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Biotech / Medical : Pediatrix Medical Group (PDX)
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To: Tom Hua who wrote (25)2/16/1999 6:07:00 PM
From: Dr. Bob  Read Replies (2) of 431
 
Tom,

First, you missed the point, which was that you are posting inaccurate information. Pediatric Services does home health care; Pediatrix does hospital-based care of newborns - absolutely no overlap, no competition. Each of your other examples is as close to PDX as IBM is to CSCO, or Sunbeam is to Black & Decker. Yes, they're in the same very general sectors, but their business models are different from one another, and a major bad business decision at one does not mean that a minor misstep at the other will end up similarly.

I am familiar with your examples. OXHP went down because they did a lousy job of integrating their acquisitions. Couldn't even keep track of all their accounts! That relates in no way to PDX's current issues. And please don't imply that I only want to hear good news. There's room for a bearish position to be stated. I just don't want downright falsehoods to go unchallenged, or PDX to be lumped with other companies that have taken big hits due to mismanagement. There is not one iota of evidence thus far of mismanagement - only of bad luck in their choice of auditors, and the timing of the switch in auditors coming when the SEC is changing their rules for accounting for acquisitions and revenue realization.

I readily acknowledge that this stock may have further to fall due to the market's intolerance for even a hint of accounting problems, and due to the legal vultures which immediately pounce on any such company with "class action" lawsuits which only enrich them. As for analyst downgrades - well since when have they been ahead of the curve?? Anyway, none of that justifies the posting of inaccuracies or sloppy DD.

Bob
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