Charlotte, N.C.-based Advocate Health reported $103.7 million in first-quarter operating income, compared to $10.4 million during the same period in 2023, according to financial documents published May 28.
Revenue in the first quarter increased 7.8% year over year to $8.1 billion while expenses grew by 6.6% to $8 billion. Labor costs for the 67-hospital system increased 6.7% to $4.7 billion and supply and drug costs increased 12.5% to $1.7 billion.
After factoring in nonoperating items, such as investment returns, Advocate Health reported a net income of $682.6 million in the first quarter, up from $ 578.7 million in the same period last year.
As of March 31, total unrestricted cash and investments was $21.8 billion and long-term debt was $7.4 billion.
Here is a breakdown of the health system's first-quarter results by division:
Advocate Aurora Health
Revenue: $4.1 billion (+4.6% YOY)
Expenses: $3.9 billion (+3.7% YOY)
Operating income: $133.3 million (+38.4% YOY)
Net income: $359.8 million (+5.7% YOY)
Atrium Health Wake Forest Baptist
Revenue: $1.2 billion (+8.1% YOY)
Expenses: $1.3 billion (+7.8% YOY)
Operating loss: $18.2 million (-10.9% YOY)
Net income: $52.6 million (+180.5% YOY)
The Charlotte-Mecklenburg Hospital Authority Combined Group
Revenue: $2.3 billion (12.1% YOY)
Expenses: $2.3 billion (+12.5% YOY)
Operating income: $5.2 million (-52% YOY)
Net income: $204.2 million (-19.5% YOY)