Surgery Partners reported a huge revenue increase in 2016, the first full year since the company's IPO.
Here are 10 things to know about the company's fourth quarter and full year 2016 financial report:
1. Full year revenues increased 19.3 percent to $1.1 billion in 2016. The same facility revenues were up 12.2 percent over 2015, hitting $1.1 billion.
2. Net income jumped from $1.4 million in 2015 to $9.5 million in 2016. The adjusted EBITDA increased 13.4 percent in 2016 to $179.3 million.
3. Same-facility case growth drove 6.6 percent of the revenue increase last year.
4. Surgery Partners reported cash and cash equivalents of $69.7 million at the end of the year and around $62 million available under its revolving credit facility. Net operating cash flow was $16 million for the fourth quarter of 2016.
5. Revenue in the fourth quarter increased 16.2 percent over the same period last year, hitting $306 million. Same-facility revenues increased 10.8 percent for the quarter to $304.5 million.
6. Fourth quarter net income attributable to surgery partners jumped from $16.7 million to $16.9 million year-over-year. Adjusted EBIDTDA for the quarter was up 14.4 percent to $50.1 million.
7. Last year, Surgery Partners facilities provided services to more than 600,000 patients. The company added two integrated physician practices with three ASCs, three standalone ASCs and eight additional physician practices in 2016. The company's network now includes more than 150 locations.
8. Same facility revenue per case grew from $2,481 to $2,611 in 2016. Revenue per case growth was 5.2 percent last year. Surgical facility services reported $1 billion net revenue; ancillary services reported $90.8 million net revenue and optical services reported $12.5 million.
9. Revenue growth in 2017 is expected at 9 percent to 11 percent over 2016. EBITDA growth is expected at 10 percent to 15 percent by the end of 2017.
10. Surgery Partners' ratio of total net debt to EBITDA at the end of the year was 6.3x, as calculated under the company's credit agreement.