Surgery Partners reported revenue of $239.6 million for the third quarter of 2015, up 214 percent from the third quarter of 2014. The substantial increase in revenue reflects Surgery Partner's acquisition of Symbion.
Here are 10 points:
1. For the third quarter, Surgery Partners reported same-facility revenue reached $252.7 million, a 12.7 percent increase from the same period the year prior.
2. The company's adjusted EBITDA rose 148 percent to $39.9 million during third quarter, compared to $16.1 million for the same period last year.
3. In October 2015, Surgery Partners completed its initial public offering, raising the company's gross proceeds to $271.4 million.
4. Surgery Partners reported $0.04 EPS for the quarter, surpassing the consensus estimate of $0.01.
5. The company expects the Adjusted EBITDA to be between $156 million to $157 million for the 2015 fiscal year.
6. The company's same-facility revenue was up 12.7 percent in the third quarter to $252.7 million and same-facility case volume was up 6.1 percent.
7. During the first nine months of the year, the same-facility revenue grew 9.6 percent to $723.2 million and the same-facility case volume was up 4.7 percent. The total revenue for the first three months was up 211.5 percent to $696.6 million.
8. Segment net revenue for the third quarter was reported as:
• Surgical facility services: $219.6 million
• Ancillary services: $16.3 million
• Optical services: $3.6 million
9. Surgery Partners owned or operated 99 surgical facilities as of Sept. 30, primarily in partnership with physicians.
10. During the third quarter, the company expanded the employed physician practice network with nine in-market practice transactions that include two de novo centers. For 2015, the company completed 13 in-market practice transactions. Surgery Partners also completed an anesthesia practice acquisition in the third quarter.
"Our pipeline is stronger than it has ever been with numerous opportunities to further expand our surgical and ancillary services," said Michael Doyle, Surgery Partners CEO.
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