Surgery Partners has another strong quarter, revenues increased 54.2% — 8 insights

Brentwood, Tenn.-based Surgery Partners reported its second quarter 2018 financial results, reporting $444.8 million in revenues.

Here's what you should know.

1. Reported revenues increased 54.2 percent year over year.

2. Surgery Partners increased its surgical cases 17.8 percent to 131,646 during the quarter.

3. Surgery Partners' quarterly net losses were $27.4 million.

4. The company's EBITDA increased 49.5 percent year over year to $55.4 million for the quarter.

5. Surgery Partners announced a diluted net loss of $0.57 per share.

6. Same-facility revenues increased 3 percent year over year. While revenue per case increased 4.5 percent, same-facility cases decreased 1.4 percent for the quarter.

7. Surgery Partners is maintaining its full-year 2018 guidance. The company expects revenues of $1.75 billion for the year and an adjusted EBITDA of $240 million.

8. The company also maintained it acquisition expectations, with a goal to acquire between $80 million and $100 million in assets.

Surgery Partners CEO Wayne DeVeydt said, "Our second-quarter results were highlighted by strong year-over-year revenue and surgical case growth, as well as continued investments in our infrastructure that position the company for long-term success. During the quarter, we made excellent progress in realigning our organizational structure with our strategic and financial goals. We are confident that these organizational and structural changes will improve operational efficiency and energize our team as we focus on building a strong, sustainable short-stay surgical business that can capitalize on opportunities and deliver strong growth."

More articles on transactions/valuation: 
Arete Surgical Center completes 1st case with Mazor Robotics' system — 4 things to know
Recouping revenue without reengineering workflow: Part two
Why a New York-based gastroenterologist just acquired board certification in obesity medicine

© Copyright ASC COMMUNICATIONS 2018. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months