Surgery Partners down after Q2 sales miss estimates

Surgery Partners

01/08/2023 16:25

** Surgery Partners Inc's shares  SGRY.O  fall 5.2% to
$36.60 
    ** The hospital operator reports Q2 revenue of $667.6
million, compared with estimates of $668.5 mln, which was
inclusive of $8 million hit due to a cyber-security incident 
    ** Citi analyst says sales expectations were high given the
heightened volume of surgical procedures, but the $8 million hit
may not have been widely disseminated
    ** Major insurers such as UnitedHealth Group  UNH.N  and
Humana  HUM.N  have warned of higher medical costs due to a jump
in non-urgent surgeries in the United States, highlighting
demand for such procedures, especially by older adults
    ** Including session losses, stock had risen ~30% YTD 

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))