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Surgery Partners (SGRY) investor relations material
Surgery Partners Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue reached $826.2M, up 8.3%–8.5% year-over-year, driven by same-facility growth and acquisitions.
Adjusted EBITDA grew 9.0% to $129M, reflecting operational improvements and cost management.
Net loss attributable to the company narrowed to $2.5M from $15.5M in Q2 2024.
Strategic review concluded with a decision to remain public, reaffirming long-term value creation focus.
Leadership transition announced, with Executive Chairman departing and Board Chairman transition plan forthcoming.
Financial highlights
Same-facility revenue grew 5.1% in Q2, with 3.4% case growth and 1.6% rate growth.
Adjusted EBITDA margin was 15.6%, up slightly year-over-year.
Cash and cash equivalents stood at $250.1M at quarter-end, with $645M in total liquidity.
Operating cash flows were $81M in Q2, with $54M distributed to physician partners and $10M in maintenance capex.
Net loss per share was $0.02 in Q2 2025, compared to $0.12 in Q2 2024.
Outlook and guidance
Full-year 2025 revenue guidance reaffirmed at $3.3B–$3.45B and Adjusted EBITDA at $555M–$565M, likely at lower end due to M&A timing.
Management expects continued margin expansion and self-funded growth without new debt or equity for five years.
Targeting $200M in acquisitions for 2025, weighted toward the back half of the year.
Focus remains on improving same-facility performance and selective acquisitions.
No material impact anticipated from recent federal healthcare legislation (OBBBA) on financials.
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