Waterbury Hospital
Waterbury, New Haven County, CT
· CCN 070005
Licensed to Prospect Waterbury Inc
Composite
63.6
rank score
Distress
72
FY2023
Fit
78
vs thesis
Estimated ticket
$82.2M–$329M
235 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- operating margin below -10%
- total margin below -8%
- under 30 days cash on hand
- occupancy 45-60%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- bed count in the target band
- ticket size uses the capital envelope well
- moderate occupancy
- for-profit — no charitable conversion review
Latest financials · FY2023
| Net patient revenue | $236M |
| Operating margin | -21.8% |
| Total margin | -19.3% |
| Days cash on hand | 0 |
| Current ratio | 2.35 |
| Occupancy | 55% |
Facility
| Beds | 235 |
| Facility type | STH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $350K |
| Per-bed (high) | $1.4M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020 | 208 | $243M | $14.4M | -5.8% | 5.3% | 0 | 1.75 | 59% | 9,633 | 47 |
| 2021 | 197 | $251M | $15.8M | 5.5% | 6.2% | 0 | 1.90 | 67% | 11,110 | 22 |
| 2022 | 214 | $249M | $-19.3M | -8.6% | -7.7% | 0 | 1.67 | 64% | 10,778 | 57 |
| 2023 | 235 | $236M | $-46.7M | -21.8% | -19.3% | 0 | 2.35 | 55% | 9,518 | 72 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Chamber Inc | 5% or greater indirect ownership interest | 100 | 2021-06 | |
| Ivy Holdings Inc | 5% or greater indirect ownership interest | 100 | 2016-10 | |
| Ivy Intermediate Holding Inc | 5% or greater indirect ownership interest | 100 | 2016-10 | |
| Jp Morgan Chase, N.a. | 5% or greater security interest | 100 | 2016-06 | |
| Mpt Of Waterbury Pmh, Llc | 5% or greater security interest | 100 | 2019-08 | |
| Prospect Ct Inc | 5% or greater direct ownership interest | 100 | 2016-10 | |
| Prospect Medical Holdings Inc | 5% or greater indirect ownership interest | 100 | 2016-10 | |
| Sang Bum Lee | 5% or greater indirect ownership interest | 67 | 2016-10 | |
| David & Alexa Topper Family Trust | 5% or greater indirect ownership interest | 33 | 2016-10 | |
| Alfredo Sabillo | corporate officer | 2020-07 | ||
| David Topper | corporate officer | 2016-10 | ||
| David Topper | other | 2016-10 | ||
| Eric Samuels | corporate officer | 2019-06 | ||
| Justin Lundbye | corporate officer | 2021-11 | ||
| Justin Lundbye | w-2 managing employee | 2021-11 | ||
| Robert Elders | corporate officer | 2020-06 | ||
| Sang Bum Lee | corporate officer | 2016-10 | ||
| William Gorenstein | corporate officer | 2020-08 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.
Who has been buying in CT
Completed CMS ownership changes in this state. These buyers already cleared the licensure process here — and whoever advised them knows this market.
| Date | Buyer | Seller | Hospital | Beds |
|---|---|---|---|---|
| 2019-10-01 | Svmc Holdings, Inc | St. Vincent's Medical Center | St. Vincents Medical Center | 219 |
| 2019-06-09 | Bridgeport Hospital | Milford Hospital, Inc | Bridgeport Hospital | 390 |
| 2017-08-01 | Vassar Health Connecticut Inc | Essent Healthcare Of Connecticut, Inc. | Sharon Hospital | 50 |