St. Michaels Medical Center
dba Saint Michael's Medical Center ·
Newark, Essex County, NJ
· CCN 310096
Licensed to Prime Healthcare Services - St Michaels Llc
Composite
73.5
rank score
Distress
94
FY2023
Fit
78
vs thesis
Estimated ticket
$51.5M–$206M
147 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
- current ratio below 0.8
- liabilities exceed assets
- 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 | $157M |
| Operating margin | -20.9% |
| Total margin | -16.4% |
| Days cash on hand | 6 |
| Current ratio | 0.53 |
| Occupancy | 48% |
Facility
| Beds | 147 |
| 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 | 147 | $147M | $6.9M | -22.0% | 3.7% | 17 | 0.80 | 53% | 6,248 | 72 |
| 2021 | 147 | $167M | $10.4M | -8.4% | 5.5% | 13 | 1.10 | 50% | 5,306 | 61 |
| 2022 | 147 | $199M | $-21.1M | -13.6% | -10.3% | 1 | 0.86 | 50% | 5,418 | 89 |
| 2023 | 147 | $157M | $-26.7M | -20.9% | -16.4% | 6 | 0.53 | 48% | 5,851 | 94 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Prime Healthcare Services - St Michaels Llc | 5% or greater direct ownership interest | 100 | 2016-05 | |
| Prime Healthcare Services, Inc | 5% or greater indirect ownership interest | 100 | 2015-05 | |
| Alan Sickles | corporate officer | 2020-09 | ||
| Alan Sickles | corporate director | 2020-09 | ||
| Alan Sickles | w-2 managing employee | 2020-09 | ||
| Christopher Doan | corporate officer | 2017-07 | ||
| Steven Aleman | other | 2020-06 |
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 NJ
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 |
|---|---|---|---|---|
| 2022-12-21 | Capital Health System, Inc. | St. Francis Medical Center | Capital Health Regional Medical Ctr | 179 |
| 2022-01-01 | Eoh Acquisition Group, Llc | Prospect Eogh Inc | East Orange General Hospital | 159 |
| 2021-07-01 | Hmh Hospitals Corporation | Community Hospital Group Inc | Jfk University Medical Center | 353 |
| 2018-07-01 | Ahs Hospital Corp | General Conference Of Seventh Day... | Hackettstown Medical Center | 95 |
| 2018-01-01 | Njmhmc, Llc | Mha Llc | Hudson Regional Hospital | 102 |
| 2018-01-01 | Hmh Hospitals Corporation | Meridian Hospitals Corporation | Riverview Medical Center | 267 |
| 2018-01-01 | Hmh Hospitals Corporation | Meridian Hospitals Corporation | Bayshore Medical Center | 175 |
| 2018-01-01 | Hmh Hospitals Corporation | Meridian Hospitals Corporation | Hmh -Ocean University Medical Center | 313 |
| 2018-01-01 | Hmh Hospitals Corporation | Meridian Hospitals Corporation | Jersey Shore University Med Ctr | 580 |
| 2018-01-01 | Hmh Hospitals Corporation | Meridian Hospitals Corporation | Southern Ocean Medical Center | 156 |
| 2018-01-01 | Hmh Hospitals Corporation | Palisades Medical Center | Palisades Medical Center | 186 |
| 2018-01-01 | Hmh Hospitals Corporation | Raritan Bay Medical Center | Raritan Bay Medical Center | 270 |