ADMI Corp.

Overview Key strengths Key risks One of the largest dental support organizations (DSO) in the U.S. Aggressive de novo growth strategy, supplemented by recent acquisitions, increasing execution risks. Minimal exposure to government reimbursement. Operation in a fragmented and highly competitive DSO market with low barriers to entry. ADMI Corp. (d.b.a. The Aspen Group) has a narrow business focus in the highly competitive DSO market, with slight diversification in the urgent care and veterinary businesses, which we view as highly fragmented and having low barriers to entry. Offsetting this weakness is the company?s leading position in the DSO space with 1200 offices in 45 states and its limited reliance on government payors. We project that 2022 revenue will grow in the

...Our B rating reflects the company's leading position in the DSO space and adjusted leverage in the 7-8x range in 2022-2023. ADMI Corp. (d.b.a. The Aspen Group) has a narrow business focus in the highly competitive DSO market, with slight diversification in the urgent care and veterinary businesses, which we view as highly fragmented and having low barriers to entry. Offsetting this weakness is the company's leading position in the DSO space with 1200 offices in 45 states and its limited reliance on government payors. We project that 2022 revenue will grow in the mid-to-high-single digit percent from the continued maturation of new offices and partial inclusion of acquisitions done within the year....

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