Earnings summaries and quarterly performance for Surgery Partners.
Executive leadership at Surgery Partners.
J. Eric Evans
Detailed
Chief Executive Officer
CEO
DB
Danielle Burkhalter
Detailed
Executive Vice President, Chief Human Resources Officer
DD
David Doherty
Detailed
Executive Vice President and Chief Financial Officer
JB
Jennifer Baldock
Detailed
Executive Vice President, Chief Administrative and Development Officer
JO
Justin Oppenheimer
Detailed
Chief Operating Officer and National Group President
MB
Marissa Brittenham
Detailed
Executive Vice President and Chief Strategy Officer
TW
Trent Webb
Detailed
President, American Group
Board of directors at Surgery Partners.
Research analysts who have asked questions during Surgery Partners earnings calls.
Andrew Mok
Barclays
4 questions for SGRY
Also covers: ACHC, ADUS, AGL +21 more
BR
Benjamin Rossi
JPMorgan Chase & Co.
4 questions for SGRY
Also covers: AMED, ARDT, AVAH +7 more
JG
Joanna Gajuk
Bank of America
4 questions for SGRY
Also covers: ACHC, ADUS, AGL +21 more
Sarah James
Cantor Fitzgerald
4 questions for SGRY
Also covers: ACHC, AMED, CI +15 more
AR
Albert Rice
UBS
3 questions for SGRY
Also covers: ACHC, AMED, AMN +20 more
Brian Tanquilut
Jefferies
3 questions for SGRY
Also covers: ACHC, ADUS, AHCO +29 more
MG
Matthew Gillmor
KeyCorp
3 questions for SGRY
Also covers: ACHC, ADUS, ALHC +11 more
Tao Qiu
Macquarie Group
3 questions for SGRY
Also covers: ADUS, AMED, BKD +5 more
Whit Mayo
Leerink Partners
3 questions for SGRY
Also covers: ACHC, AHCO, ALHC +11 more
Benjamin Hendrix
RBC Capital Markets
2 questions for SGRY
Also covers: ACHC, ADUS, AHCO +25 more
AR
A.J. Rice
UBS Group AG
1 question for SGRY
Also covers: ACHC, AMED, AMN +20 more
RL
Ryan Langston
TD Cowen
1 question for SGRY
Also covers: ACHC, ADUS, AGL +15 more
WS
William Spivack
TD Cowen
1 question for SGRY
WS
William Sutherland
The Benchmark Company
1 question for SGRY
Also covers: AMN, AONC, BEAT +10 more
Zach Laverty
KeyBanc Capital Markets
1 question for SGRY
Recent press releases and 8-K filings for SGRY.
Surgery Partners Announces Pricing of Add-On Notes Offering
SGRY
Debt Issuance
- Surgery Partners, Inc.'s wholly-owned subsidiary, Surgery Center Holdings, Inc., priced an add-on offering of $425.0 million aggregate principal amount of 7.250% senior unsecured notes due 2032 on December 11, 2025.
- These notes will be part of the same series as the $800.0 million of 7.250% senior notes due 2032 originally issued in April 2024.
- The net proceeds from this offering are intended for general corporate purposes, including repaying outstanding borrowings under its revolving credit facility.
- The offering is expected to close on December 16, 2025.
Dec 11, 2025, 11:51 PM
Surgery Partners Subsidiary Prices Add-On Notes Offering
SGRY
Debt Issuance
- Surgery Partners' wholly-owned subsidiary, Surgery Center Holdings, Inc., priced $425.0 million aggregate principal amount of its 7.250% senior unsecured notes due 2032.
- This offering is an add-on to the $800.0 million of 7.250% senior notes due 2032 originally issued in April 2024.
- The offering is expected to close on December 16, 2025, with net proceeds intended for general corporate purposes, including repaying outstanding borrowings under its revolving credit facility.
Dec 11, 2025, 11:25 PM
Surgery Partners announces add-on senior notes offering
SGRY
Debt Issuance
- Surgery Partners, Inc. announced an add-on offering of $425.0 million aggregate principal amount of its 7.250% senior unsecured notes due 2032.
- The notes will be issued by Surgery Center Holdings, Inc., a wholly-owned subsidiary, and will be part of the same series as notes originally issued in April 2024.
- The net proceeds from this offering are intended for general corporate purposes, including repaying outstanding borrowings under its revolving credit facility.
Dec 11, 2025, 1:36 PM
Surgery Partners Announces Add-On Senior Notes Offering
SGRY
Debt Issuance
- Surgery Center Holdings, Inc., a wholly owned subsidiary of Surgery Partners, intends to offer an additional $425.0 million aggregate principal amount of its 7.250% senior unsecured notes due 2032.
- The notes will be issued as part of the same series as the Issuer’s 7.250% senior notes due 2032 originally issued in April 2024.
- Surgery Partners intends to use the net proceeds from this offering for general corporate purposes, including repaying outstanding borrowings under its revolving credit facility.
