Surgery Partners Sells Idaho Falls Facilities To IntermountainThe surgical services provider is set to sell its ownership interests in Mountain View Hospital and Idaho Falls Community Hospital to Intermountain Health for approximately $795 million, with the total valuation of the facilities at about $1.15 billion.
“For Surgery Partners, assuming physician partner approval, this transaction represents the largest step forward in our portfolio optimization strategy to date, simplifying our go-forward operations, and positioning us to accelerate momentum in the rapidly growing, high-value ambulatory surgery center space,” said Eric Evans, CEO of Surgery Partners.
The company reaffirmed its fiscal 2026 revenues to be between $3.35 billion and $3.45 billion compared to the consensus of $3.408 billion, and adjusted EBITDA of at least $530 million.
SGRY Technical Analysis: Trend, Support And ResistanceFrom a technical perspective, SGRY is experiencing a bullish trend, with the stock currently trading 1.1% below its 20-day simple moving average (SMA) of $16.26.
The 50-day SMA sits 7.5% above the current price, potentially creating resistance at that level.
The Relative Strength Index (RSI) is at 53.11, suggesting that the stock is in a neutral zone, indicating neither overbought nor oversold conditions. This positioning allows for further upward momentum if the stock can break through key resistance levels.
Key Resistance: $16.50 — a nearby level where rebounds can stall. Key Support: $13.50 — a level where buyers previously stepped in. SGRY Earnings Preview And Analyst OutlookSurgery Partners will report its next financial update on August 10, 2026.
EPS Estimate: 4 cents (Down from 17 cents) Revenue Estimate: $831.33 Million (Up from $826.20 Million) How Surgery Partners Ranks On Value, Growth And MomentumBelow is the Benzinga Edge scorecard for Surgery Partners, highlighting its strengths and weaknesses compared to the broader market:
Value: Weak (Score: 11.41) — Trading at a steep premium relative to peers. Growth: Weak (Score: 4.31) — Limited growth indicators in the current environment. Momentum: Weak (Score: 18.2) — Stock is underperforming the broader market. SGRY Stock Price Activity: Surgery Partners shares were up 6.31% at $16.18 at the time of publication on Friday, according to Benzinga Pro data.
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Represents significant milestone in the Company’s ongoing portfolio optimization efforts July 24, 2026 09:00 ET | Source: Surgery Partners, Inc.
BRENTWOOD, Tenn., July 24, 2026 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) (“Surgery Partners” or the “Company”), a leading short-stay surgical facility owner and operator, today announced it, along with its existing partner Intermountain Health, has placed into escrow signature pages to definitive agreements, pursuant to which Surgery Partners would sell its ownership interests in Mountain View Hospital and Idaho Falls Community Hospital to Intermountain Health. Physician ownership of Mountain View Hospital will remain unchanged.
The transaction values the combined Idaho Falls facilities at approximately $1.15 billion. Total consideration to Surgery Partners is approximately $795 million. The Company expects to receive substantial cash proceeds upon closing, with the final amount subject to customary purchase price adjustments, including adjustments for indebtedness, working capital, transaction expenses and other closing items. Accordingly, the Company is unable to provide a reasonable estimate of final net cash proceeds at this time.
Completion of the transaction is subject to customary closing conditions, including the execution of binding Securities Purchase Agreements between the Company and Intermountain Health following requisite Mountain View Hospital physician member and physician governing board approvals. Unless and until these approvals are obtained, there is no assurance regarding the completion of the transaction.
In addition, the closing of the transaction is subject to customary closing conditions, including expiration of applicable waiting periods under the Hart-Scott-Rodino Act, obtaining any other applicable material regulatory approvals, and obtaining certain material third-party consents.
The transaction is expected to close in the coming months, subject to the forgoing approvals.
“For Surgery Partners, assuming physician partner approval, this transaction represents the largest step forward in our portfolio optimization strategy to date, simplifying our go forward operations, and positioning us to accelerate momentum in the rapidly growing, high-value ambulatory surgery center space,” said Eric Evans, Chief Executive Officer of Surgery Partners. “While our Idaho Falls partnerships have been a large and successful part of our Company’s growth story, these unique facilities are best positioned for their next chapter of growth with an outstanding regional health system like Intermountain. Once complete, this will further sharpen our strategic focus and help support long-term shareholder value. We are confident that Intermountain Health is the best natural owner to continue to advance the mission that Mountain View physician partners started well over two decades ago and to build on their strong legacy of exceptional patient care.”
2026 Outlook
The Company’s previously issued guidance does not reflect the anticipated impact of this transaction. Excluding the impact of this transaction, the Company reaffirms its outlook for 2026 revenues to be in the range of $3.35 billion to $3.45 billion and Adjusted EBITDA of at least $530 million.
The Company intends to provide further details regarding the expected financial impact of the transaction on its 2026 financial outlook at the appropriate time, subject to the completion of the transaction.
Second Quarter 2026 Earnings Release Date and Conference Call Details
Surgery Partners will release its second quarter 2026 results before the market opens on Monday, August 10, 2026, to be followed by a conference call at 8:30 a.m. (Eastern Time).
You can join the call as follows:
Dial in number for live access: 1-877-451-6152 (domestic), 1-201-389-0879 (international)Replay (available 3 hours after the call and available until August 24, 2026): 1-844-512-2921 (domestic), 1-412-317-6671 (international)Passcode for the live call and the replay: 13761354
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company’s website at www.surgerypartners.com. The replay will also be available on this same website for a limited time following the call.
To learn more about Surgery Partners please visit the company’s website at www.surgerypartners.com. Surgery Partners uses its website as a channel of distribution of material company information. Financial and other material information regarding Surgery Partners is routinely posted on the Company’s website and is readily accessible.
About Surgery Partners
Headquartered in Brentwood, Tennessee, Surgery Partners is a leading healthcare services company with a differentiated outpatient delivery model focused on providing high-quality, cost-effective solutions for surgical and related ancillary care in support of both patients and physicians. Founded in 2004, Surgery Partners is one of the largest and fastest growing surgical services businesses in the country, with more than 200 locations in 30 states, including ambulatory surgery centers, surgical hospitals, multi-specialty physician practices and urgent care facilities. For additional information, visit www.surgerypartners.com.
About the Idaho Falls Facilities
The Idaho Falls facilities have built a long-standing reputation as preferred providers and leaders in delivering high-quality, affordable care for the Idaho Falls region. Mountain View Hospital was founded in 2002 and has grown into a leading surgical hub and Level III NICU, with the opening of the Idaho Falls Community Hospital in 2019 adding scalable acute care capabilities. Combined, the locations employ over 150 physicians and include 126 beds with a breadth of services across nine surgical specialties and a diverse range of additional service lines, including oncology, emergency department and ICU services, and neonatology.
About Intermountain Health
Headquartered in Utah with locations in six states and additional operations across the western U.S., Intermountain Health is a nonprofit system of 34 hospitals, approximately 400 clinics, medical groups with some 4,600 employed physicians and advanced care providers, a nonprofit health plan called Select Health with more than one million members, and other health services. Helping people live the healthiest lives possible, Intermountain is committed to improving community health and is widely recognized as a leader in transforming healthcare by using evidence-based best practices to consistently deliver high-quality outcomes at sustainable costs.
