Trinity Health saw revenue decline in the first quarter of fiscal 2021, but the Livonia, Mich.-based system ended the period with higher income, according to recently released financial documents.
Trinity Health saw revenue decline less than 1 percent year over year to $4.8 billion in the three months ended Sept. 30. The health system attributed the drop in revenue to patient volume declines related to the COVID-19 pandemic.
The health system's expenses decreased by $29.7 million year over year in the most recent quarter. The decline was attributed to several factors, including lower labor expenses. The decrease was partially offset by higher supply costs driven by pandemic-related lab and drug expenses, the system said.
Trinity Health reported operating income of $112.1 million in the first quarter of fiscal 2021, compared to operating income of $94 million in the same period a year earlier.
After factoring in investments and other nonoperating items, Trinity Health posted net income of $771.9 million, up from $166.4 million in the same period last year. Higher nonoperating gains in the most recent quarter were due to higher investment earnings driven by global investment market conditions, the system said.