The following is a summary of the Surgery Partners, Inc. (SGRY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Surgery Partners Q1 net revenue was approximately $717 million, a 7.7% growth from the prior year.

• Adjusted EBITDA of $97.5 million, an 8.2% growth over the last year's quarter.

• EBITDA margins improved by 10 basis points to 13.6%.

• The company increased its full-year revenue outlook to at least $3.05 billion, representing 11% growth.

• Adjusted full-year EBITDA outlook increased to $505 million, a growth of at least 15%.

• Company's supply expense was essentially unchanged and supply cost per case decreased 1.4%.

• The company's operating and free cash flow for 2023 exceeded previous years due to timing and growth.

• A true up of provider taxes impacted the financials in the first quarter.

Business Progress:

• Surgery Partners plans $200 to $250 million in acquisition closures in Q2.

• They successfully recruited around 200 new physicians, especially orthopedic surgeons, in Q1.

• The focus on higher acuity procedures saw total joint replacements increase by 54%.

• The company is expanding initiatives to acquire more surgical centers.

• There's an ongoing plan to increase investment in infrastructural and operational improvements.

• Surgery Partners established new facilities expected to have positive EBITDA by end of the first year.

• Continued focus on high acuity cases, expecting a high single-digit growth by end of year.

• Managed care negotiations are ongoing with a focus on providing value; the company is 50% cheaper on average than peers.

• Company reiterated its cash flow guidance for the year, expecting it to stay between 140 to 160 million.

• Continual provision of high-quality, lower-cost clinical care in their facilities is a priority.

More details: Surgery Partners IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.