Surgery Partners, Inc. announced its financial results for the second quarter ended June 30, 2025, reporting revenues of $826.2 million, an 8.4% increase year-over-year and surpassing analyst estimates. Same-facility revenues increased by 5.1%, driven by a 3.4% increase in same-facility cases and a 1.6% increase in revenue per case.
Adjusted EBITDA for the quarter grew 9.0% to $129.0 million. The company reported a net loss of $2.5 million, with adjusted earnings per share of $0.17, which exceeded analysts' consensus estimates.
Operating cash flow for Q2 2025 was $81.3 million, a slight decrease from $82.8 million in the prior year, primarily due to higher cash interest payments. Surgery Partners reaffirmed its full-year 2025 guidance for net revenue between $3.30 billion and $3.45 billion and Adjusted EBITDA between $555 million and $565 million. The company also noted a reduction in its facility count to 162 from 167, reflecting ongoing portfolio optimization, while acquiring five new facilities year-to-date and continuing with 10 de novo centers under construction.
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