Surgery Partners confident in long-term growth, despite 15.9% COVID-19-related drop in revenue

Nashville, Tenn.-based Surgery Partners posted a 15.9 percent decrease in revenue for the second quarter of 2020, attributable to the COVID-19 pandemic and delays around elective procedures.

Company CEO Eric Evans said: "The COVID-19 pandemic has affected operations unlike anything else in recent history. Surgical volumes bottomed out in April but recovered to near 2019 levels by the end of June, a trend that has continued into July and early August scheduling. This recovery is a testament to the efforts of our team members and the value of our short-stay surgical model to the healthcare ecosystem."

Board Chair Wayne DeVeydt said, "We are cautiously optimistic that we can maintain our current trajectory for the second half of 2020 and we remain confident in our long-term growth model."

Six things to know:

1. Surgery Partner's quarterly revenues decreased to $374.7 million year over year. The company's adjusted revenues decreased 15.5 percent to $382.6 million.

2. Net loss attributable to common shareholders was $42.2 million, with a net loss attributable to Surgery Partners of $32.5 million.

3. Surgery Partners adjusted EBITDA decreased 4.9 percent from the second quarter of 2019 to 2020, hitting $58.2 million.

4. Same-facility revenues for the quarter dropped 18.6 percent from 2019 figures. Despite that, the company logged a 32.4 percent increase in revenue per case, which was offset by a 38.6 percent decrease in same-facility cases.

5. The company's full-year revenues decreased 5.1 percent from 2019 figures to $833.2 million.

6. Surgery Partners had $326.3 million in cash on hand and $113.2 million in borrowing capacity, as of June 30.

7. Surgery Partners had 128 surgical facilities at the end of the second quarter.

 

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Articles We Think You'll Like

 

Featured Whitepapers

Featured Webinars