Business
Surgery Partners Reaffirms 2021 and 2022 Full Year Guidance; David T. Doherty to Assume Role of Chief Financial Officer on February 1, 2022
BRENTWOOD, Tenn., Jan. 10, 2022 (GLOBE NEWSWIRE) -- Members of management of Surgery Partners, Inc. (NASDAQ: SGRY) ("Surgery Partners" or the "Company"), a
About this update from Surgery Partners, Inc.
[{"type":"text","content":"BRENTWOOD, Tenn., Jan. 10, 2022 (GLOBE NEWSWIRE) -- Members of management of Surgery Partners, Inc. (NASDAQ: SGRY) (\"Surgery Partners\" or the \"Company\"), a leading short-stay surgical facility owner and operator, will be meeting with investors today, January 10, 2022, as part of the 40th Annual J.P. Morgan Healthcare Conference, including a virtual presentation at 5:15 p.m. ET. Based on results through November 2021, the Company is re-affirming its 2021 Adjusted EBITDA guidance of $325 million to $330 million and its 2021 Revenue guidance of 19% to 21% growth over 2020 results. The Company completed the deployment of approximately $185 million of capital in three acquisitions in December 2021, at a weighted average multiple of approximately 8.5x 2022E Adjusted EBITDA and is re-affirming its preliminary 2022 Adjusted EBITDA guidance of at least $370 million. Wayne DeVeydt, Executive Chairman of Surgery Partners, stated, “We could not be prouder of our team and our physician partners as they helped the Company navigate through another challenging year of this pandemic. As we have said before, the value of our high quality, short-stay surgical facilities was evident throughout this pandemic, and is increasingly viewed as the optimal option for many constituents of the healthcare system as we look to exit the pandemic.” Eric Evans, Chief Executive Officer of Surgery Partners, noted, “Although we are early in the process of closing out 2021, we remain confident in our ability to achieve strong Adjusted EBITDA results within our previously guided range of $325 million to $330 million for 2021. Having completed approximately $325 million of acquisitions in 2021, three of which were completed in the last two weeks of December, we begin 2022 with confidence to continue the strong momentum of double-digit Adjusted EBITDA growth.” The Company also announced today that David T. Doherty, Senior Vice President, Corporate Finance and Controller at Surgery Partners, will assume the role of Chief Financial Officer, effective February 1, 2022. Tom Cowhey will be transitioning from his role as Chief Financial Officer to pursue a new opportunity. To ensure a smooth transition, Mr. Cowhey has agreed to remain with the Company through the end of February. “Tom was an initial member of our transformational leadership team when we started our journ...