Minneapolis-based Allina Health reported an operating loss of $16.6 million (-0.3% margin) for the year ended Dec. 31, 2024, marking a $344 million turnaround from the $360.5 million loss (-7% margin) reported in 2023, according to recently published financial documents.
Four things to know:
1. Total revenue increased 12.3% year over year to $5.8 billion while expenses grew by 4.8% to $5.8 billion in 2024
2. Volume growth contributed to revenue gains, particularly in outpatient and surgical services, according to the health system. Allina also benefited from operational efficiency initiatives and cost-reduction efforts.
3. After accounting for nonoperating items, such as investment returns, Allina reported a net income of $163.8 million in 2024, compared to a net loss of $163.9 million in 2023.
4. Cash and cash equivalents was $227.1 million as of Dec. 31, 2024. Long-term debt stood at $1.7 billion.
