Dana-Farber's operating income drops in first half of fiscal year

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Boston-based Dana-Farber Cancer Institute's revenue increased year over year in the first half of fiscal year 2019, but its operating income declined, according to financial documents released June 11.

Four things to know:

1. Dana-Farber's operating revenue climbed 12.9 percent year over year to $958.6 million in the six months ended March 31. Hospital management said the increase in revenue was largely attributable to growth in patient volume and higher pharmacy revenue.

2. During the first half of fiscal 2019, Dana-Farber's operating expenses totaled $938.9 million, an increase of 13.9 percent over the same period of fiscal 2018.

3. Dana-Farber ended the first two quarters of fiscal 2019 with operating income of $19.7 million, compared to operating income of $25 million in the first half of fiscal 2018.

4. After factoring in nonoperating items, Dana-Farber reported net income of $15.6 million in the first half of fiscal 2019. That's down from net income of $70.7 million in the first half of fiscal year 2018. The decline in net income was largely attributable to a 79 percent year-over-year drop in investment returns.

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