Burlington, Mass.-based Tufts Medicine recorded an operating loss of $28.9 million (-4.1% operating margin) in the first quarter of 2025, down from an operating loss of $6.5 million (-0.9% margin) in the same quarter last year, according to its Feb. 3 financial report.
Tufts Medicine's management said in the report that last year's first quarter operating loss was reduced by "two significant one-time items." The system received $41 million in one-time grants from the state and the federal government, and $24 million in revenue from a 340B settlement. Excluding those two items, the system would have seen an operating loss of $71.5 million in the first quarter of 2024.
"Eliminating these one-time items from each fiscal year would show an improvement of $43 million," management said in the report.
Tufts reported total operating revenue of $710.7 million in the three months ended Dec. 31, up from $701.5 million reported in the same period last year.
Operating expenses totaled $739.7 million in the first quarter of 2025, up from $707.9 million reported over the same period last year. Salaries, wages and benefits totaled $398.4 million in the first quarter compared to $392.8 million in the same quarter last year. Supplies and other expenses totaled $192.2 million, up from $178.6 million.
The system had long-term debt of $886.8 million as of Dec. 31.
Tufts Medicine reported a net loss of $26.6 million in the first quarter, down from a net income of $22 million in the same quarter last year.