Business
Surgery Partners, Inc. Announces Fourth Quarter and Full Year 2022 Results; Sets 2023 Guidance
BRENTWOOD, Tenn., March 01, 2023 (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 01, 2023 (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, 2022. Revenue increased 15.9% to $707.1 million in the fourth quarter 2022 and 14.1% to $2.5 billion in the full-year 2022, when compared to the comparable periods in 2021 Days adjusted same-facility revenues increased 10.7% in the fourth quarter 2022 versus 2021Days adjusted same-facility revenues increased 7.7% in the full-year 2022 versus 2021 Net loss attributable to common stockholders was $23.4 million for the fourth quarter 2022 and $54.6 million for the full-year 2022 Adjusted EBITDA increased 5.6% to $120.8 million in the fourth quarter 2022 versus 2021Adjusted EBITDA increased 12.0% to $380.2 million in the full-year 2022 versus 2021 Adjusted EBITDA margins were 17.1% in the fourth quarter 2022 and 15.0% in the full-year 2022Adjusted EBITDA for 2023 expected to be greater than $425 millionRevenue for 2023 expected to be greater than $2.75 billion Wayne DeVeydt, Chairman of the Board of Surgery Partners, noted, “The financial results we are reporting today reflect the strong execution that can be expected to continue into 2023. As the migration of high acuity surgical cases continues to our lower cost, high quality setting, we are poised to continue to capitalize on these broad industry trends and remain optimistic about achieving sustainable double-digit Adjusted EBITDA growth.” Eric Evans, Chief Executive Officer, stated, “With revenue growth of nearly 16% in the fourth quarter, we are reporting growth consistent with our expectations and reflecting the positive trajectory that we have experienced all year. Our teams remain focused on providing the highest clinical quality product to our patients and physicians as we continue to make investments in our core capabilities including physician recruitment, high-acuity service line development, and effectively managing the macro-economic environment with regards to inflationary pressure on labor and our supply chain while still achieving full year margin improvement. On a same-facility basis, net revenue grew nearly 11% in the quarter and 8% for the year, giving us significant momentum as we enter 2023. When coupled with ou...