Here is how three of the largest ASC operators performed during the first quarter of 2025, according to their financial reports:
Surgery Partners (Brentwood, Tenn.)
- Surgery Partners recorded $776 million in revenue during the first quarter of 2025, an increase of 8.2% compared to the first quarter of 2024.
- In the first quarter of 2025, same-facility revenues increased 5.2% compared to the first quarter of 2024. Same-facility cases increased 6.5% in the first quarter of 2025 compared to the same period of 2024.
- Full year 2025 revenue for the company is expected to be between $3.3 billion and $3.45 billion.
- Surgery Partners also added 150 physicians and five surgical facilities in the first quarter of 2025
United Surgical Partners International (Dallas)
- USPI reported $1.2 billion in revenue in the first quarter of 2025, up from $995 million in the same period in 2024.
- The company’s net operating revenues increased 20% compared to the first quarter of 2024, driven by strong net revenue per case growth, facility acquisitions and expansion of service lines.
- As of March 31, USPI had ownership interests in 520 ASCs (380 consolidated) and 25 surgical hospitals (seven consolidated) across 37 states.
HCA Healthcare (Nashville, Tenn.)
- The company’s first-quarter revenues reached $18.3 billion, up from $17.3 billion in the first quarter of 2024.
- After factoring in nonoperating expenses, HCA reported a net income of $1.61 billion (an 8.8% margin) for the first quarter, up slightly from $1.59 billion in the same quarter last year.
- HCA grew its network of freestanding ASCs to 125 in 2025, up from 121 centers in 2024.
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