This press release contains forward-looking statements, including those regarding growth, our anticipated operating results for future periods and other similar statements. These statements can be identified by the use of words such as "believes," "anticipates," "expects," "intends," "plans," "continues," "estimates," "predicts," "projects," "forecasts," "may," "could," and similar expressions. All forward-looking statements are based on current expectations and beliefs as of the date of this release and are subject to risks, uncertainties and other factors that may cause actual results to differ materially from the expectations discussed in, or implied by, the forward-looking statements. Many of these factors are beyond our ability to control or predict including, without limitation, the risk that the potential sale transaction may not be completed in a timely manner or at all, including the risk that required physician, regulatory and other approvals and consents are not obtained, are delayed, or are obtained subject to conditions that are not anticipated; the failure to satisfy other closing conditions to the transaction; the possibility that the anticipated benefits of the sale to the Company are not realized as expected, the potential adverse effect of the announcement or pendency of the transaction on the market price of, or trading in, the Company’s securities and on the Company's business relationships, operating results, and business generally, including the ability to retain key personnel; risks related to diverting management's attention from the Company's ongoing business operations; the amount of costs, fees, expenses, and charges related to the sale transaction; potential litigation relating to the transaction that could be instituted against the Company or its affiliates, officers, or directors, and the effects of any outcomes related thereto; reductions in payments from government health care programs and private insurance payors, such as health maintenance organizations, preferred provider organizations, and other managed care organizations and employers; our ability to contract with private insurance payors; changes in our payor mix or surgical case mix; failure to maintain or develop relationships with physicians on beneficial or favorable terms, or at all; the impact of payor controls designed to reduce the number of surgical procedures; our efforts to integrate operations of acquired or developed businesses and surgical facilities, attract new physician partners, or acquire additional surgical facilities; supply chain issues, including shortages or quality control issues with surgery-related products, equipment and medical supplies; competition for physicians, nurses, strategic relationships, acquisitions and managed care contracts; our ability to attract and retain qualified health care professionals; our ability to enforce non-compete restrictions against our physicians; our ability to manage material liabilities whether known or unknown incurred as a result of acquiring or operating surgical facilities; the impact of future legislation and other health care regulatory reform actions, and the effect of that legislation and other regulatory actions on our business; our ability to comply with current health care laws and regulations; the outcome of legal and regulatory proceedings that have been or may be brought against us; the impact of cybersecurity attacks or intrusions, changes in the regulatory, economic and other conditions of the states where our surgical facilities are located; our indebtedness; the social and economic impact of a pandemic, epidemic or outbreak of a contagious disease on our business; and the risks and uncertainties identified and discussed from time to time in the Company’s reports filed with the Securities and Exchange Commission (the "SEC"), including in Item 1A under the heading "Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other reports filed with the SEC. Except as required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements to reflect events or circumstances after the date of this report, or to reflect the occurrence of unanticipated events or circumstances.
Contacts
Media/Investor Contact
Surgery Partners Investor Relations
(615) 234-8940 [email protected]
Momentum investing is essentially an exception to the idea of "buying low and selling high." Investors following this style of investing are usually not interested in betting on cheap stocks and waiting long for them to recover. Instead, they believe that "buying high and selling higher" is the way to make far more money in lesser time.
Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth potential fails to justify their swelled-up valuation. In that phase, investors find themselves invested in shares that have limited to no upside or even a downside. So, betting on a stock just by looking at the traditional momentum parameters could be risky at times.
A safer approach could be investing in bargain stocks with recent price momentum. While the Zacks Momentum Style Score (part of the Zacks Style Scores system) helps identify great momentum stocks by paying close attention to trends in a stock's price or earnings, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.
Surgery Partners (SGRY - Free Report) is one of the several great candidates that made it through the screen. While there are numerous reasons why this stock is a great choice, here are the most vital ones:
A dash of recent price momentum reflects growing interest of investors in a stock. With a four-week price change of 23%, the stock of this surgical facilities operator is certainly well-positioned in this regard.
While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. SGRY meets this criterion too, as the stock gained 31.1% over the past 12 weeks.
Moreover, the momentum for SGRY is fast paced, as the stock currently has a beta of 1.89. This indicates that the stock moves 89% higher than the market in either direction.
Given this price performance, it is no surprise that SGRY has a Momentum Score of B, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.
In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped SGRY earn a Zacks Rank #1 (Strong Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Most importantly, despite possessing fast-paced momentum features, SGRY is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. SGRY is currently trading at 0.67 times its sales. In other words, investors need to pay only 67 cents for each dollar of sales.
So, SGRY appears to have plenty of room to run, and that too at a fast pace.
In addition to SGRY, there are several other stocks that currently pass through our 'Fast-Paced Momentum at a Bargain' screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.
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Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."
Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves ahead of their future growth potential. In such a situation, investors find themselves loaded up on expensive shares with limited to no upside or even a downside. So, going all-in on momentum could be risky at times.
It could be safer to invest in bargain stocks that have been witnessing price momentum recently. While the Zacks Momentum Style Score (part of the Zacks Style Scores system), which pays close attention to trends in a stock's price or earnings, is pretty useful in identifying great momentum stocks, our 'Fast-Paced Momentum at a Bargain' screen comes handy in spotting fast-moving stocks that are still attractively priced.
There are several stocks that currently pass through the screen and Surgery Partners (SGRY - Free Report) is one of them. Here are the key reasons why this stock is a great candidate.
Investors' growing interest in a stock is reflected in its recent price increase. A price change of 8.6% over the past four weeks positions the stock of this surgical facilities operator well in this regard.
While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. SGRY meets this criterion too, as the stock gained 26.6% over the past 12 weeks.
Moreover, the momentum for SGRY is fast paced, as the stock currently has a beta of 1.96. This indicates that the stock moves 96% higher than the market in either direction.
Given this price performance, it is no surprise that SGRY has a Momentum Score of B, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.
In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped SGRY earn a Zacks Rank #1 (Strong Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That's because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Most importantly, despite possessing fast-paced momentum features, SGRY is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. SGRY is currently trading at 0.57 times its sales. In other words, investors need to pay only 57 cents for each dollar of sales.
So, SGRY appears to have plenty of room to run, and that too at a fast pace.
In addition to SGRY, there are several other stocks that currently pass through our 'Fast-Paced Momentum at a Bargain' screen. You may consider investing in them and start looking for the newest stocks that fit these criteria.
This is not the only screen that could help you find your next winning stock pick. Based on your personal investing style, you may choose from over 45 Zacks Premium Screens that are strategically created to beat the market.
However, keep in mind that the key to a successful stock-picking strategy is to ensure that it produced profitable results in the past. You could easily do that with the help of the Zacks Research Wizard. In addition to allowing you to backtest the effectiveness of your strategy, the program comes loaded with some of our most successful stock-picking strategies.
Click here to sign up for a free trial to the Research Wizard today.
Surgery Partners (SGRY - Free Report) closed the last trading session at $14.23, gaining 5.5% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $17.95 indicates a 26.1% upside potential.
The mean estimate comprises 11 short-term price targets with a standard deviation of $2.9. While the lowest estimate of $14.00 indicates a 1.6% decline from the current price level, the most optimistic analyst expects the stock to surge 68.7% to reach $24.00. It's very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.
However, an impressive consensus price target is not the only factor that indicates a potential upside in SGRY. This view is strengthened by the agreement among analysts that the company will report better earnings than what they estimated earlier. Though a positive trend in earnings estimate revisions doesn't give any idea as to how much the stock could surge, it has proven effective in predicting an upside.
