NorDx (EIN 010511356) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1996

Legal Domicile

Principal Officer

Guillermo Martinez-Torres

Phone

2073968927

Tax Period

2023-10-01 to 2024-09-30

NorDx, founded in 1996, is a major nonprofit in the Health Care sector that reported $106.8M in total revenue in fiscal year 2023.

Mission

TO MAXIMIZE THE EFFICIENCIES AND QUALITY OF CLINICAL DIAGNOSTIC, BLOOD BANKING AND ANATOMIC PATHOLOGY LABORATORY SERVICES THROUGHOUT THE MAINEHEALTH SERVICES NETWORK.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $104,609,404

Investment Income $2,126,667

Other Revenue $35,489

TOTAL REVENUE $106,771,560

Expense Breakdown

Grants Paid $2,630

Salaries & Benefits $50,493,707

Fundraising Expenses $0

Program Expenses $98,802,596

Other Expenses $54,149,368

TOTAL EXPENSES $104,645,705

Year-over-Year Comparison

	2023	2022	Change
Revenue	$106,771,560	$107,306,495	0.0%
Expenses	$104,645,705	$98,841,806	+0.1%
Net Income	$2,125,855	$8,464,689	-0.7%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$4,419,178

Total Directors

$4,761,086

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Albert G Swallow III	CFO, MaineHealth/Board Treasurer	1.00	Officer Director	$0	$128,689	$1,404,205
Kelly Elkins	COO, MaineHealth/Board Chair	1.00	Officer Director	$0	$32,518	$1,217,045
Richard Olsen	CFO, MBH/Trustee	1.00	Director	$0	$58,133	$429,871
Joe Grant	VP Operations, MCHMC/Trustee	1.00	Director	$0	$37,162	$433,102
Sharon D Baughman	CNO, MaineHealth/Trustee	1.00	Director	$0	$51,325	$567,321
Robert Christman MD	Trustee	1.00	Director	$0	$0	$0
Paul Stein	Trustee	1.00	Director	$0	$0	$0
Guillermo Martinez-Torres	President/Trustee	50.00	Officer Director	$657,181	$52,361	$709,542
Rebecca Simmons	Former Chief Operating Officer	50.00	Officer	$353,925	$31,606	$385,531
James McAvoy	Former Chief Financial Officer	50.00	Officer	$250,124	$60,252	$310,376
Cecilie MacIntyre	Corp Counsel, MH/Board Secretary	1.00	Officer	$0	$32,700	$187,560
Aaron Waldman	Chief Financial Officer	0.00	Officer	$0	$41,855	$204,919
Robert Carlson	Senior Medical Director	50.00	Highest	$323,275	$53,124	$376,399
Nellie Burns	Senior Director - Labs	50.00	Highest	$141,029	$31,360	$172,389
Richard A Carter	Dir - Anatomic Pathology Lab	50.00	Highest	$137,354	$19,380	$156,734
Ronald Rubocki	Director - HLA	50.00	Highest	$152,177	$22,376	$174,553
Julie Carrell	Dir - Lab Services	50.00	Highest	$127,791	$36,788	$164,579
William S Schofield	Former President/Frmr Trustee	50.00		$0	$1,571	$157,348
Penelope St Louis	Fmr AVP-Payor Contract,MH/Fmr Sec	0.00		$0	$7,381	$139,921

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$106,771,560	$104,645,705	$46,733,873	$2,125,855
2023	$107,306,495	$98,841,806	$134,575,645	$8,464,689
2022	$133,548,759	$99,164,508	$127,939,345	$34,384,251
2021	$141,484,997	$94,743,298	$105,764,078	$46,741,699
2020	$87,579,107	$75,611,709	$62,155,079	$11,967,398
2019	$80,008,452	$73,509,945	$50,495,669	$6,498,507
2018	$77,695,607	$70,890,629	$45,734,943	$6,804,978

NorDx