Surgery Partners continues quarterly losses trend, down $24.8M in Q3

Despite $452 million in third-quarter 2019 revenues, Surgery Partners posted a net loss of $24.8 million for the quarter.

Seven things to know:

1. Revenues increased 4.5 percent to $452 million for the quarter, up from $432.4 million at the same time last year. Revenues-to-date hit $1.3 billion, up from $1.28 billion in 2018.

2. The company's net losses decreased from this time last year from $29.2 million to $24.8 million. For the year to date, the company posted a net loss of $82 million, which is more than the $81.9 million net loss the company posted for the same period in 2018.

3. Revenue per case increased in the third quarter from $3,064 in 2018 to $3,268 in 2019. To date, revenue per case increased from $3,045 in 2018 to $3,205 in 2019.

4. Same-facility cases also increased from 134,620 cases in the third quarter of 2018 to 138,414 cases for the same period of 2019.

5. The company's adjusted EBITDA was $62.2 million for the third quarter of 2019, a 5.4 percent year-over-year increase.

6. Surgery Partners has 128 facilities through the third quarter, up from 124 in the same time last year. The company increased its number of consolidated surgical facilities to 107 in the third quarter.

7. Surgery Partners guidance on the year stayed the same. The company believes it will be able to grow revenues at a low single-digit percentage rate in 2019, with adjusted EBITDA growing at a double-digit rate.

CEO Wayne DeVeydt said, "Our strong third quarter results reflect continued strong top-line growth and margin expansion that positions us well to achieve our full year target of double-digit Adjusted EBITDA growth." Mr. DeVeydt said the growth was impressive because of a number of closures related to Hurricane Dorian, which closed many of Surgery Partners' facilities for up to four days.

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