Surgery Partners Q1 revenue up 16.2% as total joint cases soar

Surgery Partners reported growth in first-quarter revenue, case volume and total joint replacements, and is making moves to save millions of dollars.

1. Revenue jumped 16.2 percent year over year to hit $512.4 million. Same-facility revenue was up 17.1 percent over 2020 first-quarter numbers.

2. The same-facility case volume increased 8.8 percent year over year to 135,690 cases, and the number of total joint procedures was up 122 percent.

3. Surgery Partners added at least 25 percent more physicians to its centers during the first quarter of 2021, compared with the same period in 2020.

4. Net loss attributable to common stockholders was $31.3 million.

5. Adjusted EBITDA, excluding the $10.7 million CARES Act grant the company received, increased 34 percent year over year to $62.2 million. The company increased full-year adjusted EBITDA guidance to at least $320 million.

6. Surgery Partners expects 2021 revenue to grow 18 percent to 20 percent year over year.

7. As of March 31, Surgery Partners had 127 surgical facilities in its network.

8. A pair of transactions will save the company $7 million in annual cash interest:

It refinanced $1.55 billion of term loans May 3, extending maturity to August 2026
It entered into new London Inter-bank Offered Rate fixed rate swap arrangements in connection with the refinancing, which is still ongoing

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