Despite the loss, Mednax numbers from continuing operations were better than Wall Street expectations as the company reported procedure volume returning to 85%-90% of normal after hitting a low in the depths of the COVID-19 pandemic. Mednax said it continues to seek a company to purchase its radiology business.
For the quarter (end-June 30), Mednax reported revenue from continuing operations (not including American Anesthesiology) of $509.2 million, down 9.3% compared with revenue of $561.2 million in the second quarter of 2019. Net income from continuing operations was $7.6 million, compared with a profit of $20 million in the corresponding quarter of the previous year.
Mednax said its operations were significantly impacted by the COVID-19 outbreak, with the biggest decline in volume occurring in April and recovery beginning in May. Volume in radiology services fell by approximately 29% in the second quarter, with volume in the month of April declining by approximately 50% but recovering to approximately 85% to 90% of pre-COVID levels by the end of the second quarter.
Mednax remains "actively engaged" in the effort to divest Mednax Radiology Solutions, an intention the company announced in June.
Copyright © 2020 AuntMinnie.com