Cone Health's operating margin drops to 1.9% in first 9 months of fiscal year: 5 things to know

Greensboro, N.C.-based Cone Health saw its operating income and operating margin fall in the first nine months of fiscal year 2018.

Here are five things to know about the nonprofit health system's results for the nine months ended June 30, according to unaudited financial documents.

1. Cone Health reported operating income of $27.7 million in the first nine months of 2018, down 28.5 percent from $38.7 million in the same period the year prior.

2. Lower operating income brought the system's operating margin down to 1.9 percent, compared to 2.8 percent in the first nine months of fiscal year 2017.

3. Cone Health reported operating revenue of $1.5 billion in the first nine months of 2018, up 7.5 percent from $1.4 billion reported in the same period a year prior. The boost is partially attributed to net patient revenue, which climbed 5.3 percent to $1.3 billion.

4. Cone Health also saw operating expenses rise 8.5 percent year over year in the first nine months of 2018, from $1.3 billion to $1.4 billion.

5. After nonoperating income was factored in, the system ended the first nine months of 2018 with net income of $88.6 million, up 73.5 percent from $51.1 million in the same period a year prior.

 

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