Earnings release
Page 1
Exhibit 99.1 SURGERY PARTNERS SURGERY PARTNERS , INC . ANNOUNCES THIRD QUARTER 2021 RESULTS BRENTWOOD , Tenn . , November 2 , 2021 ( GLOBE NEWSWIRE ) - Surgery Partners , Inc. ( NASDAQ : SGRY ) ( " Surgery Partners " or the " Company " ) , a leading provider of surgical services , today announced results for the third quarter ended September 30 , 2021 . Revenues increased 12.7 % from the prior year period to $ 559.2 million ° Days adjusted same - facility revenues increased 8.3 % from the prior year period о Days adjusted same - facility case volume increased 6.2 % from the prior year period Net loss attributable to common stockholders was $ 22.9 million Adjusted EBITDA increased to $ 76.4 million , growth of approximately 25 % over the prior year period 2021 full - year adjusted EBITDA guidance increased to $ 325 million to $ 330 million . Wayne DeVeydt , Executive Chairman of the Board of Surgery Partners , noted , “ Our business continued to perform exceptionally well during the third quarter of 2021 despite the resurgence of COVID - 19 in many of the markets we serve . Throughout the pandemic , we have been able to demonstrate the value of our high quality , short - stay surgical facilities to all constituents of the healthcare system , including patients , physicians and payors . These facilities meet a critical need in the communities they serve , particularly in this environment , and we are pleased to report the continued migration of high acuity surgical cases to our lower - cost , high - clinical quality facilities . " Eric Evans , Chief Executive Officer , stated , “ We saw surgical case volume returning to pre - pandemic levels in the third quarter of 2021 , with same - facility revenue growth of 8.3 % driven by 6.2 % volume growth . Our relentless focus on patient safety and continued investments in our core capabilities including physician recruitment , service line development , and supply chain management helped us navigate through this pandemic . More importantly , as higher acuity procedures continue to transition out of traditional acute care settings , we are well - positioned to capture our fair share of this growing opportunity . Year to date , we experienced a 108 % increase in total joint procedures performed in our facilities as compared to the prior year period . We attribute this growth to strategic facility investments , effective recruiting , health plan collaboration , exceptional clinical and patient experience performance and the continued transition of higher acuity procedures to the highest value site of care . " Tom Cowhey , Chief Financial Officer , commented , “ To date , we have deployed over $ 130 million on acquisition activity , including the purchase of three ASCs in early August at very attractive multiples and a buy - up at one of our existing surgical hospitals that closed this week . Our acquisition pipeline continues to grow , and we continue to aggressively invest in our development activities and in multidisciplinary diligence teams to evaluate and integrate new facilities successfully . With approximately $ 225 million of potential single - site acquisitions under LOI and many deals in the due diligence phase , we are confident that we will exceed our capital deployment goals for 2021. " Third Quarter 2021 Results Revenues for the third quarter of 2021 increased 12.7 % to $ 559.2 million from $ 496.1 million for the third quarter of 2020. Days adjusted same - facility revenues for the third quarter of 2021 increased 8.3 % from the same period last year , with an increase in revenue per case of 2.0 % and an increase in same- facility cases of 6.2 % . For the third quarter of 2021 , the Company's net loss attributable to common stockholders and Adjusted EBITDA was $ 22.9 million and $ 76.4 million , respectively , compared to $ 71.6 million and $ 61.1 million for the same period last year . Year to Date 2021 Results Revenues year - to - date 2021 increased 23.1 % to $ 1,614.9 million from $ 1,311.8 million for the 2020 period . Days adjusted Same - facility Revenues for year - to - date 2021 increased 21.0 % from the same period last year , with a decrease in revenue per case of 1.1 % offset by an increase in same - facility cases of 22.4 % . For year - to - date 2021 , the Company's net loss attributable 1