Sanford, which is one of the larger healthcare groups in the country with 47 hospitals under its wing, reported just over $7 billion in operating revenues for the year, but investment losses totaling almost $300 million dragged its overall performance down.
Days of cash on hand totaled 128.8 as of Dec. 31 compared with 154.1 at the end of 2021, while total debt was $1.53 billion, down from $1.6 billion at the end of 2021.
The healthcare system, which is due to merge at the end of May with Minneapolis-based Fairview Health Services, said it took out a $200 million line of credit in February to “provide an additional source of capital during this period of continued macroeconomic uncertainty.” The system had no plans to draw upon the line of credit, Sanford said in the filing.
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