New York City-based Memorial Sloan Kettering Cancer Center ended the first half of this year with higher revenue and operating income than in the same period of 2016.
Memorial Sloan Kettering's revenue increased 12.5 percent year over year to $2.2 billion in the first half of 2017, according to recently released bondholder documents. The cancer center said the financial boost was "driven by strong demand for patient services and increased capacity."
Operating expenses grew to $2 billion in the first half of this year, up 11.2 percent from the same period of 2016. This growth was driven by an increase in staffing and supplies necessary to support new clinical facilities, higher patient volumes and more research.
Pharmaceutical expenses climbed 27.6 percent year over year due to volume growth, costs for newly approved drugs and market price increases.
Memorial Sloan Kettering ended the first half of this year with an operating margin of 7 percent, up from 6 percent in the first six months of 2016.
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