Boston-based Dana Farber Cancer Institute saw its net income, operating income and operating revenue rise in the first quarter of fiscal year 2021, according to recently released financial documents.
In the quarter ended Dec. 31, Dana Farber saw its total operating revenue reach $582.8 million, an 11.2 percent increase over the same period one year prior. The cancer center saw patient service revenue increase 9.9 percent year over year to $373.6 million. Dana Farber attributed the increase in patient revenue to growth in pharmacy revenue and a payment it received from the Embassy of Kuwait in December for unpaid medical bills.
Dana Farber also said it recognized $22.8 million in relief funding from the Coronavirus, Aid, Relief and Economic Security Act in the first quarter of fiscal 2021.
Dana Farber saw its operating expenses grow to $525.5 million in the first quarter of fiscal year 2021, an 8.7 percent increase from the same period in fiscal 2020.
The Boston-based cancer center ended the first quarter of fiscal 2021 with an operating income of $57.4 million, up from $40.7 recorded in the first quarter of fiscal 2020.
Overall, Dana Farber posted a net income of $128.2 in the first quarter of fiscal 2021, compared to a net income of $84.2 million for the first three months of fiscal year 2020.