Mayo Clinic 1Q 2024 Revenues Grew to More Than $4.7 Billion

Rochester, MN (KROC-AM News) - Record quarterly revenues that exceeded $4.7 billion led to a very strong financial performance by Mayo Clinic in the first three months of this year.

A required financial regulatory filing shows Mayo Clinic's revenues increased by more than $430 million when compared to the first quarter of last year, while expenses were only up about $250 million at about $4.37 billion.

Its largest expense, salaries and benefits, grew from $2.435 billion to just under $2.57 billion year-to-year.

READ MORE: Mayo Clinic Financial Performance Modestly Better in 1Q 2023

Mayo Clinic's income from current activities, which is considered the best measure of the Rochester-based healthcare giant’s financial performance, totaled more than $340 million for the January through March time span. The total from the first quarter of last year was about $159 million.

A strong performance by Mayo Clinic's investments helped boost the bottom line. The regulatory filing shows its net return on unallocated investments shot up from $168 million last year to around $433 million in the first quarter this year.

Get our free mobile app

Mayo also reported a very healthy increase in its cash flow from operating activities. It rose from $259 million through the first three months of last year to just under $500 million this year.

The unaudited report was filed with the online Electronic Municipal Market Access site, a service of the Municipal Securities Rulemaking Board. The report is required because of municipal bonds sold by Mayo to finance various economic development projects.

More Minnesota News:

• Police Looking for Suspect Who Damaged Rochester Golf Course
• Police Capture Rochester Smoke Shop Robbery Suspect
• Man Suspected of Starting Fire at Rochester Apartment Arrested