Trinity slims operating loss to $58.6M in FY Q1

Livonia, Mich.-based Trinity Health reported an operating loss of $58.6 million (-1% margin) in the first quarter of the fiscal year — the three months ended Sept. 30 — compared to a $146.3 million loss (-2.9% margin) during the same period in 2022. 

For the fiscal first quarter, operating revenue increased 12.4% year over year to $5.6 billion. Revenue growth was driven by the acquisitions of Des Moines, Iowa-based MercyOne on Sept. 1, 2022, Grand Haven, Mich.-based North Ottawa Community Health System on Oct. 1, 2022, and Davenport, Iowa-based Genesis Health System on March 1, 2023. Collectively, the acquisitions contributed $453 million to the revenue increase. 

Operating expenses for the three months ended Sept. 30 increased 10.3% year over year to $5.7 billion with acquisitions accounting for $489.7 million of the overall increase.

Excluding the impact of the acquisitions and divestiture of St. Francis Medical Center in Trenton, N.J., operating expenses for the quarter ended Sept. 30 increased 1.7%. Total operating costs per case remained flat to prior year as Trinity said it continues to tightly manage operating costs amid inflation.

Overall for the three-month period, the health system reported a $211.5 million net loss (-3.9% net margin), compared to a $565 million loss (-12.3% net margin) for the same period last year.

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