Chicago-based Northwestern Medicine posted an operating income of $104.8 million in the second quarter of 2024, down from $120.3 million posted over the same period last year.
Revenue increased 11% year over year to $2.4 billion while expenses rose 12.5% to $2.3 billion for the quarter ended Feb. 29, according to financial documents published April 15. Under expenses, salaries rose 13% to $995.4 million and supplies rose 16.7% to $532.7 million.
After including the performance of its investment portfolio and other nonoperating items, Northwestern ended the quarter with an overall gain of $735.1 million, compared to a gain of $257 million during the same quarter last year.
For the six months ended Feb. 29, the health system had an operating income of $214.9 million, compared to $195 million over the same period last year. Northwestern Medicine posted an overall gain of $924 million over the first six months of fiscal 2024, compared to a $452.9 million gain over the same period in 2023.
Northwestern Medicine is an 11-hospital system that comprises more than 5,400 affiliated physicians. Its flagship facility, Northwestern Memorial Hospital, is among the largest in the country, with 894 beds.