AMSURG’S REPORTS NET EARNINGS FROM CONTINUING OPERATIONS OF $0.51

PER DILUTED SHARE FOR

SECOND-QUARTER 2012

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SAME-CENTER REVENUES INCREASE 3%

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AFFIRMS ESTABLISHED FINANCIAL GUIDANCE FOR 2012

NASHVILLE, Tenn. ─ (July 24, 2012) ─ Christopher A. Holden, President and Chief Executive Officer of AmSurg Corp. (NASDAQ: AMSG), today announced financial results for the second quarter ended June 30, 2012.  Revenues for the quarter were $231.6 million, a 23% increase from $187.5 million for the second quarter of 2011. Net earnings from continuing operations attributable to AmSurg common shareholders increased to $16.2 million, or $0.51 per diluted share, for the second quarter of 2012 from $12.7 million, or $0.40 per diluted share, for the second quarter of 2011, which included acquisition transaction costs of $0.02 per diluted share. Excluding these costs from the prior year, net earnings from continuing operations per diluted share attributable to AmSurg common shareholders increased 21% to $0.51 for the latest quarter from $0.42 for the second quarter last year.

            Revenues for the first six months of 2012 increased 26% to $461.8 million from $365.2 million for the same period in 2011.  Net earnings from continuing operations attributable to AmSurg common shareholders increased to $31.9 million, or $1.01 per diluted share, for the first six months of 2012 from $24.3 million, or $0.78 per diluted share, for the first half of 2011, which included acquisition transaction costs of $0.02 per diluted share.  Excluding these costs from the prior year, net earnings from continuing operations per diluted share attributable to AmSurg common shareholders increased 26% to $1.01 for the first half of 2012 from $0.80 for the comparable 2011 period.

            Mr. Holden remarked, “AmSurg’s second-quarter results represent the third consecutive quarter in which our revenues have grown in excess of 20% on a comparable-quarter basis.  For the latest quarter, this growth was driven by a 3% increase in same-center revenue, as well as an expansion in the number of centers in operation to 228 at the quarter’s end from 206 centers at the end of the second quarter last year.  Our centers produced a 14% increase in procedures for the latest quarter compared with the second quarter last year, and revenue per procedure increased 8%, consistent with the growth in multi-specialty centers as a percentage of our center mix since the second quarter last year.

            “During the second quarter, we completed the scheduled opening of one de novo center. We also had seven centers under letter of intent at the end of the quarter.  We primarily applied our free cash flow for the quarter to net repayments of long-term debt of $27.9 million, which contributed to an improvement in our ratio of total debt to trailing 12 months EBITDA as calculated under our credit agreement to 2.6 compared with 2.8 and 2.9 at March 31, 2012 and December 31, 2011, respectively.

            “Net cash flows from operating activities increased 21% for the second quarter of 2012 to $74.5 million from $61.7 million for the second quarter of 2011.  Excluding distributions to noncontrolling interests, net cash flows from operations grew 17% to $30.7 million from $26.2 million.  Excluding distributions to noncontrolling interests, our cash flow was 1.9 times net earnings from continuing operations attributable to AmSurg common shareholders. 

            “In late June, we amended our credit agreements, which increased availability under our revolving credit agreement by $25 million to $475 million, reduced the interest rate on the outstanding borrowings under the agreement and extended its term through June 2017.  At the end of the second quarter, our availability under our revolving credit facility was $159 million, and we had cash and cash equivalents of $37.6 million.  With expectations for continued substantial cash flow during 2012, we believe we are well positioned to fund our planned growth for the year. 

            “Based on our performance through the first half of 2012 and our outlook for the remainder of the year, we today affirm our established financial guidance for 2012, while increasing the lower end of the expected range of same-center revenue growth for the year.  We also establish our guidance for the third quarter of 2012, which reflects our more typical seasonality, as well as one less operating day than the second quarter of 2012 and the third quarter last year, as follows:

·         Revenues in a range of $905 million to $925 million for 2012.

·         Same-center revenue increase of 2% to 3% for 2012, up from the prior range of 1% to 3%.

·         Center acquisitions for 2012 that generate annualized operating income in a range of $25 million to $29 million, including approximately $2 million from centers acquired in the first half of 2012.

·         Net cash flow provided by operating activities, less distributions to noncontrolling interests, in a range of $115 million to $120 million for 2012.

·         Net earnings from continuing operations per diluted share attributable to common shareholders for 2012 in a range of $1.97 to $2.01. 

·         Net earnings from continuing operations per diluted share attributable to common shareholders for the third quarter of 2012 in a range of $0.47 to $0.49.”

            Mr. Holden concluded, “We are pleased with the improved operating environment evidenced by two consecutive quarters of at least 3% same-center revenue growth, compared with 1% for the first two quarters last year.  While not discounting the potential impact of

uncertain economic conditions and high unemployment, our second-quarter results support our confidence in meeting our guidance of revenue and earnings growth in the mid to high teens for 2012. 

