Patrick Gamble
About Patrick Gamble
Patrick Gamble is Executive Vice President, Operations at Quipt Home Medical (QIPT), appointed in June 2024; he is 61 and previously led sales and operations at Great Elm Healthcare prior to its acquisition by Quipt in January 2023, and earlier held operational leadership roles at Preferred Homecare . Company operating performance over FY 2023–FY 2024 shows revenue growth from $211.7M to $245.9M and EBITDA growth from $40.1M to $46.0M, indicative of execution progress during the integration period of acquired platforms (see table; values with asterisks from S&P Global) . Quipt’s compensation framework emphasizes base salary, discretionary annual cash bonuses, and equity under the 2024 Equity Incentive Plan (EIP), with a mandatory clawback policy and prohibitions on hedging/pledging that align pay with shareholder outcomes .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Quipt Home Medical | Senior Director of Sales & Operations | Jan 2023 – Jun 2024 | Led sales and operations post-acquisition integration of Great Elm Healthcare . |
| Great Elm Healthcare | Regional Manager → Director of Sales & Operations → Senior Director | Jan 2020 – Jan 2023 | Led >280 employees across multi-state RT/Complex Rehab/Sleep Lab; organization revenues >$60M; experience scaling multi-site operations prior to acquisition by Quipt (Jan 2023) . |
| Preferred Homecare | Area Manager | May 2014 – Dec 2019 | Managed multi-site RT/DME-Complex Rehab operations with area revenues >$75M . |
External Roles
- No public company board roles or external directorships disclosed for Mr. Gamble in the latest DEF 14A .
Fixed Compensation
- Individual base salary, target bonus %, and actual bonus for Mr. Gamble are not disclosed in the latest proxy; he is not listed as a Named Executive Officer (NEO) . Company-wide constructs include base salary and discretionary bonuses determined by the Compensation Committee .
Performance Compensation
- Individual incentive plan metrics (weightings/targets/payouts) for Mr. Gamble are not disclosed. Company-wide, the short-term bonus framework is discretionary (financial and other goals), and long-term incentives are granted under the 2024 EIP; no grants were awarded under the 2024 EIP for FY 2024 .
Equity Ownership & Alignment
Common share ownership and transactions
| Date | Source | Direct common shares | Notes |
|---|---|---|---|
| 2024-10-01 | SEC Form 3 | 23,057 | Initial Section 16 filing on becoming reporting person . |
| 2024-12-26 | SEC Form 4 | 40,057 | Open market purchases of 17,000 shares at $2.4191 and $2.47 per share; total ~$41,633 . |
- Ownership as % of shares outstanding: 0.093% (40,057 / 43,091,273) using the 43,091,273 shares outstanding at record date Jan 16, 2025 and the 40,057 shares post-purchase .
Option awards (from Form 3)
| Instrument | Amount | Exercise price (USD) | Expiration | Vested (as of 10/01/2024) | Unvested | Notes |
|---|---|---|---|---|---|---|
| Stock Options | 15,000 | $6.14 | 02/20/2033 | 7,500 | 7,500 | Exercise price CAD 8.30 converted at 0.74 USD/CAD rate; see vesting schedule below . |
- As of 09/30/2024, Quipt’s closing share price was $2.92 (Nasdaq), implying these options were out-of-the-money at that date .
- Hedging, shorting, derivatives, margin accounts, and pledging of company securities are prohibited under Quipt’s insider trading policy, reducing alignment risk from monetization strategies .
Option vesting schedule (remaining tranches)
| Vesting date | Options vesting |
|---|---|
| 2024-11-20 | 1,250 |
| 2025-02-20 | 1,250 |
| 2025-05-20 | 1,250 |
| 2025-08-20 | 1,250 |
| 2025-11-20 | 1,250 |
| 2026-02-20 | 1,250 |
| Source: SEC Form 3 vesting schedule . |
Employment Terms
- No individual employment agreement (term, severance, or change-in-control multiple) is disclosed for Mr. Gamble in the proxy. The proxy describes such agreements only for the CEO and CFO (initial 3-year term from Nov 1, 2020, auto-renewal, and severance constructs), not for other executives .
- 2024 Equity Incentive Plan: Board discretion to accelerate vesting/settlement of awards in connection with a change in control or termination of service, subject to applicable law and plan terms .
- Clawback: Adopted in 2023; requires recoupment of erroneously awarded incentive-based compensation upon a financial restatement, without regard to fault, consistent with SEC Rule 10D-1 and Nasdaq rules .
- Hedging/pledging prohibitions: Policy bans hedging, short sales, options on company securities, margin accounts, and pledging of shares .
Performance & Track Record
Company operating performance during FY 2023–FY 2024
| Metric (USD) | FY 2023 | FY 2024 |
|---|---|---|
| Revenues | $211.677M* | $245.915M |
| EBITDA | $40.145M | $45.990M* |
- Revenue growth FY 2024 vs FY 2023: ~16.2% (derived from values above) .
- EBITDA growth FY 2024 vs FY 2023: ~14.6% (derived from values above) .
- Values marked with an asterisk (*) were retrieved from S&P Global.
Context and execution notes:
- Gamble’s operating background centers on scaling multi-state respiratory/DME and complex rehab operations and integrating acquired platforms (Great Elm), consistent with Quipt’s acquisitive model .
- His December 2024 open market purchase (17,000 shares) indicates positive alignment in the early phase of his EVP tenure .
Investment Implications
- Insider alignment and buying: Gamble’s Form 4 showed net open-market buying (17,000 shares) at ~$2.42–$2.47, lifting direct holdings to 40,057 shares; no sales reported in that filing. This is a positive alignment signal and can help reduce perceived near-term selling pressure .
- Option-related selling pressure appears limited near term: As of 9/30/2024, Quipt’s share price ($2.92) was below Gamble’s $6.14 option strike, indicating options were out-of-the-money, limiting exercise-driven selling incentives at that time .
- Governance safeguards: A formal clawback and prohibitions on hedging/pledging/margin use enhance alignment and reduce governance red flags for executives including Gamble .
- Retention risk: No individual employment agreement terms are disclosed for Gamble (severance/CIC protections not specified), though the EIP provides Board discretion to accelerate/adjust equity upon CIC/termination; this creates some ambiguity on retention economics vs. CEO/CFO .
- Execution and value creation: FY 2023–FY 2024 revenue and EBITDA growth frame an improving operational backdrop as Gamble steps into EVP, Operations; continued integration discipline and organic growth execution remain central to value creation .
Notes and sources:
- Executive biography and prior roles: DEF 14A (Jan 24, 2025) .
- Compensation framework, committee composition/governance, hedging/pledging policy, clawback, EIP capacities: DEF 14A .
- Shares outstanding for ownership %: DEF 14A .
- Form 3 (initial beneficial ownership and options/vesting): SEC filing (Oct 1, 2024) .
- Form 4 (Dec 26, 2024 purchases): SEC filing .
- FY financials: Revenues and EBITDA from S&P Global via GetFinancials; citations as provided above; asterisks denote values retrieved from S&P Global.