Episode Overview

Podcast: Becker Private Equity & Business Podcast
Host: Scott Becker
Episode Title: Surgery Partners Drops 24% 11-10-25
Date: November 10, 2025

This episode centers on the significant one-day stock drop experienced by Surgery Partners, one of the country's largest operators of outpatient surgery centers and hospitals. Scott Becker provides insight into why the company's stock plummeted 24 percent, touching on its recent earnings report and market reaction. As a longtime observer and early-career participant in the surgery center sector, Becker offers both personal perspective and industry analysis on this event.

Key Discussion Points

Background on Surgery Partners

• Surgery Partners is described as "one of the largest operators of outpatient surgery centers and outpatient hospitals."
• Scott Becker follows the company closely due to his own career roots in the healthcare surgery center sector.

Earnings Report & Market Reaction

• The company missed its earnings estimate by 31%, which was a significant miss.
  • Scott Becker (00:19): "[Surgery Partners] missed on earnings by a lot—by 31%."
• Revenue was only slightly below expectations, but still showed year-over-year growth.
  • Scott Becker (00:24): "The revenues just missed, but we're still up year after year."
• Despite slight revenue growth, the much larger earnings miss caused a dramatic market response.

Stock Drop and Industry Impact

• The immediate impact was a 24% drop in the company's stock price in a single day.
  • Scott Becker (00:36): "It's literally down 24% today. That's a huge number."
• Becker characterizes this as a particularly tough day for Surgery Partners and hints at longer-term resilience.
  • Scott Becker (00:44): "We expect at some point Surgery Partners will rebound and do better. But today's a tough day in the markets for Surgery Partners."

Notable Quotes & Memorable Moments

• On the magnitude of the miss:
  "[Surgery Partners] missed on earnings by a lot—by 31%."
  — Scott Becker (00:19)

• On revenue performance:
  "The revenues just missed, but we're still up year after year."
  — Scott Becker (00:24)

• On the share price drop:
  "It's literally down 24% today. That's a huge number."
  — Scott Becker (00:36)

• On the company’s prospects:
  "We expect at some point Surgery Partners will rebound and do better. But today's a tough day in the markets for Surgery Partners."
  — Scott Becker (00:44)

Important Segment Timestamps

• 00:00–00:09: Introduction to the episode and current news about Surgery Partners
• 00:10–00:26: Discussion of Surgery Partners' operational position and Becker’s background in the sector
• 00:19–00:36: Breakdown of the earnings miss and revenue performance
• 00:36–00:44: Market reaction and Becker’s forward-looking thoughts

Summary Flow & Tone

Scott Becker delivers his analysis in a direct, factual style, balancing data with personal industry experience. The mood is matter-of-fact about the challenges, yet maintains cautious optimism regarding Surgery Partners’ future recovery. The episode is brief and efficient, focusing tightly on the topic at hand and providing valuable context for listeners interested in healthcare private equity or the ambulatory surgery center market.