Cleveland Clinic returns to profitability with $45.3M Q2 operating gain

Cleveland Clinic returns to profitability with $45.3M Q2 operating gain unknown

Cleveland Clinic saw an operating income of $45.3 million at a 1.2% margin in the second quarter of 2024 for the three months ended June 30, a 312% increase from a $21.4 million operating loss (-0.6% margin) during the second quarter of 2023, according to its Aug. 16 financial report.

Total revenue for the system was $3.9 billion in the second quarter of 2024, up from $3.6 billion during the same period last year. 

Net income for the health system was $187.8 million for the three months ended June 30, 2024, up from $145.2 million during the second quarter of 2023.

Expenses increased 8% to $3.7 billion, with salaries, wages and benefits also increasing 8% to $2.3 billion. Cleveland Clinics outstanding and long term debt was $5.4 billion, the report said.