Northwestern operating profit jumps 47% in FY Q1

Chicago-based Northwestern Medicine posted an operating income of $110.1 million in the first quarter of fiscal 2024, which ended Nov. 30, a 47% increase from the $74.7 million reported during the same period last year. 

Revenue for the quarter increased 10.5% year over year to $2.3 billion while expenses rose 9.2% to $2.2 billion, according to financial documents published Jan. 17. Under expenses, salaries increased 8.2% to $979.4 million and employee benefits rose 9.8% to $131.3 million.

After including the performance of its investment portfolio and other nonoperating items, Northwestern ended the fiscal first quarter with an overall gain of $188.9 million, compared to $195.9 million in the prior-year period.

Northwestern Medicine is an 11-hospital system with more than 5,400 affiliated physicians. Its  flagship facility, Northwestern Memorial Hospital, is among the largest hospitals in the country, with 894 beds.

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