Memorial Sloan Kettering Cancer Center in New York City saw its operating loss reach $453.3 million in the nine months ended Sept. 30, despite receiving $100 million in federal relief aid, according to recently released financial documents. This compares to an operating income of $76.9 million in the same period in 2019.
The cancer center saw its total operating revenue decline 2.9 percent year over year to $3.8 billion. Memorial Sloan Kettering said the revenue decline was attributed to declining patient volumes and a slowdown of clinical trials and research due to COVID-19.
Memorial Sloan Kettering also saw its expenses rise 10.8 percent year over year to $4.3 billion. The cancer center saw its compensation and benefits costs increase 12 percent and supply costs increase 3.4 percent.
Through the nine-month period ended Sept. 30, Memorial Sloan Kettering saw its net assets without donor restrictions increase $85.1 million. This compares to an increase of $498.3 million through the same period in 2019.