Surgery Partners, Inc. (SGRY) has reported 0.73 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $16.86 million, or $0.35 a share in the quarter, compared with $16.74 million, or $0.35 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $9.18 million, or $0.19 a share compared with $27.59 million or $0.57 a share, a year ago.
Revenue during the quarter grew 16.21 percent to $306 million from $263.32 million in the previous year period. Gross margin for the quarter contracted 45 basis points over the previous year period to 29.98 percent. Total expenses were 77.64 percent of quarterly revenues, down from 91.98 percent for the same period last year. This has led to an improvement of 1433 basis points in operating margin to 22.36 percent.
Operating income for the quarter was $68.41 million, compared with $21.13 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $50.06 million compared with $43.75 million in the prior year period. At the same time, adjusted EBITDA margin contracted 26 basis points in the quarter to 16.36 percent from 16.62 percent in the last year period.
"I am pleased to report another quarter of double-digit, same-facility revenue growth for Surgery Partners," said Mike Doyle, chief executive officer. "In our first full year as a public company, Surgery Partners has expanded significantly, adding two integrated physician practices with three ambulatory surgery centers, three standalone ambulatory surgery centers and eight physician practices. Our facilities provided services to more than 600,000 patients during 2016, and I would like to thank our physician partners and dedicated staff for consistently carrying out their mission of providing high quality care to our patients."
For the fiscal year 2017, Surgery Partners forecasts revenue to grow in the range of 9 percent to 11 percent.
Operating cash flow improves significantly
Surgery Partners, Inc. has generated cash of $125.24 million from operating activities during the year, up 48.25 percent or $40.76 million, when compared with the last year.
The company has spent $184.75 million cash to meet investing activities during the year as against cash outgo of $134.84 million in the last year.
Cash flow from financing activities was $71.28 million for the year, up 113.57 percent or $37.90 million, when compared with the last year.
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