Surgery Partners, Inc. (SGRY) is a leading healthcare services company that operates a national network of surgical facilities and ancillary services. The company focuses on providing high-quality, cost-effective outpatient surgical and related ancillary care. Its offerings include ambulatory surgery centers, surgical hospitals, and multi-specialty physician practices, catering to various specialties such as orthopedics, pain management, ophthalmology, gastroenterology, and general surgery.
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Surgical Facility Services - Operates ambulatory surgery centers (ASCs) and surgical hospitals, providing non-emergency surgical procedures across multiple specialties, including orthopedics, pain management, ophthalmology, gastroenterology, and general surgery. Includes anesthesia services to support surgical operations.
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Ancillary Services - Offers multi-specialty physician practices, pharmacy services, diagnostic tests, and other related services to complement surgical care.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
J. Eric Evans ExecutiveBoard | Chief Executive Officer (CEO) | Director at QuVa Pharma (since March 2022); Director at Teladoc Health (since September 2023) | J. Eric Evans has served as the CEO of Surgery Partners since January 2020, and he previously served as Executive Vice President and COO from April 2019 to January 2020. | View Report → |
Danielle Burkhalter Executive | Executive Vice President and Chief Human Resources Officer | Danielle Burkhalter serves as Executive Vice President and Chief Human Resources Officer at SGRY since her appointment as CHRO in February 2023 and her promotion to Executive VP in March 2024, following her previous role as Vice President of Talent. She has extensive experience in human resources from her earlier tenure at UnityPoint Health since joining SGRY in 2018. | ||
David T. Doherty Executive | Executive Vice President and Chief Financial Officer | David T. Doherty has served as the Executive Vice President and Chief Financial Officer at Surgery Partners, Inc. since February 1, 2022. Previously, he served as Senior Vice President of Corporate Finance and Controller after joining the company in 2018. | ||
Harrison R. Bane Executive | President of the National Group | Harrison R. Bane is President of the National Group at Surgery Partners (SGRY) since September 2024, and previously served as President of the American Group from September 2022 to September 2024. | ||
Jennifer B. Baldock Executive | Executive Vice President, Chief Administrative and Development Officer | Jennifer B. Baldock is the Executive Vice President, Chief Administrative and Development Officer at SGRY since February 2020 and previously served as Executive Vice President and Chief Legal Officer from May 2018 to February 2020. | ||
Marissa A. Brittenham Executive | Executive Vice President and Chief Strategy Officer | Marissa A. Brittenham serves as the Executive Vice President and Chief Strategy Officer at SGRY since January 2022, and she has built a strong background in strategy and growth through roles at Cityblock Health, Evolent Health, and McKinsey & Company. | ||
W. Trent Webb Executive | President of the American Group | W. Trent Webb has served as the American Group President at SGRY since September 2024 and has over a 15-year history with the company, including a role as Senior Vice President, Operations for the Central Region. | ||
Andrew T. Kaplan Board | Director | Partner at Bain Capital Private Equity; Director at QuVa Pharma; Director at US Renal Care; Director at InnovaCare Health | Andrew T. Kaplan has been serving as a director at Surgery Partners since August 2018. He is a Class III director and a member of the Compensation Committee, bringing extensive experience in finance and healthcare from his roles at Bain Capital and other healthcare companies. | |
Blair E. Hendrix Board | Chairman of the Board of Directors | Director at US Renal Care since 2019; Director at Merchants Fleet since 2024 | Blair E. Hendrix has served as a director at SGRY since May 2021 and was appointed Chairman of the Board on August 4, 2025, reflecting his leadership in corporate governance. Previously, he was a partner at Bain Capital Private Equity and held key roles in healthcare, demonstrating extensive industry expertise. | |
Brent Turner Board | Director | CEO of Summit BHC | Brent Turner has been a director at SGRY since December 2015 and serves as the Chairman of the Audit Committee, demonstrating strong board leadership. He is a seasoned healthcare executive with prior roles at Acadia Healthcare and currently serves as the CEO of Summit BHC. | |
