Legacy Health operating income dips $126.7M on year following outlook downgrade

Portland, Ore.-based Legacy Health, which has said it is suspending its debt service covenant obligations until March 31, 2024, reported ongoing operating losses in the three months ended Dec. 31 as it recorded a $126.7 million slide for the year.

The operating loss for the last quarter of 2022 totaled $25.1 million as expenses rose 14.7 percent over the same quarter in 2021, when the operating loss was $18.4 million. The operating loss year to date ending Dec. 31 was $114.8 million, compared with an operating gain of $11.9 million in 2021.

Moody's revised the system's outlook to negative from stable April 5 as it expects Legacy Health to continue to seek waivers or amendments to some of its debt obligations.

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