Quorum Health Corp., a 38-hospital spinoff of Franklin, Tenn.-based Community Health Systems, recorded a $5 million net loss in the first quarter of fiscal year 2016, compared to a net gain of $6.2 million in its 2015 first quarter.
On April 29, CHS completed the spinoff of Quorum, which includes hospitals across 16 states as well as a hospital management and consulting business.
Quorum reported operating income of $21.1 million in the first quarter of 2016, down from $34.3 million in the same period of 2015. Quorum's financial results for the first quarter include $3.7 million of transaction costs related to its spinoff from CHS. Excluding those costs, Quorum's operating income was $24.8 million in the first quarter.
The company said revenue increased 0.4 percent year over year to nearly $549.6 million in the first quarter of 2016.
Quorum CEO Thomas Miller said he was pleased with the company's financial performance in the first quarter. "We are very confident and optimistic about the long-term future of this new company," he said.
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