Price, Consensus and EPS Surprise
Here's What You May Not Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
Why SGRY Could Witness a Solid UpsideAnalysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That's because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For the current year, one estimate has moved higher over the last 30 days compared to no negative revision. As a result, the Zacks Consensus Estimate has increased 44.1%.
Moreover, SGRY currently has a Zacks Rank #1 (Strong Buy), which means it is in the top 5% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Therefore, while the consensus price target may not be a reliable indicator of how much SGRY could gain, the direction of price movement it implies does appear to be a good guide.
March 12, 2026 18:12 ET | Source: Surgery Partners, Inc.
BRENTWOOD, Tenn., March 12, 2026 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) (“Surgery Partners” or the “Company”) recently announced that Lloyd Dean has been appointed to serve as an independent director on its Board of Directors.
Mr. Dean is the former Chief Executive Officer of CommonSpirit Health, one of the largest nonprofit health systems in the United States, with 142 hospitals, over 1,000 care sites, 25,000 physicians, and 150,000 employees across 21 states. From 2019 to 2022, he led the formation and integration of CommonSpirit, advancing clinical quality, operational performance, and community health initiatives at national scale. Prior to CommonSpirit, Mr. Dean served as President and CEO of Dignity Health, where he strengthened patient experience, expanded partnerships, and elevated the organization’s leadership in delivering compassionate, high‑quality care.
A nationally recognized healthcare leader, Mr. Dean has long championed efforts to reduce health disparities, strengthen the health care workforce, and advance equitable access to care. He has served as an adviser to multiple Presidential Administrations on issues including the Affordable Care Act and COVID‑19 vaccination efforts. Mr. Dean has also held several federal and state appointments focused on public health, economic development, and workforce planning.
Mr. Dean serves on the boards of McDonald’s Corporation—where he chairs the Board Human Resources & Compensation Committee—Guidehouse, Nox Health, and Progyny, and is a Senior Advisor to Bain Capital. He holds a B.S. in sociology and a master’s degree in educational leadership from Western Michigan University, along with multiple honorary doctorates.
“We are honored to welcome Lloyd to the Surgery Partners Board,” said Blair Hendrix, Chairman of Surgery Partners’ Board of Directors. “Lloyd is a nationally respected leader with deep experience advising health systems and shaping public policy. His insights will be invaluable as we continue to expand high‑quality, cost‑effective surgical care across the country.”
“I am excited to join the Board at a time of meaningful growth and opportunity for Surgery Partners,” said Mr. Dean. “The Company is well positioned to continue leading the shift toward high‑value outpatient surgical care, and I look forward to supporting its important mission.”
About Surgery Partners
Headquartered in Brentwood, Tennessee, Surgery Partners is a leading healthcare services company with a differentiated outpatient delivery model focused on providing high quality, cost effective solutions for surgical and related ancillary care in support of both patients and physicians. Founded in 2004, Surgery Partners is one of the largest and fastest growing surgical services businesses in the country, with more than 200 locations in 30 states, including ambulatory surgery centers, surgical hospitals, multi-specialty physician practices and urgent care facilities. For additional information, visit www.surgerypartners.com.
8 Knots Management LLC acquired a new position in Surgery Partners, Inc. (NASDAQ: SGRY) during the undefined quarter, according to its most recent filing with the SEC. The fund acquired 220,088 shares of the company's stock, valued at approximately $4,763,000. Surgery Partners makes up about 0.5% of 8 Knots Management LLC's holdings, making
SURGERY PARTNERS (SGRY) GUIDED FOR MARGIN EXPANSION WHILE HEADWINDS MOUNTED -- LEVI & KORSINSKY, LLP INVESTIGATES
Levi & Korsinsky, LLP investigates whether Surgery Partners' forward guidance concealed known cost pressures and operational risks that later drove an earnings miss and guidance downgrade
, /PRNewswire/ -- Surgery Partners (NASDAQ: SGRY) shareholders watched the stock drop sharply in early March 2026 after Q4 2025 results and FY 2026 outlook both fell short of expectations. Months earlier, CEO Eric Evans told investors on the Q4 2024 earnings call: "we continue to expect margin expansion in 2025 and beyond." CFO Dave Doherty added: "We expect leverage to decrease based on sustained double-digit earnings growth." By the end of 2025, Q4's results failed to deliver on these expectations. Shareholders who lost money on SGRY are encouraged to submit their information now. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
On March 3, 2025, Evans stated the Company had "high confidence" in its growth outlook and "significant visibility" into expected 2025 rate growth. On the same call, Doherty projected at least $200 million of M&A capital deployment and described the Company as "comfortable with [its] underlying cash-flow generation and its continued growth." Evans separately guided for at least 10 de-novo ambulatory surgery centers in development annually, projecting "meaningful long-term organic growth" starting two years after each facility opened.
The FY 2026 guidance downgrade revealed that payer-mix shifts, anesthesia-cost dynamics, and softer-than-expected case growth were potentially already pressuring margins at the time those forward statements were made. The $200 million acquisition target was not reached; Surgery Partners "deployed $182 million of capital toward acquisitions" in 2025. Levi & Korsinsky is investigating whether these headwinds were known to management when the forward guidance was issued.
Shareholders who purchased SGRY and suffered a loss may click here to discuss their legal rights. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
Levi & Korsinsky, LLP | Top 50 Securities Firm | (212) 363-7500 | www.zlk.com
Surgery Partners reported AN Adjusted EBITDA decline of 4.2% in Q4 following projections for continued expanding margins -- Levi & Korsinsky, LLP investigates potential securities law violations
, /PRNewswire/ -- Surgery Partners (NASDAQ: SGRY) investors lost money after the Company's Q4 2025 earnings revealed a significant gap between the adjusted figures management highlighted and the Company's GAAP financial results. Shareholders who suffered a loss are encouraged to submit their information here . You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
Last quarter, Surgery Partners emphasized its Adjusted EBITDA of $136.4 million for Q3 2025, representing what CEO Eric Evans called "6.1% growth over the prior year and a margin of 16.6%." The adjusted figures were used to support forward guidance and management's repeated claims of "margin expansion" -- yet SGRY shares dropped sharply when the Company announced that Q4 exhibited an Adjusted EBITDA decline of 4.2%, resulting in a shortfall against management's prior guidance.
Shareholders who purchased SGRY and suffered a loss may click here to discuss their legal rights . You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
Levi & Korsinsky, LLP -- Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
200µg Cohort at Day 57 Dataset suggests majority of treated Lesions may Avoid Surgery as Company targets larger unmet medical need in Non-melanoma Skin Cancer 200µg Cohort at Day 57 Dataset suggests majority of treated Lesions may Avoid Surgery as Company targets larger unmet medical need in Non-melanoma Skin Cancer
Surgery Partners, Inc. (NASDAQ:SGRY – Get Free Report)’s share price reached a new 52-week low during trading on Friday . The company traded as low as $11.53 and last traded at $11.6790, with a volume of 84480 shares traded. The stock had previously closed at $11.85.
Analysts Set New Price Targets Several equities analysts have recently weighed in on the company. Benchmark reaffirmed a “buy” rating on shares of Surgery Partners in a research note on Tuesday, March 3rd. Royal Bank Of Canada dropped their target price on shares of Surgery Partners from $31.00 to $20.00 and set an “outperform” rating for the company in a research report on Wednesday, March 4th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Surgery Partners in a research report on Wednesday, March 4th. US Capital Advisors set a $21.00 price target on shares of Surgery Partners in a research report on Wednesday, March 11th. Finally, Mizuho decreased their price objective on shares of Surgery Partners from $19.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Surgery Partners currently has an average rating of “Moderate Buy” and an average target price of $23.36.
