From GlobeNewswire: 2024-05-07 07:30:00

Surgery Partners, Inc. reported a 7.7% increase in revenues to $717.4 million for the first quarter of 2024. Same-facility revenues grew by 10.2%, with a net loss of $12.4 million attributed to the company. Adjusted EBITDA was $97.5 million, showing an 8.2% growth. Full year guidance was raised to $3.05 billion in revenue and $505 million in Adjusted EBITDA. The company attributes its success to exceptional clinical quality, value, operational execution, and strategic physician recruiting and acquisitions efforts.

The company also announced a successful quarter with targeted acquisitions, including a large system acquisition with a specialty surgery hospital, ASC, and physician practices. This is in addition to a strong de novo pipeline and execution on key growth strategies. Multiple capital market transactions were completed in the past six months to enhance the balance sheet and hedge against future interest rate exposure. Refinancing transactions and interest rate caps provide financial stability with no significant debt maturities until 2030.

Results for the first quarter of 2024 showed a 7.7% increase in revenues to $717.4 million compared to the same period in 2023. Same-facility revenues increased by 10.2%, driven by an 8.8% increase in revenue per case and a 1.3% increase in same-facility cases. Adjusted EBITDA for the quarter was $97.5 million, compared to $90.1 million last year. Cash and cash equivalents stood at $185.2 million, with $607.3 million in borrowing capacity under the revolving credit facility.

Surgery Partners raised its outlook for 2024, projecting revenues to be at least $3.05 billion and Adjusted EBITDA to be at least $505 million. The company emphasized strong operating and free cash flow growth, with a total net debt to EBITDA ratio of approximately 3.5x at the end of the first quarter of 2024. Interested investors can access a conference call to discuss these results on May 7, 2024, at 8:30 a.m. (Eastern Time) by dialing 1-877-451-6152.



Read more at GlobeNewswire:: Surgery Partners, Inc. Announces First Quarter 2024