Rochester, Minn.-based Mayo Clinic recorded a net income of $782 million in the first quarter of 2021, or a margin of 21.1 percent, according to recently released financial documents. In the same quarter one year prior, Mayo Clinic recorded a net loss of $623 million.
In the quarter ending March 31, Mayo Clinic saw its revenue hit $3.7 billion, a 17.1 percent growth from the first quarter of 2020. The health system's medical service revenue was $3.15 billion in the first quarter of this year, representing a 12.1 percent growth over the same period in 2020.
Mayo Clinic's expenses increased to $3.5 billion in the first quarter of this year, up from $3.2 billion recorded in the same period in 2020. Mayo Clinic said salaries and benefits represented 61.8 percent of the total expenses in the first quarter of this year.
The health system ended the first quarter of 2021 with an operating income of $243 million, or a 6.6 percent operating margin.
"Mayo Clinic's first quarter 2021 financial report continues the recent trend of strong revenue and income performance," Mayo Clinic said in the financial report. "This is a direct outcome of the efforts of our committed staff who have been on the front lines of caring for COVID-19 patients, developing lifesaving treatments, and conducting the testing and research that is essential to finding therapeutics, while advancing our mission to cure, connect, and transform."