Dana-Farber's net income spikes 56% in first half of FY 2018

Boston-based Dana-Farber Cancer Institute saw operating revenue and income increase in the first six months of fiscal year 2018, leading to an improvement in net income.

While operating expenses were up 9.4 percent to $824.1 million in the first half of 2018, expenses did not outpace revenue. Dana-Farber posted operating revenue of $849.1 million for the first six months of 2018, up 11.3 percent compared to the same six-month period in 2017, according to recent bondholder documents. The cancer hospital largely attributed the increase to growth in patient volume and pharmacy revenue, which boosted patient revenue by $71.4 million year over year.

Dana-Farber ended the six-month period with operating income of $25 million, compared to $9.4 million in the first half of 2017. After incorporating investment gains, Dana-Farber recorded net income of $70.7 million, a 56 percent increase compared to $45.3 million the cancer hospital posted in the same period a year prior.

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