Brentwood, Tenn.-based Surgery Partners reported a slight revenue increase in the fourth quarter of 2018, as well as significant revenue growth for the full year.
Five insights:
1. For the fourth quarter, revenues increased 6.7 percent to $491.2 million, and same-facility revenues increased 7.4 percent to $513.3 million.
2. The net loss attributable to common shareholders amounted to $156.2 million for the quarter, for a net loss of $3.25 per share. Adjusted EBITDA increased 14.7 percent to $73.3 million.
3. The company's revenues increased 32.1 percent year over year to $1.8 billion, and same-facility revenues grew 5 percent to $1.8 billion.
4. The net loss attributable to common shareholders was $238.1 million for the year, resulting in a $4.96 net loss per share. Adjusted EBITDA grew 42.9 percent to $234.8 million.
5. The company expects revenues to grow slightly in 2019.
"Our fourth-quarter results were highlighted by strong adjusted EBITDA growth, as well as our second consecutive quarter of same-store volume growth. We continue to advance our agenda both operationally and strategically, as we remain focused on repositioning our portfolio for growth, investing in our platforms and processes, and deploying capital to continue to execute on organic and inorganic growth opportunities," CEO Wayne DeVeydt said in a press release.