Core Viewpoint - Surgery Partners, Inc. reaffirms its full-year 2025 guidance for revenue and Adjusted EBITDA, reflecting strong growth in the ambulatory surgery industry and operational strategy [2][3]. Financial Highlights - Full-year 2025 revenue guidance is reaffirmed to be in the range of $3.30 billion to $3.45 billion, and Adjusted EBITDA guidance is set between $555 million and $565 million [2]. - Revenues for Q2 2025 increased by 8.4% to $826.2 million compared to $762.1 million in Q2 2024 [3][6]. - Same-facility revenues for Q2 2025 rose by 5.1%, with a 1.6% increase in revenue per case and a 3.4% increase in same-facility cases [3][4]. - Adjusted EBITDA for Q2 2025 was $129.0 million, a 9.0% increase from $118.3 million in Q2 2024 [3][6]. Year-to-Date Results - Year-to-date revenues for 2025 increased by 8.3% to $1,602.2 million compared to $1,479.5 million in the same period of 2024 [4]. - Year-to-date Adjusted EBITDA was $232.9 million, up from $215.8 million in the prior year [4]. Liquidity and Cash Flow - As of June 30, 2025, the company had cash and cash equivalents of $250.1 million and $394.9 million in borrowing capacity under its revolving credit facility [5]. - Cash flows from operating activities for Q2 2025 were $81.3 million, slightly down from $82.8 million in Q2 2024 [5][7]. Debt and Leverage - The ratio of total net debt to EBITDA was approximately 4.1x at the end of Q2 2025, while leverage calculated using consolidated debt divided by Adjusted EBITDA was 4.7x [8]. Operational Performance - The number of surgical facilities as of the end of the period was 162, down from 167 in the previous year [22]. - The company reported a net loss attributable to Surgery Partners, Inc. of $2.5 million for Q2 2025, compared to a net loss of $15.5 million in Q2 2024 [19].