Lovelace Medical Center- Downtown
dba Lovelace Medical Center ·
Albuquerque, Bernalillo County, NM
· CCN 320009
Licensed to Lovelace Health System Llc
Composite
62.1
rank score
Distress
73
FY2024
Fit
73
vs thesis
Estimated ticket
$100M–$400M
286 beds ·
within envelope
Ownership
for-profit
STH
Why it ranks here
- operating margin below -10%
- total margin -8% to -3%
- under 30 days cash on hand
- debt above 85% of assets
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- large — ticket likely stretches the envelope
- ticket size at the top of the envelope — would need leverage
- strong occupancy — good iteration surface
- for-profit — no charitable conversion review
Latest financials · FY2024
| Net patient revenue | $337M |
| Operating margin | -10.2% |
| Total margin | -7.9% |
| Days cash on hand | 0 |
| Current ratio | 2.16 |
| Occupancy | 60% |
Facility
| Beds | 286 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 293 | $366M | $18.5M | 4.4% | 5.0% | 0 | 0.76 | 66% | 13,016 | 36 |
| 2022 | 286 | $350M | $17.5M | 0.7% | 4.8% | 0 | 0.86 | 65% | 12,602 | 38 |
| 2023 | 286 | $338M | $-30.0M | -11.2% | -8.7% | 0 | 1.67 | 63% | 11,563 | 67 |
| 2024 | 286 | $337M | $-27.3M | -10.2% | -7.9% | 0 | 2.16 | 60% | 11,334 | 73 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| Ahp Health Partners, Inc | 5% or greater indirect ownership interest | 100 | 2017-02 | |
| Ardent Health Inc | 5% or greater indirect ownership interest | 100 | 2015-08 | |
| Ardent Legacy Holdings Llc | 5% or greater direct ownership interest | 100 | 2015-08 | |
| Matt Maxfield | corporate officer | 100 | 2022-12 | |
| Matt Maxfield | w-2 managing employee | 100 | 2022-12 | |
| Ahs Management Company Inc. | operational/managerial control | 2019-02 | ||
| Martin Bonick | corporate officer | 2020-08 | ||
| Mary Crabtree | corporate officer | 2014-03 | ||
| Stephen Petrovich | corporate officer | 2003-10 |
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 NM
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 |
|---|---|---|---|---|
| 2024-01-01 | Unm Hospital | Unm Sandoval Regional Medical Center, Inc | University Of New Mexico Hospital | 508 |
| 2021-01-01 | Covenant Hospital Hobbs | Lea Regional Hospital Llc | Covenant Health Hobbs Hospital | 25 |
| 2020-07-01 | San Juan Regional Medical Center, Inc. | San Juan Regional Rehabilitation... | San Juan Regional Medical Center | 182 |