Mayo Clinic Financial Performance Modestly Better in 1Q
Rochester, MN (KROC-AM News) - Mayo Clinic's revenue growth modestly exceeded rising expenses in the first quarter of this year.
A required filing submitted to federal regulators shows Mayo Clinic's net income from current activities, which is considered the most accurate barometer of the healthcare provider's financial performance, totaled $149 million through the first three months of this year. The total from the first quarter of 2022 was $142 million.
The filings indicate Mayo Clinic's revenues increased by $346 million when compared to last year. The nearly 9% increase in revenues push the total for the first quarter this year to about $4.27 billion.
On the expense side of the ledger, Mayo Clinic's operating costs were also up about 9%, or about $339 million, to a bit over $4.12 billion. Mayo’s largest expense, salaries and benefits, increased by about 7.7% when compared to the same three-month period last year, while the cost of supplies and services rose more than 11%.
The stock market was much kinder to Mayo Clinic in the first quarter of this year. The filing shows Mayo suffered a $474 million loss from its unallocated investment return in the first quarter of 2022, while it lists a gain of $237 million for the first three months of this year.
The unaudited report was filed with the online Electronic Municipal Market Access site, a service of the Municipal Securities Rulemaking Board. The report is required because of municipal bonds sold by Mayo to finance various economic development projects.
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