Philadelphia-based Penn Medicine has reported $118 million in net income for the six months ending Dec. 31 as revenues increased to almost $5 billion.
The figures compare with net income of $280.3 million in the same period in 2021 as investment values declined and expenses rose in 2022. Operating income for the 2022 period totaled $103.6 million versus $152.5 million in 2021.
Long-term debt at the eight-hospital system — which includes one of the largest facilities in the country, the Hospital of the University of Pennsylvania in Philadelphia — totaled almost $2.5 billion as of Dec. 31.
The system called off its alliance with West Reading, Pa.-based Tower Health earlier in February.