Marietta, Ga.-based Wellstar Health, which has now absorbed Augusta (Ga.) University Health to form a combined 12-hospital system, reported operating income of $210.5 million for the fiscal year ending June 30.
The positive figure, on revenue of $4.9 billion, was the second straight operating gain after Wellstar reported a $105.8 million number the previous year. Expenses in fiscal 2023 increased 4.3 percent, with salaries and benefits staying largely flat.
Wellstar has not yet concluded the purchase price allocation of Augusta University Health, now known as Wellstar MCG Health, the system said in the filing.
Wellstar MCG Health had total cash and short-term investments of $108.5 million as of June 30, Wellstar Health said. Total assets for Wellstar MCG were $719.2 million with long-term debt at $191.9 million, liabilities of $501.7 million and a total net position of $217.5 million.
Wellstar Health has pledged $800 million in investments in Wellstar MCG over the next 10 years.
Net income for Wellstar Health as of June 30 was $387.2 million compared with a net loss of $148.7 million the previous year.