Surgery Partners Q3 revenues increase 8.4% to $306.3M: 9 things to know

Mary Rechtoris - Print  |

Surgery Partners reported its third quarter of 2017 and year-to-date financial results.

Here are nine things to know:

1. Revenues totaled $306.3 million in the third quarter, an 8.4 percent increase from the same period of 2016.

2. Same-facility third quarter revenues rose 2.9 percent over the same period last year.

3. Surgery Partners' net loss attributable to Surgery Partners was $13.6 million for the third quarter, compared to $2.3 million during the third quarter last year.

4. Net loss before income taxes hit $19.2 million for the third quarter; this figure totaled $12.6 million during the third quarter of 2016.

5. Surgery Partners' normalized adjusted EBITDA for the third quarter was $43.1 million.

6. So far in 2017, Surgery Partners' revenues increased 4.98 percent to $880.9 million.

7. Surgery Partners' net loss attributable to Surgery Partners was $20.8 million so far this year.

8. For 2017, the company anticipates revenue between $1.3 billion and $1.33 billion.

9. Surgery Partners expects adjusted EBITDA between $178 million and $185 million for 2017.

Interim CEO of Surgery Partners Clifford Adlerz said: "Although the quarter and near term outlook were impacted by certain industry headwinds and the recent hurricanes, with the integration of NSH we move towards 2018 with a larger, more diversified business focused on delivering high quality, cost effective surgical procedures to a growing number of patients, payers and providers. While we were pleased to see normalized same-facility revenue growth over the prior year, we have launched specific initiatives to accelerate same-facility case growth, and improve margins including implementing procurement optimization programs."

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