Amsurg (AMSG) 8-K Increases 2009 Guidance for Net Earnings from Continuing Operations to Range of $1.69 to $1.71 Per Diluted Share

Exhibit 99.1

Press Release

                                                                                 Contact: Claire M. Gulmi
Executive Vice President and
Chief Financial Officer
(615) 665-1283

AMSURG ANNOUNCES SECOND-QUARTER NET EARNINGS
FROM CONTINUING OPERATIONS OF $0.45 PER DILUTED SHARE

INCREASES 2009 GUIDANCE FOR NET EARNINGS FROM CONTINUING
OPERATIONS TO RANGE OF $1.69 TO $1.71 PER DILUTED SHARE

NASHVILLE, Tenn. — (July 23, 2009) — Christopher A. Holden, President and Chief Executive Officer of AmSurg Corp. (NASDAQ: AMSG), today announced financial results for the second quarter ended June 30, 2009. Revenues increased 12% to $168,844,000 for the quarter from $150,722,000 for the second quarter of 2008. Net earnings from continuing operations attributable to AmSurg common shareholders increased 11% to $13,798,000 from $12,444,000. Net earnings from continuing operations per diluted share attributable to AmSurg common shareholders increased 15% to $0.45 for the second quarter of 2009 from $0.39 for the second quarter of 2008. As expected, the results for the second quarter of 2009 included an incremental negative impact of $0.02 per diluted share from the effect of the Medicare rule revising the payment system for ASCs, which was effective January 1, 2008. This negative impact was largely offset by the Company’s stock repurchases in the fourth quarter of 2008 and the first quarter of 2009.

          Revenues for the first six months of 2009 increased 12% to $332,268,000 from $296,301,000 for the comparable period in 2008. Net earnings from continuing operations attributable to AmSurg common shareholders increased 10% to $26,411,000 for the first half of 2009 from $24,066,000 for the first six months of 2008 and 13% on a per share basis to $0.85 from $0.75. The results for the first six months of 2009 included an incremental negative impact of $0.04 per diluted share from the effect of the Medicare rule revising the payment system for ASCs. This negative impact was largely offset by the Company’s stock repurchases in the fourth quarter of 2008 and the first quarter of 2009.

          “AmSurg exceeded its guidance for second-quarter earnings per share of $0.40 to $0.42, primarily on the strength of a 12% increase in procedure volume for the quarter compared with the second quarter of 2008,” said Mr. Holden. “The second quarter also reflected a 4% sequential-quarter increase in procedure volume from the first quarter of 2009. We attribute the comparable-quarter procedure growth to the 21 new centers added since the end of the second quarter last year, while the sequential growth was primarily produced in our same-center pool. As anticipated, same-center revenue for the second quarter was flat with the second quarter last year, reflecting the continued economic downturn and the impact of one less business day in the second quarter this year compared with last year. In addition, same-center revenue was reduced approximately 100 basis points due to the impact of the Medicare rule revision.

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AMSG Reports Second-Quarter Results
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July 23, 2009

          “We completed one acquisition of a multi-specialty center during the second quarter and opened a de novo GI center. With the sale of one under-performing center during the second quarter, we had a total of 193 centers in operation at the quarter’s end. We also had two centers under development that we expect will open in 2010 and one center under letter of intent.

          “AmSurg produced substantial net cash flows from operations for the second quarter, totaling $21.1 million, or 1.5 times net earnings from continuing operations attributable to AmSurg common shareholders. Our capital expenditures for the new center additions and maintenance totaled $6.9 million for the second quarter, and we reduced our debt by $18.1 million. Our total debt to capitalization improved to 35.3% at the end of the second quarter from 37.2% at the end of 2008, while our ratio of total debt to trailing 12 months EBITDA improved to 2.2 times from 2.4 times at year end.

          “We continue to expect to fund the majority of our capital expenditures and stock repurchases for 2009 with net cash flows from operations for the year, which are expected to be in a range of $95 million to $100 million. At the end of the second quarter, we had cash and cash equivalents of $28.2 million and availability of approximately $59 million under our revolving credit facility, which matures in July 2011.

