David Bachelder
About David Bachelder
David Bachelder, age 63, is Executive Vice President, Operations at Quipt Home Medical (QIPT), a role he has held since joining in September 2021. He holds a BBA in Marketing/General Business from Western Michigan University and an Assistive Technology Professional (ATP) certification from RESNA; he also serves on committees at RESNA and AA Homecare . As context for his tenure, Quipt delivered FY2024 revenue of $245.9M (+16% YoY) and Adjusted EBITDA of $57.9M (+14% YoY), reflecting resilient growth despite headwinds in Medicare reimbursement and industry claim-processing disruptions .
Quipt performance (context)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($USD Millions) | $211.7 | $245.9 |
| Adjusted EBITDA ($USD Millions) | $50.6 | $57.9 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Preferred Homecare | Region VP of Operations | 2014–2021 | Led large, multi‑state operations; integration and de novo start-ups in respiratory/DME/complex rehab . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| RESNA | Committee Member | N/A | ATP certified; professional standards/assistive tech involvement . |
| AA Homecare | Committee Member | N/A | Industry advocacy/standards participation . |
Fixed Compensation
- The proxy discloses base salary and bonuses for Named Executive Officers (CEO, CFO, CAO), but not for Mr. Bachelder. The Compensation Committee sets base pay competitively and reviews annually; short‑term bonuses are discretionary based on annual financial and other goals .
Performance Compensation
- Program architecture: Quipt uses the 2024 Equity Incentive Plan (2024 EIP) for long‑term incentives (options, RSUs, performance shares/units) to align executives with shareholders; no grants were made under 2024 EIP during FY2024 (grants resumed March 2025) . Annual cash bonuses are discretionary and tied to financial and other objectives; specific metrics/weightings for Mr. Bachelder are not disclosed .
- March 2025 equity cycle: On March 22, 2025, the Board granted RSUs to the CEO, CFO, and CAO (vesting over two years), and separately disclosed broader issuances of RSUs/options to officers, directors, employees and consultants (options at $2.37, 10‑year term; RSUs vest over two years) .
Equity Ownership & Alignment
- Insider transactions: Mr. Bachelder reported a non‑open market acquisition of 20,000 QIPT common shares on March 22, 2025 (filed March 25, 2025); post‑transaction direct holdings shown as 22,156 shares . A Form 4 is recorded on SEC tracking sites confirming the March 22/25, 2025 filing .
- Hedging & pledging: Company policy prohibits hedging, short selling, buying/selling derivatives on company stock, holding shares in margin accounts, and pledging shares as collateral; this applies to directors, officers, employees, consultants, and related entities .
- Clawback: Quipt adopted a Dodd‑Frank compliant clawback policy in 2023 requiring recovery of erroneously awarded incentive compensation from current/former executive officers in the event of a financial restatement, regardless of fault .
- Ownership guidelines: No executive stock ownership guideline disclosure was identified in the proxy.
Insider transaction detail
| Date | Type | Shares | Price | Notes |
|---|---|---|---|---|
| 2025‑03‑22 (filed 2025‑03‑25) | Acquisition (Non‑Open Market) | 20,000 | $0.00 | Reported direct holding 22,156 after; Form 4 filed by Bachelder . |
Employment Terms
- The proxy discloses severance and change‑of‑control terms for the CEO and CFO (automatic renewals; severance equal to base salary for the remaining term, or 2x base salary if terminated within one year of a change-of-control, upon release; good‑reason symmetry), but does not disclose Mr. Bachelder’s employment agreement or severance terms .
- 2024 EIP allows the Board to accelerate or modify vesting upon change of control/termination at its discretion, subject to law (general plan feature, not executive‑specific) .
Performance & Track Record (context)
- FY2024 operational summary: Revenue increased to $245.9M (+16% YoY) with Adjusted EBITDA of $57.9M (+14% YoY); company cited tailwinds from acquisitions and resupply growth, with headwinds from the end of the 75/25 Medicare blended rate in non‑rural areas (from Jan 1, 2024) and Change Healthcare’s cyber incident impacting claim processing/cash flow timing .
- Strategic priorities for 2025 include de novo expansion, deepening referral networks, operational efficiency to protect margins, selective JV/M&A with healthcare systems, and executing an NCIB share repurchase program (issuer commentary) .
Risk Indicators & Red Flags (firm‑level context)
- DOJ civil investigative demand regarding CPAP claims; Company cooperating. SEC closed its related information request in Nov 2024 with no intent to recommend enforcement based on information at that time. Outcome/timing of DOJ matter remains uncertain .
- Reimbursement risk: Medicare/Medicaid policy changes and competitive bidding dynamics can affect revenue/margins; the discontinuation of the 75/25 blended rate in non‑rural areas took effect after Dec 31, 2023 .
Investment Implications
- Alignment: The March 2025 non‑open‑market acquisition indicates fresh equity alignment for Mr. Bachelder; firm‑wide prohibitions on hedging/pledging and the clawback framework improve pay‑risk alignment and reduce adverse trading/pledging signals .
- Retention risk: No public disclosure of an individual employment agreement or severance for Mr. Bachelder reduces visibility into retention protections; however, board discretion to accelerate vesting under the 2024 EIP may provide partial retention economics in certain scenarios .
- Execution lens: As EVP Operations with deep multi‑state DME/respiratory integration experience, Bachelder’s remit is central to 2025 priorities (de novo expansion, referral network deepening, operational efficiency). Macro and reimbursement risks (e.g., Medicare rate changes, claims technology disruptions) remain key variables influencing operational KPIs under his scope .