St. Nicholas Hospital
Sheboygan, Sheboygan County, WI
· CCN 520044
Licensed to St. Nicholas Hospital-Sisters Of The Third Order Of St Francis
Composite
55.9
rank score
Distress
69
FY2024
Fit
62
vs thesis
Estimated ticket
$20.4M–$81.6M
48 beds ·
within envelope
Ownership
nonprofit
STH
Why it ranks here
- operating margin -10% to -5%
- total margin -8% to -3%
- under 30 days cash on hand
- occupancy below 30%
- margin deteriorating sharply
- urban — higher occupancy and iteration surface
- small but workable bed count
- ticket size somewhat below the envelope
- very low occupancy — limited volume to learn from
- nonprofit — expect AG conversion review
Latest financials · FY2024
| Net patient revenue | $114M |
| Operating margin | -9.2% |
| Total margin | -6.2% |
| Days cash on hand | 8 |
| Current ratio | 1.79 |
| Occupancy | 28% |
Facility
| Beds | 48 |
| Facility type | STH |
| Setting | urban |
| Ownership class | nonprofit |
| Per-bed (low) | $425K |
| Per-bed (high) | $1.7M |
Financial history
| FY | Beds | Net patient rev | Net income | Op margin | Total margin | Days cash | Current ratio | Occupancy | Discharges | Distress |
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 53 | $111M | $22.6M | -3.3% | 16.4% | 48 | 2.27 | 28% | 1,617 | 41 |
| 2022 | 53 | $116M | $-3.5M | -5.8% | -3.0% | 42 | 1.96 | 40% | 1,888 | 52 |
| 2023 | 53 | $115M | $-7.2M | -8.0% | -6.1% | 6 | 1.60 | 32% | 1,635 | 62 |
| 2024 | 48 | $114M | $-7.3M | -9.2% | -6.2% | 8 | 1.79 | 28% | 1,353 | 69 |
Owners
| Owner | Role | % | Since | Type |
|---|---|---|---|---|
| D'ana Norlander | corporate director | 2022-11 | ||
| Damond Boatwright | corporate officer | 2021-07 | ||
| David Vandewater | corporate director | 2020-11 | ||
| Elizabeth Borgen | corporate director | 2022-11 | ||
| Hospital Sisters Services Inc | operational/managerial control | 2010-12 | ||
| John Brotz | corporate director | 2016-11 | ||
| John Wagner | corporate officer | 2022-10 | ||
| John Wagner | corporate director | 2022-10 | ||
| Lindsay Harrison-Eirich | corporate director | 2018-11 | ||
| Mark Gumm | corporate director | 2021-11 | ||
| Marla Wolfert | corporate director | 2021-11 | ||
| Maureen Fagan | corporate director | 2016-11 | ||
| Robert Erickson | corporate officer | 2024-04 | ||
| Robert Erickson | corporate director | 2024-04 | ||
| Robert Erickson | w-2 managing employee | 2024-04 | ||
| Stephen Werner | corporate director | 2018-11 | ||
| Todd Smart | corporate director | 2021-06 | ||
| Travis Pitzen | corporate officer | 2024-09 | ||
| Travis Pitzen | corporate director | 2024-09 |
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 WI
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 |
|---|---|---|---|---|
| 2022-04-01 | Columbia St Marys Hospital Milwaukee Inc | Columbia St Mary's Hospital Ozaukee, Inc. | Ascension Columbia St Marys Milwauke | 374 |
| 2018-06-01 | Ascension Se Wisconsin Hospital Inc | Wheaton Franciscan Healthcare -... | Ascension Se Wisconsin Hospital Inc | 301 |