Phoenix-based Banner Health has reported $149.4 million in operating income (1.5% margin) on revenues of $10.3 billion for the nine months ending Sept. 30, compared with a $113.2 million operating loss (-1.2% margin) on revenues of $9.3 billion for the same period in 2022.
Year over year for the nine-month period, revenues increased 11.2% to $10.3 billion while expenses grew by 8.2% to $10.2 billion, according to financial documents published Nov. 20. Salaries, benefits and contract labor increased 6.4% to $4.5 billion and supply costs rose 12% to $1.7 billion.
After including the performance of its investment portfolio and other nonoperating items, the 30-hospital system ended the nine-month period with a net income of $425.3 million, compared with a net loss of $839.1 million during the same period in 2022.
Cash, cash equivalents and restricted cash were $1.2 billion for the nine months ending Sept. 30, down from $1.3 billion in the prior-year period.