Pediatrix Medical Group, Inc. (NYSE:MD) Q1 2023 Earnings Conference Call May 2, 2023 9:00 AM ET
Company Participants
Charles Lynch - SVP, Finance and Strategy
Jim Swift - CEO
Marc Richards - CFO
Conference Call Participants
Kevin Fischbeck - Bank of America
Taji Phillips - Jefferies
Jack Senft - William Blair
A.J. Rice - Credit Suisse
Kieran Ryan - Deutsche Bank
Whit Mayo - SVB Securities
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the First Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Mr. Charles Lynch. Please go ahead.
Charles Lynch
Thank you, Greg, and good morning, everyone. I'll quickly read our forward-looking statements, and then we'll get into the call. Certain statements and information during this conference call may be deemed to be forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions and assessments made by Pediatrix's management in light of their experience and assessment of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements made during this call are made as of today, and Pediatrix undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise.
Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the company's most recent annual report on Form 10-K, its quarterly reports on Form 10-Q and its current reports on Form 8-K, including the sections entitled Risk Factors.
In today's remarks by management, we will be discussing non-GAAP financial metrics. A reconciliation of these non-GAAP financial measures to the most comparable GAAP measures can be found in this morning's earnings press release, our quarterly reports on Form 10-Q and our annual report on Form 10-K and on our website at www.pediatrix.com.
With that, I'll turn the call over to our CEO, Dr. Jim Swift.
Jim Swift
Thank you, Charlie, and good morning, everyone. Also with me today is Marc Richards, our Chief Financial Officer.
Our first quarter results were largely in line with our expectations, with some variances that Marc and I will discuss this morning. And as you'll see in our release this morning, we're maintaining our full year outlook for adjusted EBITDA of between $235 million and $245 million. In terms of business trends, patient volumes were stable to positive against relatively strong year-ago comparables. This was particularly the case for our office-based services, where same-unit volume grew 4% against a nearly 5% prior year comp.