Surgery Partners increased revenues 45.8% in Q1 — 8 insights

Surgery Partners reported its first quarter 2018 financial results, reporting $417.4 million in revenues.

Here's what you should know.

1. Reported revenues increased 45.8 percent year over year for the quarter.

2. Surgery Partners increased its surgical cases 14.7 percent to 124,858 this quarter.

3. Surgery Partners' quarterly net losses were $25.3 million.

4. The company's EBITDA increased 17.4 percent year over year to $47.1 million for the quarter.

5. Surgery Partners announced a diluted net loss of $0.53 per share.

6. Same-facility revenues decreased 0.5 percent year over year. While revenue per case increased 3.8 percent, same-facility cases decreased 4.1 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 expects to acquire between $80 million and $100 million in properties.

Surgery Partners CEO Wayne DeVeydt said, "I am pleased to report a solid first quarter highlighted by strong year-over-year revenue and surgical case growth. During the quarter, we made excellent progress in strengthening our management team with several key hires and prioritized efforts to better align our organizational structure and improve our operational efficiency, which has begun to create a culture of discipline, focus, and accountability across the company. We remain focused on executing on our growth strategies as we assess our assets and opportunities with an eye towards improved performance."

Mr. DeVeydt said the company is focused on growing its physician recruitment, revenue cycle management and procurement initiatives in 2018. He added, "I am encouraged by the strength of our business and believe we have the right team in place to capitalize on the significant opportunities in front of us and create value for all our stakeholders."

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