BRENTWOOD, Tenn. - Surgery Partners, Inc. (NASDAQ:SGRY), a $2.67 billion market cap healthcare services company, has expanded its Board of Directors with the addition of Dr. Laura L. Forese, whose appointment became effective last Thursday. The inclusion of Dr. Forese, an experienced healthcare executive and orthopedic surgeon, increases the board's size to eleven members. According to InvestingPro data, the company is showing promising signs with expected net income growth this year, despite current challenges.
Dr. Laura Forese brings over four decades of healthcare administration experience to the Surgery Partners board. She recently held the position of executive vice president and chief operating officer at New York-Presbyterian. Her role at one of the nation's leading academic healthcare systems involved overseeing 10 hospital campuses, around 200 clinics, and a workforce comprising over 45,000 employees and affiliated physicians. Dr. Forese has been instrumental in establishing the New York-Presbyterian Medical (TASE:PMCN) Groups, aiming to standardize practices and ensure consistent patient care quality across the organization.
Her previous roles at New York-Presbyterian focused on patient safety, efficiency, and healthcare transformation. In addition to her extensive career, Dr. Forese has actively participated in various healthcare and civic organizations, including the NIH Clinical Research Hospital board and as a trustee of Princeton University. She also currently serves on several other boards, including the Shubert Organization and the Mother Cabrini Health Foundation.
Dr. Forese's educational background includes a medical degree from Columbia University College of Physicians & Surgeons and a master's degree in health services management from the same university. She also holds a bachelor's degree in civil engineering and operations research from Princeton University, where she graduated with the highest honors.
Wayne DeVeydt, Chairman of Surgery Partners' Board of Directors, expressed enthusiasm for the breadth of experience Dr. Forese will bring to the board. He highlighted her knowledge and passion for high-quality, efficient healthcare operations, which will be valuable to Surgery Partners' focus on short-stay surgical case growth.
Dr. Forese herself commented on her appointment, noting Surgery Partners' positioning in the evolution of surgical care and its support for surgeons and patients through high-quality, cost-effective ambulatory surgical centers.
Surgery Partners, based in Brentwood, Tennessee, operates as a healthcare services company providing outpatient surgical solutions. Since its founding in 2004, the company has grown to become one of the largest surgical services businesses in the United States, with more than 200 locations across 33 states. The company has demonstrated solid growth with revenue increasing by approximately 10% over the last twelve months to $2.99 billion. InvestingPro analysis indicates the company is currently trading near its Fair Value, with analysts maintaining optimistic projections for profitability this year. For deeper insights into Surgery Partners' financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, which covers over 1,400 US equities.
This expansion of the board reflects Surgery Partners' commitment to enhancing its leadership with experts who have a deep understanding of the healthcare industry. The information for this article is based on a press release statement from Surgery Partners, Inc.
In other recent news, Surgery Partners has seen significant attention from various financial firms. BofA Securities upgraded the company's shares to a Buy rating, citing the industry's strong tailwinds and a valuation that presents potential opportunities for investors. On the other hand, RBC Capital, TD Cowen, Jefferies, and Barclays (LON:BARC) have all revised their price targets for the company, while maintaining positive ratings.
Surgery Partners' recent quarterly performance has shown resilience, with the company reporting a 14% year-over-year increase in net revenue to $770 million and a 22% rise in adjusted EBITDA to $128.6 million. Despite challenges such as Hurricane Helene, the company maintained operational continuity, demonstrating growth in surgical case volume and same-facility net revenues.
These recent developments, including the recruitment of over 230 new physicians and a 53% increase in total joint replacements, highlight Surgery Partners' ability to navigate financial and operational challenges while maintaining a robust position in the healthcare services sector. The company anticipates full-year net revenue and adjusted EBITDA to exceed $3.075 billion and $508 million, respectively, surpassing its long-term growth target.
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