Surgery Partners reported revenue increases in the fourth quarter and full year of 2019.
Five things to know:
1. Full year revenue was up 3.4 percent to $1.8 billion, with fourth quarter revenue jumping 5.3 percent to $517.2 million. Surgery Partners CEO Eric Evans said the company has seen momentum since Medicare approved total knee replacement and certain cardiac procedures in ASCs to begin in 2020.
2. Same-facility revenue was up 7.6 percent for the year. The company also reported a 5.5 percent increase in revenue per case for the year to hit $3,293 and a 2 percent increase in same-facility cases to 556,424 cases.
3. Net loss attributable to common stockholders was $27.3 million for the fourth quarter and $109.5 million for the full year.
4. At the end of 2019, Surgery Partners reported adjusted EBITDA was up 10.1 percent year-over-year to $258.6 million. Surgery Partners' ratio of total net debt to EBITDA was lowered to 7.2x by the end of the year.
5. In 2020, Surgery Partners anticipates revenues will grow in the high single digits while adjusted EBITDA is projecting a double-digit increase. The projections exclude the impact of its Idaho Falls Community Hospital, which opened at the end of last year.