Mayo Clinic Reports Strong Q2 2023 Financial Performance
Rochester, MN (KROC-AM News) - Mayo Clinic has reported strong financial results for the second quarter of this year.
A required financial regulatory filing shows Mayo's income from current activities, which is a key measure of its performance, nearly doubled from a year ago to $300 million in April, May, and June. The total from the same three-month period in 2022 was $155 million.
The report shows Mayo Clinic's overall revenues increased nearly 11% year-over-year to $4.47 billion for the three-month period. Expenses were also higher. Mayo Clinic reported they rose about 7.5% to $4.17 billion.
Mayo Clinic's revenues from investments rebounded dramatically in the second quarter. The healthcare provider reported a billion-dollar loss on its investments in the second quarter of last year and is now reporting a $211 million gain for the same period this year.
Since the beginning of the year, Mayo Clinic's net income from current activities totals just under $450 million. The total from the first six months of last year was $297 million. Mayo's total revenues are up nearly 10% from a year ago at more than $8.7 billion, while expenses have increased a little over 8%.
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.