Mayo Clinic Reports Record Third Quarter Financial Results
Rochester, MN (KROC-AM News) - Minnesota's largest private employer is reporting record financial results for the third quarter of this year.
In a required financial filing, the Mayo Clinic today reported its income from current activities rose to $324 million from July through September. That’s up $36 million when compared to the previous third-quarter record set last year, but is $127 below the income from activities from the April through June period, which set was a new record high for Mayo's second quarter.
The report shows Mayo's revenues for the previous quarter exceeded $4 billion. That's also a record for the third quarter and is up 10-percent when compared to last year. Mayo's expenses for the quarter nearly paced revenues, rising almost 10-percent to just under $3.7 billion.
Since the beginning of the year, the Mayo Clinic’s income from activities has already topped $1 billion and revenues have risen to $11.7 billion. Expenses for the first 9-months of the year have reached almost $10.7 billion. The revenue total is up more than $1.7 billion when compared to a year ago, while expenses rose by just under $1.1 billion.
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.