Surgery Partners reports Q1 EPS 8c, consensus 0c

Reports Q1 revenue $666.2M, consensus $657.1M. Wayne DeVeydt, Executive Chairman of the Board of Surgery Partners, noted, "We are pleased with our early performance, with all growth levers contributing to another quarter of strong top-line and same store revenue, margin expansion and capital deployment. With this continued momentum, we remain optimistic and confident about the Company’s outlook for the remainder of 2023."Eric Evans, Chief Executive Officer, stated, "Our team continues to focus and execute on our overarching priority of providing exceptional clinical quality and a differentiated experience for our patients and physicians. Furthering that objective, we are also pleased to announce new strategic partnerships with two leading health systems – Intermountain Health and OhioHealth. These partnerships provide expansion opportunities in several new markets, as our combined organizations will bring together local market knowledge, relationships and trusted legacies of high-quality patient care and surgical facility management and growth." Dave Doherty, Chief Financial Officer, commented, "In the first quarter we deployed $60M on five acquisitions while generating over $20M of free cash flow. We continue to expect to generate at least $140M in full year free cash flow and have nearly $800M in current liquidity. Based on the strength of our first quarter top line growth, we are raising our full year Adjusted EBITDA guidance for 2023 to greater than $430M."