Surgery Partners' 2Q Results Suggest Turnaround Is on Track; Maintaining Fair Value Estimate
No-moat Surgery Partners reported quarterly results that we think should begin to grow investors' confidence in management's strategy. While not a perfect quarter by any stretch, we think that the actions taken by CEO Wayne DeVeydt in his first six months on the job bode well for patient and risk-tolerant shareholders. We're planning on maintaining our $19 fair value estimate for the company, which implies roughly 10 times our 2019 adjusted EBITDA estimate, and would highlight that both sizable ...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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