Dr Parmenter joined the company Sep 2017 where share price was $3.24 per share, fast forward 5 years later it is sub $2.90 per share.
During that time we experienced one of the biggest bull market in history and how the covid pandemic supercharged the pathology industry, one can conclude he has done a pretty average job especially considering the latest trading update.
The sale of their day hospitals just announced suggest no capital upside at all and its mystifying why they keep doing these short term buy and sell and seems to suggest lack of long term ideas.
Seems to me there are more downside in the short term. I would be careful with trying to buy the dip, patience is needed here.ExclusiveHealius CEO poised to step down next year
Carrie LaFrenzSenior reporterUpdated Dec 8, 2022 – 6.19pm,first published at 6.17pmHealius chief executive Malcolm Parmenter is poised to step down from the pathology and imaging group next year with chief financial and operating officer Maxine Jaquet the front-runner to take over.
Newly appointed chairman Jenny Macdonald declined to comment, as did Dr Parmenter when contacted by The Australian Financial Review.
The 67-year-old’s planned departure comes as Healius finalises a sale of its day hospitals to QIC’s Nexus Day Hospitals for nearly $140 million, including debt.
Dr Kerryn Phelps (L) and Healius CFO Maxine Jaquet, who is tipped to be named the new CEO of the healthcare group. Louie Douvis
Dr Parmenter, who has been a foster parent to multiple children and worked as a GP for 20 years, joined Healius as CEO in September 2017 from Sonic Healthcare backed Independent Practitioner Network (IPN). He took the helm after former CEO Peter Gregg stepped aside.
Ms Jaquet is a former Qantas executive and trained as an actuary, who joined Healius in 2015 under Mr Gregg. She was chief executive of the mixed billing Health & Co unit, which was once a new growth area for the company.
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Healius aimed to expand that business after buying Dr Kerryn Phelps’ medical practice for an $8 million in 2017, as the group aimed to move away from a predominantly bulk billing model for GP visits into private billing, where patients pay a co-payment in addition to the standard Medicare subsidy.
The business was eventually folded into the medical centres business. Ms Jaquet then replaced outgoing chief financial officer Mal Ashcroft in 2019.
Healius, started as Primary Health Care, was founded by Dr Ed Bateman in 1985. By its peak in 2009 it had grown into a $3 billion-plus healthcare giant.
On Thursday, its market capitalisation was nearly $1.67 billion, with the stock falling to $2.88 each – back near mid-2020 levels.
The share price has been under pressure since late November when it surprised the market with a poor update to its financial position for the four months of financial year 2023. It flagged that EBITDA was just $124.3 million– a 64 per cent slump – and was 20 per cent below analyst consensus estimates for the half.
The stock tumbled 9.5 per cent on the day.
The Financial Review revealed in early December that Healius has launched a wide-ranging cost-cutting drive as it battles a big drop in COVID-19 PCR testing that is yet to be replaced by a hoped-for recovery in routine health tests, according to an internal memo.
Dr Parmenter told staff in an email on November 2 that recruitment was being put on ice, travel was to be limited, and a review of operational spending was under way that would reach into the stationery and entertainment budgets.
Under his leadership Dr Parmenter the group also fought off a $1.9 billion tilt by China’s Jangho Group in January 2019; sold the medical centres business to BHG Capital in 2020; bought Montserrat Day Hospitals (which it just sold) and also hived off its Adora Fertility business to private equity firm Liverpool Partners in March.
He also bought bioanalytical laboratory, Agilex Biolabs, for $301.3 million a year ago.
Dr Parmenter joined the company Sep 2017 where share price was...
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| Open | High | Low | Value | Volume |
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