National medical group Mednax reported a loss for the first quarter as the company reported that procedure volume in its radiology business fell 50%-60%.
For the period (end-March 31), Mednax posted revenue of $845.9 million, down slightly compared with $851.2 million for the prior-year period. The company recorded a first-quarter net loss of $18.7 million, compared with a net loss of $242.9 million in the same quarter the year before, when the company incurred a $284.5 million one-time charge related to discontinued operations.
Mednax reported that the COVID-19 pandemic caused reductions in procedure volumes across its business lines in the first quarter, including a drop of 50%-60% in radiology. The company said it has taken a number of measures to conserve cash, including salary reductions and furloughs for nonclinical employees, 50% reductions in salaries for its most senior executive officers, expense reduction plans across clinical operations, and reductions in third-party expenditures.
The company also announced that it had completed the sale of its anesthesiology business to North American Partners. The anesthesiology business has seen procedure volume reductions of 60%-70% during the COVID-19 pandemic, Mednax said.
