Business
Surgery Partners, Inc. Announces First Quarter 2024 Results
Raises Full Year 2024 Guidance BRENTWOOD, Tenn., May 07, 2024 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) ("Surgery Partners" or the "Company"),
About this update from Surgery Partners, Inc.
[{"type":"text","content":"Raises Full Year 2024 Guidance\nBRENTWOOD, Tenn., May 07, 2024 (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, 2024. Revenues increased 7.7% to $717.4 million compared to the prior year period Same-facility revenues increased 10.2% Net loss attributable to Surgery Partners, Inc. was $12.4 million Adjusted EBITDA was $97.5 million, representing 8.2% growth compared to the prior year period Adjusted EBITDA margin improved year-over-year to 13.6%Full year guidance raised to at least $3.05 billion in revenue and at least $505 million in Adjusted EBITDA Wayne DeVeydt, Executive Chairman of the Board of Surgery Partners, noted, \"We are proud to report strong growth in Adjusted EBITDA and revenue, both ahead of our expectations. We achieved these results by continuing to focus on exceptional clinical quality and value, operational execution and the strategic impact of physician recruiting and acquisitions. Our same-facility revenue growth in excess of 10% continues to demonstrate our performance outpacing our long-term growth algorithm.\" Eric Evans, Chief Executive Officer, stated, \"In addition to the strength of our quarter, we closed on a number of targeted acquisitions in late April, including a large system acquisition that includes a specialty surgery hospital, ASC and physician practices. Our year-to-date acquisitions, robust de novo pipeline, as well as execution on all of our key growth levers gives us confidence in our continued future growth including our ability to raise our 2024 revenue and Adjusted EBITDA guidance.\" Dave Doherty, Chief Financial Officer, commented, \"During the past six months, we completed multiple capital market transactions to enhance our balance sheet while providing further upside in an improving rate environment. With strong market support, we refinanced our term loan, increased our revolver, refinanced our unsecured senior notes and recently we entered into forward starting interest rate caps to hedge our future interest rate exposure. We now have no material debt maturities until 2030 and have capped our interest rate exposure.\" First Quarter 2024 Results Revenues for the first quarter of 2024 increased 7.7% to $717.4 milli...