Here's Why Surgery Partners Inc. Is Sinking Today
Shares of Surgery Partners Inc. (NASDAQ: SGRY), a provider of surgical care services, tanked 52% shortly after the opening bell this morning in response to an earnings miss on the top and bottom lines. The stock recovered somewhat and was off by about 34.7% as of 11:00 a.m. EDT during Wednesday's session.
Surgery Partners Inc.'s rapidly expanding business appears to be experiencing growing pains. Second-quarter revenue fell just 0.5%, but total operating expenses grew 4.9% compared to the same period last year. The company's operations turned a $37.7 million profit that was 25.9% lower than the year-ago period.
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Source: Fool.com