Business
Surgery Partners, Inc. Announces Second Quarter 2023 Results
BRENTWOOD, Tenn., Aug. 01, 2023 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) ("Surgery Partners" or the "Company"), a leading provider of surgical
About this update from Surgery Partners, Inc.
[{"type":"text","content":"BRENTWOOD, Tenn., Aug. 01, 2023 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) (\"Surgery Partners\" or the \"Company\"), a leading provider of surgical services, today announced financial results for the second quarter ended June 30, 2023. Revenues were $667.6 million representing 8.5% growth and are inclusive of an $8 million cyber event headwind Same-facility revenues increased 8.3% on an unadjusted basis and approximately 10% adjusting for the cyber eventNon-consolidated minority interest revenue increased by over 30% Net income attributable to Surgery Partners was $18.9 million Adjusted EBITDA was $100.2 million, representing 16.4% growthAdjusted EBITDA margin improved by over 100 basis points year-over-year to 15.0%Combined, consolidated and unconsolidated surgical case volume grew 5% Full year Adjusted EBITDA guidance raised to greater than $435 million, revenue reaffirmed at greater than $2.75 billion, inclusive of the cyber event, and free cash flow reaffirmed at greater than $140 million. Wayne DeVeydt, Executive Chairman of the Board of Surgery Partners, noted, “Revenue and Adjusted EBITDA both exceeded our expectations for the quarter, inclusive of the cyber event headwind we experienced. We are extremely pleased with the momentum we continue to see in all pillars of our growth algorithm with same facility revenue, margin expansion and capital deployment all performing at levels that support raising our full year adjusted EBITDA outlook to greater than $435 million.” Eric Evans, Chief Executive Officer, stated, “The company continued its consistent growth and expense management execution in Q2. We are also pleased to report significant progress in our de novo investments with over 15 facilities expected to open in the next 18 months. These investments, coupled with our robust growth in high acuity procedures and the addition of three unconsolidated minority interest partnerships acquired in connection with our new health system partnership with Methodist Health System in Dallas, Texas, give us further confidence in our long-term mid-teen growth targets.” Dave Doherty, Chief Financial Officer, commented, “We deployed approximately $60 million in capital in the quarter with the majority used to purchase minority interest in high growth markets. Our non-consolidated investments have driven over 30% revenue gro...