Stamford (Conn.) Health reported higher net income in its latest quarter than it did in the same period in 2021, recording a net income of $15.4 million in the three months ending Dec. 31.
That figure compared with net income of $10.8 million in the same period in 2021. Operating income was down from 2021 figures at $1.92 million, but investment gains pushed the overall figure higher.
The quarter builds on data from the previous fiscal year ending Sept. 30 where Stamford recorded a net operating gain but an overall loss of approximately $38 million.
The health system, which was affirmed Feb. 7 at a "BBB+" rating by Fitch as it looks forward to increasing financial strength, remains challenged by increased labor and supply expenses.
Salaries and benefits during the recent quarter totaled $114.1 million, up 6.2 percent on the previous year, while supplies and other expenses, including contract labor, totaled $94.8 million, an increase of 15 percent.
"The increase was primarily attributable to increased Hospital and SHMG (Stamford Health Medical Group) staffing as well as wage adjustments made over the past calendar year 2022, to keep pace with market forces," management said of the salaries and benefits increase.