BUZZ-Pediatrix hits more than two-year high as cost-cutting measures drive quarterly profit beat

Shares of Pediatrix MD.N up 23.7% to a more than two-year high at $17.46

Pediatrix, which provides medical services to pregnant women, newborns and children, reports a Q4 profit of 51 cents/share, helped by its cost-cutting initiatives such as exiting some office-based practices and stopping some primary and urgent care services

Analysts were expecting quarterly profit of 37 cents/share, according to data compiled by LSEG

Company reports Q4 total operating expenses of $463 mln, vs $607.9 mln, a year ago

Company also posts Q4 revenue of $502 mln, higher than analysts' estimates of $486.2 mln, helped by a 2.8% increase in patient volumes from last year

Stock up 64.4% in the past 12 months