Business
Surgery Partners, Inc. Announces Third Quarter 2020 Results
BRENTWOOD, Tenn., Nov. 04, 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., Nov. 04, 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 third quarter ended September 30, 2020.\n •Revenues increased 9.8% from the prior year period to $496.1 million °Adjusted Revenues increased 9.9% to $503.9 million °Same-facility Revenues increased 8.4% from the prior year period °Same-facility case volume was at 97% of the case volume from the prior year period•Net loss attributable to common stockholders was $71.6 million °Adjusted EBITDA, excluding the impact of CARES Act grants, increased approximately 7% over the prior year period to $66.5 million Wayne DeVeydt, Executive Chairman of the Board of Surgery Partners, stated, “While our country and Company continue to respond to this pandemic and its impact on our communities, the Surgery Partners’ Board of Directors could not be more proud of the resiliency and perseverance our leadership team and front line associates continue to demonstrate during these unique times. We remain cautiously optimistic that we can continue to maintain our current trajectory for the fourth quarter of 2020 and we remain confident in our long-term growth model.” Eric Evans, Chief Executive Officer of Surgery Partners, stated, “As patient and provider safety is of the utmost importance, we continue to adhere to very strict protocols in concert with CDC guidelines so that our facilities can remain a safe-haven for elective surgeries. We anticipate continued constructive engagement with physicians, health systems and health plans, who appreciate the quality, access and value of our model.” \"As further evidence to the quality and safety of our model, we continue to recruit new physicians into our facilities adding an additional 180 in the third quarter and over 400 on a year-to-date basis. This recruiting success is especially evident in our same store surgical volumes, which improved to 97% compared to the prior quarter and 99% in the month of September when compared to September 2019.” Tom Cowhey, Chief Financial Officer of Surgery Partners commented, “Our investments over the past few years in our core infrastructure, along with our data-driven decision-making approach, have enabled our teams to effectively manage our business du...