Boston-based Dana-Farber Cancer Institute reported a $62 million operating income for the six months ended March 31, up from an operating income of $54.3 million over the same period last year, according to its June 11 financial report.
Total operating revenues through the second quarter of 2024 were $1.7 billion, up 15.6 percent year over year, according to the report. Net patient service revenue increased 16.3%, which the health system attributed primarily to pharmacy revenue and patient volume growth, including at its Foxboro (Mass.) campus, which opened in August 2022 but was "slow to ramp up in volume."
Direct research revenues related to grants, contracts and gifts increased 17.3% year over year, which the system attributed primarily to "increases in non-government grants, and clinical trials, and to spending of gift and royalty funds."
Dana-Farber's operating expenses were $1.6 billion for the first six months of 2024, up 15.7% from the same period last year. Total patient service expenses increased 18.5% year over year, which the system said was primarily driven by patient volume, pharmacy and compensation-related expenses. Total research expenses increased 15.3%, following research revenue trends.
The system posted a net income of $186.2 million in the first half of 2024, up from a net income of $110.3 over the same period last year.