Mayo Clinic's Financial Performance Slipped During 3Q 2024

Rochester, MN (KROC-AM News) - Mayo Clinic continued to report strong financial results for the third-quarter of this year, but they were not quite as robust as those reported for the previous quarter or the third-quarter of last year.

A required regulatory filing shows Mayo Clinic's revenues increased about 10% from the same three-month period a year ago to just under $4.9 billion. In the second-quarter of this year, Mayo reported its first ever quarterly revenue total above $5 billion.

At the same time, the report shows Mayo Clinic's overall expenses climbed by more than 11% from a year ago to about $4.62 billion. Mayo's expenses tied to salaries and benefits rose nearly 10% year over year to more than $2.6 billion.

photo by Andy Brownell/Townsquare Media-Rochester

With expenses rising faster than revenues, Mayo Clinic's income from current activities, which is considered a top barometer of its overall financial performance, fell 7% when compared to the third-quarter of 2023 to around $275 million. By comparison, Mayo's second-quarter income from current activities was around $450 million and was up 50% when compared to the same three-month period last year.

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The performance of Mayo Clinic's investments represented a bright spot in the report. Last year, Mayo reported a net loss of $112 million, while this year it enjoyed a net gain of $467 million in the third-quarter.

The regulatory filing also shows Mayo Clinic's net assets grew in value by more than 15% over the past 12 months. The increase of more than $2.4 billion put the figure at nearly $18.3 billion.

Kim David/TSM

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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