Phoenix Children's Hospital posted a net loss in its most recent fiscal quarter due to investment losses, according to unaudited bondholder documents.
For the three months ended Dec. 31, 2018, Phoenix Children's posted net patient revenue, after the provision for bad debt, of $203.3 million. That's down 8.9 percent from the same quarter of the previous year. Phoenix Children's attributed the change to a decrease in graduate medical education funding, which management expects will increase in 2019.
At the same time, Phoenix Children's decreased its operating expenses for the most recent three-month period to $216.2 million, down from $224.2 million in the same period a year prior. Decreases in supplies, purchased services and professional fees primarily led to the improvement.
Phoenix Children's recorded income from operations of $2.5 million for the three months ended Dec. 31, 2018, down from $11.3 million in the same quarter of 2017. After factoring in a $34.2 million investment loss and other nonoperating losses in the most recent quarter, Phoenix Children's posted a net loss of $38.7 million.