Shares of Pediatrix Medical Group, a specialized healthcare provider, fell 16% to $9.39 on Thursday, after the company reported Q3 earnings that fell short of analysts' expectations. The company's stock hit a 52-week low of $9.23 during the trading session, reflecting a 50% annual decline.
The company reported Q3 earnings of $21.4 million or 26 cents a share, down from last year's earnings of 37 cents a share and below analysts' projected 40 cents a share or $32.6 million. The disappointing performance was attributed to soft patient volumes and rising operational costs.
Revenue for the quarter was slightly below expectations at $506.6 million, compared to the forecasted $507.6 million. However, it surpassed last year's figure of $489.9 million.
Despite the challenging quarter, Pediatrix Medical's cash and equivalents increased to $21.2 million, up from last year's $9.8 million, with net receivables of $277.4 million.
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