Modest Drop in Mayo Profits in 1st Quarter
Rochester, MN (KROC.COM) The Mayo Clinic experienced a modest decline in its economic performance during the first three months of this year.
A required quarterly financial filing shows Mayo’s revenues totaled $2.919 billion in the first quarter, which was up $234 million when compared to the first three months of last year. The filing also shows revenues from medical services climbed $168 million from a year ago to $2.434 billion from January 1st through the end of March.
The Rochester based healthcare giant saw its expenses for the three-month period rise $242 million to $2.818 billion, with salaries and benefits accounting for $167 million of the increase. That put the operation’s net income from current activities during the first quarter at $101 million. Last year, Mayo reported a net income of $109 million for the first three months of 2016.
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.