Six things to know:
1. The $68.2 million loss in the fourth quarter includes recognition of federal and state grant revenue totaling $13 million and $28 million in one-time restructuring and other charges. Excluding this item would result in a $53 million operating loss for the three-month period.
2. Comparing this to Q4 of FY 2023, Tufts Medicine reported a $6 million operating loss. However, the system recognized $87 million in one-time grants from the state and federal government. Excluding these items would have resulted in a $93 million Q4 operating loss for FY 2023.
3. Eliminating the one-time items from each fiscal year would show an improvement of $40 million (43%) in operating margin for Q4 of FY 2024 compared to Q4 of FY 2023.
4. Revenue in the quarter increased 5.4% year over year to $671.1 million while expenses grew by 6% to $739.3 million, according to financial documents published Dec. 13.
5. Long-term debt was $892.5 million as of Sept. 30, 2024.
6. Tufts Medicine reported a $69 million net loss in the third quarter, down from a $61.6 million net loss in the same period in 2023.
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