Nicklaus Children's sees operating results weaken in Q1

Miami-based Nicklaus Children's Hospital recorded lower revenue in the first quarter of fiscal 2019 and ended the period with an operating loss and lower net income.

For the three months ended March 31, Nicklaus Children's recorded net patient service revenue of $140.3 million, down 11 percent from $157.7 million reported in the same quarter last year, according to unaudited financial documents. Nicklaus Children's said a primary driver for the decrease was a 15 percent decline in inpatient days and lower outpatient facility use.

At the same time, the hospital saw expenses increase by $14.9 million year over year to $165.3 million in the most recent quarter. The hospital's operating loss for the first quarter was $2.4 million, compared to operating income of $22.2 million in the previous year.

Nicklaus Children's reported nonoperating income of $11.5 million in the first quarter of this year, which was $22.3 million favorable when compared to the same period's $10.8 million operating loss in 2018. The hospital attributed the gains to improved investment performance.

Nicklaus Children's ended the first quarter with net income of $9.1 million, down from $11.2 million for the same quarter a year earlier.

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