Business
Surgery Partners, Inc. Announces Third Quarter 2022 Results
BRENTWOOD, Tenn., Nov. 08, 2022 (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. 08, 2022 (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, 2022. Revenue increased 11.0% from the prior year period to $620.6 million with same-facility revenues increasing 5.1% Net loss attributable to common stockholders was $25.0 million, with Adjusted EBITDA of $96.2 million; nearly 26% greater than the prior year period Adjusted EBITDA margins increased sequentially and from the prior year period to 15.5% in the quarter Reaffirms projected 2022 Adjusted EBITDA of $375 million to $385 million and anticipates revenue in the range of $2.5 billion to $2.55 billion Wayne DeVeydt, Executive Chairman of the Board of Surgery Partners commented, “We are proud to report double-digit growth in Adjusted EBTIDA and revenue, both within our guided expectations despite the revenue impact of Hurricane Ian on our Florida operations. 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 top-line revenue growth of 11% was a combination of same-facility surgical case growth and contributions from our recent acquisitions. Together with a relentless focus on cost controls, this top-line growth enabled us to report Adjusted EBITDA margins of 15.5% in the third quarter of 2022, 150 basis points better than the second quarter of 2022 and 180 basis points better than the prior year quarter.” Eric Evans, Chief Executive Officer noted, “Management’s proactive and disciplined approach to cost management allowed us to respond to the challenges presented by Hurricane Ian and atypical summer vacations. Despite these disruptions, we were able to deliver double digit top and bottom-line growth with higher margins, while maintaining our consistent high quality clinical focus on our patients. In the quarter, we welcomed over 150 new physicians to our facilities, added two new ASCs and, late in the quarter, welcomed Kansas Spine and Specialty Hospital to our platform. Through October, we have deployed over $240 million on accretive acquisitions, adding twelve new facilities at an average sub eight times earnings multiple. Combined with the acquisition of ...