Mayo Clinic Reports Record Revenues – $5 Billion in 2nd Quarter
Rochester, MN (KROC-AM News) - Mayo Clinic's financial performance reached a major milestone in the second quarter of this year.
For the first time, the Rochester-based international healthcare giant is reporting quarterly revenues of more than $5 billion. According to a required regulatory filing with the federal Municipal Securities Rulemaking Board, Mayo Clinic's revenues for April, May, and June rose 12% when compared to the second-quarter of last year to just over $5 billion.
During the same time span, Mayo Clinic's overall operating expenses climbed about 9% from a year ago to a little over $4.56 billion. Mayo's largest expense, salaries and benefits, increased by about 7% when compared to April through June in 2023.
Mayo Clinic reported that its income from current activities, which is often described as the best barometer of its financial performance, totaled nearly $450 million in the second-quarter, which was up almost 50% from the same three-month period a year ago.
The regulatory filing also indicates the value of Mayo Clinic's net assets grew by about 14% over the past year and now total more than $23 billion.
For the first half of the year, Mayo's income from current activities jumped 80% to around $812 million. Overall revenues since the beginning of the year totaled more than $9.7 billion, which was an increase of over 11% from the previous year. On the other side of the ledger, Mayo Clinic's expenses for the first six months of 2024 increased about 8% to a little over $8.9 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.
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