Business
Surgery Partners, Inc. Announces Second Quarter 2020 Results
BRENTWOOD, Tenn., Aug. 05, 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., Aug. 05, 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 second quarter ended June 30, 2020.\n Revenues decreased 15.9% from the prior year period to $374.7 million Adjusted Revenues decreased 15.5% to $382.6 millionSame-facility Revenues decreased 18.6% from the prior year period Net loss attributable to common stockholders was $42.2 million, with net loss attributable to Surgery Partners, Inc. of $32.5 million. Adjusted EBITDA decreased 4.9% over the prior year period to $58.2 million Wayne DeVeydt, Executive Chairman of the Board of Surgery Partners, stated, “The strength of our business model and the execution of our leadership team and front-line associates has enabled Surgery Partners to persevere during this pandemic which was evident in our second quarter results. We are cautiously optimistic that we can maintain our current trajectory for the second half of 2020 and we remain confident in our long-term growth model.” “Our confidence in our model and our value proposition was underscored yesterday by the 2021 Medicare hospital outpatient prospective payment system (OPPS) and ambulatory surgical center (ASC) payment system proposal from CMS, potentially eliminating over 300 musculoskeletal procedures from the Inpatient-Only list and also proposing the addition of eleven new procedures to the ASC covered procedures list, including total hip replacements.” Eric Evans, Chief Executive Officer of Surgery Partners, stated, \"The COVID-19 pandemic has affected operations unlike anything else in recent history. Surgical volumes bottomed out in April but recovered to near 2019 levels by the end of June, a trend that has continued into July and early August scheduling. This recovery is a testament to the efforts of our team members and the value of our short-stay surgical model to the healthcare ecosystem.\" \"As patient and provider safety is of the utmost importance, we have been implementing very strict protocols in concert with CDC guidelines so that our facilities can continue to be a safe haven for elective surgeries. Our results for the second quarter validate our efforts to manage expenses responsibly as volumes increased from April to June. Even in the midst ...