Posted 3/5/2018 12:00 am
Updated 2 weeks ago
CARTI’s financial losses have abated.
The cancer treatment nonprofit reported a net loss before depreciation of $1.5 million for the six-month period that ended Dec. 31 compared with a loss of $2.7 million during the same period in 2016, according to documents it recently filed with the Electronic Municipal Market Access system.
CARTI’s CEO and President Adam Head told a gathering at the Conway Chamber of Commerce’s CEO Luncheon that CARTI has had some financial improvement in the last few months.
“In general, we’re hoping to be able to continue doing this the rest of this fiscal year. We don’t see it as digging out of a hole,” he told Whispers after the event. “We’re continuing to improve processes like we would want to, but we’re looking to the next step, how we can continue to grow and build this and be that destination. So we’re already looking to the next step.”
CARTI, however, spent $53.8 million on medical oncology drugs in the first six months of its fiscal year. That’s $5.2 million more than it budgeted.
Head told Whispers the increase was tied to increases in drug prices, saying, “You can read trends just across the board in health care. In some cases, our volume has been up a little bit; more patients in.”
Just before Head was hired in August, CARTI transferred $1.5 million from its investments to “support operations,” CARTI’s filing showed.
Head told Whispers that won’t happen again and the positive earnings from the last four months are a result of improved operations.
If you recall, in 2016 the nonprofit failed to maintain a required debt service ratio on the $49 million bond issue that was used to build CARTI’s four-story Little Rock Center, a failure that triggered the hiring of management consultant Berkeley Research Group of Emeryville, California.
The consultants were on their way out when Head took the helm.