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Rochester, MN (KROC-AM News) - Mayo Clinic lost money again on Wall Street in the third quarter this year but its losses were far smaller than those reported a year ago.

A required regulatory financial filing by Minnesota's largest private employer shows it lost $112 million on its investments over the three-month span that ended in September. In the third quarter of 2022, Mayo Clinic reported a $474 million loss on investment.

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In addition to the smaller losses on investments, Mayo also reported a significant improvement to its “bottom line.” Net operating income from July through September rose from $184 million last year to around $296 million this year. That figure was comparable to the net income reported by Mayo Clinic for the second quarter of this year.

Mayo Clinic
photo by Andy Brownell-Townsquare Media
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The filing also shows Mayo Clinic's revenues outpaced rising expenses in the third quarter. Overall revenues exceeded $4.44 billion, which was up about 7.3% when compared to the third quarter in 2022. Mayo Clinic expenses climbed just over 4.8%  from last year and totaled about $4.15 billion. The report indicates Mayo’s expenses tied to salaries increased about 2.4% to just over $2.38 billion.

Kim David/TSM
Kim David/TSM
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For the first nine months of this year, Mayo Clinic's net operating income is up to nearly $750 million, compared with $483 million in 2022. Mayo's revenues have increased nearly 9% this year and have reached nearly $13.2 billion. Meanwhile, expenses have climbed 7% to nearly $12.5 billion.

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.

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Gallery Credit: Troy Dunken

 

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