Dec 11, 2025, 1:23 PM
Surgery Partners Reports Q3 2025 Results and Revises Full-Year Guidance
SGRY
Earnings
Guidance Update
Demand Weakening
- Surgery Partners reported Q3 2025 net revenue of $821.5 million, a 6.6% year-over-year increase, and Adjusted EBITDA of $136.4 million, up 6.1% year-over-year.
- The company revised its full-year 2025 guidance, now expecting revenue in the range of $3.275 billion-$3.3 billion and adjusted EBITDA between $535 million-$540 million. This adjustment reflects delayed capital deployment, lost earnings from divested facilities, and a more cautious outlook on commercial payer mix and volume in Q4.
- Year-to-date in 2025, $71 million was deployed for acquisitions, and $45 million in cash was generated from the divestiture of three ASCs. The majority of the $20 million EBITDA pressure from the guidance revision is attributed to timing related to capital deployment and divestitures.
- Same facility revenue grew 6.3% in Q3 2025, with total surgical cases increasing 2.1% to over 166,000. Commercial payers represented 50.6% of revenues, down 160 basis points year-over-year.
Nov 10, 2025, 1:30 PM
Surgery Partners Announces Q3 2025 Results and Revises Full-Year Guidance
SGRY
Earnings
Guidance Update
M&A
- Surgery Partners reported net revenue of $821.5 million for Q3 2025, an increase of 6.6% year-over-year, and adjusted EBITDA of $136.4 million, up 6.1% year-over-year, with a 16.6% margin.
- The company revised its full-year 2025 guidance, now expecting revenue between $3.275 billion and $3.3 billion and adjusted EBITDA between $535 million and $540 million.
- This guidance revision is primarily due to delayed capital investments, lost earnings from three ASC divestitures (which generated $50 million in cash plus sold debt or $45 million cash and $5 million debt reduction ), and softer-than-expected same facility volume growth and a 160 basis point shift in payer mix away from commercial payers in Q3.
- Year-to-date, Surgery Partners has deployed approximately $71 million for acquisitions, while also evaluating over $300 million in M&A opportunities.
- A strategic portfolio optimization review is underway, focusing on divesting or partnering larger surgical hospitals to reduce leverage and improve cash flow, resulting in the investor day being postponed to spring 2026.
Nov 10, 2025, 1:30 PM
Surgery Partners, Inc. Amends Credit Agreement for 2025 Refinancing
SGRY
Debt Issuance
- 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.
Aug 13, 2025, 12:00 AM
Surgery Partners Announces Second Quarter 2025 Results
SGRY
Earnings
Guidance Update
- 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.
Aug 5, 2025, 11:30 AM
Surgery Partners Reports Strong 2024 Results and Issues 2025 Guidance
SGRY
Earnings
Guidance Update
M&A
- Surgery Partners reported full-year 2024 net revenue of $3.1 billion, a 13.5% increase, and Adjusted EBITDA of $508.2 million, up 16% over 2023, with an Adjusted EBITDA margin of 16.3%.
- For 2025, the company provided initial guidance projecting net revenue between $3.3 billion and $3.45 billion and Adjusted EBITDA between $555 million and $565 million.
- The company deployed just under $400 million in capital for M&A in 2024, adding seven surgical facilities and opening eight de novo facilities. They expect to deploy approximately $200 million for M&A in 2025.
- Management believes potential site neutrality legislation will not materially impact net revenue or earnings, with a worst-case scenario limited to 1% of net revenue, and more likely to be a net beneficiary.
- The board formed a special committee to consider a non-binding acquisition proposal from Bain Capital received in late January.
Mar 3, 2025, 1:30 PM
Surgery Partners Reports Strong 2024 Results, Issues 2025 Guidance, and Addresses Bain Capital Proposal
SGRY
Earnings
Guidance Update
M&A
- Surgery Partners reported full-year 2024 net revenue of $3.1 billion, a 13.5% increase, and Adjusted EBITDA of $508.2 million, up 16% over 2023, marking the first time revenue exceeded $3 billion and Adjusted EBITDA surpassed $500 million.
- For 2025, the company projects net revenue between $3.3 billion and $3.45 billion and Adjusted EBITDA between $555 million and $565 million, anticipating continued margin expansion.
- In 2024, the company deployed just under $400 million of capital on acquisitions, adding seven surgical facilities and opening eight de novo facilities, with plans to deploy approximately $200 million on M&A in 2025.
- The company ended Q4 2024 with a total net debt to EBITDA ratio of 3.7 times (credit agreement calculation) and over $770 million in total liquidity, with a long-term goal of achieving a mid-threes ratio.
- A non-binding acquisition proposal from Bain Capital was received in late January, leading to the formation of a special committee to consider the offer.
Mar 3, 2025, 1:30 PM
Quarterly earnings call transcripts for Surgery Partners.
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