Mayo Clinic reports $149M operating gain in Q1

Rochester, Minn.-based Mayo Clinic has reported an operating gain of $149 million for the first quarter on revenue of $4.3 billion.

That compares with a $142 million gain on $3.9 billion revenues in the first quarter of 2022. 

Sustained expense pressures saw costs rise 9 percent to total $4.1 billion. At $2.4 billion, salaries and benefits increased 7.7 percent on the year.

Mayo Clinic, which employs over 76,000 people, had cash and investments totaling $17.65 billion as of March 31, a $331 million increase on the end-of-2022 numbers. 

Its days of cash on hand totaled 351 at the end of the first quarter, while long-term debt was at almost $4 billion.

"Mayo Clinic is pleased with the strong start represented by these first quarter results," management stated. "Strong volumes, investment gains and favorable expense management all contributed to the quarter's performance."

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