Adjusted EBITDA margin was 15.6%, 10 basis points higher than the prior year.
Corporate debt stood at $2.2 billion with no maturities until 2030; effective interest rate increased to approximately 7.4% due to expiration of interest rate swaps and higher floating rates.
Days sales outstanding improved by 3 days sequentially, indicating better cash conversion.
Leverage ratio (net debt to EBITDA) was 4.1x per credit agreement and 4.7x using consolidated debt divided by adjusted EBITDA before NCI.
Operating cash flow was $81 million in Q2 2025, with $54 million distributed to physician partners and $10 million spent on maintenance capital expenditures.
Same-facility revenue growth was 5.1%, driven by 3.4% surgical case growth and 1.6% rate growth, consistent with the company's long-term growth algorithm.
Surgery Partners reported second quarter 2025 net revenue of $826 million, an 8.4% increase year-over-year, and adjusted EBITDA of $129 million, a 9% increase compared to the prior year.
The company ended the quarter with $250 million in cash and total liquidity of $645 million including revolver capacity.
Adjusted earnings per share increased 27% to $0.79 in Q2, with first half adjusted EPS up 42% driven by margin expansion and reduced interest expenses.
Adjusted EBITDA margin was flat year-over-year at 17.2%, with year-to-date margin expansion of 75 basis points.
Enovis reported second quarter 2025 sales of $565 million, a 7% increase year-over-year and 5% organic growth on a constant currency basis.
Gross margins improved by 90 basis points in the quarter and 200 basis points year-to-date, driven by favorable product mix and productivity programs.
Interest expense decreased to $9 million from $17 million in the prior year quarter.
The company delivered positive free cash flow in Q2 despite $6 million in tariff payments.
Adjusted SG&A as a percentage of revenue improved by 280 basis points year-over-year to 17%, demonstrating operating leverage despite growth investments.
Clover Health reported 32% year-over-year Medicare Advantage membership growth to over 106,000 members in Q2 2025.
Days in claims payable decreased by 5 days sequentially to 32 days, indicating normalization of claims processing.
GAAP net loss improved by $4 million year-to-date to $12 million, with adjusted EBITDA and adjusted net income steady at $43 million and $42 million respectively.
Insurance Benefit Expense Ratio (BER) increased to 88.4% in Q2 2025 from 76.1% in Q2 2024, reflecting elevated Part D and supplemental benefit utilization.
Insurance revenue increased 34% year-over-year to $470 million in Q2 and 34% year-to-date to $927 million.
Dafinchi