Atrium Health reports first-half net income of $764M
Atrium Health, the Charlotte-based health care system that is the largest in North Carolina, said it had total enterprise net income of $764 million in the first half of 2019, versus a budgeted number of $238 million. Most of the net income related to investment gains rather than health care operations.
Operating income totaled $137 million versus a budget of $97 million, for a margin of 2.6%.
Operating revenue was $5.3 billion, about 1% more than budgeted.
Atrium credited the strong net income results on higher-than-expected returns on investments.
The system said it invested $397 million, or 7.5% of revenue, on capital investments. That included projects involving the Levine Cancer Institute building in Charlotte and projects in Concord and Pineville.
Atrium CEO Gene Woods said the pending partnership with Wake Baptist Health in Winston-Salem is “on track” with plans to “decide on how our partnerships will come together” by the end of the year. He was speaking at Atrium’s quarterly board meeting in Charlotte.
Atrium Health is a not-for-profit authority. It has operations across North Carolina and parts of South Carolina and Georgia.