Surgery Partners, Inc. Announces Third Quarter 2023 Results

About this update from Surgery Partners, Inc.

BRENTWOOD, Tenn., Nov. 07, 2023 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) ("Surgery Partners" or the "Company"), a leading operator of surgical facilities, today announced financial results for the third quarter ended September 30, 2023. Revenues were $674.1 million representing 8.6% growth Days Adjusted Same-facility revenues increased 14.2% Net loss attributable to Surgery Partners was $4.9 million Adjusted EBITDA was $105.5 million, representing 9.7% growthAdjusted EBITDA margin improved year-over-year to 15.7% Equity earnings in unconsolidated affiliates increased 45.8% to $3.5 million Revenues from facilities not consolidated increased by 71.2% to $159.6 millionAdjusted EBITDA contribution from unconsolidated affiliates was $10.2 million, 29.1% higher than 2022 Full year Adjusted EBITDA guidance raised to a range of $436 million to $440 million with revenue of approximately $2.75 billion “We are pleased to report another quarter of double-digit same facility growth across our portfolio, driven by the consistent execution of our operating model, which resulted in revenue and Adjusted EBITDA that exceeded our expectations,” said Wayne DeVeydt, Executive Chairman of Surgery Partners. Eric Evans, Chief Executive Officer, noted, “Surgical case volume, particularly in higher acuity and strategically important growth areas, remained strong this quarter, unaffected by any material external events. We continue to benefit from the migration of surgical cases to the optimal site of care, a trend that benefits all constituents of the health care system. We continue to invest in these targeted growth areas through physician recruitment, business development and de novo buildouts.” Dave Doherty, Chief Financial Officer, commented “Our third quarter Free Cash Flow generation accelerated to $63 million, bringing our year-to-date generation to $91 million, enhancing the company’s liquidity profile. We ended the quarter with $236 million of consolidated cash and an untapped revolver capacity of $545 million, positioning us well in this macro-economic environment.” Third Quarter 2023 Results Revenues for the third quarter of 2023 increased 8.6% to $674.1 million from $620.6 million for the third quarter of 2022. Days adjusted same-facility revenues for the third quarter of 2023 increased 14.2% from the same period last year, with an increase in revenue p...

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