MEDNAX Inc at Raymond James Institutional Investors Conference Transcript
Just we've covered the company for about 12 years now. The evolution has been interesting. It was a -- it was, to say, a neonatology company, in 2007, the company made a diversion into anesthesiology, and over the past 3 or 4 years from being a -- that's not exactly right, into radiology. I think more recently, it's been a little bit of a poster child for some of the payer pressures in health care. There's a significant difference between anesthesia margins paid for by managed care and anesthesia margins for under Medicare, so a 4 or 5 to 1 difference. And I think the company has reacted pretty admirably to some of the headwinds. There's 2-year cost-cut program of $120 million. I think they've rethought some of their investment decisions. And then the stocks kind of settled in at about 9x EBITDA, which is probably a more reasonable entry point. So -- and I think things will have to continue to change just given the dynamic in health care. And I'm interested in hearing
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