Surgery Partners, Inc. (SGRY)

Over the past six months, several events have impacted Surgery Partners, Inc.'s stock price. On August 5, 2025, the company announced its second-quarter results, reporting an 8.4% increase in revenue and reaffirming its full-year guidance. On June 17, 2025, discussions with Bain Capital Private Equity regarding a potential acquisition concluded without an agreement, causing the stock to decline 12.26%. On November 10, 2025, the company revised its full-year revenue and adjusted EBITDA guidance due to delayed capital deployment, lost earnings from ASC divestitures, and a cautious stance on payer mix and volume, resulting in a 25.42% stock plunge. In December 2025, Surgery Partners announced an add-on senior notes offering and its pricing. On December 8, 2025, Surgery Partners and Baylor Scott & White Health formed a joint venture. On January 2, 2026, the share price was $15.26, a 25.67% decline from January 6, 2025.

Surgery Partners experiences some demand seasonality for its products and services. Operating cash flow in the first quarter is typically lower due to seasonal patterns and working capital timing. The company generally observes a seasonal lift in commercial volumes during the fourth quarter. Management monitors these seasonal shifts closely when refining expectations and guidance.

Surgery Partners, Inc. (SGRY) is a healthcare services company operating a national network of surgical facilities and ancillary services. The company provides high-quality, cost-effective surgical and related ancillary care, primarily through partnerships with physicians, by shifting surgical procedures from hospitals to outpatient settings. The company operates in the Healthcare Facilities & Services sector, specifically in the Hospitals/Inpatient Services industry, with a significant presence in the U.S. ambulatory surgery market. Its services include surgical facility services, encompassing Ambulatory Surgery Centers (ASCs) and surgical hospitals, along with anesthesia services. It also provides ancillary services, including multi-specialty physician practices and a diagnostic laboratory, as well as optical services, involving an optical laboratory and an optical products group purchasing organization.

Surgery Partners, Inc. operates a national network across the United States with over 250 locations in 30 states as of early 2026. These locations include ambulatory surgery centers, short-stay surgical hospitals, multi-specialty physician practices, and urgent care facilities. The company's network serves diverse patient populations and collaborates with physicians and healthcare professionals in metropolitan and suburban areas.

Surgery Partners aims to be the preferred national partner for physicians and patients in short-stay surgical care, recognized for clinical excellence, operational efficiency, and commitment to innovation. The company provides high-quality, cost-effective solutions for surgical and related ancillary care, evidenced by strong patient satisfaction rates and physician retention trends. The company's strategic focus on growth in high-acuity areas and investments in surgical robots and physician recruitment contribute to its positioning as a leader in outpatient surgical care. The decision to remain an independent public entity was seen as a vote of confidence in the company's long-term growth strategy.

Surgery Partners, Inc. is a publicly traded company on NASDAQ with a significant influence from institutional investors. Bain Capital Private Equity, LP is the largest single shareholder, holding approximately 39% of the stake. Other institutional investors collectively hold approximately 58% of the public float, including major asset managers such as Janus Henderson Group PLC and The Vanguard Group, Inc. Insiders own approximately 2.7% of the shares, while individual investors hold around 1.42%.