Surgery Partners Reports Strong First-Half 2025 Growth,Narrows Losses Amidst Healthcare Landscape Challenges
Brentwood,Tenn.-based Surgery Partners is demonstrating revenue growth and improved profitability in the first half of 2025, despite ongoing pressures from reimbursement rates and labor costs. The ambulatory surgery center operator’s performance signals continued demand for outpatient procedures and its ability to navigate a complex healthcare habitat. Investors and healthcare stakeholders are closely watching Surgery Partners as it executes its strategic growth plan and aims for sustained financial enhancement.
Surgery Partners’ first-half results reflect a broader trend toward lower-cost, more convenient care settings. The company’s focus on expanding its ASC portfolio and optimizing operational efficiencies is positioning it to capitalize on this shift. Here are 10 key takeaways from the company’s performance so far in 2025:
- First-quarter revenue reached $776 million, an 8.2% increase compared to $717.4 million in Q1 2024.
- Same-facility revenue grew 5.2% year-over-year in Q1, and case volume increased 6.5%, indicating robust organic growth.
- Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in Q1 were $103.9 million, up from $97.5 million in the same period last year.
- The company reported a net loss of $37.7 million in Q1, a wider loss than the $12.4 million net loss recorded in Q1 2024.
- As of March 31, Surgery Partners held $229.3 million in cash and equivalents, with a net debt-to-EBITDA ratio of 4.1x.
- Second-quarter revenue totaled $826.6 million, an 8.4% year-over-year increase.
- In Q2, same-facility revenue grew 5.1%, cases rose 3.4%, and revenue per case increased 1.6%.
- adjusted EBITDA in Q2 was $129 million, a 9% increase from the prior year.
- Surgery partners significantly narrowed its net loss in Q2 to $2.5 million, compared to $15.5 million in Q2 2024.
- The company reaffirmed its full-year 2025 guidance,projecting revenue between $3.3 billion and $3.45 billion and adjusted EBITDA between $555 million and $565 million.
