Surgery Partners, Inc. reported a revenue increase of 6.2% for the fiscal year ending December 31, 2025, reaching approximately $3.3 billion, up from $3.1 billion in 2024. The growth was primarily driven by same-facility revenue growth and the impact of acquisitions. The company’s net loss attributable to Surgery Partners, Inc. was $77.9 million, a significant improvement from a loss of $168.1 million in the previous year. Adjusted EBITDA also rose by 3.5% to $526.2 million, reflecting effective cost management and revenue growth.
The company operated 176 surgical facilities as of December 31, 2025, including 157 ambulatory surgery centers (ASCs) and 19 surgical hospitals, with a majority ownership in 90 of these facilities. The payor mix for patient service revenues showed that private insurance accounted for 52.3%, while government payors contributed 42.8%. The company experienced a 4.9% increase in same-facility revenues, attributed to a 3.4% rise in case volumes and a 1.4% increase in revenue per case.
Strategically, Surgery Partners continued its acquisition strategy, acquiring a controlling interest in twelve surgical facilities and several physician practices for a total cash consideration of $162.1 million. The company also reported a decrease in general and administrative expenses, which fell to $118.2 million from $138.7 million in 2024, primarily due to reduced executive compensation. However, interest expenses increased to $272.6 million, reflecting higher borrowing costs associated with the company's debt.
Looking ahead, Surgery Partners anticipates continued growth driven by favorable industry trends, including an aging population and advancements in medical technology. The company is focused on enhancing operational efficiencies and expanding its footprint through strategic acquisitions and partnerships. However, it remains cautious about potential regulatory changes and market conditions that could impact its operations and financial performance. The company had cash and cash equivalents of $239.9 million and $692.8 million in available borrowing capacity as of year-end, positioning it well for future investments and operational needs.
About Surgery Partners, Inc.
Surgery Partners, Inc. operates a national network of outpatient surgical facilities, including ambulatory surgery centers and surgical hospitals, providing elective, non-emergency procedures across multiple specialties. Serving primarily U.S. patients, the company focuses on high-quality, cost-effective care, physician partnerships, and strategic acquisitions. Its business model emphasizes operational efficiency, physician engagement, and regulatory compliance within the outpatient healthcare services sector.
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