Surgery Partners, Inc. (NASDAQ:SGRY) Q2 2024 Earnings Conference Call August 6, 2024 8:30 AM ET
Company Participants
Dave Doherty – Chief Financial Officer
Wayne DeVeydt – Executive Chairman
Eric Evans – Chief Executive Officer
Conference Call Participants
Brian Tanquilut – Jefferies
Tao Qiu – Macquarie
Kevin Fischbeck – Bank of America
Andrew Mok – Barclays
Jason Cassorla – Citi
Bill Sutherland – Benchmark Company
Whit Mayo – Leerink Partners
Will Spivack – TD Cowen
Operator
Good day, everyone, and welcome to today’s program, Surgery Partners, Inc. Second Quarter 2024 Earnings Call. At this time all participants are in a listen-only mode. [Operator Instructions] Please note, this call may be recorded. [Operator Instructions]
It is now my pleasure to turn the conference over to CFO, Dave Doherty.
Dave Doherty
Good morning. My name is Dave Doherty, CFO of Surgery Partners. I’m joined today by Eric Evans, our CEO; and Wayne DeVeydt, our Executive Chairman.
During this call, we will make forward-looking statements. There are risk factors that could cause future results to be materially different from these statements. These risk factors are described in this morning’s press release and the reports we file with the SEC, each of which are available on our website, 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 as a substitute for results prepared in accordance with GAAP. These measures are reconciled to the most applicable GAAP measure in this morning’s press release.
With that, I will turn the call over to Wayne. Wayne?
Wayne DeVeydt
Thank you, Dave. Good morning, and thank you all for joining us today. My initial comments will briefly highlight our consolidated second quarter results and the consistency of our long-term growth algorithm. I’ll then provide a brief update on our recent acquisition activity and refreshed outlook for the balance of the year. Eric and Dave will provide additional insights with their remarks.
Turning to our second quarter results. We reported net revenue of $762 million, representing growth of 14.2% over the prior year quarter. On a same-facility basis, net revenues grew just under 10%, with surgical case volume growth in the quarter just under 4%. Adjusted EBITDA grew 18% to $118.3 million, generating adjusted EBITDA margins of 15.5%, expanding 50 basis points as compared to the prior year quarter.