Surgery Partners Reports Revenue Growth of 8.0% for 2023

By Bobby Samwell • Monday, February 26 16:29 • Permanent Link

Surgery Partners, Inc., a leading healthcare services company with a focus on providing high-quality, cost-effective solutions for surgical and related ancillary care, has announced its financial results for the fourth quarter and full year ending December 31, 2023. The company reported a revenue increase of 8.0% to $2.74 billion for the full year 2023 and a 4.0% increase to $735.4 million for the fourth quarter of 2023 compared to the same periods in 2022. Days adjusted same-facility revenues also saw significant increases, rising by 11.3% for the full year 2023 and 8.1% for the fourth quarter 2023 compared to 2022.

The net loss attributable to common stockholders was $11.9 million for the full year 2023 and $1.0 million for the fourth quarter 2023. However, adjusted EBITDA showed strong growth, increasing by 15.2% to $438.1 million for the full year 2023 and by 17.8% to $142.3 million for the fourth quarter 2023 compared to the same periods in 2022. Adjusted EBITDA margins were reported at 16.0% for the full year 2023 and 19.4% for the fourth quarter 2023.

Looking ahead, Surgery Partners expects revenue for 2024 to exceed $3.0 billion and adjusted EBITDA to exceed $495 million. The company's liquidity position at the end of 2023 was strong, with cash and cash equivalents of $195.9 million and $694.3 million of borrowing capacity under its revolving credit facility.

Operating cash flows for the fourth quarter of 2023 were $62.6 million, a significant increase from the $7.2 million reported for the same period in 2022. For the full year 2023, operating cash flows totaled $293.8 million, up from $158.8 million in 2022. The company's ratio of total net debt to EBITDA at the end of 2023 was 3.5x.

Surgery Partners will hold a conference call on February 26, 2024, to discuss these results in more detail. Interested investors and other parties may also listen to a webcast of the conference call on the company's website.

Today the company's shares have moved -8.6% to a price of $30.2. If you want to know more, read the company's complete 8-K report here.

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