Business
Surgery Partners, Inc. Announces Second Quarter 2024 Results Raises Full Year 2024 Guidance
BRENTWOOD, Tenn., Aug. 06, 2024 (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. 06, 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 second quarter ended June 30, 2024. Revenues increased 14.2% to $762.1 million compared to the prior year period Same-facility revenues increased 9.9%Same-facility cases increased 3.9% Net loss attributable to Surgery Partners, Inc. was $15.5 million Adjusted EBITDA was $118.3 million, representing 18.1% growth compared to the prior year period Adjusted EBITDA margin was 15.5%, expanding 50 basis points from the prior year periodFull year guidance raised to greater than $3.075 billion in revenue and greater than $508 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 of 10% on a year-to-date basis continues to demonstrate the durability and strength of the macro tailwinds associated with our long-term growth algorithm.\" Eric Evans, Chief Executive Officer, stated, \"In addition to the strength of operational results for the quarter, we continued executing on our acquisition strategy by deploying nearly $220 million on several transactions. Our year-to-date acquisitions and robust de novo pipeline, coupled with execution on all of our key growth levers gives us confidence in our continued growth including an updated outlook for the remainder of 2024.\" Dave Doherty, Chief Financial Officer, commented, \"Over the last nine months, the Company has addressed its balance sheet exposure to refinancing and interest rates, having refinanced our term loan and unsecured bonds, increased the borrowing capacity of our revolver and lowered our overall interest rates. In the second quarter, we repriced the term loan to a more favorable rate and fully hedged those rates using interest rate caps. These actions position our balance sheet to fully support the Company’s continued long-term growth.\" Second Quarter 2024 Results Revenues for the second quarter of 2024 ...