          “As previously announced, we expect the majority of our expected center acquisitions for 2009 to be completed later in the year due to our focus on appropriate valuations in this economic environment. We also continue to weigh the benefits of additional repurchases of the Company’s common stock against completing additional center acquisitions. No stock repurchases have been completed since the end of the first quarter, and we have not changed our guidance for expected new-center additions for 2009. We expect any stock repurchases to be accretive to our earnings per share, and they may potentially reduce the number of center acquisitions completed for 2009.

          “We are pleased with the stronger than anticipated procedure volume for the second quarter. Considering the continuing weak economic environment, we remain cautious as we move into the third quarter, which typically produces lower quarterly procedure volume due to seasonality. Accordingly, we do not assume that procedure volume during the third quarter will be as strong as that experienced in the second quarter. Today, we are increasing our financial guidance for 2009 to reflect the higher than expected procedure volume for the second quarter of 2009. Our revised guidance for 2009 and for the third quarter of 2009 is as follows:

• Revenues in a range of $660 million to $680 million for 2009, compared with the previous range of $650 million to $680 million.

• Same-center revenue growth is expected to be flat for the full year, which includes a negative impact of one percentage point from the effect of the Medicare payment system revision.

• The addition of 13 to 16 new centers for the year.

• An estimated effective income tax rate on pre-tax earnings attributable to common shareholders of 39.5% for the year.

• Net earnings from continuing operations per diluted share attributable to common shareholders for 2009 in a range of $1.69 to $1.71, including a negative $0.07 impact

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AMSG Reports Second-Quarter Results
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July 23, 2009

	from the effect of the revised Medicare payment system revision. The previous range was $1.64 to $1.67.
•	Net earnings from continuing operations per diluted share attributable to common shareholders for the third quarter of 2009 in a range of $0.42 to $0.44 per diluted share.”

          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.

          Mr. Holden concluded, “While the recessionary economic environment and pending governmental healthcare reform continue to create near-term uncertainty for the ASC industry, we remain confident of AmSurg’s long-term growth potential. This confidence is based in part on three long-term trends about which there is high visibility: the aging of the American population, the increasing demand for preventative care and the focus on controlling healthcare costs. We believe the ASC industry provides the highest quality care for many procedures associated with aging and the lowest cost modality for that care. As a result, we expect the industry and AmSurg, as one of its leaders, are particularly well positioned to provide solutions that encompass all three of these long-term trends.”

          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 towww.amsurg.com and clicking “Investor Relations” or by going towww.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 the important factors, among others, set forth in AmSurg’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008, and other filings with the Securities and Exchange Commission, including the following risks: adverse impacts on the Company’s business associated with current and future economic conditions; 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 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; the Company’s ability to compete for physician partners, managed care contracts, patients and strategic relationships; adverse weather and other factors that may affect the Company’s surgery

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AMSG Reports Second-Quarter Results
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July 23, 2009

centers; 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; 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; and potential liability relating to the tax deductibility of goodwill. 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, 2009, AmSurg owned a majority interest in 193 continuing centers in operation and had two centers under development.

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AMSG Reports Second-Quarter Results
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July 23, 2009

AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data
(Dollars in thousands, except per share amounts)

