Dana-Farber sees 49% drop in annual net income

Boston-based Dana-Farber Cancer Institute's revenue increased year over year in fiscal year 2019, but its net income declined, according to financial documents released Feb. 24.

Dana-Farber's operating revenue climbed 13.07 percent year over year to $1.96 billion in the fiscal year ended Sept. 30. Hospital management said the increase in revenue was largely attributable to growth in patient volume, higher pharmacy revenue and an 18.5 percent jump in research revenues.

During fiscal year 2019, Dana-Farber's operating expenses totaled $1.93 billion, an increase of 13.13 percent over fiscal 2018. Expenses increased across several categories, including patient service and research.  

Dana-Farber ended fiscal 2019 with operating income of $30.6 million, compared to operating income of $27.9 million a year earlier.

Looking at nonoperating items, Dana-Farber's investment returns totaled $30.4 million in fiscal 2019, down from $47.3 million in fiscal 2018. The cancer institute's interest rate swap agreements decreased in value by $27.2 million in fiscal 2019.

Dana-Farber ended fiscal 2019 with net income of $54.1 million, down 49 percent from $106.7 million a year earlier.

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