Revenue and EBITDA Growth
Net revenue was $821.5 million, up 6.6% year over year. Adjusted EBITDA was $136.4 million, up 6.1% year over year, with an adjusted EBITDA margin of 16.6%.
Strong Surgical Case Growth
The company performed over 166,000 surgical cases in the third quarter, representing a 2.1% growth. Significant growth in orthopedic procedures, with total joint surgeries in ASC facilities growing 16% in the third quarter and 23% year-to-date.
Capital Deployment in Growth
Approximately $71 million deployed for acquisitions, with a robust M&A pipeline of over $300 million in opportunities under active evaluation.
De Novo Facility Expansion
Two new de novo facilities opened in the third quarter, with nine under construction and more than a dozen in the development pipeline, primarily focused on higher acuity specialties like orthopedics.
Cost Management and Efficiency
Supply costs were down 70 basis points, and G&A expenses were reduced, reflecting lower stock-based and incentive-based compensation.