Surgery Partners reported revenue increased and net loss decreased in the third quarter of 2016.
Here are 10 things to know:
1. Surgery Partners reported 18 percent year-over-year revenue growth to $282.7 million. Same-facility revenue was up 10.3 percent to $281.2 million. Same facility cases increased 4.3 percent.
2. Net loss attributable to Surgery Partners reached $2.3 million, down from $3.1 million in the same quarter last year.
3. Adjusted EBITDA increased 12.3 percent in the third quarter to $44.7 million. The company also amended their first lien credit agreement, reducing the applicable margin by 50 basis points and realized an annual interest savings of around $5 million.
4. By the end of the third quarter, Surgery Partners closed transactions on a Louisiana surgery center, two physician practices and an anesthesia practice. The company also entered into a relationship with a Florida health system to improve their outpatient strategy.
5. Total year-to-date revenue hit $839.4 million, a 20.5 percent increase over the same period last year. Same facility revenue jumped 12.8 percent to $814.8 million and same-facility cases have been up 7.8 percent.
6. For the first three quarters of the year, Surgery Partners reported a $7.3 million net loss, down from $15.3 million over the same period last year. Adjusted EBITDA increased 13 percent to $129.2 million.
7. Surgery Partners reported cash and cash equivalents of $55.2 million as of Sept. 30, 2016. The company has an availability of $114.9 million under its revolving credit facility.
8. The company's net operating cash flow hit $19.1 million in the third quarter, excluding merger transaction and integration costs. The company's ratio of total debt to EBITDA was 6.2x by the end of the quarter.
9. Surgery Partners affirmed its full-year guidance at the mid- to high-range of $1.12 billion to $1.14 billion, which is a 17.5 percent to 19 percent growth over last year.
10. The company modified its adjusted EBITDA full year guidance to between 13 percent and 16 percent growth in the range of $179 million to $184 million, down from its previous range of $184 million to $191 million. The decrease is due to the acquisitions, which closed later than anticipated as a result of Hurricane Matthew in the fourth quarter.