Logotype for Surgery Partners Inc

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.
Logotype for Surgery Partners Inc
Q2 2025 earnings summary5 Aug, 2025

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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Logotype for Surgery Partners Inc
Q3 202511 Nov, 2025
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Frequently asked questions

Surgery Partners Inc. is a healthcare services company specializing in the operation of surgical facilities and ancillary services. The company manages a network of ambulatory surgery centers and surgical hospitals, offering procedures across specialties such as orthopedics, gastroenterology, and ophthalmology. Surgery Partners serves patients, physicians, and healthcare providers with a focus on high-quality, cost-effective care. The company is headquartered in Brentwood, Tennessee, and its shares are listed on the NASDAQ.

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