Get Our Latest Stock Analysis on Surgery Partners
Surgery Partners Stock Down 3.0% The firm has a 50-day simple moving average of $14.20 and a 200 day simple moving average of $17.02. The company has a market capitalization of $1.49 billion, a PE ratio of -18.53 and a beta of 1.95. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.87 and a quick ratio of 1.71.
Surgery Partners (NASDAQ:SGRY – Get Free Report) last issued its earnings results on Monday, March 2nd. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.19). Surgery Partners had a positive return on equity of 1.28% and a negative net margin of 2.35%.The company had revenue of $885.00 million during the quarter, compared to analysts’ expectations of $866.54 million. During the same period in the previous year, the company earned $0.44 EPS. Surgery Partners’s quarterly revenue was up 2.4% on a year-over-year basis. On average, research analysts predict that Surgery Partners, Inc. will post 0.67 EPS for the current fiscal year.
Surgery Partners declared that its board has approved a stock repurchase program on Thursday, February 26th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 9.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
Insider Transactions at Surgery Partners In other Surgery Partners news, insider Danielle Burkhalter sold 7,736 shares of the stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $13.60, for a total value of $105,209.60. Following the completion of the sale, the insider owned 37,103 shares of the company’s stock, valued at $504,600.80. This trade represents a 17.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Marissa Brittenham sold 8,785 shares of Surgery Partners stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $13.70, for a total transaction of $120,354.50. Following the sale, the insider owned 54,623 shares in the company, valued at $748,335.10. This represents a 13.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 96,896 shares of company stock worth $1,284,058 over the last 90 days. 2.70% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Surgery Partners Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Surgery Partners by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 45,693 shares of the company’s stock valued at $1,085,000 after buying an additional 2,015 shares during the last quarter. Millennium Management LLC increased its position in shares of Surgery Partners by 1,253.7% during the first quarter. Millennium Management LLC now owns 202,274 shares of the company’s stock worth $4,804,000 after acquiring an additional 219,806 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of Surgery Partners by 11.0% in the first quarter. Empowered Funds LLC now owns 12,853 shares of the company’s stock worth $305,000 after acquiring an additional 1,278 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Surgery Partners by 31.6% in the second quarter. SG Americas Securities LLC now owns 10,507 shares of the company’s stock worth $234,000 after acquiring an additional 2,523 shares in the last quarter. Finally, Swiss National Bank boosted its holdings in Surgery Partners by 7.9% in the second quarter. Swiss National Bank now owns 146,200 shares of the company’s stock valued at $3,250,000 after purchasing an additional 10,700 shares during the last quarter.
Surgery Partners Company Profile (Get Free Report)
Surgery Partners, Inc operates as a healthcare services provider specializing in the management and ownership of ambulatory surgery centers, surgical hospitals and multispecialty rehabilitation hospitals across the United States. Through its network of facilities, the company coordinates and delivers a broad range of outpatient surgical procedures in specialties such as orthopedics, ophthalmology, otolaryngology, gastroenterology, pain management and general surgery. Its integrated platform offers ancillary services including on-site imaging, laboratory testing, infusion therapy and physical, occupational and speech rehabilitation.
Since its establishment in 2010 and subsequent public listing in 2015, Surgery Partners has focused on strategic partnerships with physicians and health systems to expand access to cost-effective outpatient care.
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Surgery Partners reported AN Adjusted EBITDA decline of 4.2% in Q4 following projections for continued expanding margins -- Levi & Korsinsky, LLP investigates potential securities law violations
, /PRNewswire/ -- Surgery Partners (NASDAQ: SGRY) investors lost money after the Company's Q4 2025 earnings revealed a significant gap between the adjusted figures management highlighted and the Company's GAAP financial results. Shareholders who suffered a loss are encouraged to submit their information here . You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
Last quarter, Surgery Partners emphasized its Adjusted EBITDA of $136.4 million for Q3 2025, representing what CEO Eric Evans called "6.1% growth over the prior year and a margin of 16.6%." The adjusted figures were used to support forward guidance and management's repeated claims of "margin expansion" -- yet SGRY shares dropped sharply when the Company announced that Q4 exhibited an Adjusted EBITDA decline of 4.2%, resulting in a shortfall against management's prior guidance.
Shareholders who purchased SGRY and suffered a loss may click here to discuss their legal rights . You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
Levi & Korsinsky, LLP -- Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
Progyny (NASDAQ:PGNY – Get Free Report) and Surgery Partners (NASDAQ:SGRY – Get Free Report) are both small-cap medical companies, but which is the superior investment? We will contrast the two companies based on the strength of their profitability, dividends, risk, earnings, institutional ownership, analyst recommendations and valuation.
Analyst Ratings This is a summary of current ratings and recommmendations for Progyny and Surgery Partners, as reported by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Progyny 0 4 9 0 2.69 Surgery Partners 2 2 8 0 2.50 Progyny presently has a consensus price target of $27.91, suggesting a potential upside of 71.22%. Surgery Partners has a consensus price target of $23.36, suggesting a potential upside of 80.97%. Given Surgery Partners’ higher possible upside, analysts plainly believe Surgery Partners is more favorable than Progyny.
Earnings and Valuation This table compares Progyny and Surgery Partners”s revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Progyny $1.29 billion 0.99 $58.52 million $0.65 25.08 Surgery Partners $3.31 billion 0.50 -$77.90 million ($0.62) -20.82 Progyny has higher earnings, but lower revenue than Surgery Partners. Surgery Partners is trading at a lower price-to-earnings ratio than Progyny, indicating that it is currently the more affordable of the two stocks.
Profitability This table compares Progyny and Surgery Partners’ net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Progyny 4.54% 11.37% 7.73% Surgery Partners -2.35% 1.28% 0.51% Risk & Volatility Progyny has a beta of 0.99, meaning that its share price is 1% less volatile than the S&P 500. Comparatively, Surgery Partners has a beta of 1.99, meaning that its share price is 99% more volatile than the S&P 500.
Institutional and Insider Ownership 94.9% of Progyny shares are owned by institutional investors. 9.4% of Progyny shares are owned by company insiders. Comparatively, 2.7% of Surgery Partners shares are owned by company insiders. Strong institutional ownership is an indication that hedge funds, endowments and large money managers believe a stock will outperform the market over the long term.
Summary Progyny beats Surgery Partners on 11 of the 14 factors compared between the two stocks.
About Progyny (Get Free Report)
Progyny, Inc., a benefits management company, specializes in fertility and family building benefits solutions in the United States. Its fertility benefits solution includes differentiated benefits plan design, personalized concierge-style member support services, and selective network of fertility specialists. The company also offers Progyny Rx, an integrated pharmacy benefits solution that provides its members with access to the medications needed during their treatment. In addition, it provides assistance service programs where various services can be offered through a reimbursement program, including adoption, surrogacy, doula, and travel reimbursement when travel is required to receive medical services. The company was formerly known as Auxogyn, Inc. and changed its name to Progyny, Inc. in 2015. Progyny, Inc. was incorporated in 2008 and is headquartered in New York, New York.
