Greensboro, N.C.-based Cone Health's operating income climbed 25 percent in the first quarter of fiscal year 2018 to $13.8 million, compared to $11.1 million reported in the same period a year prior.
Here are four things to know about the nonprofit health system's results for the three months ended Dec. 31, 2017, according to recent financial documents.
1. Improved operating income boosted the system's operating margin to 2.9 percent, up from 2.6 percent in the first quarter of fiscal year 2017.
2. Cone Health generated $482 million in operating revenue in the first quarter of 2018, up 11 percent from $434.1 million reported in the same period a year prior. The system saw a continued uptick in higher outpatient volumes carry over from 2017 into the first quarter of 2018, inflating net patient revenue by 8.1 percent year over year.
3. At the same time, Cone Health saw operating expenses climb 10.7 percent year over year in the first quarter of 2018. Operating expenses totaled $468.1 million in the most recent quarter, compared to $423 million a year prior.
4. After incorporating nonoperating results, Cone Health posted net income of $14.8 million in the first quarter of 2018, down 2.6 percent from $15.2 million recorded in the same quarter of 2017.