Mayo Clinic Reports Drop in ‘Profits’ For Second Quarter
Rochester, MN (KROC-AM News) - The Mayo Clinic is reporting a drop in income from current activities during the second quarter of the year.
A required filing shows the key measurement of Mayo’s financial performance totaled $159 million for the three month period that ended on June 30th. That’s down $13 million when compared to the second quarter of last year and is almost $40 million below the figure reported for the first quarter of this year. The filing shows Mayo’s expenses, when compared to last year, increased by $193 million during the period, while revenues were up about $180 million and remained above $3.1 billion. Revenues from providing medical services increased $161 million and accounted for over $2.6 billion of Mayo’s overall revenues.
Since the beginning of the year, the Mayo Clinic’s income from activities has increased $84 million from a year ago to $357 million. Overall revenues for the six month period totaled over $6.2 billion for an increase of $374 million from the first half of last year with revenues from medical services up $317 million. Mayo’s expenses, when compared to a year ago, were up $290 million.
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.