BRENTWOOD, Tenn. - Surgery Partners, Inc. (NASDAQ:SGRY) reported third quarter earnings that fell short of analyst expectations, sending shares down sharply, by 10.5%, in Tuesday's premarket trading.
The surgical facility operator posted adjusted earnings per share of $0.19 for the quarter, missing the consensus estimate of $0.25. Revenue came in at $770.4 million, slightly above expectations of $768.99 million and up 14.3% YoY.
Surgery Partners reaffirmed its full-year 2024 revenue guidance of over $3.075 billion, compared to analyst estimates of $3.086 billion.
The company's third quarter net loss attributable to Surgery Partners widened to $31.7 million from $4.9 million in the same period last year. Adjusted EBITDA grew 21.9% to $128.6 million.
"We are proud to report another quarter of strong growth in Adjusted EBITDA and revenue, both of which were in line with our expectations," said Wayne DeVeydt, Executive Chairman of Surgery Partners.
Same-facility revenues increased 4.2% YoY, with cases up 3.7% and revenue per case rising 0.5%.
The company ended the quarter with $221.8 million in cash and $595.8 million available under its revolving credit facility.
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