About Surgery Partners (Get Free Report)
Surgery Partners, Inc., together with its subsidiaries, owns and operates a network of surgical facilities and ancillary services in the United States. The company provides ambulatory surgery centers and surgical hospitals that offer non-emergency surgical procedures in various specialties, including orthopedics and pain management, ophthalmology, gastroenterology, and general surgery. It offers diagnostic imaging, laboratory, obstetrics, oncology, pharmacy, physical therapy, and wound care; and ancillary services, including multi-specialty physician practices, urgent care facilities, and anesthesia services. In addition, it offers single- and multi-specialty facilities. Surgery Partners, Inc. was founded in 2004 and is headquartered in Brentwood, Tennessee.
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April 17, 2026 15:08 ET | Source: Surgery Partners, Inc.
BRENTWOOD, Tenn., April 17, 2026 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) ("Surgery Partners" or the "Company"), a leading short-stay surgical facility owner and operator, announced the Company will release its first quarter 2026 results before the market opens on Tuesday, May 5, 2026, to be followed by a conference call at 8:30 a.m. (Eastern Time).
You can join the call as follows:
Dial in number for live access: 1-877-451-6152 (domestic), 1-201-389-0879 (international)Replay (available 3 hours after the call and available until May 19, 2026): 1-844-512-2921 (domestic), 1-412-317-6671 (international)Passcode for the live call and the replay: 13760194 Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.surgerypartners.com. The replay will also be available on this same website for a limited time following the call.
To learn more about Surgery Partners, please visit the company's website at www.surgerypartners.com. Surgery Partners uses its website as a channel of distribution of material company information. Financial and other material information regarding Surgery Partners is routinely posted on the Company's website and is readily accessible.
About Surgery Partners
Headquartered in Brentwood, Tennessee, Surgery Partners is a leading healthcare services company with a differentiated outpatient delivery model focused on providing high-quality, cost-effective solutions for surgical and related ancillary care in support of both patients and physicians. Founded in 2004, Surgery Partners is one of the largest and fastest growing surgical services businesses in the country, with more than 200 locations in 30 states, including ambulatory surgery centers, surgical hospitals, multi-specialty physician practices and urgent care facilities. For additional information, visit www.surgerypartners.com.
Contact:
Surgery Partners Investor Relations
(615) 234-8940 [email protected]
Key Takeaways Auna S.A. reports 6% Q4 revenue growth, driven by Peru and stabilizing operations across regions.Surgery Partners logs 2.4% revenue growth but faces payer mix pressure and margin constraints.SGRY's 2026 EPS estimate seen falling 42.6% with revised guidance and reimbursement headwinds. Auna S.A. (AUNA - Free Report) and Surgery Partners (SGRY - Free Report) are two healthcare service providers that generate a significant portion of revenues from hospital networks. Auna operates hospitals and clinics in Mexico, Peru and Colombia and also offers prepaid healthcare plans in Peru and Mexico. Its business model prioritizes prevention and targets high-cost, highly complex diseases such as oncology, traumatology and orthopedics, cardiology and neurological care.
Surgery Partners, on the other hand, operates surgical hospitals that mainly focus on providing non-emergency, scheduled surgical procedures, with a focus on less complex, elective surgeries that have shorter recovery times. As of Dec. 31, 2025, it owned 19 licensed surgical hospitals.
Let’s take a quick look at the current standing of both companies to analyze their investment prospects.
The Case for Auna S.A.Auna’s fourth-quarter 2025 revenues grew 6% year over year, reflecting the benefits of its diversified regional platform. The Peru business remains a key performer, with revenue growth driven by higher average tickets from high-complexity services and stronger volumes, supported by investments in new equipment, expanded bed capacity and targeted marketing initiatives.
In the Oncosalud health plans business, higher tickets, combined with easing pharmaceutical costs, pushed the oncology medical loss ratio (MLR) to a record low of 48.5%, marking the sixth straight quarterly decline. Auna and EsSalud recently finalized an addendum under a public-private partnership to commence construction of the Centro Ambulatorio Trecca facility in Lima, expected to be operational in 2028. Serving the country’s largest payor and provider significantly expands the company’s addressable market.
In Colombia, Auna adopted a strategy to slow down growth by proactively managing contracted services with intervened payors to remove payment risk and improve cash conversion. This approach is yielding promising results. The expansion of risk-sharing models such as Prospective Global Payments (“PGP”), along with serving Salud Total’s patient population, contributed to a 6% increase in Colombia revenues for the fourth quarter.
Mexico operations also stabilized and are now on a clearer path to sustained top-line and EBITDA growth in 2026. Progress includes Auna’s inclusion in the policies that serve the larger segment of the privately insured market and extension of an improved healthcare plan for ISSSTELEON, the social security institution covering all state employees of Nuevo Leon. The integration of Opcion Oncologia’s physician practice and the launch of the new Oncocenter at Doctors Hospital are providing a solid boost to Oncology revenues.
With a robust cash position and free cash flows as of 2025-end, Auna is positioned to support continued investment in growth initiatives across Mexico and Peru.
The Case for Surgery PartnersThe company’s fourth-quarter 2025 results fell short of its revised expectations. Management lowered guidance earlier due to delayed net capital deployment, slower case growth and payer mix, trends that persisted throughout the period. The impact was concentrated in surgical hospital markets rather than being systemic across the enterprise. Payer mix pressure stemmed partly from physician transitions, as many experienced physicians who contributed to a higher commercial payer mix and volumes departed, while newer recruits served a higher proportion of Medicare patients than previous cohorts and ramped more slowly.
Meanwhile, the continued shift to higher-acuity procedures in orthopedic specialties and total joint replacements supported the quarter’s 2.4% year-over-year revenue growth. Surgery Partners performed more than 170,000 surgical cases in its consolidated facilities, bringing the full-year case count to 2% above 2024. The company has invested in 74 surgical robots, with six added in 2025, enabling physician partners to perform increasingly complex procedures.
Margins also remained constrained, led by a combination of discrete headwinds at three larger surgical hospitals, unfavorable payer mix and unanticipated payments to anesthesiologists facing similar reimbursement pressure.
In 2025, Surgery Partners deployed $182 million of capital toward acquisitions, modestly below its annual target of $200 million, alongside divestiture proceeds. At the same time, it is advancing its portfolio optimization efforts, focused on a small number of its larger surgical hospitals that fall outside of its core short stay surgical strategy.
The company has taken a measured and conservative approach to its 2026 preliminary guidance, reflecting earnings growth rate resets in parts of the business. This includes an estimated $8 million earnings impact from state-specific reimbursement and hospital provider taxes across three markets and roughly $4 million in year-over-year tariff-related cost pressure embedded in supply expenses.
How Do Estimates Compare for AUNA & SGRY?The consensus estimate for Auna’s 2026 EPS implies a year-over-year decrease of 28.7% to 87 cents. The estimate has remained constant in the past 60 days.
Image Source: Zacks Investment Research
The consensus mark for Surgery Partners’ 2026 EPS indicates a sharp 42.6% decline to 27 cents. In the past 60 days, the estimate has been revised significantly lower.
Image Source: Zacks Investment Research
AUNA vs. SGRY: Price Performance & ValuationYear to date, Auna shares have risen 7.1%, whereas Surgery Partners has dipped 5.6%.
Image Source: Zacks Investment Research
AUNA stock is trading at a forward, one-year price/sales of 0.28X, lower than its median of 0.36X. SGRY is trading at a sales multiple of 0.54X, well below its median.
Image Source: Zacks Investment Research
End NoteAuna S.A. exited the fourth quarter with a stabilizing Mexico operation, momentum in Peru and promising results from its cash-flow-focused strategy in Colombia. Its robust financial flexibility is a major plus. Meanwhile, Surgery Partners’ latest quarterly results did not reflect the strength of its business model, as significant headwinds across its surgical hospital markets weighed on performance. However, the company remains focused on growing surgical case volumes and moving toward higher-acuity procedures in orthopedic specialties to drive growth.
