Northeast Rehabilitation Hospital
dba Northeast Rehabilitation Hospital Network ·
Salem, Rockingham County, NH
· CCN 303026
Licensed to Neuro Rehab Associates, Inc
Composite
52.0
rank score
Distress
40
FY2024
Fit
85
vs thesis
Estimated ticket
$43.9M–$176M
135 beds ·
within envelope
Ownership
for-profit
RH
Why it ranks here
- under 30 days cash on hand
- current ratio under 1.5
- debt above 85% of assets
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- specialty facility — narrower problem scope
- bed count in the target band
- ticket size uses the capital envelope well
- strong occupancy — good iteration surface
- for-profit — no charitable conversion review
Latest financials · FY2024
| Net patient revenue | $109M |
| Operating margin | 2.7% |
| Total margin | 3.1% |
| Days cash on hand | 18 |
| Current ratio | 1.21 |
| Occupancy | 81% |
Facility
| Beds | 135 |
| Facility type | RH |
| Setting | urban |
| Ownership class | for-profit |
| Per-bed (low) | $325K |
| Per-bed (high) | $1.3M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 135 | $98.4M | $8.7M | 2.5% | 8.3% | 49 | 1.48 | 82% | 3,169 | 24 |
| 2022 | 135 | $101M | $7.4M | 3.3% | 7.0% | 13 | 1.86 | 84% | 3,137 | 22 |
| 2023 | 135 | $103M | $1.2M | -0.2% | 1.1% | 13 | 1.86 | 83% | 3,030 | 41 |
| 2024 | 135 | $109M | $3.4M | 2.7% | 3.1% | 18 | 1.21 | 81% | 3,176 | 40 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Charles Champagne | corporate officer | 100 | 2023-06 | |
| Charles Champagne | w-2 managing employee | 100 | 2023-06 | |
| James Grillo | corporate director | 12 | 2013-06 | |
| Lola Grillo | corporate director | 12 | 2013-06 | |
| The James Edward Grillo Dynasty Trust Of 2012 | 5% or greater direct ownership interest | 12 | 2013-06 | |
| The Lola Maria Grillo Dynasty Trust Of 2012 | 5% or greater direct ownership interest | 12 | 2013-06 | |
| Jane Rosman | corporate director | 10 | 2013-06 | |
| Lowell J Rosman 2012 Trust | 5% or greater direct ownership interest | 10 | 2013-06 | |
| Marion Grillo | corporate director | 9 | 2019-12 | |
| The Marion L.grillo Revocable Trust Of 2019 | 5% or greater direct ownership interest | 9 | 2019-12 | |
| Alexandra Fern | corporate director | 8 | 2013-06 | |
| Juliane Spencer | corporate director | 8 | 2013-06 | |
| Meredith Rubenzahl | corporate director | 8 | 2013-06 | |
| Stephanie Ginsberg | corporate director | 8 | 2013-06 | |
| The Howard Gardner 2012 Irrevocable Trust Fbo Alexandra Gardner Fern | 5% or greater direct ownership interest | 8 | 2013-06 | |
| The Howard Gardner 2012 Irrevocable Trust Fbo Juliane Gardner Spencer | 5% or greater direct ownership interest | 8 | 2013-06 | |
| The Howard Gardner 2012 Irrevocable Trust Fbo Meredith Gardner Rubenza | 5% or greater direct ownership interest | 8 | 2013-06 | |
| The Howard Gardner 2012 Irrevocable Trust Fbo Stephanie Gardner Ginsbu | 5% or greater direct ownership interest | 8 | 2013-06 | |
| Timothy Young | corporate officer | 2022-07 |
Ownership changes
No CMS ownership change on record since 2016 — this hospital has not traded in at least a decade.