Reno, Nev.-based Renown Health posted an operating income of $32.4 million in the first quarter of 2024, up from an operating loss of $2.1 million in the same quarter last year, according to its May 28 financial report.
Renown said the increase was due to the "growth in overall operating revenues significantly outpacing the increase in operating expenses."
The system saw operating revenues of $497.1 million for the quarter ended March 31, up 17.5% year over year. Renown attributed the jump in revenues primarily to an increase in patient service revenues.
Total expenses were $464.7 million, up 9.3% year over year. Salaries and wages decreased from $183.3 million in the first quarter of 2023 to $176.1 million in the first quarter of 2024. Supply costs rose from $70.2 million in the first quarter of 2023 to $80.5 million in 2024.
Renown posted a net income of $69.7 million in the quarter, up from a net income of $32.5 in the same period last year.