Compared to AUNA, SGRY has delivered weaker price performance and trades at a premium valuation. With the annual earnings estimate continuing to decline, existing SGRY holders may find it prudent to exit their positions. Those already holding AUNA stock should continue to retain to reap the long-term benefits.
AUNA carries a Zacks Rank #3 (Hold) at present, while SGRY has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BRENTWOOD, Tenn., May 05, 2026 (GLOBE NEWSWIRE) -- Surgery Partners, Inc. (NASDAQ:SGRY) (“Surgery Partners” or the “Company”), a leading short-stay surgical facility owner and operator, today announced results for the first quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights
(All comparisons are year-over-year unless otherwise noted)
Revenue increased 4.5% for the first quarter Same-facility revenues increased 4.4% for the first quarterSame-facility cases increased 0.6% for the first quarter Net loss attributable to Surgery Partners, Inc. was $35.9 million for the first quarter Adjusted EBITDA was $102.3 million for the first quarter
2026 Guidance
Full year 2026 revenue guidance reaffirmed to be in the range of $3.35 billion to $3.45 billion and Adjusted EBITDA of at least $530 million
Eric Evans, Chief Executive Officer, stated, “We are encouraged by our solid start to 2026, with same store revenue growth of 4.4% in line with our Q1 and long-term growth expectations. As we continue to navigate near-term market dynamics, our cost management discipline and continued execution on physician recruitment position us well to meet or exceed our 2026 plan. Our portfolio optimization efforts also remain critical to our long-term strategy as we take steps to better align with our core short-stay surgical operating model. Looking ahead, we are confident in our ability to return to our growth algorithm through capitalizing on market opportunities, driving operational excellence, and thoughtful capital deployment.”
Dave Doherty, Chief Financial Officer, commented, “The results we reported today were in line with expectations and reinforce our confidence in reaffirming our guidance for the full year. We are beginning to see improvements, and we continue to believe in the strong fundamentals underpinning our business. Through disciplined execution, and a continued focus on improving free cash flow and reducing leverage, we are well-positioned to return the business to consistent growth, while delivering on long-term shareholder value.”
First Quarter 2026 Results
Revenues for the first quarter of 2026 increased 4.5% to $810.9 million compared to $776.0 million for the first quarter of 2025. Same-facility revenues for the first quarter of 2026 increased 4.4% as compared to the same period in prior year, with a 3.8% increase in revenue per case and a 0.6% increase in same-facility cases. For the first quarter of 2026, the Company’s Adjusted EBITDA was $102.3 million, compared to $103.9 million for the same period in 2025.
Liquidity
Surgery Partners had cash and cash equivalents of $182.3 million and $666.1 million of borrowing capacity under its revolving credit facility as of March 31, 2026. Cash flows from operating activities were $11.7 million for the first quarter of 2026, compared to $6.0 million for the same period in 2025. The period-over-period change is due to timing of routine transactions involving working capital.
The Company’s ratio of total net debt to EBITDA, as calculated under the Company’s credit agreement, was approximately 4.3x at the end of the first quarter of 2026.
2026 Outlook
The Company reaffirmed its outlook for 2026 revenues to be in the range of $3.35 billion to $3.45 billion and Adjusted EBITDA of at least $530 million.
Conference Call Information
Surgery Partners will hold a conference call today, May 5, 2026 at 8:30 a.m. (Eastern Time). The conference call can be accessed live over the phone by dialing 1-877-451-6152, or for international callers, 1-201-389-0879. A replay will be available three hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the live call and the replay is 13760194. The replay will be available until May 19, 2026.
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of the Company's website at www.surgerypartners.com. The replay will also be available on this same website for a limited time following the call.
To learn more about Surgery Partners, please visit the Company's website at www.surgerypartners.com. Surgery Partners uses its website as a channel of distribution for material Company information. Financial and other material information regarding Surgery Partners is routinely posted on the Company's website and is readily accessible.
About Surgery Partners
Headquartered in Brentwood, Tennessee, Surgery Partners is a leading healthcare services company with a differentiated outpatient delivery model focused on providing high quality, cost effective solutions for surgical and related ancillary care in support of both patients and physicians. Founded in 2004, Surgery Partners is one of the largest and fastest growing surgical services businesses in the country, with more than 200 locations in 30 states, including ambulatory surgery centers, surgical hospitals, multi-specialty physician practices and urgent care facilities. For additional information, visit www.surgerypartners.com.
Forward-Looking Statements
This press release contains forward-looking statements, including those regarding growth, our anticipated operating results for future periods and other similar statements. These statements can be identified by the use of words such as "believes," "anticipates," "expects," "intends," "plans," "continues," "estimates," "predicts," "projects," "forecasts," "may," "could," and similar expressions. All forward-looking statements are based on current expectations and beliefs as of the date of this release and are subject to risks, uncertainties and other factors that may cause actual results to differ materially from the expectations discussed in, or implied by, the forward-looking statements. Many of these factors are beyond our ability to control or predict including, without limitation, reductions in payments from government health care programs and private insurance payors, such as health maintenance organizations, preferred provider organizations, and other managed care organizations and employers; our ability to contract with private insurance payors; changes in our payor mix or surgical case mix; failure to maintain or develop relationships with physicians on beneficial or favorable terms, or at all; the impact of payor controls designed to reduce the number of surgical procedures; our efforts to integrate operations of acquired or developed businesses and surgical facilities, attract new physician partners, or acquire additional surgical facilities; supply chain issues, including shortages or quality control issues with surgery-related products, equipment and medical supplies; competition for physicians, nurses, strategic relationships, acquisitions and managed care contracts; our ability to attract and retain qualified health care professionals; our ability to enforce non-compete restrictions against our physicians; our ability to manage material liabilities whether known or unknown incurred as a result of acquiring or operating surgical facilities; the impact of future legislation and other health care regulatory reform actions, and the effect of that legislation and other regulatory actions on our business; our ability to comply with current health care laws and regulations; the outcome of legal and regulatory proceedings that have been or may be brought against us; the impact of cybersecurity attacks or intrusions, changes in the regulatory, economic and other conditions of the states where our surgical facilities are located; our indebtedness; the social and economic impact of a pandemic, epidemic or outbreak of a contagious disease on our business; and the risks and uncertainties identified and discussed from time to time in the Company’s reports filed with the Securities and Exchange Commission (the "SEC"), including in Item 1A under the heading "Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other reports filed with the SEC. Except as required by law, the Company undertakes no obligation to revise or update publicly any forward-looking statements to reflect events or circumstances after the date of this report, or to reflect the occurrence of unanticipated events or circumstances.
Use of Non-GAAP Financial Measures
In addition to the results prepared in accordance with generally accepted accounting principles in the United States ("GAAP") provided throughout this press release, Surgery Partners has presented the following non-GAAP financial measures: Adjusted net income (loss) attributable to common stockholders, Adjusted net income (loss) per share attributable to common stockholders, Adjusted EBITDA, and Adjusted EBITDA related to unconsolidated affiliates, which exclude various items detailed in the "Reconciliation of Non-GAAP Financial Measures" below.
