Temple Health reported a $23.3 million operating loss for the first nine months of fiscal 2024

Temple University Health System reported a $23.3 million operating loss for the nine months that ended March 31, compared to a $53.2 million loss in the same period a year ago, the North Philadelphia nonprofit told investors Wednesday. The results include a $12.5 million loss at Chestnut Hill Hospital, which Temple acquired with two partners at the beginning of 2023.

Here are the highlights:

Revenue: Temple’s total revenue was $2.08 billion in the first nine months of fiscal 2024, up 8.9% from $1.91 billion last year. Strong gains in inpatient discharges from Temple’s hospitals were somewhat offset by a significant decline in lung transplants caused in part by a shortage of certified registered nurse anesthetists in the region, officials said.

Expenses: Temple’s costs for overtime and contract staff remain high, though they have come down after peaking during the pandemic. In the first three quarters of fiscal 2024, Temple had $50 million in those expenses, down from $69 million the year before.

Chestnut Hill Hospital: Temple CEO Mike Young said he expects Chestnut Hill to be profitable by the end of fiscal 2025. Already since November, when teams from Temple University Hospital started getting more involved at Chestnut Hill, the average monthly loss there has fallen to under $1 million from $2.5 million during Temple’s first 11 months of ownership.

Temple owns 60% of Chestnut Hill, which had $113 million in revenue from July through March. Its partners, Redeemer Health and Philadelphia College of Osteopathic Medicine, each own 20%.

Notable: Temple plans to continue supporting St. Christopher’s Hospital for Children in the coming fiscal years, but its contribution will fall to $4 million, down from $5 million in the last two years, Young told investors.