Livonia, Mich.-based Trinity Health posted revenue of $4.97 billion in the first quarter of fiscal year 2022, which ended Sept. 30. That’s up 3.7 percent from revenue of $4.79 billion in the same quarter of 2020. The revenue growth was partially attributed to an increase in net patient service revenue.
Trinity also reported higher expenses. In the first quarter of fiscal 2022, expenses increased by 3.9 percent to $4.86 billion. Expenses increased across several categories, including labor and supplies.
Trinity reported operating income of $233.53 million in the quarter ending Sept. 30, compared to operating income of $112.12 million a year earlier. Operating income in the most recent quarter included a $127.2 million gain on the sale of Gateway Health Plan. Trinity sold its interest in Gateway Health Plan in August.
After factoring in investments and other nonoperating items totaling $164.87 million, Trinity posted a net income of $378.83 million in the first quarter of fiscal year 2022, down from $771.87 million a year earlier.
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