Business
Surgery Partners, Inc. Announces Third Quarter 2021 Results
BRENTWOOD, Tenn., Nov. 02, 2021 (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., Nov. 02, 2021 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) (\"Surgery Partners\" or the \"Company\"), a leading provider of surgical services, today announced results for the third quarter ended September 30, 2021. Revenues increased 12.7% from the prior year period to $559.2 million Days adjusted same-facility revenues increased 8.3% from the prior year periodDays adjusted same-facility case volume increased 6.2% from the prior year period Net loss attributable to common stockholders was $22.9 millionAdjusted EBITDA increased to $76.4 million, growth of approximately 25% over the prior year period2021 full-year adjusted EBITDA guidance increased to $325 million to $330 million. Wayne DeVeydt, Executive Chairman of the Board of Surgery Partners, noted, “Our business continued to perform exceptionally well during the third quarter of 2021 despite the resurgence of COVID-19 in many of the markets we serve. Throughout the pandemic, we have been able to demonstrate the value of our high quality, short-stay surgical facilities to all constituents of the healthcare system, including patients, physicians and payors. These facilities meet a critical need in the communities they serve, particularly in this environment, and we are pleased to report the continued migration of high acuity surgical cases to our lower-cost, high-clinical quality facilities.” Eric Evans, Chief Executive Officer, stated, “We saw surgical case volume returning to pre-pandemic levels in the third quarter of 2021, with same-facility revenue growth of 8.3% driven by 6.2% volume growth. Our relentless focus on patient safety and continued investments in our core capabilities including physician recruitment, service line development, and supply chain management helped us navigate through this pandemic. More importantly, as higher acuity procedures continue to transition out of traditional acute care settings, we are well-positioned to capture our fair share of this growing opportunity. Year to date, we experienced a 108% increase in total joint procedures performed in our facilities as compared to the prior year period. We attribute this growth to strategic facility investments, effective recruiting, health plan collaboration, exceptional clinical and patient experience performance and the continued transition of higher acuity procedures...