Orlando (Fla.) Health reported operating income of $78.6 million on the back of improved revenues totaling approximately $1.37 billion for the quarter ending Dec. 31.
The revenue figure compared with $1.24 billion for the same period in 2021, an increase of almost 10 percent. Higher expenses in 2022 reined in the operating gain, which compared with $88.8 million in the same quarter in 2021.
Overall net income totaled $264.8 million for the quarter as investment income outperformed the same period in 2021.
The estimated cost of various capital projects Orlando Health is pursuing is approximately $1.6 billion, management said. Such projects, which include new bed towers and freestanding emergency departments, will be funded through operating cash flows, bond proceeds and pledges with completion expected within five years.
Orlando Health, which is licensed for approximately 3,200 beds across 11 hospitals, enjoyed an upgrade to "AA-" because of its sustained operating performance and strong local market share, Fitch Ratings said Jan. 18.