Surgery Partners(NASDAQ) SGRY

Surgery Partners runs a national network of outpatient surgical centers. The company helps people get surgeries without staying overnight. These centers provide a cheaper alternative to traditional hospitals.

Where Your Surgery Happens

• Surgical Facilities: Centers providing non-emergency procedures like bone and eye care; generates nearly all revenue.
• Ambulatory Surgery Centers: Short-stay facilities where patients receive surgery and return home the same day.
• Surgical Hospitals: Small hospitals focused on elective procedures with short recovery times.
• Ancillary Services: Support options like pharmacy, medical imaging, and labs at surgical sites.

Growing Beyond Hospitals

• Expanded the network to 176 operational surgical facilities by December 31, 2025.
• Increased reach to over 200 total locations in 30 states by the end of 2025.
• Established strategic relationships with health systems to enhance its outpatient surgery footprint.

What Makes Them Different

The company uses a partnership model where local doctors often own a share of their surgical facilities. This strategy helps the business attract top doctors and keep them focused on providing high-quality outpatient care.

The Hard Numbers

• Revenue reached $885 million in Q4 2025, up 2.4% from $864.4 million in Q4 2024.
• Net loss reached $15 million in Q4 2025, which improved from $108.5 million in Q4 2024.
• Free cash flow reached $90.6 million in Q4 2025, up 1.7% from $89.1 million in Q4 2024.
• Operating income was $110.2 million in Q4 2025, down 13.3% from $127.1 million in Q4 2024.

The Bottom Line

Surgery Partners has successfully shifted toward a model focused on efficient, outpatient surgical care. Its network of centers provides a lower-cost alternative to large hospitals across the United States.