Mayo Clinic's total net income last year was $395.4 million, according to a news release. That's a 35 percent drop compared with earnings of $610 million in 2011.
However, leaders at the Rochester-based nonprofit health care provider are happy with their 2012 figures as it added more employees and patients.
The clinic also maintained an operating margin of 4.5 percent, which “aligns with the clinic’s long-term objectives," according to the financial report.
Mayo's annual revenue grew 6.3 percent to $8.8 billion last year, but operating expenses climbed more than 9 percent.
"For nearly 150 years, our employees have done everything possible to provide our patients with safer, better and more efficient health care," John Noseworthy, Mayo Clinic president and CEO, said in a statement. "Even in a challenging environment, our employees continue to deliver by putting patients first."
Noseworthy also outlined some of the challenges facing the health care industry, including aging demographics, chronic illness and uncertainties related to health reform during a news conference Wednesday, the Business Journal reports.
Last week, the Star Tribune said ratings agency Standard & Poor retained its AA rating for Mayo’s long-term debt, but lowered the clinic's outlook.
Mayo is seeking $585 million from the state to transform Rochester into a Destination Medical Center. In exchange, the clinic vows to invest $3.5 billion over the next 20 years.
The Post Bulletin says lawmakers made several changes to Mayo's proposal on Tuesday.