	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
Statement of Earnings Data:	2009			2008			2009			2008
Revenues	$	168,844		$	150,722		$	332,268		$	296,301
Operating expenses:
Salaries and benefits		49,388			43,536			98,380			85,927
Supply cost		20,967			17,689			40,833			34,588
Other operating expenses		34,383			30,385			68,422			60,452
Depreciation and amortization		5,702			5,198			11,349			10,317
Total operating expenses		110,440			96,808			218,984			191,284
Operating income		58,404			53,914			113,284			105,017
Interest expense, net		2,038			2,503			4,065			5,295
Earnings from continuing operations before income taxes		56,366			51,411			109,219			99,722
Income tax expense		9,365			8,394			17,911			16,310
Net earnings from continuing operations		47,001			43,017			91,308			83,412
Discontinued operations:
Earnings from operations of discontinued interest in surgery centers, net of income taxes		115			146			123			458
Loss on disposal of discontinued interest in surgery centers, net of income taxes		(263	)		(1,309	)		(263	)		(1,309	)
Net loss from discontinued operations		(148	)		(1,163	)		(140	)		(851	)
Net earnings		46,853			41,854			91,168			82,561
Less net earnings attributable to noncontrolling interests:
Net earnings from continuing operations		33,203			30,573			64,897			59,346
Discontinued operations		70			37			75			265
Total net earnings attributable to noncontrolling interests		33,273			30,610			64,972			59,611
Net earnings attributable to AmSurg Corp.	$	13,580		$	11,244		$	26,196		$	22,950
Amounts attributable to AmSurg Corp. common shareholders:
Net earnings from continuing operations	$	13,798		$	12,444		$	26,411		$	24,066
Discontinued operations		(218	)		(1,200	)		(215	)		(1,116	)
Net earnings	$	13,580		$	11,244		$	26,196		$	22,950
Basic earnings per common share attributable to AmSurg Corp. common shareholders
Net earnings from continuing operations	$	0.45		$	0.40		$	0.85		$	0.77
Discontinued operations		(0.01	)		(0.04	)		(0.01	)		(0.04	)
Net earnings	$	0.44		$	0.36		$	0.85		$	0.73
Diluted earnings per common share attributable to AmSurg Corp. common shareholders
Net earnings from continuing operations	$	0.45		$	0.39		$	0.85		$	0.75
Discontinued operations		(0.01	)		(0.04	)		(0.01	)		(0.04	)
Net earnings	$	0.44		$	0.35		$	0.84		$	0.72
Weighted average number of shares and share equivalents (000’s):
Basic		30,660			31,479			30,952			31,388
Diluted		30,828			31,962			31,117			31,876

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AMSG Reports Second-Quarter Results
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July 23, 2009

AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands, except per share amounts)

	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
Operating Data:	2009			2008			2009			2008
Continuing centers in operation at end of period		193			172			193			172
New centers added during the period		2			2			5			4
Centers under development/not opened at end of period		2			3			2			3
Development centers awaiting CON approval at end of period		—			1			—			1
Centers under letter of intent		1			5			1			5
Average number of centers in operation		192			171			191			171
Average revenue per center	$	880		$	881		$	1,737		$	1,738
Same center revenues increase		0	%		3	%		0	%		3	%
Procedures performed during the period		313,797			279,022			616,823			546,165
Income tax expense attributable to noncontrolling interests	$	183		$	140		$	346		$	283
Reconciliation of net earnings to EBITDA (1):
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders	$	13,798		$	12,444		$	26,411		$	24,066
Add: income tax expense		9,365			8,394			17,911			16,310
Add: interest expense, net		2,038			2,503			4,065			5,295
Add: depreciation and amortization		5,702			5,198			11,349			10,317
EBITDA	$	30,903		$	28,539		$	59,736		$	55,988

(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.

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AMSG Reports Second-Quarter Results
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July 23, 2009

AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands)

	June 30,			Dec. 31,
Balance Sheet Data:	2009			2008
Assets
Current assets:
Cash and cash equivalents	$	28,156		$	31,548
Accounts receivable, net of allowance of $12,112 and $11,757 respectively		67,650			63,602
Supplies inventory		7,815			8,083
Deferred income taxes		1,658			1,378
Prepaid and other current assets		14,538			17,223
Current assets held for sale		113			25
Total current assets		119,930			121,859
Long-term receivables and deposits		61			46
Property and equipment, net		109,653			111,884
Intangible assets, net		704,392			671,914
Long-term assets held for sale		645			176
Total assets	$	934,681		$	905,879
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of long-term debt	$	5,710		$	6,801
Accounts payable		12,100			14,240
Accrued salaries and benefits		15,260			12,040
Other accrued liabilities		3,006			3,246
Current income taxes payable		912			—
Current liabilities held for sale		16			—
Total current liabilities		37,004			36,327
Long-term debt		254,209			265,835
Deferred income taxes		63,179			54,758
Other long-term liabilities		21,850			22,416
Long-term liabilities held for sale		34			—
Equity:
Common stock, no par value 70,000,000 shares authorized, 30,661,108 and 31,342,241 shares outstanding, respectively		168,703			177,624
Deferred compensation		(6,857	)		(5,432	)
Retained earnings		317,284			291,088
Accumulated other comprehensive loss, net of income taxes		(2,301	)		(2,851	)
Total AmSurg Corp. shareholders’ equity		476,829			460,429
Noncontrolling interests		81,576			66,114
Total equity		558,405			526,543
Total liabilities and shareholders’ equity	$	934,681		$	905,879

