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Medical College of Wisconsin Reports 13 Percent Spike in Q1 Operating Revenues

NEW YORK (GenomeWeb News) – Medical College of Wisconsin finished the first three months of its fiscal year with a 13 percent year-over-year jump in operating revenues, and a quarter-to-quarter increase in non-operating revenue paced by paper investment gains, according to a just-released unaudited quarterly financial statement.

MCW saw its fiscal year 2010 operating revenues rise to $212 million in the three months ending Sept. 30, up from $187.3 million in the year-ago quarter, according to the statement, released Monday. Revenues in excess of expenses moved back into the black during Q1 '10, rising to $18.8 million from a loss of more than $2.1 million between July and September of 2008.

That gain came despite a 2 percent year-to-year uptick in quarterly expenses, to $193.3 million from about $189.5 million.

Non-operating revenue was $70.7 million in Q1 '10, but the statements did not include any comparable figures for the same period in 2008.

MCW ended the three months ending Sept. 30 with $2.5 million in investment income — down 11 percent from $2.8 million in the year-ago quarter, but $262,000 ahead of its budget, which projected a first quarter of a little more than $2.2 million. The number includes $1.4 million in income gained during the month of September alone.

The results suggest that the medical college's investment declines have slowed down from a year ago. During the year ending June 30, the value of MCW's investments fell 22 percent, to $704.5 million from $903 million the previous year.

After expenses, the medical college saw its Q1 net assets rise 11 percent year-to-year, to $897 million from $808 million in the first quarter of its 2009 fiscal year. The medical college's total assets rose to nearly $1.3 billion, up 7.6 percent from the previous quarter; a previous-year figure was not reported. The gain includes a rise of 7 percent, or $89.5 million, in net assets — most of it reflected in an $83.5 million jump in paper "unrealized" investment gains.

Milwaukee-based MCW carries out research in 27 academic departments and 20 federally designated, international, and college-created centers, including the National Center for Proteomics Research and Development, and the college's Human and Molecular Genetics Center.

MCW is also collaborating with the University of Wisconsin, Madison, and Marquette University to establish a new Center of Excellence in Genomic Science — an effort that recently won about $8 million over three years from the National Human Genome Research Institute and the National Institute of Mental Health.

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