Clifford G. Adlerz Board | Director | Director at US HealthConnect | Clifford G. Adlerz is a Director at Surgery Partners, Inc. since October 2017. He previously served as Interim Chief Executive Officer from September 2017 to January 2018 and as a Consultant from February 2018 to May 2019. | |
Devin OReilly Board | Director | Partner at Bain Capital Private Equity; Director at Aveanna Healthcare; Director at Zelis; Director at PartsSource; Director at athenahealth; Director at LeanTaaS | Devin O'Reilly has served as a director at SGRY since August 2017 and previously held the role of Chairman from August 2017 to January 2020. He is also active on key board committees including the Nominating and Corporate Governance Committee and the Compensation Committee. | |
John A. Deane Board | Director at Surgery Partners | Chairman of the Advisory Board Company; Founder and Chief Executive Officer of Southwind Health Partners, LLC | John A. Deane has served as a director at Surgery Partners since May 2019. He brings extensive healthcare experience from previous roles, including Chairman of the Advisory Board Company (December 2009 to April 2018) and Founder and Chief Executive Officer of Southwind Health Partners, LLC (October 1998 to December 2009). | |
Laura L. Forese Board | Independent Director on the Board of Directors | Director of the Shubert Organization; Trustee of the Mother Cabrini Health Foundation; Director of Nereid Therapeutics; Director of Veuu Inc. | Laura L. Forese, M.D. serves as an Independent Director at Surgery Partners, Inc. since January 10, 2025. Previously, she held executive roles including EVP and COO at New York-Presbyterian and was a director at Cantel Medical Corp from 2015 to 2021. | |
Patricia A. Maryland Board | Director | Dr. Patricia A. Maryland has been serving as a director at SGRY since February 2021 and is an active member of the Nominating and Corporate Governance Committee as well as the Compliance and Ethics Committee. She has a distinguished background in healthcare leadership, having held executive roles at Ascension Healthcare from 2007 through 2019. | ||
Teresa DeLuca Board | Director | Director at Life Stance; Director at Rejuveron; Faculty Advisor at Columbia University School of Entrepreneurship; Faculty Member at Columbia University School of Professional Studies | Teresa DeLuca has been a director at Surgery Partners since September 2016 and brings extensive healthcare and governance expertise. She has contributed her knowledge as a physician, Chief Medical Officer in previous roles, and academic advisor roles. |
- Considering you’ve deployed only $66 million in M&A this year versus the $200 million target, how does management plan to accelerate deal activity to meet guidance, and what specific criteria will be used to judge if the current pipeline can convert effectively?
- With the expiration of the favorable interest rate swaps leading to increased interest expense pressure, what concrete hedging or refinancing strategies are being considered to shield the company from further SOFR volatility?
- As management explores portfolio optimization opportunities, particularly around potential divestitures of surgical hospitals, what defined metrics or financial thresholds will trigger such actions, and how will these moves balance growth with accelerated leverage reduction?
- Given the competitive landscape and the need to consistently hit 4% to 6% same store revenue growth, how is the company addressing evolving payer pressures and changes in health exchange volumes to ensure these targets remain achievable?
- With increasing robotics investments touted as a lever for higher acuity procedures, can you detail how management quantifies the impact on rate vs. volume growth, and what the proposed timeline and metrics are for assessing their ROI over both the short and long term?
Research analysts who have asked questions during Surgery Partners Inc earnings calls.
Andrew Mok
Barclays
3 questions for SGRY
Benjamin Rossi
JPMorgan Chase & Co.
3 questions for SGRY
Brian Tanquilut
Jefferies
3 questions for SGRY
Joanna Gajuk
Bank of America
3 questions for SGRY
Sarah James
Cantor Fitzgerald
3 questions for SGRY
Whit Mayo
Leerink Partners
3 questions for SGRY
Albert Rice
UBS
2 questions for SGRY
Matthew Gillmor
KeyBanc Capital Markets Inc.
2 questions for SGRY
Tao Qiu
Macquarie Group
2 questions for SGRY
A.J. Rice
UBS Group AG
1 question for SGRY
Albert Rice
UBS
1 question for SGRY
Andrew Mok
Barclays
1 question for SGRY
Ben Hendrix
RBC Capital Markets
1 question for SGRY
Benjamin Hendrix
RBC Capital Markets
1 question for SGRY
Benjamin Rossi
JPMorgan Chase & Co.