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AMSG Reports Second-Quarter Results
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July 23, 2009

AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(Dollars in thousands)

	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
Statement of Cash Flow Data:	2009			2008			2009			2008
Cash flows from operating activities:
Net earnings	$	46,852		$	41,854		$	91,168		$	82,561
Adjustments to reconcile net earnings to net cash flows provided by operating activities:
Distributions to noncontrolling interests		(34,561	)		(29,918	)		(64,506	)		(56,857	)
Depreciation and amortization		5,702			5,198			11,349			10,317
Net loss on sale		434			861			434			861
Share-based compensation		1,167			1,342			2,241			2,408
Excess tax benefit from share-based compensation		—			(207	)		—			(478	)
Deferred income taxes		3,407			3,418			7,141			5,932
Increase (decrease) in cash and cash equivalents, net of effects of acquisition and dispositions, due to changes in:
Accounts receivable, net		1,475			(540	)		(3,093	)		(2,899	)
Supplies inventory		147			(42	)		372			(174	)
Prepaid and other current assets		(2,107	)		837			545			1,100
Accounts payable		(454	)		(10	)		310			(1,803	)
Accrued expenses and other liabilities		(1,028	)		(2,794	)		4,261			188
Other, net		85			324			264			662
Net cash flows provided by operating activities		21,119			20,323			50,486			41,818
Cash flows from investing activities:
Acquisition of interest in surgery centers		(2,920	)		(15,700	)		(19,246	)		(23,597	)
Acquisition of property and equipment		(4,010	)		(4,903	)		(11,430	)		(9,438	)
Net repayments of notes receivable		625			625			1,247			1,250
Net cash flows used in investing activities		(6,305	)		(19,978	)		(28,529	)		(31,785	)
Cash flows from financing activities:
Proceeds from long-term borrowings		15,200			24,200			41,150			35,156
Repayment on long-term borrowings		(33,270	)		(26,623	)		(53,933	)		(54,829	)
Proceeds from issuance of common stock upon exercise of stock options		—			1,850			—			2,989
Repurchase of common stock		—			—			(12,587	)		—
Proceeds from capital contributions by noncontrolling interests		23			227			23			548
Excess tax benefit from share-based compensation		—			207			—			478
Financing cost incurred		—			(3	)		(2	)		(9	)
Net cash flows used in financing activities		(18,047	)		(142	)		(25,349	)		(15,667	)
Net (decrease) increase in cash and cash equivalents		(3,233	)		203			(3,392	)		(5,634	)
Cash and cash equivalents, beginning of period		31,389			24,116			31,548			29,953
Cash and cash equivalents, end of period	$	28,156		$	24,319		$	28,156		$	24,319

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AMSG Reports Second-Quarter Results
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July 23, 2009

AMSURG CORP.
Unaudited Selected Consolidated Financial and Operating Data, continued
(In thousands)

Presented below is certain statement of earnings and operating data for the three months ended March 31, 2009 and fiscal year 2008, which have been restated in order to present additional discontinued operations.

