Surgery Partners reports Q2 EPS (9c), consensus 18c
Reports Q2 revenue $288.4M, consensus $314.22M. Same facility revenue per case increased 1.5% and same facility cases increased 0.4%. The company said, "Like many of our peers, Surgery Partners experienced slower than normal utilization and adverse payor mix during the second quarter of 2017. While we were disappointed with our overall results for the quarter, we were able to continue our record of same facility revenue growth and expansion of higher acuity cases. Unfortunately, the broader industry trend of slower volumes and a shift to less favorable payors created challenges to achieving our financial goals this period. Our performance was hindered by three factors: the slowing of patient volumes, an adverse payor mix and slow improvement of our integrated physician practice acquisition. We believe we will see sequential improvement of these factors through the remainder of the year. In addition, as discussed on previous calls, total revenue reflects the anticipated lapse of a break-even anesthesia contract to an unaffiliated provider. The contract was neutral to EBITDA, but dilutive to revenue by approximately $8.8 million in the second quarter."