United Surgical Partners International, Surgery Partners and HCA Healthcare, through its Surgery Ventures arm, are three of the largest ASC operators by number of centers.
Here are 13 notes to know on the three companies' third quarter results:
1. USPI's third quarter revenue hit $1.13 billion, a 21% increase from the same quarter last year.
2. USPI's adjusted earnings before interest, taxes and appreciation jumped 18.6% in the third quarter from $370 million to $439 million in the most recent quarter.
3. Surgical business same-facility systemwide net patient service revenues increased 8.7%, with cases up 1% and net revenue per case up 7.6%.
4. USPI's portfolio includes 520 ambulatory surgery centers (376 consolidated) and 24 surgical hospitals (seven consolidated) in 37 states.
Surgery Partners (Brentwood, Tenn.)
1. Surgery Partners' third-quarter revenue was $770.4 million, up 14.3% year over year and slightly above analysts' expectation of $769.09 million, or up 14.1%.
2. Surgery Partners posted adjusted earnings per share of $0.19 for the quarter, missing Wall Street's expectation of $0.25.
3. The company also reported a loss of $31.7 million in its third quarter.
4. Adjusted EBITDA was $128.6 million, up 21.9% growth compared to the prior year.
5. Same-facility revenue increased 4.2% and same-facility cases increased 3.7%.
HCA Healthcare (Nashville, Tenn.)
1. HCA's same facility outpatient surgeries declined 2% in the third quarter of 2024, while revenue per surgical case was up 7%. The decline in outpatient surgery is rooted in a decline of Medicaid and uninsured patients, CEO Sam Hazen said in a third quarter earnings call.
2. HCA's outpatient revenues as a percentage of patient revenues in the third quarter was 38.2%, up from 37.4% the year prior.
3. HCA plans to add 100 outpatient facilities by the end of 2024, bringing total sites of care to more than 2,600.
4. HCA is advancing the number of ASCs they have in their company through "greenfield developments," new facility constructions, along with some targeted acquisitions, Mr. Hazen said.