	Three Months
	Ended		Three Months Ended											Year Ended
	March 31,		March 31,		June 30,			Sept. 30,			Dec. 31,			Dec. 31,
Statement of Earnings Data:	2009		2008		2008			2008			2008			2008
Revenues	$	163,424	$	145,579	$	150,722		$	150,749		$	153,057		$	600,107
Operating expenses:
Salaries and benefits		48,992		42,391		43,536			44,206			43,236			173,369
Supply cost		19,866		16,899		17,689			17,351			18,662			70,601
Other operating expenses		34,039		30,067		30,385			31,352			32,960			124,764
Depreciation and amortization		5,647		5,119		5,198			5,252			5,246			20,815
Total operating expenses		108,544		94,476		96,808			98,161			100,104			389,549
Operating income		54,880		51,103		53,914			52,588			52,953			210,558
Interest expense, net		2,027		2,792		2,503			2,331			2,312			9,938
Earnings from continuing operations before income taxes		52,853		48,311		51,411			50,257			50,641			200,620
Income tax expense		8,546		7,916		8,394			8,017			8,774			33,101
Net earnings from continuing operations		44,307		40,395		43,017			42,240			41,867			167,519
Discontinued operations:
Earnings (loss) from operations of discontinued interest in surgery centers, net of income taxes		8		312		146			(207	)		(71	)		180
(Loss) gain on disposal of discontinued interest in surgery centers, net of income taxes		—		—		(1,309	)		674			(1,138	)		(1,773	)
Net earnings (loss) from discontinued operations		8		312		(1,163	)		467			(1,209	)		(1,593	)
Net earnings		44,315		40,707		41,854			42,707			40,658			165,926
Less net earnings attributable to noncontrolling interests:
Net earnings from continuing operations		31,694		28,773		30,573			29,645			28,987			117,978
Discontinued operations		5		228		37			678			(41	)		902
Total net earnings attributable to noncontrolling interests		31,699		29,001		30,610			30,323			28,946			118,880
Net earnings attributable to AmSurg Corp.	$	12,616	$	11,706	$	11,244		$	12,384		$	11,712		$	47,046
Amounts attributable to AmSurg Corp. common shareholders:
Net earnings from continuing operations	$	12,613	$	11,622	$	12,444		$	12,595		$	12,880		$	49,541
Discontinued operations		3		84		(1,200	)		(211	)		(1,168	)		(2,495	)
Net earnings	$	12,616	$	11,706	$	11,244		$	12,384		$	11,712		$	47,046
Basic earnings per common share attributable to AmSurg Corp. common shareholders:
Net earnings from continuing operations	$	0.40	$	0.37	$	0.40		$	0.40		$	0.41		$	1.57
Discontinued operations		—		—		(0.04	)		(0.01	)		(0.04	)		(0.08	)
Net earnings	$	0.40	$	0.37	$	0.36		$	0.39		$	0.37		$	1.49
Diluted earnings per common share attributable to AmSurg Corp. common shareholders:
Net earnings from continuing operations	$	0.40	$	0.37	$	0.39		$	0.39		$	0.41		$	1.55
Discontinued operations		—		—		(0.04	)		(0.01	)		(0.04	)		(0.08	)
Net earnings	$	0.40	$	0.37	$	0.35		$	0.38		$	0.37		$	1.47
Weighted average number of shares and share equivalents (000’s):
Basic		31,244		31,298		31,479			31,719			31,517			31,503
Diluted		31,406		31,790		31,962			32,303			31,798			31,963
Operating Data:
Income tax expense attributable to noncontrolling interests	$	163	$	143	$	140		$	168		$	168		$	619
Reconciliation of net earnings to EBITDA (1):
Net earnings from continuing operations attributable to AmSurg Corp. common shareholders	$	12,613	$	11,622	$	12,444		$	12,595		$	12,880		$	49,541
Add: income tax expense		8,546		7,916		8,394			8,017			8,774			33,101
Add: interest expense, net		2,027		2,792		2,503			2,331			2,312			9,938
Add: depreciation and amortization		5,647		5,119		5,198			5,252			5,246			20,815
EBITDA	$	28,833	$	27,449	$	28,539		$	28,195		$	29,212		$	113,395

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