Business
Surgery Partners, Inc. Announces Fourth Quarter and Full Year 2019 Results
BRENTWOOD, Tenn., March 05, 2020 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) ("Surgery Partners" or the "Company"), a leading provider of
About this update from Surgery Partners, Inc.
[{"type":"text","content":"BRENTWOOD, Tenn., March 05, 2020 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) (\"Surgery Partners\" or the \"Company\"), a leading provider of surgical services, today announced results for the fourth quarter and full year ended December 31, 2019.\n Highlights for the Fourth Quarter 2019: Revenues increased 5.3% to $517.2 million and Adjusted Revenues increased 4.2% to $520.7 million; when excluding closed or divested facilities, Adjusted Revenues increased 7.6%Days adjusted Same-facility Revenues increased 7.9% over prior yearNet loss attributable to common stockholders of $27.5 millionAdjusted EBITDA increased 15.1% over prior year to $84.4 million Highlights for 2019: Revenues increased 3.4% to $1.8 billion and Adjusted Revenues increased 2.8% to $1.9 billion; when excluding closed or divested facilities, Adjusted Revenues increased 7.6%Days adjusted Same-facility Revenues increased 7.6% over prior yearNet loss attributable to common stockholders of $109.5 millionAdjusted EBITDA increased 10.1% over prior year to $258.6 million 2020 Outlook: Revenues projected to grow high single-digit percentageAdjusted EBITDA projected to grow double-digit percentage Wayne DeVeydt, Executive Chairman of the Board of Surgery Partners, stated, “Over the past two years, we have been intentionally focused on building a model for sustainable double-digit Adjusted EBITDA growth and today’s results prove that our focused strategy can deliver on that promise.\" Eric Evans, Chief Executive Officer of Surgery Partners, stated, “Our fourth quarter results reflect continued strong top-line growth and margin expansion that has enabled us to achieve our full year target of double-digit Adjusted EBITDA growth. For the sixth quarter in a row, we grew days adjusted same-facility revenues, either achieving the high-end or exceeding our long-term growth target of 4-6%.\" \"We continue to see momentum stemming from Medicare's November announcement approving total knee replacement and certain cardiac procedures in ASCs beginning this year. We have also continued to expand operating rooms and recruit physicians who perform these procedures to capture this opportunity. The steady and consistent transition of surgeries to lower cost settings provides further proof of our continued constructive engagement with health plans, who appreciate the quality, a...