San Diego-based Scripps Health's revenues and operating income increased during the third quarter of its fiscal year 2020, according to recently released unaudited financial documents.
Scripps reported revenues of $799.3 million in the third quarter of fiscal 2020, which ended June 30. That's up from revenues of $791 million in the same period a year earlier. The year-over-year boost was primarily attributable to $83.3 million in grants received through the Coronavirus Aid, Relief and Economic Security Act, Scripps said.
Operating expenses were down 2.6 percent year over year in the third quarter of fiscal 2020. The health system saw physician services expenses decline $23.5 million in the most recent quarter because of lower patient volume due to COVID-19.
Scripps ended the third quarter of fiscal 2020 with operating income of $50.9 million, up from $23 million in the same quarter of 2019.
After factoring in nonoperating items, Scripps reported net income of $308.6 million in the third quarter of fiscal 2020. A year earlier, the health system posted net income $98.6 million.