Organic Growth Remains Robust in Surgery Partners' 1Q
Surgery Partners reported first-quarter results that were largely in line with our outlook for the full year. As a result, we don’t intend to alter our model or $19 fair value estimate, which equates to roughly 10.5 times our adjusted EBITDA forecast over the next 12 months. The shares continue to look undervalued, but we'd emphasize our no-moat and very high uncertainty ratings.Overall, the company posted a fairly good quarter. Same-facility volume was up 60 basis points with revenue per case ...
Surgery Partners is a holding company. Through its subsidiaries, the company is a healthcare services company. The company operates in three reporting segments : Surgical Facility Services, which consists of the operation of ambulatory surgery centers (ASCs) and surgical hospitals; Ancillary Services, which consists of a diagnostic laboratory and multi-specialty physician practices; and Optical Services, which consists of an optical laboratory and an optical products group purchasing organization. As of Dec 31 2017, the company owned or operated primarily in partnership with physicians, a portfolio of 124 surgical facilities comprised of 106 ASCs and 18 surgical hospitals across 32 states.
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