What Is Driving Surgery Partners (NASDAQ:SGRY) Same-Facility Growth Despite Lower Revenue?

Sonal Goyal

10 November 2026 06:56 PM AEDT

What Is Driving Surgery Partners (NASDAQ:SGRY) Same-Facility Growth Despite Lower Revenue?

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Key Highlights

Total Revenue decreased 0.8% in the third quarter of 2026, due to the Idaho Falls divestiture.
Same-facility revenue increased 6.0%, while same-facility cases rose 0.2%.
Adjusted EBITDA was $132.7 million, and the net loss attributable to the company was $21.1 million.
The HealthSpan Partners Merger consideration was raised to $25.00 per share in cash after a competing proposal.

Surgery Partners, Inc. (NASDAQ:SGRY) reported third-quarter 2026 revenue that declined 0.8% from a year earlier, even as same-facility revenue climbed 6.0%. The short-stay surgical Facility operator recorded a net loss attributable to the company of $21.1 million and adjusted EBITDA of $132.7 million.

Revenue and Same-Facility Performance

Consolidated revenue fell because the company divested its Idaho Falls facilities, which it owned through September 13, 2026.

The headline figures do not break down those drivers, so their relative weight cannot be measured from the quarter's summary data.

Profitability and Transaction Activity

The company reported a net loss attributable to Surgery Partners of $21.1 million for the quarter, while adjusted EBITDA reached $132.7 million.

On November 9, 2026, Surgery Partners amended its merger agreement with HealthSpan Partners after receiving an unsolicited competing proposal from a third party. The amendment raises the merger consideration to $25.00 per share in cash, representing an Enterprise value of up to approximately $6.0 billion. Management described the revised agreement as further validation of the company's short-stay surgical platform.

Reporting Changes During the Pending Transaction

Because the HealthSpan transaction is pending, Surgery Partners will not host an Earnings conference call and will no longer provide forward-looking guidance.

Because facilities that were not open or not owned for the full comparison period are excluded from that calculation, the figure gives a narrower view than consolidated revenue.

The enterprise value of up to approximately $6.0 billion gives a sense of the scale of the deal relative to the company's existing operations.

Final Word

Surgery Partners' third quarter pairs a lower consolidated revenue line with higher same-facility revenue and a transaction that has drawn a competing bid. The results show a portfolio whose core facilities are growing revenue even as the company's asset base changes.

FAQs

Q: What was Surgery Partners' revenue change in the third quarter of 2026?

A: Total revenue decreased 0.8% for the quarter, due to the Idaho Falls divestiture, while same-facility revenue increased 6.0%.

Q: What is the HealthSpan merger price?

A: The amended agreement raises the merger consideration to $25.00 per share in cash, representing an enterprise value of up to approximately $6.0 billion.

Q: Will Surgery Partners provide new guidance?

A: No. Because the HealthSpan transaction is pending, the company will not host an earnings call and will no longer provide forward-looking guidance.

Q: How large was the net loss?

A: The net loss attributable to Surgery Partners was $21.1 million for the third quarter of 2026.

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