Revenue increased 9.1% year over year to $2.9 billion while expenses increased 6.5% to $3 billion, according to financial documents published Feb. 21. Labor costs grew by 7.4% year over year to $1.86 billion while supply costs increased 6.2% to $903.9 million.
After accounting for nonoperating items, such as investments returns, Nuvance reported a $7 million net loss in fiscal 2024, compared to a $121.4 million net loss in fiscal 2023.
As of Sept. 30, 2024, long term-debt was $944.8 million.
Nuvance’s improved financial results come ahead of its planned merger with New Hyde Park, N.Y.-based Northwell Health. The proposed merger would create a nonprofit, regional health system with 28 hospitals across Connecticut and New York, 14,500 providers and more than 1,000 care sites.
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