These non-GAAP financial measures are not intended to replace financial performance measures determined in accordance with GAAP. Rather, they are presented as supplemental measures of the Company's performance that management believes may enhance the evaluation of the Company's ongoing operating results. These non-GAAP financial measures are not presented in accordance with GAAP, and the Company’s computation of these non-GAAP financial measures may vary from similar measures used by other companies. These measures have limitations as an analytical tool and should not be considered in isolation or as a substitute or alternative to revenue, net income or loss, operating income or loss, cash flows from operating activities, total indebtedness or any other measures of operating performance, liquidity or indebtedness derived in accordance with GAAP.
SURGERY PARTNERS, INC.
Selected Consolidated Financial Data
(Dollars in millions, except per share amounts, shares in thousands)
(Unaudited) Three Months Ended March 31, 2026 2025 Revenues $810.9 $776.0 Operating expenses: Salaries and benefits 247.4 238.6 Supplies 220.2 215.8 Professional and medical fees 101.3 95.3 Lease expense 23.0 20.8 Other operating expenses 58.8 43.6 Cost of revenues 650.7 614.1 General and administrative expenses 39.3 36.0 Depreciation and amortization 38.5 36.3 Transaction and integration costs 15.6 24.7 Net loss on disposals, consolidations and deconsolidations 4.3 6.4 Equity in earnings of unconsolidated affiliates (4.1) (5.6)Litigation settlements 2.5 2.2 Other income, net (1.7) — 745.1 714.1 Operating income 65.8 61.9 Interest expense, net (69.1) (62.2)Income (loss) before income taxes (3.3) (0.3)Income tax (expense) benefit 1.2 — Net income (loss) (2.1) (0.3)Less: Net income attributable to non-controlling interests (33.8) (37.4)Net income (loss) attributable to Surgery Partners, Inc. $(35.9) $(37.7) Net loss per share attributable to common stockholders Basic $(0.28) $(0.30)Diluted(1) $(0.28) $(0.30)Weighted average common shares outstanding Basic 128,367 126,602 Diluted(1) 128,367 126,602 (1) The impact of potentially dilutive securities for all periods was not considered because the effect would be anti-dilutive.
SURGERY PARTNERS, INC.
Selected Financial and Operating Data
(Dollars in millions, except per case and per share amounts)
(Unaudited) March 31,
2026 December 31,
2025 Balance Sheet Data (at period end): Cash and cash equivalents $182.3 $239.9Total current assets 1,082.5 1,150.7Total assets 8,042.1 8,119.7 Current maturities of long-term debt 100.4 99.3Total current liabilities 581.7 615.5Long-term debt, less current maturities 3,613.5 3,602.9Total liabilities 4,560.8 4,592.9 Non-controlling interests—redeemable 383.4 395.5 Total Surgery Partners, Inc. stockholders' equity 1,688.0 1,712.9Non-controlling interests—non-redeemable 1,409.9 1,418.4Total stockholders' equity 3,097.9 3,131.3 Three Months Ended March 31, 2026 2025 Cash Flow Data: Net cash provided by (used in): Operating activities $11.7 $6.0 Investing activities (13.4) (76.4)Purchases of property and equipment (16.0) (22.7)Payments for acquisitions, net of cash acquired (4.2) (44.0)Purchases of equity investments — (3.8)Financing activities (55.9) 30.2 Distributions to non-controlling interest holders (58.0) (62.3) Three Months Ended March 31, 2026 2025 Other Data: Number of surgical facilities as of the end of period 180 164 Number of consolidated surgical facilities as of the end of period 122 118 Cases 157,711 160,300 Revenue per case $5,142 $4,841 Adjusted EBITDA(1) $102.3 $103.9 Adjusted EBITDA margin(2) 12.6% 13.4%Adjusted net income per share attributable to common stockholders - Basic(1) $(0.03) $0.04 Adjusted net income per share attributable to common stockholders - Diluted(1) $(0.03) $0.04 (1) A reconciliation of these non-GAAP financial measures appears below.
(2) Defined as Adjusted EBITDA as a % of Revenues.
SURGERY PARTNERS, INC.
Supplemental Information
(Dollars in millions, except per case amounts)
(Unaudited)
Three Months Ended March 31, 2026 2025
Same-facility Information(1): Cases 178,990 177,947Case growth 0.6% N/ARevenue per case $5,073 $4,887Revenue per case growth 3.8% N/ANumber of work days in the period 63 63Case growth (days adjusted) 0.6% N/ARevenue growth (days adjusted) 4.4% N/A (1) Same-facility information includes cases and revenues from our consolidated and non-consolidated surgical facilities (excluding facilities acquired in new markets or divested during the current and prior periods).
SURGERY PARTNERS, INC.
Reconciliation of Non-GAAP Financial Measures
(Dollars in millions, except per share amounts, shares in thousands)
(Unaudited)
The following table reconciles Adjusted EBITDA to income before income taxes in the reported consolidated financial information, the most directly comparable GAAP financial measure:
Three Months Ended March 31, 2026 2025 Income (loss) before income taxes $(3.3) $(0.3) Net income attributable to non-controlling interests (33.8) (37.4)Interest expense, net 69.1 62.2 Depreciation and amortization 38.5 36.3 Equity-based compensation expense 5.8 7.6 Transaction and integration costs(1) 15.6 24.7 De novo start-up costs 1.9 1.7 Net loss on disposals, consolidations and deconsolidations 4.3 6.4 Litigation settlements and other litigation costs(2) 4.2 2.7 Adjusted EBITDA(3) $102.3 $103.9 (1) For the three months ended March 31, 2026, this amount includes due diligence, transaction and integration costs related to acquisitions (both completed and in the pipeline) and divested facilities (collectively “M&A costs”) of $11.8 million and other costs, including severance, IT implementation, revenue cycle standardization of $3.8 million. For the three months ended March 31, 2025, this amount includes M&A costs of $16.8 million and other costs, including severance, IT implementation, revenue cycle standardization of $7.9 million.
(2) This amount includes a litigation settlement loss of $2.5 million and $2.2 million for the three months ended March 31, 2026 and 2025, respectively. This amount also includes other litigation costs of $1.7 million and $0.5 million for the three months ended March 31, 2026 and 2025, respectively.
(3) We use Adjusted EBITDA as a measure of financial performance. Adjusted EBITDA is a key measure used by management to assess operating performance, make business decisions and allocate resources. Non-controlling interests represent the interests of third parties, such as physicians, and in some cases, healthcare systems that own an interest in surgical facilities that we consolidate for financial reporting purposes. We believe that it is helpful to investors to present Adjusted EBITDA as defined above because it excludes the portion of net income attributable to these third-party interests and clarifies for investors our portion of Adjusted EBITDA generated by our surgical facilities and other operations. Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered in isolation or as a substitute for net income, operating income or any other measure calculated in accordance with GAAP. The items excluded from Adjusted EBITDA are significant components in understanding and evaluating our financial performance. We believe such adjustments are appropriate, as the magnitude and frequency of such items can vary significantly and are not related to the assessment of normal operating performance. Our calculation of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
The following table provides supplemental information for Adjusted EBITDA related to unconsolidated affiliates:
Three Months Ended March 31, 2026
2025
Adjusted EBITDA related to unconsolidated affiliates: Management fee revenues(1)(2)$10.0 $8.2Equity in earnings of unconsolidated affiliates(2) 4.1 5.6Plus: Start-up costs related to unconsolidated de novo surgical facilities(3) 1.2 0.3Adjusted EBITDA related to unconsolidated affiliates$15.3 $14.1 (1) Includes management and administrative service fees derived from the non-consolidated facilities that the Company accounts for under the equity method and management of surgical facilities in which it does not own an interest. Management fee revenues are included in Revenues on the Consolidated Statements of Operations.
