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Mar 31, 2025
Surgery Partners Q1 2025 Earnings Report
Surgery Partners reported higher revenue and Adjusted EBITDA, but a widened net loss in Q1 2025.
Key Takeaways
In Q1 2025, Surgery Partners grew revenue and same-facility case volumes, maintained its 2025 guidance, and improved Adjusted EBITDA, despite posting a net loss due to higher interest and integration expenses.
Revenue reached $776 million, up from $717.4 million last year.
Adjusted EBITDA rose to $103.9 million, reflecting improved operational efficiency.
Same-facility case volumes rose 6.5% on a days-adjusted basis.
Net loss of $37.7 million driven by higher interest expenses and transaction costs.
Forward Guidance
The company reaffirmed its 2025 full-year revenue and Adjusted EBITDA outlook, supported by expected M&A activity, operational improvements, and favorable market trends.
Positive Outlook
- Full-year revenue guidance remains at $3.30B to $3.45B.
- Adjusted EBITDA guidance reaffirmed at $555M to $565M.
- Operating system enhancements expected to expand margins.
- De novo facility openings and acquisitions to contribute to growth.
- Sufficient liquidity to fund growth without additional debt or equity.
Challenges Ahead
- Reported a net loss despite revenue growth.
- Operating cash flow declined significantly year-over-year.
- Increased litigation and integration-related expenses.
- Number of consolidated surgical facilities declined.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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