Surgery Partners, Inc. announced its financial results for the first quarter ended March 31, 2025, reporting revenues of $776.0 million, an 8.2% increase compared to the first quarter of 2024. Same-facility revenues increased by 5.2%, driven by a 6.5% increase in same-facility cases, despite a 1.2% decrease in revenue per case.
Adjusted EBITDA for the quarter grew 6.6% to $103.9 million. However, the company reported a net loss attributable to Surgery Partners, Inc. of $37.7 million, a wider loss compared to $12.4 million in the prior year, primarily due to increased transaction and integration costs of $24.7 million and a significant rise in net interest expense to $62.2 million.
Operating cash flow for Q1 2025 was $6.0 million, down from $40.7 million in Q1 2024. The company reaffirmed its full-year 2025 guidance, projecting net revenue between $3.30 billion and $3.45 billion and Adjusted EBITDA between $555 million and $565 million. Year-to-date, Surgery Partners deployed $55 million on five surgical facilities and has 10 de novo facilities under construction.
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