Surgery Partners, Inc. (NASDAQ:SGRY) Q1 2023 Earnings Conference Call May 1, 2023 5:00 PM ET
Company Participants
Dave Doherty - Executive Vice President and Chief Financial Officer
Wayne DeVeydt - Executive Chairman
Eric Evans - Chief Executive Officer
Conference Call Participants
Jason Cassorla - Citi
Nabil Gutierrez - Bank of America
Brian Tanquilut - Jefferies
Lisa Gill - JPMorgan
Whit Mayo - SVB Securities
Bill Sutherland - The Benchmark Company
Stephen Valiquette - Barclays
Operator
Greetings, and welcome to the Surgery Partners First Quarter 2023 Earnings Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Dave Doherty, Chief Financial Officer. Thank you, Dave. You may begin.
Dave Doherty
Good afternoon. My name is Dave Doherty, CFO of Surgery Partners and I am here with our CEO, Eric Evans and our executive Chairman, Wayne DeVeydt. We appreciate you joining us to discuss our financial results for the first quarter of 2023.
Today, we'll make forward-looking statements. There are risk factors that may impact those statements and could cause actual future results to be materially different from them. These risk factors are described in this afternoon's press release and the reports we file with the SEC, which are available on our website at surgerypartners.com. The company does not undertake any duty to update these forward-looking statements. In addition, we will reference certain financial measures that are considered non-GAAP, which we believe can be useful in evaluating our performance. The presentation of this information should not be considered in isolation or is a substitute for results prepared in accordance with GAAP. These measures are reconciled to the most applicable GAAP measure in this afternoon's press release. With that, I'll turn the call over to Wayne. Wayne?
Wayne DeVeydt
Thank you, Dave. Good afternoon and thank you all for joining us today. I'm pleased to report Surgery Partners first quarter adjusted EBITDA of $90.1 million, 17% higher than last year's first quarter, which generated an adjusted EBITDA margin that grew 60 basis points to 13.5%.
Including our non-consolidated facilities, we performed approximately 176,000 surgical cases in the first quarter, 12% more than 2022, with contributions from all our core specialties, consistent with our expectations. This strong case growth combined with increased acuity and contributions from recent acquisitions generated net revenue of $666 million.