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HOSP

SPECTRUM HEALTH LUDINGTON

CCN 230110|LOC LUDINGTON, MI|BEDS 45|NPR $110.1M|MARGIN 5.3%

SeekingChartis Score

INVESTMENT THESIS

Buy: SPECTRUM HEALTH LUDINGTON

/ 100 (B)

+$8.1M

EBITDA Uplift

+736bps

Margin Δ

0.0%

Op Margin

$110.1M

Revenue

—

Realization

—

Peer Rank

SIGNAL STRENGTH

Margin

0.0%

Safety

52%

CATALYSTS

▲RCM uplift of $8.1M (+736bps)

RISKS

▼Elevated distress risk (48%)

▼Small facility — limited scale economies

Buy — solid fundamentals with identifiable value creation levers. Proceed to detailed diligence.

Peer Analysis EBITDA Bridge Data Room IC Memo ML Detail

$110.1M

Net Patient Revenue

5.3%

Operating Margin

$5.8M

Net Income

Licensed Beds

$2,446K

Revenue per Bed

$104.3M

Operating Expenses

Payer Mix

PYR

■ MEDICARE · 34%■ MEDICAID · 3%■ COMMERCIAL · 63%

Score Breakdown

SCComposite · 35/100

Component	Score	Max	%
Market Position	12	35	33%
Financial Health	14	25	56%
Operational Quality	0	20	0%
Competitive Moat	3	20	14%

Comparable Hospitals

CMP

CCN	Hospital	Beds	NPR
230002	TRINITY HEALTH - LIVONIA	239	$0M
230003	SPECTRUM HEALTH ZEELAND	55	$0M
230005	PROMEDICA HICKMAN HOSPITAL	58	$0M
230013	PONTIAC GENERAL HOSPITAL	47	$0M
230015	THREE RIVERS HEALTH	48	$0M

Team Notes

NOTE0 entries

Actions

ACT

WFDiligence Workflow

Competitive Intel EBITDA Bridge Data Room IC Memo Scenarios

AIDeep Analysis

ML Analysis Demand 3-Year History Stats Bayesian

FINFinancial Models

DCF LBO 3-Statement Returns Market Denial

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