Surgery Partners, Inc. reports significant revenue and EBITDA growth, reaffirms 2024 guidance

From GlobeNewswire: 2024-11-12 07:30:00

Surgery Partners, Inc. reported a 14.3% increase in revenues to $770.4 million for the third quarter of 2024. Adjusted EBITDA grew by 21.9% to $128.6 million, with a margin of 16.7%. Same-facility revenues increased by 4.2%, and same-facility cases grew by 3.7% compared to the prior year period.

Executive Chairman Wayne DeVeydt highlighted strong growth in Adjusted EBITDA and revenue, driven by organic and inorganic growth strategies. CEO Eric Evans noted strong surgical case volume, especially in key growth areas, positioning the company for sustained mid-teens Adjusted EBITDA growth.

CFO Dave Doherty emphasized the company’s solid financial position with $222 million in cash and $596 million in revolver capacity. Surgery Partners reaffirmed its 2024 revenue guidance of over $3.075 billion and Adjusted EBITDA guidance of over $508 million.

For the year-to-date 2024, revenues increased by 12.1% to $2,249.9 million, with Adjusted EBITDA reaching $344.4 million. Operating cash flows were $188.7 million, and the total net debt to EBITDA ratio was approximately 3.8x at the end of the third quarter.

Adjusted EBITDA related to unconsolidated affiliates was $12.9 million for the third quarter of 2024. The company’s Adjusted net income per share attributable to common stockholders was $0.19 for both basic and diluted earnings in the same period. Adjusted net income for the quarter was $23.9 million.

Surgery Partners will hold a conference call on November 12, 2024, to discuss these results. Interested parties can access the call through dial-in or webcast options. The company’s website contains additional information and financial disclosures for investors.



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