1 question for SGRY
Jack [Unknown Last Name]
Unknown Organization
1 question for SGRY
Joanna Gajuk
Bank of America
1 question for SGRY
Matthew Gillmor
KeyBanc Capital Markets
1 question for SGRY
Ryan Langston
TD Cowen
1 question for SGRY
Sarah James
Cantor Fitzgerald
1 question for SGRY
Tao Qiu
Stifel
1 question for SGRY
William Spivack
TD Cowen
1 question for SGRY
William Sutherland
The Benchmark Company
1 question for SGRY
Zach Laverty
KeyBanc Capital Markets
1 question for SGRY
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
This company is one of several large national entities that own and/or manage surgical facilities, sometimes in connection with other lines of business that do not directly compete with the company. It is mentioned as a competitor in the development or acquisition of surgical facilities. | |
AMSURG Corp. | This entity is identified as a large national company that owns and/or manages surgical facilities, competing with the company in the development or acquisition of such facilities. |
This organization is noted as a competitor in the ownership and management of surgical facilities, as well as in the development or acquisition of these facilities. | |
This company is listed as a competitor in the development or acquisition of surgical facilities, alongside other large national companies. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Four Surgical Facilities & Two Physician Practices | 2025 | Acquired with aggregate cash consideration of $48.0 million and non-cash of $2.3 million; the deal included preliminary recognition of $73.7 million in goodwill and $28.0 million in non‐controlling interests as part of a strategy to expand an established portfolio of facilities. |
Several Physician Practices | 2024 | Acquired in the third quarter for aggregate cash of $26.6 million to enhance the company’s network of physician partners. |
Surgical Hospital, Two Physician Practices & ASC (non-controlling) | 2024 | Completed on April 30, 2024 for a total purchase price of $188.2 million, including a controlling interest in a surgical hospital and two physician practices and a non‐controlling interest in an ASC, to boost multispecialty capacity with anticipated operating synergies in 12 to 18 months. |
Six Surgical Facilities & Several Physician Practices | 2024 | Completed in Q2 2024 with a cash consideration of $264.6 million, non‐cash of $1.1 million, plus recognized non‐controlling interests of $290.7 million and goodwill of $483.0 million, supporting the expansion of its facility network. |
Two Surgical Facilities & Several Physician Practices | 2024 | Completed in Q1 2024 for $66.0 million in cash (with $11.4 million deferred) and $1.1 million non‐cash, along with recognition of $21.2 million in non‐controlling interests and $77.2 million in goodwill, thereby augmenting its asset base. |
MSK Procedure Acquisitions (Five Acquisitions) | 2023 | Executed in Q1 2023 by deploying $60 million to acquire two new ambulatory surgery centers (ASCs) and increase ownership in three facilities focused on musculoskeletal procedures, with valuations at a sub-8x multiple and expected operating synergies within 12 to 18 months. |
Kansas Spine and Specialty Hospital | 2022 | Acquired through a deal with $64.3 million in cash (net of cash acquired), $39.4 million in assumed debt (with deferred cash of $61.0 million paid later), and recognition of $146.3 million in goodwill and $45.3 million in non‐controlling interests, strategically expanding high-value musculoskeletal services. |
Four Other Surgical Facilities & a Practice | 2022 | Completed with aggregate cash consideration of $79.3 million and additional non‐cash of $5.3 million, along with $41.5 million in non‐controlling interests and $121.1 million in goodwill, designed to broaden the company’s facility network. |
Seven Surgical Facilities & Seven In-Development de novo Surgical Facilities (Non-Controlling Interests) | 2022 | Acquired non-controlling interests for an aggregate cash purchase price of $95.1 million, recorded as an equity method investment to further expand its operational base in both established and development-stage facilities. |
Minority Interest in Two ASCs & Three de novo ASCs | 2022 | Acquired minority positions at an effective multiple under 8x as part of a strategic partnership with ValueHealth, integrating expertise in short-stay facility management with value-based care programs. |
Five ASCs (Minority) & Vascular-Focused ASC (Majority) | 2022 | Acquired through a deal deploying approximately $90 million, the minority interests in five ASCs and the majority interest in a vascular-focused ASC support expansion into higher-acuity specialties such as orthopedics and cardiovascular procedures. |
Four In-Process de novo ASCs from ValueHealth | 2022 | Acquired for approximately $14 million to shorten the time to full operations by at least 12 months, this deal is part of a broader strategic partnership with ValueHealth aimed at accelerating de novo development. |
Two Surgical Facilities (One Merged into an Existing Facility) | 2022 | Completed for a total consideration of $34.7 million ($31.1 million in cash and $2.6 million non-cash), with the allocation including $42.7 million in goodwill and specific asset and liability adjustments, integrated into the Surgical Facility Services segment. |
Recent press releases and 8-K filings for SGRY.
- Surgery Partners, Inc. executed a Second Amendment to its Credit Agreement on August 13, 2025.
- This amendment pertains to 2025 Refinancing Term Loans and 2025 Refinancing Revolving Credit Commitments.
- Jefferies Finance LLC, Barclays Bank PLC, JPMorgan Chase Bank, N.A., and other financial institutions acted as joint lead arrangers and joint bookrunners for the refinancing.
- Surgery Partners reported a net loss of $2.5 million for the second quarter ended June 30, 2025, with revenue increasing 8.4% and Adjusted EBITDA increasing 9.0% to $129.0 million.
- The company reaffirmed its full year 2025 revenue guidance in the range of $3.30 billion to $3.45 billion and Adjusted EBITDA guidance in the range of $555 million to $565 million.
- As of June 30, 2025, Surgery Partners had $250.1 million in cash and cash equivalents and a total net debt to EBITDA ratio of approximately 4.1x.