CoxHealth's operating income dips 19% to $24M

Springfield, Mo.-based CoxHealth saw its operating income drop in the quarter ended June 30 after reporting higher expenses.

CoxHealth posted operating income of $24 million in the quarter ended June 30, compared to $30 million recorded in the same period a year prior, according to unaudited financial documents.

The six-hospital nonprofit system saw operating revenues climb 4.3 percent year over year to $1 billion in the most recent quarter, fueled in part by increased patient revenue. At the same time, the system's expenses grew 5 percent year over year to $982.1 million in the quarter ended June 30. A $22 million increase in salaries and a $25 million increase in supplies contributed to the growing expenses.

After incorporating nonoperating gains and losses, CoxHealth ended the quarter with net income of $9 million, compared to net income of $57.5 million in the same period a year prior. Among contributing factors for the change in net income was a $21.5 million pension plan settlement charge in the most recent quarter compared to the one last year.

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