Business
Surgery Partners, Inc. Announces First Quarter 2020 Results
BRENTWOOD, Tenn., May 11, 2020 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) ("Surgery Partners" or the "Company"), a leading short-stay surgical
About this update from Surgery Partners, Inc.
[{"type":"text","content":"BRENTWOOD, Tenn., May 11, 2020 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) (\"Surgery Partners\" or the \"Company\"), a leading short-stay surgical facility owner and operator, today announced results for the first quarter ended March 31, 2020.\n Revenues increased 5.8% over the prior year period to $441.0 million Adjusted Revenues increased 6.0% to $450.6 millionDays adjusted Same-facility Revenues increased 0.9% over the prior year period Net loss attributable to common stockholders of $37.0 million Adjusted EBITDA decreased 8.3% over the prior year period to $46.5 million Wayne DeVeydt, Executive Chairman of the Board of Surgery Partners, stated, “While our business was substantially impacted by the COVID-19 pandemic beginning in mid-March, we believe the strength of our business model and the execution of our leadership team and front-line associates will enable Surgery Partners to persevere and return to growth as our country begins to reopen. We feel privileged to be on the front line supporting our patients and our communities.” Eric Evans, Chief Executive Officer of Surgery Partners, stated, \"Before the COVID-19 pandemic began to affect operations, our first quarter results reflected continued strong top-line growth and same-facility revenue growth, evidenced by Net Revenue and Adjusted EBITDA growth of approximately 12% and 10%, respectively, and same-facility revenue growth of over 9% year-to-date through February 29, 2020.\" \"The full impact of COVID-19 on our operations and financial results will be driven by many factors, many of which remain uncertain or unknown. As our facilities begin to ramp up to more normal operating schedules, we will continue to be vigilant in our efforts to provide the safest possible environment for our colleagues, physician partners and patients. We are confident in our leadership, physicians and colleagues across the country as we reschedule postponed elective procedures and adapt to the evolving nature of this pandemic. In our new post-COVID-19 environment, we continue to be encouraged by the steady and consistent transition of surgeries to lower cost settings and we anticipate continued constructive engagement with health systems and health plans, who appreciate the quality, access and value of our model.\" Tom Cowhey, Chief Financial Officer of Surgery Partners commente...