-Tax Margin - 3 Yr. Avg. 18.8%
Net Profit Margin 10.2%
Net Profit Margin - 3 Yr. Avg. 11.8%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. 37.4%
Payout Ratio 0%

MD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MD stock intrinsic value calculation we used $3458 million for the last fiscal year's total revenue generated by Mednax. The default revenue input number comes from 2017 income statement of Mednax. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MD stock valuation model: a) initial revenue growth rate of 8.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.9%, whose default value for MD is calculated based on our internal credit rating of Mednax, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Mednax.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MD stock the variable cost ratio is equal to 82%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Mednax.

Corporate tax rate of 27% is the nominal tax rate for Mednax. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MD stock is equal to 0.9%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MD are equal to 139.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Mednax operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MD is equal to -12.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3066 million for Mednax - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 92 million for Mednax is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Mednax at the current share price and the inputted number of shares is $4.0 billion.

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COMPANY NEWS

▶ Layoffs loom after Southeast Anesthesiology loses Atrium Health contract   [Jul-03-18 02:58PM  American City Business Journals]
▶ Southeast Anesthesiology moves forward with lawsuit against Atrium Health   [Jun-25-18 03:01PM  American City Business Journals]
▶ Court order allows Atrium Health to bring on new anesthesia provider   [Jun-23-18 08:05PM  American City Business Journals]
▶ [$$] Mednax Shares at Risk in Hospital Fights   [Jun-20-18 04:23PM  Barrons.com]
▶ How judges decision could impact longtime Charlotte anesthesiology practices future   [Jun-19-18 02:38PM  American City Business Journals]
▶ Southeast Anesthesiology, Atrium Health trade jabs in courtroom   [08:15AM  American City Business Journals]
▶ MedData Announces Emily Fisher as Acting President   [Jun-01-18 11:37AM  Business Wire]
▶ Cheap Stocks To Invest In   [May-08-18 10:02AM  Simply Wall St.]
▶ Mednax: 1Q Earnings Snapshot   [Apr-30-18 06:14PM  Associated Press]
▶ Atrium CEO: Anesthesiology practice using fear-based campaign   [Apr-25-18 07:04PM  American City Business Journals]
▶ THE LIST: Legal battles shaking up Charlottes largest physician groups   [06:56AM  American City Business Journals]
▶ Edited Transcript of MD presentation 6-Mar-17 1:40pm GMT   [Apr-10-18 03:22PM  Thomson Reuters StreetEvents]
▶ Atrium Health countersues over anesthesia contract dispute, frivolous lawsuit   [Apr-05-18 06:27AM  American City Business Journals]
▶ Atrium exec: Lawsuit over anesthesia contract misleading, inaccurate   [Mar-28-18 05:13PM  American City Business Journals]
▶ Should Value Investors Pick MEDNAX (MD) Stock?   [Mar-21-18 09:55AM  Zacks]
▶ [$$] Medical Wars   [Mar-17-18 12:01AM  Barrons.com]
▶ Paul Singer's Top 5 New Buys   [Feb-20-18 02:08PM  GuruFocus.com]
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