Core Insights - Pediatrix Medical Group, Inc. reported fourth-quarter 2025 adjusted EPS of 50 cents, missing the Zacks Consensus Estimate by 4.9%, with a year-over-year decline of 2% [1] - Net revenues for the quarter decreased by 1.7% year over year to $493.8 million, slightly exceeding the Zacks Consensus Estimate by 0.5% [1] Financial Performance - Full-year 2025 net revenues totaled $1.9 billion, a decline of 4.9% year over year, aligning with the Zacks Consensus Estimate [5] - Adjusted EPS for the full year was $2.04, reflecting a 35.1% increase year over year, but missing the Zacks Consensus Estimate of $2.07 [5] - Full-year adjusted EBITDA was $275.6 million, up 23% year over year, while total operating expenses decreased by 18.1% to $1.7 billion [6] Revenue and Expense Analysis - Same-unit revenues increased by 4% year over year in Q4 2025, falling short of the growth estimate and Zacks Consensus Estimate of 6.8% [7] - Same-unit revenues from net reimbursement-related factors grew by 6.7% year over year, driven by improved patient acuity and favorable collection activity, exceeding both the Zacks Consensus Estimate and internal model estimates [8] - Total operating expenses for Q4 were $445 million, down 3.9% year over year, but higher than the estimated $415.4 million [10] Cash Flow and Share Repurchase - As of December 31, 2025, Pediatrix Medical had cash and cash equivalents of $375.2 million, up from $229.9 million a year prior, with no outstanding borrowings on its revolving credit facility [12] - The company repurchased 4.1 million shares for $83.8 million during 2025, with $166.2 million remaining available in the buyback program [14] 2026 Outlook - Management projects adjusted EBITDA for 2026 to be between $280 million and $300 million, with net income estimated between $155.1 million and $169.7 million [15] - Interest expenses are forecasted at $34 million, with income tax expenses expected to range from $57.4 million to $62.8 million [15]