            “Beyond 2012, we expect AmSurg’s unique positioning in the free-standing ASC industry to support sustained growth.  In operating the largest number of centers in the country, we are playing a significant role in expanding access to lower cost, high quality healthcare at a time when demand for such access from patients, payers and physicians is expected to steadily grow for the foreseeable future.  In addition to organic growth, we have an unequaled record of expanding our center base through acquisition in an industry that remains highly fragmented.  As the only public company focused on ambulatory care, we believe our access to capital represents a competitive advantage in implementing our center acquisition strategy, in addition to our strong cash flows and financial position.  We further believe that we have built a market-leading position as the physician partner of choice due to our fundamental commitment to differentiating AmSurg through a physician-centric culture.  As a result of our competitive strengths in an industry experiencing favorable long-term growth trends, we are confident of our prospects for producing long-term growth in earnings and shareholder value.”

          The information contained in the preceding paragraphs is forward-looking information, and the attainment of these targets is dependent not only on AmSurg’s achievement of its assumptions discussed above, but also on the risks and uncertainties listed below that could cause actual results, performance or developments to differ materially from those expressed or implied by this forward-looking information.

            AmSurg Corp. will hold a conference call to discuss this release today at 5:00 p.m. Eastern time.  Investors will have the opportunity to listen to the conference call over the Internet by going to www.amsurg.com and clicking “Investors” or by going to www.earnings.com at least 15 minutes early to register, download, and install any necessary audio software.  For those who cannot listen to the live broadcast, a replay will be available at these sites shortly after the call and continue for 30 days.

            This press release contains forward-looking statements.  These statements, which have been included in reliance on the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, involve risks and uncertainties.  Investors are hereby cautioned that these statements may be affected by important factors, including, but not limited to, the following risks: the risk that payments from third-party payors, including government healthcare programs, may decrease or not increase as the Company’s costs increase; adverse developments affecting the medical practices of the Company’s physician partners; the Company’s ability to maintain favorable relations with its physician partners; the Company’s ability to compete for physician partners, managed care contracts, patients and strategic relationships; the Company’s ability to acquire and develop additional surgery centers on favorable terms; the Company’s ability to grow revenues by increasing procedure volume while maintaining its operating margins and profitability at its existing centers; the Company’s ability to manage the growth in its business; the Company’s ability to obtain sufficient capital resources to complete acquisitions and develop new surgery centers; adverse weather and other factors beyond the Company’s control that may

affect the Company’s surgery centers; adverse impacts on the Company’s business associated with current and future economic conditions; the Company’s failure to comply with applicable laws and regulations; the risk of changes in legislation, regulations or regulatory interpretations that may negatively affect the Company; the risk of becoming subject to federal and state investigation; uncertainties regarding the impact of the Health Reform Law; the risk of regulatory changes that may obligate the Company to buy out interests of physicians who are minority owners of its surgery centers; potential liabilities associated with the Company’s status as a general partner of limited partnerships; liabilities for claims brought against our facilities; the Company’s legal responsibility to minority owners of its surgery centers, which may conflict with its interests and prevent it from acting solely in its best interests; risks associated with the potential write-off of the impaired portion of intangible assets; potential liability relating to the tax deductibility of goodwill; and other risk factors described in AmSurg’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and other filings with the Securities and Exchange Commission.  Consequently, actual results, performance or developments may differ materially from the forward-looking statements included above. AmSurg disclaims any intent or obligation to update these forward-looking statements.

AmSurg Corp. acquires, develops and operates ambulatory surgery centers in partnership with physician practice groups throughout the United States.  At June 30, 2012, AmSurg owned and operated 228 centers.

AMSURG CORP.

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(1)     EBITDA is defined as earnings before interest, income taxes and depreciation and amortization.  EBITDA should not be considered a measure of financial performance under generally accepted accounting principles.  Items excluded from EBITDA are significant components in understanding and assessing financial performance.  EBITDA is an analytical indicator used by management and the health care industry to evaluate company performance, allocate resources and  measure leverage and debt service capacity.  EBITDA should not be considered in isolation or as an alternative to net income, cash flows generated by operations, investing or financing activities, or other financial statement data presented in the consolidated financial statements as indicators of financial performance or liquidity.  Because EBITDA is not a measurement determined in accordance with generally accepted accounting principles and is thus susceptible to varying calculations, EBITDA as presented may not be comparable to other similarly titled measures of other companies.  Net earnings from continuing operations attributable to AmSurg Corp. common shareholders is the financial measure calculated and presented in accordance with generally accepted accounting principles that is most comparable to EBITDA as defined. 

AMSURG CORP.

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