While signs of improvement are on the horizon, the COVID-19 pandemic has hampered Boston-based Dana-Farber Cancer Institute's financial footing, according to a Moody's Investors Service report cited by the Boston Business Journal.
The pandemic brought deferred cancer screenings and lower volume to the renowned institute. As a result, Dana-Farber has been challenged with improving operating cash flow margins to previous levels, Moody's said.
"Even as volume recovers, as patients no longer defer screening visits, and DFCI sees growth at its new satellite facilities, operating cash flow margins will not likely return to previously anticipated levels of 8 percent to 9 percent," Moody's said, according to the Journal.
Dana-Farber CFO Michael Reney told the Journal that he anticipates revenues will quickly rebound and that volume now is exceeding pre-pandemic levels. Mr. Reney said he predicts that the institute will return to historical margins in 2022.
In its most recent quarter ending in December 2020, Dana-Farber posted $57.3 million in operating margin, up from $40.7 million in the same quarter a year earlier, according to the Journal.