Memorial Sloan Kettering Cancer Center (MSK) issued the following statement regarding its fiscal year 2022 financial results today:
MSK generated an operating loss of $248.1 million for fiscal year 2022, which was driven in large part by inflationary pressures that contributed to high labor and supply costs, lower than anticipated patient activity levels, and one-time costs associated with reducing leased office space and our reduction in workforce. We also experienced $932 million of investment or non-operating losses associated with volatile investment markets. Investment balances remain approximately $1 billion higher than 2019. We recognized the need to make changes to address operating performance and moved swiftly to mitigate the situation. We are confident that the measures we have taken – including reducing our expenses and expanding patient access to MSK – will make 2023 a stronger year for us financially. MSK is dedicated to delivering excellent patient care, developing the cancer treatments of tomorrow, and educating the next generation of leaders, and with these recent changes we believe we are well-positioned for the years ahead.
For more information, please see instructions to access our financial disclosure report available at https://www.dacbond.com/ here: https://www.mskcc.org/public-notices/financial-information