Brentwood, Tenn.-based Surgery Partners reported third-quarter revenue of $815.3 million, down 0.8% year over year, according to a Nov. 9 news release. The results include the company’s Idaho Falls facilities only through Sept. 13, when the divestiture closed.
Here are eight things to know:
1. Same-facility revenue rose 6%. Revenue per case grew 5.8% and same-facility cases rose 0.2%.
2. Total cases fell 4.2% to 159,070. Total revenue per case rose 3.6% to $5,125.
3. Net loss attributable to Surgery Partners narrowed to $21.1 million from $22.7 million a year earlier. Year to date, the net loss widened to $72 million from $62.9 million.
4. Adjusted EBITDA fell 2.7% to $132.7 million. Adjusted EBITDA margin slipped to 16.3% from 16.6%.
5. General and administrative expenses rose to $40.6 million from $22.4 million. Transaction and integration costs rose to $22.6 million from $12.6 million, including $14.1 million in M&A costs.
6. On Nov. 9, Surgery Partners amended its merger agreement with HealthSpan Partners after it received an unsolicited competing proposal from an unnamed third party. The amended deal raises the price to $25 per share in cash, an enterprise value of up to about $6 billion. If stockholders approve the deal but it hasn’t closed by March 1, 2027, stockholders other than Bain Capital affiliates will get monthly cash payments at a 10% annual rate on the $25 per share. The deal is still expected to close in the first quarter of 2027.
7. Because the deal is pending, Surgery Partners did not host an earnings call and will no longer give guidance. In the second quarter, the company had reaffirmed 2026 guidance of $3.35 billion to $3.45 billion in revenue.
8. Surgery Partners had $354.5 million in cash as of Sept. 30, up from $239.9 million at the end of 2025. Long-term debt fell to about $3 billion from $3.6 billion. The company operated 173 surgical facilities at the end of the quarter, down from 178 as of June 30.
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