Surgery Partners Q1 same-facility revenue up 5%: 5 details

Surgery Partners reported a revenue increase in the first quarter of 2019, as well as a $28.6 million net loss.

 

Five things to know:

1. Overall revenue jumped 1.3 percent to $416 million while same-facility revenue was up 5 percent. The quarter represents the third consecutive quarter of same-facility revenue growth, which CEO Wayne DeVeydt takes as a good sign that the company's strategic initiatives are taking hold.

2. Revenue per case was up 4.3 percent and same-facility cases increased 0.6 percent. Cash and cash equivalents hit $142.5 million by the end of the quarter and Surgery Partners has a $70.9 million borrowing capacity under its revolving credit facility.

3. The company's net loss was $28.6 million, and adjusted EBITDA increased 7.6 percent. The adjusted EBITDA grew "moderately better" than the company projected, and Mr. DeVeydt continues to project Surgery Partners will grow adjusted EBITDA in the double-digits this year.

4. By the end of 2019, Surgery Partners projects revenue growth in the low single-digit percentage rate and estimates the adjusted EBITDA will grow at a double-digit percentage rate.

5. Surgery Partners now has 123 surgical facilities, including 106 consolidated surgical facilities. During the quarter, Surgery Partners affiliates performed 123,900 cases and reported revenue per case at $3,364.

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