|Over a month ago|
Fly Intel: After-Hours Movers » 19:0805/1105/11/20
CBAY, IIVI, VRRM, SGRY, GDOT, GO, CZR, NVAX, AMC, EB, DIOD, ICAD, TLRY, TME, AIMT, SGMO, HALO, FATE, PLYA, JCOM, SGMS, MAXR, FSCT, OMER, SCPL, HTZ, AKBA, QTWO
Check out this evening's…
Surgery Partners reports Q1 EPS (76c), consensus (48c) » 16:1705/1105/11/20
Reports Q1 revenue $441M,…
Reports Q1 revenue $441M, consensus $396.67M. "The full impact of COVID-19 on our operations and financial results will be driven by many factors, many of which remain uncertain or unknown. As our facilities begin to ramp up to more normal operating schedules, we will continue to be vigilant in our efforts to provide the safest possible environment for our colleagues, physician partners and patients. We are confident in our leadership, physicians and colleagues across the country as we reschedule postponed elective procedures and adapt to the evolving nature of this pandemic. In our new post-COVID-19 environment, we continue to be encouraged by the steady and consistent transition of surgeries to lower cost settings and we anticipate continued constructive engagement with health systems and health plans, who appreciate the quality, access and value of our model."
Surgery Partners upgraded to Buy on faster recovery timeline at Benchmark » 06:4304/2704/27/20
Benchmark analyst Bill…
Benchmark analyst Bill Sutherland upgraded Surgery Partners to Buy from Hold with a $14 price target. He sees an easing of restrictions, in some cases sooner than previously thought, in states and municipalities where Surgery Partners has facilities, Sutherland tells investors. He adds that he now thinks the company's volumes could begin to improve from early April levels, which was ahead of his prior expectation. He does acknowledge that the volume growth driven by the growing backlog of deferred cases will be partially offset by the impact of a softer economy on demand, arguing that his $14 price target factors in the remaining risks and uncertainties in the trajectory of the company's recovery.
Surgery Partners upgraded to Buy from Hold at Benchmark » 06:3404/2704/27/20
Benchmark analyst Bill…
Benchmark analyst Bill Sutherland upgraded Surgery Partners to Buy from Hold with a $14 price target.
Envision bankruptcy report has limited read-throughs, says Benchmark » 11:5404/2104/21/20
AMN, CCRN, SGRY, KKR
After Bloomberg reported…
After Bloomberg reported this morning that Envision Healthcare, which is privately-held by KKR (KKR), has hired restructuring advisers and is contemplating a bankruptcy filing, Benchmark analyst Bill Sutherland said he thinks Envision's troubles have limited applicability or read-through to AMN Healthcare (AMN), Cross Country Healthcare (CCRN) or Surgery Partners (SGRY). Envision is suffering from a decline in procedures related to both their hospital anesthesiology business and ASCs, but he believes Surgery Partners' footprint of ASCs is advantaged with a focus in the Southeast and Midwest, Sutherland tells investors. Envision has been challenged in the last few years with the process of moving its provider groups to in-network status with payers, added the analyst, who said that on net for AMN and Cross Country Healthcare he believes that COVID-19's impact has meant a bit more demand and better bill rates.
|Over a quarter ago|
Surgery Partners price target lowered to $14 from $19 at RBC Capital » 06:5403/2403/24/20
RBC Capital analyst Frank…
RBC Capital analyst Frank Morgan lowered the firm's price target on Surgery Partners to $14 from $19 but keeps an Outperform rating on the shares. The analyst cites the company's withdrawal of guidance and drawdown of credit revolver, noting that amid a near-shutdown in elective procedure, it is going into "defensive mode". Morgan adds that Surgery Partners' exposure may be mitigated somewhat considering the high percentage of high-acuity cases that go through its surgical hospitals, but he sees the defensive actions to ensure financial flexibility as prudent.
Surgery Partners 58% selloff since Q4 results overdone, says Citi » 06:4503/1603/16/20
Surgery Partners shares…
Surgery Partners shares have fallen over 58% since the company reported Q4 earnings on uncertainty related to the coronavirus as well as the company's weaker cash flow and high leverage profile, Citi analyst Ralph Giacobbe tells investors in a research note. The analyst, however, believes the stock has "overcorrected" for a company that should see continued long-term growth. In addition, its balance sheet, with credit agreement flexibility, should allow Surgery Partners "to navigate barring extreme circumstances," says Giacobbe. The analyst reduced the firm's price target to $10 from $20 and maintains a Buy rating on the shares.
Surgery Partners price target lowered to $19 from $22 at RBC Capital » 07:3503/0603/06/20
RBC Capital analyst Frank…
RBC Capital analyst Frank Morgan lowered the firm's price target on Surgery Partners to $19 from $22 but keeps an Outperform rating on the shares. The analyst notes that while the company's Q4 results were "decent" and in line with the management's guidance, he also cautions that generating positive net cash flow for Surgery Partners remains a challenge for the near term which amid concerns over potential coronavirus impact on demand for elective procedures. Morgan adds however that the company's outlook is consistent with prior commentary and the long-term growth targets as the management's "strategic initiatives continue to deliver improved performance".
Surgery Partners expects to grow 2020 revenues at high single-digit percentage » 07:1303/0503/05/20
Consensus $1.94B. The…
Consensus $1.94B. The Company projects that it will be able to grow revenues at a high single-digit percentage rate and Adjusted EBITDA at a double-digit percentage rate in 2020, excluding impacts from Idaho Falls Community Hospital, which opened in November 2019.
Surgery Partners reports Q3 EPS (57c), consensus 12c » 07:1203/0503/05/20
Reports Q4 revenue…
Reports Q4 revenue $520.7M, consensus $514.61M. Eric Evans, Chief Executive Officer of Surgery Partners, stated, "Our fourth quarter results reflect continued strong top-line growth and margin expansion that has enabled us to achieve our full year target of double-digit Adjusted EBITDA growth. For the sixth quarter in a row, we grew days adjusted same-facility revenues, either achieving the high-end or exceeding our long-term growth target of 4-6%. We continue to see momentum stemming from Medicare's November announcement approving total knee replacement and certain cardiac procedures in ASCs beginning this year. We have also continued to expand operating rooms and recruit physicians who perform these procedures to capture this opportunity. The steady and consistent transition of surgeries to lower cost settings provides further proof of our continued constructive engagement with health plans, who appreciate the quality, access and value of our model."