New York City-based NewYork-Presbyterian reported an operating income of $112.5 million (4.1% margin) in the first quarter, up from $398.7 million (3.9% margin) in the same period last year.
Revenue increased 10.7% year over year to $2.6 billion while expenses grew by 11.9% to $2.5 billion, according to financial documents published May 22. Salaries and wages increased 11.6% to $1.2 billion and supply costs rose 14% to $878 million.
After accounting for nonoperating items, such as investment returns, the health system reported a net income of $400.1 million in the first quarter, compared to a $336.4 million in the same period in 2023.
As of March 31, 2024, NewYork-Presbyterian had $9.2 billion in unrestricted cash and investments and $3.9 billion in long-term debt.