(2) Included as a component of income before income taxes in the Adjusted EBITDA reconciliation table above.
(3) Included as a component of de novo start-up costs in the Adjusted EBITDA reconciliation table above.
From time to time, the Company incurs certain non-recurring gains or losses that are normally non-operational in nature and management does not consider relevant in assessing its ongoing operating performance. When significant, Surgery Partners’ management and the Company's Board of Directors typically exclude these gains or losses when evaluating the Company’s operating performance and in certain instances when evaluating performance for incentive compensation purposes. Additionally, management believes that certain investors and equity analysts exclude these or similar items when evaluating the Company’s current or future operating performance and in making informed investment decisions regarding the Company. Accordingly, the Company provides adjusted net income attributable to common stockholders and adjusted net income per share attributable to common stockholders as supplements to the comparable GAAP financial measures. Adjusted net income attributable to common stockholders and adjusted net income per share attributable to common stockholders should not be considered measures of financial performance under GAAP, and the items excluded from such measures are significant components in understanding and assessing financial performance. These measures should not be considered in isolation or as an alternative to the comparable GAAP measures as presented in the consolidated financial statements.
The following table reconciles net income (loss) as reflected in the consolidated statements of operations to adjusted net income attributable to common stockholders used to calculate adjusted net income per share attributable to common stockholders:
Three Months Ended March 31, 2026 2025 Consolidated Statements of Operations Data: Net income (loss)$(2.1) $(0.3)Plus (minus): Net income attributable to non-controlling interests (33.8) (37.4)Equity-based compensation expense 5.8 7.6 Transaction and integration costs 15.6 24.7 De novo start-up costs 1.9 1.7 Net loss on disposals, consolidations and deconsolidations 4.3 6.4 Litigation settlements and other litigation costs 4.2 2.7 Adjusted net income (loss) attributable to common stockholders$(4.1) $5.4 Adjusted net income (loss) per share attributable to common stockholders Basic$(0.03) $0.04 Diluted(1)$(0.03) $0.04 Weighted average common shares outstanding Basic 128,367 126,602 Diluted(1) 128,367 127,697 (1) The impact of potentially dilutive securities for the three months ended March 31, 2026 was not considered because the effect would be anti-dilutive.
Contact
Surgery Partners Investor Relations
(615) 234-8940 [email protected]
Surgery Partners (SGRY - Free Report) came out with a quarterly loss of $0.03 per share versus the Zacks Consensus Estimate of a loss of $0.15. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +80.00%. A quarter ago, it was expected that this surgical facilities operator would post earnings of $0.31 per share when it actually produced earnings of $0.12, delivering a surprise of -61.29%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Surgery Partners, which belongs to the Zacks Medical Services industry, posted revenues of $810.9 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 1.52%. This compares to year-ago revenues of $776 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Surgery Partners shares have lost about 8.1% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Surgery Partners?While Surgery Partners has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Surgery Partners was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.02 on $849.71 million in revenues for the coming quarter and $0.11 on $3.42 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical Services is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Shoulder Innovations, Inc. (SI - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 13.
This company is expected to post quarterly loss of $0.44 per share in its upcoming report, which represents a year-over-year change of +99.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Shoulder Innovations, Inc.'s revenues are expected to be $14.35 million, up 41.7% from the year-ago quarter.
As healthcare delivery shifts away from traditional hospitals, investors are weighing the merits of outpatient giants versus home-based specialists. Choosing between Surgery Partners (SGRY +5.21%) and Viemed Healthcare (VMD +2.86%) depends on your preferred medical niche.
Surgery Partners operates a massive network of surgical facilities, while Viemed focuses on high-tech respiratory care within patients’ homes. They represent two different ways to play on the rising demand for efficient, lower-cost healthcare. Both companies are navigating a complex regulatory environment while scaling their service models across the United States.
The case for Surgery PartnersSGRY focuses on providing surgical solutions through a network of outpatient centers and surgical hospitals. It operates more than 300 locations across 30 states to serve patients and physicians. Within the broader healthcare stock market, the company generates revenue primarily through patient services, with 42.7% from government payors and 52.3% from private insurance. This concentration in large payor groups is a central part of its revenue model.
In FY 2025, revenue reached just over $3.3 billion, up approximately 6% from the prior year. Despite the rising revenue, the company reported a net loss of about $77.9 million for the period. Management has focused on expanding its footprint to drive these top-line gains at the cost of turning near-term profits.
As of its December 2025 balance sheet, the company maintained a debt-to-equity ratio of 2.3x. This metric, which measures total debt against shareholder equity, suggests a significant reliance on borrowed funds. The current ratio, which compares short-term assets to liabilities, was 1.9x, while free cash flow reached $195.6 million. This cash flow figure is calculated by subtracting capital expenditures from operating cash flow.
The case for Viemed HealthcareViemed Healthcare specializes in home-based respiratory care and disease management services. It provides equipment and staffing to help patients manage chronic conditions without leaving their residences. The company has expanded its reach significantly, now providing services across all 50 states and employing more than 1,300 people. Its focus on the aging population and chronic respiratory issues positions it in a high-demand niche.
During FY 2025, the company generated revenue of approximately $270.3 million, an increase of roughly 21% over the previous year. This growth resulted in net income of $14.9 million for the fiscal year. The company achieved a net margin of 5.5%, indicating how much profit it keeps for every dollar of sales. This margin has remained relatively stable even as the company scales its operations.
Based on the December 2025 balance sheet, the debt-to-equity ratio was nearly 0.1x. This indicates a very low debt-to-equity ratio, suggesting a conservative financial structure. The current ratio was 1.2x, and the company generated free cash flow of approximately $11.9 million during the year. Free cash flow is the cash a company generates after accounting for capital expenditures.
Risk profile comparisonSurgery Partners faces significant regulatory risks due to its compliance with federal laws such as the Anti-Kickback Statute. It also carries approximately $3.7 billion in debt, which could limit its ability to respond to economic shifts. Competition from large health systems like Tenet Healthcare (THC +5.10%) for physicians and patients remains a constant challenge for the business.
Viemed Healthcare is highly dependent on Medicare reimbursement rates, meaning changes in government policy can directly impact its revenue. It also faces competition from larger, better-capitalized firms in the respiratory care market. Additionally, the company relies on third-party suppliers for medical equipment, which creates risks if supply chains are disrupted or product costs rise.
Valuation comparisonViemed Healthcare appears more attractive based on its profitability and lower earnings multiple, whereas Surgery Partners offers a much lower valuation relative to its total annual sales.
MetricSurgery PartnersViemed HealthcareSector BenchmarkForward P/E33.7x22.2x24.9xP/S ratio0.6x1.4xn/aSector benchmark uses the SPDR XLV sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Home-based care for patients is increasingly favored by insurance companies seeking to tamp down rising hospital costs. It is also a natural outgrowth of America’s aging population. That makes Viemed appear to be the clear choice over Surgery Partners.
Viemed’s first-quarter 2026 revenue was up more than 28% from the prior-year period, reflecting management’s success in garnering greater attention for at-home treatments for common health issues, such as sleep apnea. The business is also seeing its sleep-related and maternal care operations expand, helping diversify its revenue base away from the federal government. For the full year, analyst consensus is for revenue to rise more than 17% to about $317 million. Meanwhile, Wall Street expects Surgery Partners’ revenue to inch up by just about 3% for the year.
