Dallas-based United Surgical Partners International, a subsidiary of Tenet, reported large year-over-year revenue gains in the second quarter after temporarily limiting surgical case volume in the second quarter of 2020 during the COVID-19 pandemic.
Five notes:
1. USPI reported net operating revenue at $664 million for the quarter, up 80.4 percent over the same period last year. The increase was partially driven by ramping up case volumes after elective procedure bans were lifted last year and service lines were added from acquiring 45 ASCs in December.
2. Same-facility ASC volume was up 68.2 percent in the second quarter after being down 41.6 percent during the second quarter last year.
3. USPI ended the quarter June 30 with 317 ASCs and 24 surgical hospitals across 31 states.
4. Adjusted earnings before interest, tax, depreciation and amortization was $295 million for the second quarter.
5. Tenet anticipates USPI's 2021 net operating revenue will hit $2.7 billion to $2.8 billion, with surgical case volumes jumping 15 percent to 20 percent.