SGRY - Surgery Partners Inc. (SGRY) Q1 2024 Earnings Call Transcript
2024-05-07 22:55:24 ET
Surgery Partners, Inc. (SGRY)
Q1 2024 Results Conference Call
May 04, 2024 08:30 AM ET
Company Participants
Dave Doherty - Chief Financial Officer
Wayne DeVeydt - Executive Chairman
Eric Evans - Chief Executive Officer
Conference Call Participants
Brian Tanquilut - Jefferies
Whit Mayo - SVB Leerink
Kevin Fischbeck - Bank of America
Andrew Mok - Barclays
Sarah James - Cantor Fitzgerald
Gary Taylor - TD Cowen
Bill Sutherland - The Benchmark Company
Jason Cassorla - Citi
Cal Sternick - JPMorgan Chase
Ben Hendrix - RBC Capital Markets
Presentation
Operator
Greetings. Welcome to Surgery Partners First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.
I will now turn the conference over to Dave Doherty, CFO. Thank you. You may begin.
Dave Doherty
Good morning. My name is Dave Doherty, CFO of Surgery Partners. I am 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 filed 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 first quarter results and the strength we continue to see in our long-term growth algorithm as it relates to both our organic and capital deployment initiatives. I will then provide a brief update on our recent acquisition activity and refreshed outlook for the remainder of the year before I hand over the call to Eric and Dave. They will provide additional insights into our operating and financial performance for the quarter along with recent activities to further strengthen our balance sheet and support our long-term mid-teens growth goals.
Turning to our first quarter results. We reported net revenue of approximately $717 million, representing growth of 7.7% over the prior year quarter. On a same-facility basis, net revenues grew 10.2% as compared to the comparable period, representing a combination of both case and net revenue per case growth. Adjusted EBITDA was $97.5 million, representing 8.2% growth over the prior year quarter, with adjusted EBITDA margins improving in the quarter by 10 basis points to 13.6%. Finally, our efforts to pursue higher acuity procedures continue to produce strong results, with total joint replacements increasing by 54% over the first quarter of 2023....
Surgery Partners, Inc. (SGRY) Q1 2024 Earnings Call Transcript