Surgery Partners, Inc. (NASDAQ: SGRY), based in Brentwood, Tennessee, operates as one of the leading healthcare services companies specializing in short-stay surgical facilities. The company focuses on delivering high-quality, cost-effective surgical and related ancillary care across its extensive network of outpatient facilities.

For the first quarter of 2025, Surgery Partners reported total revenues of $776 million, reflecting an 8.2% increase compared to $717.4 million for the same period in 2024. The company’s adjusted EBITDA for the quarter rose 6.6% to $103.9 million, with an adjusted EBITDA margin of 13.4%. Among its operational highlights, same-facility revenues grew 5.2%, while same-facility surgical cases increased by 6.5%. Despite the positive revenue growth, there was a reported net loss attributable to Surgery Partners of $37.7 million for the quarter, which is significantly greater than the prior year’s loss of $12.4 million.

Surgery Partners detailed that approximately 160,000 surgical cases were performed in the first quarter, which corresponds to a 4.5% year-over-year increase. The revenue per case, however, experienced a decline of 1.2%, aligning with a shift toward lower-acuity specialties such as gastrointestinal surgeries. The company observed 29,000 orthopedic cases during the quarter, which marked a growth of 3.4% compared to the previous year, supported by a 22% increase in total joint surgeries.

Surgery Partners maintained a robust financial position, with $229 million in cash and an available revolving credit facility of approximately $389 million as of March 31, 2025. The total net debt to EBITDA ratio calculated under the company’s credit agreement was approximately 4.1x at the end of the quarter. The company reported operating cash flows of $6 million for the first quarter, a decrease from $40.7 million in the same quarter of 2024, partly due to timing issues in working capital transactions.

In terms of future guidance, Surgery Partners reaffirmed its 2025 revenue expectations in the range of $3.30 billion to $3.45 billion along with an adjusted EBITDA guidance of $555 million to $565 million. The company’s projections imply continued margin expansion, reflecting ongoing operating improvements and integration benefits from acquisitions. The firm indicated its ability to fund future growth through cash reserves and available credit without needing additional capital from equity or debt markets, ensuring financial stability to support its growth initiatives throughout the upcoming fiscal year.