Surgery Partners' Q2 losses hit $4.5M: 8 key points

Mary Rechtoris - Print  |

Surgery Partners CEO Michael Doyle said the company, like other healthcare management companies, had slower than usual utilization and an adverse payer mix, which affected its second quarter 2017 financial results.

Here are eight key points on the company's second quarter:

1. Revenues fell 0.5 percent, totaling $288.4 million, year-over-year.

2. Surgery Partners' same-family revenue jumped 2 percent to $296.5 million.

3. The company's net losses attributable to Surgery Partners were $4.5 million.

4. Adjusted EBTIDA was $37.1 million, a drop from $46 million in the second quarter last year.

5. The company's diluted earnings per share were $0.09, an increase from $0.04 EPS the same quarter of 2016.

6. Surgery Partners owned and operated 103 surgical facilities as of June 30.

7. As of June 30, cash and cash equivalents totaled $57 million.

8. For 2017, Surgery Partners expects revenue between $1.18 billion and $1.2 billion.

Mr. Doyle said, "While we were disappointed with our overall results for the quarter, we were able to continue our record of same facility revenue growth and expansion of higher performance was hindered by three factors: the slowing of patient volumes, an adverse payer mix and slow improvement of our integrated physician practice acquisition. We believe we will see sequential improvement of these factors through the remainder of the year."

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