At round $16, Surgical procedure Companions shares are price about 40 % lower than what private-equity agency Bain Capital supplied to pay in January for the roughly 60 % of Surgical procedure Companions it doesn’t already personal. Bain acquired about 54 % of Surgical procedure Companions in 2017 however the latter’s board mentioned in June it had declined the investor’s supply to completely purchase Surgical procedure Companions.
Within the three months that ended Sept. 30, Surgical procedure Companions produced a web revenue of $25.3 million on revenues of almost $822 million. These figures had been up from $6.4 million and $770 million, respectively, in the identical interval of final yr. Similar-facility revenues for the quarter had been up 6.3 % yr over yr, which pushed that metric to five.4 % year-to-date—implying that fourth-quarter development will likely be under 4 %.
Nonetheless, Evans instructed analysts he has confidence in Surgical procedure Companions’ longer-term prospects—amongst different issues, he pointed to his crew engaged on greater than $300 million price of attainable acquisitions—in addition to the position of ASCs within the broader healthcare system.
“I need to be very clear: We’re going to have quantity and charge development within the fourth quarter,” Evans mentioned. “However we’ve got a really detailed look into this as we head into the fourth quarter. It’s an enormous quarter for us and we’re simply reacting to a development that’s not fairly as sturdy as we might usually count on.”
