Surgery Partners Q4 revenue up 17.5% to $864.4M; Adj EBITDA +15.1%; sets 2025 guidance

Surgery Partners, Inc.

Q4 revenue $864.4M (+17.5% YoY); full-year revenue $3.1B (+13.5% YoY).
Q4 adjusted EBITDA $163.8M (+15.1%); full-year $508.2M (+16.0%).
Same-facility revenue growth 5.6% in Q4, 8.0% full year; cases +5.1% and +3.9% respectively.
Net loss attributable $108.5M Q4, $168.1M full year; includes non-cash tax valuation allowance. No federal income taxes expected until 2029.
2025 guidance: revenue $3.30-$3.45B; Adj EBITDA $555-$565M. Liquidity >$770M.

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