New York City-based Memorial Sloan Kettering Cancer Center ended the first nine months of this year with higher revenue and operating income than in the same period of 2016.
Memorial Sloan Kettering's revenue increased 12.4 percent year over year to $3.3 billion in the first nine months of 2017, according to recently released bondholder documents. The cancer center said the financial boost was partially attributable to higher patient service revenue, which was "driven by strong demand for patient services and increased outpatient capacity." Philanthropy was also a strong source of revenue for Memorial Sloan Kettering in the first nine months of this year, with philanthropic revenues increasing 20.5 percent year over year.
Operating expenses grew to $3.1 billion in the first nine months of 2017, up 12 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.
Memorial Sloan Kettering ended the first nine months of this year with operating income of $205.6 million, up from $172.8 million in the first nine months of 2016.
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