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Analysis

SSM Health Achieves $200M Net Income in Q1

By Jack O'Brien  
   May 22, 2019

The St. Louis-based health system ended Q1 2019 with nearly $2 billion in total operating revenues.

SSM Health reported total operating revenues of $1.9 billion after the first quarter of 2019, though total operating expenses weren't too far behind at $1.8 billion, according the system's earnings report released Monday

The St. Louis-based health system ended Q1 with nearly $42 million in net cash provided by operating activities, though it posted losses in both net cash used in investing activities, $57.5 million, and net cash used in financing activities, $1.8 million.

This resulted in a $17.5 million drop of cash and cash equivalents compared to the start of the year, totalling $99.5 million by the end of March 31. 

The start to 2019 marked another growth period for SSM, following an end to 2018 where revenues and net income bounced.

Related: SSM Health Revenues and Net Income Jump in 2018

SSM Health's talks with MU Health Care are still ongoing as of this spring, with MU officials telling KMIZ that the negotiations are taking 'longer than expected.'

At the end of Q1, SSM recorded net assets reaching nearly $3.2 billion, up from $3 billion at the end of 2018.

Additionally, operating right-of-use assets totalled $271.3 million and net property and equipment totalled $3.3 billion. This was part of SSM's $8.7 billion in total assets for the quarter.

Related: SSM Health Enters Hospital Sales Talks with Mizzou, Mosaic Life

Related: SSM Health Transformation Chief Tells Us How to Marshal Change

ADDITIONAL HIGHLIGHTS FROM SSM HEALTH'S Q1 Earnings report:

  • Total nonoperating gains for SSM in Q1 were $21.5 million.
  • SSM Health's income tax expense was $186,000.
  • Pension liability reached $707.8 million, while operating lease obligations totalled $215.5 million.

Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.

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